Act No. 182 / 2018 Coll.
Act amending Act No. 374 / 2015 Coll., on Financial Market Recovery and Resolution, as amended by Act No. 183 / 2017 Coll., and other related laws
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Effective from 01.10.2018
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182
THE LAW
of 18 July 2018
amending Act No. 374 / 2015 Coll., on Financial Market Recovery and Resolution, as amended by Act No. 183 / 2017 Coll., and other related laws
Parliament has decided on this law of the Czech Republic:
Amendment to the Financial Market Recovery and Resolution Act
Act No. 374 / 2015 Coll., on Financial Market Recovery and Resolution, as amended by Act No. 183 / 2017 Coll., is amended as follows:
1. in Article 2 (1) (a), the text "§ 82a" is inserted after the text "§ 82,"
2. In Article 8 (1), the words ", 17 to 19 'are deleted and after the words" the financial system' are inserted the words "the scope and complexity of its activities, ';
3. In Paragraph 10, the sentence "The Czech National Bank may also require the institution to keep detailed records of the financial contracts to which the institution is party 'is added at the end of paragraph 1.
4. In Paragraph 10 (3), the words "paragraph 1 (a) 'shall be inserted after the words" the said'.
5. In Paragraph 14, "15 'is replaced by" 16';
6. In Article 17 (3), the words "the scope and complexity of its activities' shall be inserted after the words" the financial system '.
7. In Article 22 (1) and (2), the words "practicable and credible 'shall be inserted after the words" may be'.
8. In Section 22, the following paragraph 3 is added, including footnote 27:
"(3) The details of the eligibility assessment process of the institution or resolution group are defined by the directly applicable European Union27).
(27) Commission Delegated Regulation (EU) 2016 / 1075 of 23 March 2016 supplementing Directive 2014 / 59 / EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of recovery plans, resolution plans and group resolution plans, the minimum criteria to be assessed by the competent authority in relation to recovery plans and group recovery plans, the conditions for intra-group financial support, requirements for independent valuers, contractual recognition of the power to write and convert, the procedures and content of notification and suspension requirements, as well as the normal functioning of resolution colleges. ';
9. In Paragraph 23, the following paragraph 5 is inserted after paragraph 4:
"(5) The Czech National Bank may impose on another institution which is not a member of the same group subject to supervision on a consolidated basis in order to limit its exposure to that institution, if this is necessary to remove obstacles to the eligibility of the resolution institution. ';
Paragraph 5 shall become paragraph 6.
10. In Article 23 (6), "paragraph 4 'is replaced by" paragraphs 4 and 5';
11. in Paragraph 37 (1) (d), the words "replaced a member of the management body of an institution, a person in the management of a branch of a foreign institution or other responsible person if he is no longer eligible" shall be replaced by the words "withdrawn or replaced a member of the management body or a person in the senior management of the institution if the member or person is no longer eligible."
12. in Paragraph 43 (1), the second sentence is deleted;
13. in Paragraph 54 (2) (a), the word "may" shall be replaced by "as well as the Resolution Fund, may" and the word "spent" shall be replaced by "spent."
14. In Part Five, the following Title V is added:
RECOGNITION OF THE OWN
Ensuring recognition of depreciation and conversion
(1) The obliged entity shall ensure that the contractual documentation of the depreciable capital instrument includes recognition of the fact that the Czech National Bank has the power to write down or convert such instruments and the disclosure of the consent of the owner of the depreciable capital instruments with the obligation to write down or convert such depreciable capital instruments.
(2) The Czech National Bank may require the obliged entity to submit to it a legal assessment of the enforceability of recognition under paragraph 1.
(3) Failure to fulfil the obligation referred to in paragraph 1 shall not affect the power of the Czech National Bank to write down or convert depreciable capital instruments.
Exceptions
(1) The obligation under Paragraph 74a does not apply to the contractual documentation of a depreciable capital instrument governed by the law of a Member State.
(2) If the law of a State which is not a Member State or of an international agreement allows the Czech National Bank to write down or convert depreciable capital instruments which are subject to an obligation under § 74a and if that right recognises the effects of this write-off or such conversion, the Czech National Bank may determine by a general measure that such capital instruments, if they are governed by the law of that State, need not be fulfilled under § 74a. '
15. in Article 76 (a), the words "without application of these measures" shall be inserted after the words "persons."
