Decree No. 178 / 2024 Coll.
Decree amending Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act, as amended
Valid
Order
Effective from 01.07.2024
Text versions:
01.07.2024
21.06.2024
178
DECLARATION
of 17 June 2024
amending Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act, as amended
The Czech National Bank provides pursuant to § 316 (6), § 318 (6), § 319 (6), § 320 (3), § 322 (5), § 324 (4), § 325 (6), § 454 (1) and (2) and § 532 of Act No. 240 / 2013 Coll., on investment companies and investment funds, as amended by Act No. 336 / 2014 Coll., Act No. 119 / 2020 Coll. and Act No. 163 / 2024 Coll.:
Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act, as amended by Decree No. 344 / 2014 Coll. and Decree No. 201 / 2020 Coll., is amended as follows:
1. in Article 1 (2), the following point (c) is inserted after point (b):
"(c) an amendment of the authorisation to operate an investment company, a self-governing investment fund, a foreign person pursuant to § 481 of the Act or a chief administrator pursuant to § 500 of the Act,"
Points (c) to (e) shall be renumbered as points (d) to (f).
2. in Article 1 (5), the following point (b) is inserted after point (a):
'(b) consent to the manager of the subordinate fund for the cancellation or conversion of the managing fund of that subordinate fund,';
Points (b) and (c) shall be renumbered (c) and (d).
3. In Article 2 (b) (2), the words "or rejection of insolvency proceedings for lack of assets' are deleted.
4. In Article 2 (f) (1), the word "Member 'and the word" Member' are deleted.
5. In Article 2 (h) (3), the words "and method 'are inserted after the word" measure' and the word "strategic 'is deleted.
6. In Article 2 (h) (4), the word "potential 'is replaced by" envisaged' and the words "development of activities or maintenance of its activities' are replaced by the words" development of activities or resolution of deteriorating financial situations'.
7. In Article 2 (h) (6), the words "in the short and long term 'shall be inserted after the words" activities of a legal person'.
8. the words "in the organisational structure of the person referred to in point 2" shall be inserted after the words "inclusion."
9. In Paragraph 2 (k) (3), "exercise of voting rights' is replaced by" voting rights'.
10. in Article 2 (k) (5), the words "or intends to act" shall be inserted after the words "or intends to act"; the words "the exercise of voting rights has been transferred" shall be replaced by the words "the exercise of voting rights" shall be replaced by the words "the application or the intention";
11. in Article 2 (k) (6), the words "hers" shall be inserted after the words "5%" and the words "persons acquiring or increasing qualified participation" shall be deleted;
12. in Articles 3 (1) (b) and 8 (1) (c), the words "and the location of capital" shall be replaced by the words "on the location of capital and on the amount of capital provided for in Articles 30 and 31 of the Act, as well as a description of the capital assessment procedure,"
13. in Article 3 (2) (d), "information" is replaced by "data."
14. In § 3 (3) (b) at the end of the text of point 2, § 15 (2) at the end of the text of point (b) and § 16 (2) at the end of the text of point (d), the words "; if this is to be the performance of a function under § 515 of the Act with responsibility for management activities, the CV shall contain information on the types of assets with which the person has experience and on the professional experience which this experience provides."
15. In Article 3 (3) (b) at the end of the text of point 7 and in Article 16 (2) at the end of the text of point (a), the words "including a distinction as to whether the function is to be responsible for the management or administration of the investment fund, or a function with responsibility in the field of investment services under Article 11 (1) (c) to (f) of the Act."
16. in Article 3 (4) (b) (5) and Article 16 (1) (f), the words "proving origin" shall be replaced by the words "proving financial health and the amount and origin."
17. in Article 3 (5), at the end of the text of point (b), the words "and the confirmation by the administrator that, in the case of an authorisation to operate an investment company, this contract will be concluded" shall be added.
18. in Paragraph 3 (5) (d), the words "certain activities" shall be replaced by "individual activities," and "administration" shall be replaced by "administration."
19. in Sections 3, 8 and 12, the following paragraph 7 is added:
"(7) Where an application is submitted by the founder or the founders of a legal person before the date of its entry in the Commercial Register, the identification details of the founder or the founders, the identification details of the legal person for whom the authorisation is sought and other particulars referred to in paragraphs 1 and the Annex referred to in paragraphs 2 to 6 shall be the elements of such request in relation to the legal person for whom the authorisation is sought. ';
20. the following Section 7a is inserted after Section 7, including the title:
Amendment of the authorisation to operate an investment company under Section 500 of the Act
(1) The elements of the application for a modification of an authorisation to operate an investment company are:
(a) identification details of the applicant;
(b) the definition of the new scope of authorisation under Paragraph 485 (1) of the Act for which the applicant has requested; and
(c) the Annexes referred to in paragraph 2.
(2) The Annexes to the application for modification of an authorisation to operate an investment company shall be:
(a) a business plan based on current financial statements and the current state of activity of an investment firm and containing the elements referred to in Article 3 (5) (a) for at least the first 3 financial years of activity following the change of the permit; and
(b) other updated information and annexes referred to in Articles 3 (1) (b) and 3 (2) to (6) which are affected by the modification of the authorisation. ';
21. Paragraph 8 (3) reads:
"(3) Annexes containing information on the lead persons (4) of the applicant, persons performing the function referred to in Article 21 (5) of the Act, persons with qualified participants (4) and persons who, acting in agreement with another person, obtain a qualified participation in the applicant and the person in charge, are annexed to Article 3 (3) and (4). The Annexes referred to in Article 3 (3) shall also be submitted by a natural person empowered by a legal person who is a member of the statutory body of the applicant to represent it in the statutory body of that investment fund. ';
22. in § 8 (4) (d):
"(d) where the applicant intends to entrust the performance of the activities to another person, the identification details of that person, the draft contract of delegation to carry out the activities and the draft procedures for entrustment of third parties to an individual activity involving the management or administration of the investment fund, and for the control of the activities of the entrusted persons,";
23. in Article 8 (4), the words "if the investment fund intends to set up sub-funds, draft sub-fund statutes and, if available, a draft fund statute shall be added at the end of the text in point (f)."
24. in Paragraph 8 (4), at the end of (g), the word "a" shall be deleted;
25. in Article 8 (4), at the end of point (h), the dot is replaced by "a" and the following point (i) is added:
"(i) the documents referred to in Article 5 of Regulation (EU) 2015 / 760 of the European Parliament and of the Council if the applicant is to be a European long-term investment fund (20).
20) Regulation (EU) 2015 / 760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds. '.
26. The following Section 8a is inserted after Section 8:
Amendment of the permission to operate the self-governing investment fund pursuant to Section 500 of the Act
(1) The elements of the application for modification of the authorisation to operate the self-governing investment fund are:
(a) identification details of the applicant;
(b) the definition of the new scope of authorisation under Section 486 (1) of the Act for which the applicant has requested; and
(c) the Annexes referred to in paragraph 2.
(2) The Annexes to the application for modification of the authorisation to operate the self-governing investment fund are:
(a) a business plan based on current financial statements and the current state of activity of the self-governing investment fund and containing the elements referred to in Article 8 (4) (a) for at least the first 3 financial years of activity following the change of the permit; and
(b) the other updated information and annexes referred to in Articles 8 (1) (c) and 8 (2) to (6) which are affected by the modification of the authorisation. ';
27. in Article 11 (1) (b):
"(b) details of the amount of the applicant's initial and core capital, the location of the capital, the amount of the capital provided for in paragraphs 30 and 31 of the Act, and a description of the procedure for determining that capital,"
28. in Articles 11 (4) and 12 (3), the words "acting in conformity" shall be replaced by the words "obtaining qualified participation in the applicant, the persons controlling the applicant by acting in agreement with another person."
29. The following Section 11a is inserted after Section 11:
Amendment of permission to operate as a foreign operator pursuant to Section 500 of the Act
(1) The requirements of the application for the modification of a person's permit under Article 11 are:
(a) the identification data of the applicant and the investment funds managed by the applicant;
(b) the definition of the new scope of authorisation under Paragraph 485 (1) of the Act for which the applicant has requested; and
(c) the Annexes referred to in paragraph 2.