16. Article 79 shall be deleted;
17. the following Section 82a is inserted after Section 82:
The Czech National Bank may defer for a maximum period of 18 months, including repeatedly, the maturity of depreciable capital instruments issued by a obliged entity or debatable liabilities under Paragraph 122, including the maturity of interest agreed in connection with such an instrument or liability. ';
18. In Section 85, paragraphs 6 and 7 are added, including footnote 28:
"(6) The Czech National Bank may, in addition to the authorisation referred to in paragraph 1 or 2, require the obliged entity to keep detailed records of the financial contracts to which the obliged entity is party. The Czech National Bank will always impose this obligation if the European Union28 regulations are directly applicable).
(7) By decree, the Czech National Bank may determine the minimum scope, structure and manner of keeping records of financial contracts, including the data format of such records.
28) Commission Delegated Regulation (EU) 2016 / 1712 of 7 June 2016 supplementing Directive 2014 / 59 / EU of the European Parliament and of the Council laying down a framework for the recovery and resolution of credit institutions and investment firms with regard to regulatory technical standards specifying the minimum set of information on financial contracts that should be included in the detailed records and the circumstances under which the requirement should be imposed. ';
19. in Paragraph 89 (1), the second sentence is deleted;
20. In Article 103 (3), the words "the right to a share in the liquidation balance" shall be inserted after the word "profit."
21. in Paragraph 103, paragraph 4 shall be deleted;
Paragraphs 5 to 7 shall be renumbered paragraphs 4 to 6.
22. At the end of § 106, the sentence "This shall not apply for the period laid down in the decision of the Czech National Bank to grant an authorisation for the operation or other authorisation of a bridging institution under other legislation."
23.
(1) If none of the facts referred to in § 109 within 2 years of the enforceability of the last transition decision pursuant to § 102 (1) are present, the Czech National Bank shall, after the expiry of that period, abolish the bridging institution with liquidation.
(2) The period referred to in paragraph 1 may be extended by the Czech National Bank for a maximum period of one year, even repeatedly, if this is
(a) necessary to ensure that any of the facts referred to in Article 109 arise; or
(b) necessary to ensure the continuity of the essential activities of the bridging institution.
(3) The Czech National Bank is required to justify the extension of the deadline, including an assessment of the impact of the extension of the deadline on market conditions and taking into account the foreseeable future developments in the financial market. "
24. In Paragraph 114 (3), the words "the right to a share in the liquidation balance 'shall be inserted after the word" profit'.
25.Paragraph 114 (4) shall be deleted;
Paragraphs 5 and 6 shall be renumbered paragraphs 4 and 5.
26. Paragraph 119 (2) is deleted and paragraph 1 is deleted.
27. In Part Six, Title II, Section 6 of the title of Section 5, the word "Consent 'is replaced by" Recognition'.
28. In Section 148, the words "creditor's consent 'are replaced by" recognition of depreciation and conversion'.
29. in Paragraph 148 (1):
"(1) The obligor shall ensure that the contractual documentation of the depreciable liability includes recognition of the fact that the Czech National Bank has the power to write down or convert such depreciable liabilities that have arisen since the date of entry into force of this Act and an indication of the consent of the creditor of the depreciable liabilities with the commitment of the write-off or conversion of such depreciable liabilities. ';
30. In Paragraph 148 (2), the word "consent 'is replaced by" recognition'.
31. In Section 149 (1) of the Introductory Part of the provision, the words "to ensure the consent of the creditor under Section 148 shall not apply to" shall be replaced by the words "according to Section 148 shall not apply to the contractual documentation."
32. in Article 149 (1) (a), the words "deductible liabilities" shall be replaced by the words "deductible liabilities";
33.In Article 149 (1) (b) and (c), the words "corresponding debts" are replaced by the words "corresponding debts."
34. Paragraph 149 (2) reads as follows:
"(2) If the law of a State which is not a Member State or of an international treaty allows the Czech National Bank to write down or convert depreciable liabilities for which the contractual documentation is subject to an obligation under § 148 and if it recognises that right the effects of this write-off or such conversion, the Czech National Bank may determine by a general measure that such obligations, if they are governed by the law of that State, need not be fulfilled under § 148. '
35. in Article 151 (3), the words "submitted to the European Commission" shall be deleted;
36. in § 165 (b) and § 169 (2), "§ 83" is replaced by "§ 82a."
37.In Article 174, the following paragraph 3 is added:
"(3) The information referred to in paragraph 1 and the information received by the Czech National Bank, the Ministry of Finance or the Financial Market Guarantee System pursuant to a similar provision of a comparable legislation of another Member State may not be provided without the prior written consent of the originator to the person or authority not referred to in paragraph 1."