(2) The annexes to the application for a modification of a permit to operate as a foreign person as an operator under Section 500 of the Act are:
(a) a business plan based on current financial statements and existing state of activity of a foreign person as an operator and containing the elements referred to in Article 3 (5) (a) for at least the first 3 financial years of activity following the change of the permit; and
(b) the other updated information and annexes referred to in Articles 11 (1) (b) and 11 (2) to (6) which are affected by the modification of the authorisation. ';
30. in Article 12 (1) (b), the word "own" is replaced by the word "initial" and at the end of the text (b) the words "and the amount of capital referred to in Article 58 of the Act" are added.
31. in Article 12 (4), the words "and the draft procedures for monitoring the activities of third parties which it intends to entrust to the management of an investment fund or foreign investment fund" shall be added at the end of the text in point (c).
32. The following Section 12a is inserted after Section 12:
Modification of the authorisation to operate as chief administrator under Section 500 of the Act
(1) The requirements of the application for a modification of the authorisation for the activity of the chief administrator are:
(a) identification details of the applicant;
(b) the definition of a new scope of authorisation under Section 487 of the Act for which the applicant has requested; and
(c) the Annexes referred to in paragraph 2.
(2) The annexes to the application for modification of the authorisation for the activity of the chief administrator are:
(a) a business plan based on current financial statements and the current status of the activity of the chief administrator and containing the elements referred to in Article 12 (4) (a) for at least the first 3 financial years of activity following the change of the permit; and
(b) other updated information and annexes referred to in Articles 12 (1) (b) and 12 (2) to (6) which are affected by the modification of the authorisation. ';
33. In Article 15 (3) (a), the words "including a distinction between the management or administration of the Investment Fund and, where appropriate, the investment services function referred to in Article 11 (1) (c) to (f) of the Act," shall be inserted after the word "function."
34. In Article 16, at the end of paragraph 1, the dot is replaced by "a 'and the following point (s) is added:
"(s) a list of persons with a qualifying participation in a legal person as referred to in (b) and persons controlling and graphically depicting relationships between such persons with a view to indicating changes in the context of the increase or acquisition of a qualifying participation or the control of a person as referred to in (b).";
35. In the text under section 22, the words "and 380 and 433 'are deleted.
36. in Paragraph 22, paragraphs 4 and 5 are deleted;
37. In the text under the heading of Section 23, the words "or (e) 'are deleted.
38. In Section 23 of the introductory part of the provision, the text "and (e) 'is deleted.
39. in Article 24 (2), the words "the confirmation shall also include the commitment to perform the depositary's activities and for this Fund" shall be added at the end of the text of point (b).
40. In Paragraph 25 (2), the words "the confirmation shall also include a commitment to carry out the activities of the depositary for this sub-fund 'shall be added at the end of the text in point (b).
41. in Paragraph 27 (b), at the end of point 1, the word "a" is replaced by a comma.
42. In Article 27, at the end of point (b), the dot is replaced by "a 'and the following point 3 is added:
"3. the depositary's certificate referred to in point (a) (2) containing the promise to conclude the depositary's contract. ';
43. In Paragraph 28 (2), at the end of point (e), the word "a" is replaced by a comma, at the end of paragraph 2, the dot is replaced by "a" and the following point (g) is added:
"(g) the certificate of the depositary referred to in paragraph 1 (a). (c) point 3, the content of which is the promise of the conclusion of the depositary contract. ';
44. In Article 29 (1), at the end of point (b), the words "information on the focus of the investment strategy of the funds for which the applicant intends to carry out the activities of the depositary; and"
45. Paragraph 32, including the title, reads:
Amendment of the entries entered in the lists
The elements of the request for modification of the data entered in the list kept by the Czech National Bank pursuant to Sections 596 and 597 of the Act are the data to be amended in the list, accompanied by the documents proving the change in question, as well as information on the proposed effective date of the amendment. "
46. in Paragraph 36 (3) (a), the words' which contains the following 'are replaced by' and a description of the transformation which contains the ';
47. in § 40 (1) and in § 41 (1), the word "authorisation" shall be inserted after the word "application for";
48. in Articles 43 (1), 44 (1), 45 (1) and 46 (1), the word "conversion" shall be replaced by "permit of conversion."
49. The following Sections 44a and 44b are inserted after Section 44, including the headings:
Authorisation to transfer the capital of a capital company to a holding fund
(K § 4332 d of the Act)
(1) The requirements of the application for authorisation of the transfer of assets to a capital company into a collective investment fund in the legal form of a mutual fund are:
(a) identification data
1. the applicant,
2. the receiving mutual fund,
3. the manager of the receiving holding fund,
4. the depositary of the receiving holding fund; and
5. the companies that are acquired; and
(b) the Annexes referred to in paragraph 2.
(2) The Annexes to the application are:
(a) proof of the decision of the statutory authority of the operator of the receiving mutual fund on the transfer of the assets or, if the decision falls within the competence of the assembly of shareholders, the decision of the assembly of shareholders of that fund;
(b) the opinion of the depositary of the receiving mutual fund on the conversion containing a statement of the outcome of the verification of the compliance of the data provided in the transfer project with the law, the statute and the social contract of that fund;
(c) the status of the receiving holding fund;
(d) capital transfer project under the Transformation Act 18) drawn up in the form of a notarial registration, in the version deposited in the collection of documents of the Commercial Register, which also contains the particulars provided for in Article 4332 b of the Act,
(e) an expert report or review report for a conversion project drawn up in accordance with the law governing the conversion and, where appropriate, the consent to refrain from processing it;
(f) an expert opinion or opinions drawn up in accordance with the law governing conversion, if required and not included in the expert report or reports;
(g) financial statements of persons involved in the conversion; and
(h) the final accounts of the persons involved in the conversion and the opening balance of the receiving holding fund and the auditor's report on their verification where required and the interim accounts and audit reports on their verification where required.
Consent to the managers of the subordinate fund when cancelling or converting the managing fund of that subordinate fund
(K § 433 of the Act)
(1) The formalities for requesting the approval of the managers of the subordinate fund when the managing fund of that subordinate fund is cancelled or transformed are:
(a) identification data
1. the applicant,
2. the managing and subordinate fund,
3. the administrator of the current management fund and, if the management fund is to be transformed, the administrator of the new management fund,
4. the manager of the current management fund and, if the management fund is to be transformed, the manager of the new management fund,
5. the depositary of the managing and subordinate fund; and
6. auditor of the managing and subordinate fund; and
(b) the Annexes referred to in paragraph 2.
(2) The Annexes to the application are:
(a) a valid full text of the Statute of the subordinate fund indicating the proposed amendments and the reasons for such amendments;
(b) the full text of the Management Fund Statute in force, indicating the proposed amendments and the reasons for such amendments if the Management Fund is to be transformed;
(c) a valid full text of the key information document of the subordinate fund indicating the proposed changes;
(d) a project for the conversion of the management fund if it is to be transformed;
(e) a decision by the manager of the subordinate fund on whether he intends to invest the assets in the subordinate fund in securities or book-entry securities issued by the existing management fund or other management fund, or whether he intends to continue to invest the assets in that subordinate fund as a manager of a standard fund which is not a subordinated fund;
(f) proof of the decision of the manager of the management fund to convert or abolish the management fund;
(g) contracts concluded between managers, depositors and auditors of the managing and subordinate fund;
(h) information on whether and how the investment strategy of the managing fund has changed if the managing fund is to be transformed;
(i) whether and how the investment strategy of the subordinate fund has changed;
(j) whether and how the conditions for investing investors in the subordinate fund have changed, including an indication of changes in the fees and costs of investors associated with the investment in that fund;
(k) an assessment of the impact of the conversion or cancellation of the management fund on the level of investor protection of the subordinate fund;
(l) whether and how investors of the subordinate fund have been informed of the transformation or cancellation of the management fund; and
(m) proof of the decision of the authority of another Member State supervising the management fund to approve the conversion or to abolish the management fund. ";
50. In § 51, the words "or the Czech National Bank is available under § 533 (1) of the Act 'are added at the end of the text of paragraph 4.
Efficacy
This Decree shall take effect on 1 July 2024.
Governor:
Michl, Ph.D., v. r.
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Regulation Information
| Citation | Decree No. 178 / 2024 Coll., amending Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act, as amended |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 21.06.2024 |
|---|---|
| Effective from | 01.07.2024 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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