38. In Part Six, Title III, in Part 3, the words "and the Resolution Fund 'are added.
39. In the first sentence of Paragraph 178 (1), the word 'has' is replaced by ', as well as the Resolution Fund, have' and the word 'spent' is replaced by 'spent'.
40. In Article 178 (2) of the Introductory Part of the provision, the word "its' shall be inserted after the word" reimbursement '.
41.In Paragraph 178 (2) (d), "3" is replaced by "4."
42. in Paragraph 178, the following paragraph 3 is inserted after paragraph 2:
"(3) The Resolution Fund shall have the right to cover its costs as referred to in paragraph 1 in respect of the persons referred to in paragraph 2."
Paragraph 3 shall become paragraph 4.
43. In Paragraph 178 (4), the word 'counting' is replaced by ', as well as the Resolution Fund, counting'.
44. in § 193, the text "§ 178" is replaced by "§ 191."
45. in Article 196 (2), "§ 83" is replaced by "§ 82a."
46. In Article 199, the following paragraph 4 is added:
"(4) A member of the Management Board shall have the right to reimbursement against the Guarantee System of the costs incurred in the performance of his duties. ';
47. In Section 200, at the end of paragraph 1, the sentence "The function of a member of the Management Board appointed from among the employees of the Czech National Bank and from among the civil servants and other staff of the Ministry of Finance shall cease at the end of his employment or service."
48. In Section 200 (4) of the introductory part of the provision, the word "gross' shall be inserted after the word" its'.
49. in Paragraph 200 (4) (b), the word "gross" shall be inserted after the word "consequence."
50. In Article 201 (4), the words "and 6 'shall be inserted after the words" paragraphs 1 to 3'.
51. In Paragraph 201, at the end of the text of paragraph 5, the words "or its member appointed by the Management Board 'shall be added.
52. In Section 201, the following paragraph 6 is added:
"(6) The Management Board may delegate to the Executive Board the approval of the internal rules of the Guarantee System referred to in paragraph 1 (g). ';
53. In Article 202, the following paragraph 6 is added:
"(6) Where all or a majority of the members of the Executive Board are dismissed or renounced, the powers of the Executive Board shall be exercised by the Management Board until the number of members of the Executive Board complies with paragraph 2. ';
54. In Section 206, the word "property 'is replaced by" funds'.
55. In Article 208 (2), the words "early calculation and control 'are replaced by the words" payment check'.
56. In Section 210, at the end of point (e), the word "a 'is deleted; at the end of point (f) the dot is replaced by the word" a' and the following point (g) is added:
"(g) funds transferred from the operational fund of the Resolution Fund pursuant to Article 212 (2)."
57. In Article 212 (1) (d), the words "in order to supplement the capital of the acquirer when the activity is transferred to a private acquirer, bridge institution or person" shall be replaced by the words "the acquirer when the activity is transferred to a private acquirer, bridge institution or person."
58. In Paragraph 212, at the end of paragraph 1, the dot is replaced by a comma and the following point (h) is added:
"(h) settlement of the difference in the amount of the contribution referred to in Article 215a (4)."
59. In Paragraph 212, paragraph 6 is added:
"(6) With the property acquired by the Resolution Fund as a direct consequence of the decision referred to in paragraph 4, the Guarantee System shall, after consultation with the Czech National Bank, be treated."
60. The following Sections 215a and 215b are inserted after Section 215:
Deferred effect of decomposition and consequences of cancellation of the decision setting the contribution
(1) Submission of decomposition against a decision establishing a periodic or exceptional contribution shall not have suspensory effect.
(2) Any difference between the amount of the contribution paid on the basis of a decision subsequently cancelled or amended and the amount of the contribution to be correctly determined for the period in question shall be taken into account by the Czech National Bank in the decision to fix the regular contribution due in the immediate subsequent period. The Czech National Bank shall take into account, mutatis mutandis, the difference between the amount of the contribution fixed for the period to be paid to other obliged persons and the amount of the contribution to be fixed for the period concerned. Article 17 (4) of the periodic contribution Regulation shall apply mutatis mutandis.
(3) The difference between the amount of the contribution fixed for the period in question to other obliged persons and the amount of the contribution to be fixed for the period in question as a result of a change in the amount of the contribution referred to in the first sentence of paragraph 2 shall not justify the initiation of an review procedure, regulation or authorisation for recovery or a new decision on matters relating to the determination of contributions to other obliged persons.
(4) If it is not possible to comply with paragraph 2, the Czech National Bank shall, in the immediate period immediately thereafter, issue a decision requiring the debtor or his legal successor or the Guarantee System to pay the difference between the amount of the contribution that has been fixed for the person concerned and the amount of the contribution that should have been set correctly.
Currency of contributions
(1) The annual target level, the regular contribution, the total amount of the exceptional contributions, the exceptional contribution, the total amount of the exceptional operating allowances and the exceptional operating allowance are fixed and payable in Czech crowns and rounded up to the whole crown.
(2) If the regular or exceptional contribution is expressed in a foreign currency, it shall be converted into Czech crowns according to the rate declared by the Czech National Bank on the first day of the calendar year in which the obligation to pay it was incurred. "
61. In Paragraph 221, the following paragraph 6 is inserted after paragraph 5:
"(6) The participation of the Deposit Guarantee Fund in resolution financing shall be made by the Guarantee System as a creditor of the obligor of the amount of such participation. ';
Paragraph 6 shall become paragraph 7.
62. In Paragraph 222 (1), the second and third sentences are replaced by "Decisions may be served by a public decree. The decision is deemed to have been delivered at the time of its publication on the Czech National Bank's website. '
63.In Article 223 (1) and (2), "83" is replaced by "82a."
64.In Article 233 (8) (b), "(e) and (h)" is replaced by "(e) to (h)."
65.In Article 234 (1) (e) and Article 234 (2) (f), "245" is replaced by "244."
66. in Article 236 (1) (e) and Article 236 (2) (e), "245" is replaced by "244."
67.In § 237 (1) (d):
"(d) fails to comply with the obligation to keep detailed lists or records of financial contracts imposed by the Czech National Bank pursuant to § 7 (4) or § 85 (6),"
68. in Article 237 (1), the following point (h) is inserted after point (g):
"(h) in contravention of Section 74a (1), shall not ensure the recognition of the owner with the write-down or conversion of the depreciable capital instrument or the consent of the owner with the commitment of the write-down or conversion of the depreciable capital instrument;"
Points (h) to (t) shall be renumbered as points (i) to (u).
69. in Article 237 (1), at the end of point (t), the word "or" shall be deleted; at the end of point (u), the dot shall be replaced by "or" and the following point (v) shall be added:
"(v) infringes the obligation to maintain confidentiality pursuant to Article 244 (2)."
70. in Article 237 (2), the following point (e) is inserted after point (d):
"(e) fails to comply with the obligation to keep detailed records of financial contracts imposed by the Czech National Bank pursuant to § 10 (1),"
Points (e) to (m) shall be renumbered as points (f) to (n).
71. in Article 237 (2), the following point (j) is inserted after point (i):
"(j) in contravention of the decision of the Czech National Bank under Paragraph 23 (5), it shall not limit its exposure to the institution,"
Points (j) to (n) shall be renumbered as points (k) to (o).
72.In § 241, "223" is replaced by "237."
73.In Article 244 (1), at the end of point (i), the word "a 'is replaced by a comma, at the end of point (j) the dot is replaced by the word" a' and the following point (k) is added:
"(k) the obliged person."
74. In Article 244 (3), the words "and (j) 'shall be inserted after the words" paragraph 1 (a) to (g)'.
75. in Article 245 (2), the word "legal" shall be deleted;
76. In Section 247, the following paragraph 4 is added:
"(4) Furthermore, disclosure of information previously published by the Czech National Bank or by persons referred to in paragraph 3 (b) is not a breach of the obligation to remain silent. (a) to (d), (h), (k) to (m), (r) or (s). ';
77.In Paragraph 250 (2), the words "at the proposal of the Czech National Bank" are deleted.
78. In the second sentence of Paragraph 251 (3), the words "for a compulsory person 'shall be replaced by the words" within the scope of the general meeting or similar supreme body of the obliged person'.
79. In the last sentence of Paragraph 251 (3), the words "and the decision of the Czech National Bank under the responsibility of the General Meeting or the similar highest body of the obliged entity to approve the conversion 'shall be inserted after the word" Transformation'.
80. After Paragraph 251, the following Section 251a is inserted:
Connecting competitors
(1) If, as a result of the application of the resolution measures, the transfer of activities to a bridging institution or to an asset management person by decision or measure of a general nature of the Czech National Bank takes place through the merger of competitors subject to an authorisation under the Competition Act, then
(a) the application for authorisation of the concentration must be accompanied by a decision or measure of a general nature of the Czech National Bank, on the basis of which the merger of competitors takes place;
(b) the application for the authorisation of the concentration of competitors must be submitted no later than 30 days after the legal authority of the decision or measure of a general nature of the Czech National Bank, on the basis of which the concentration of competitors takes place.
(2) Paragraph 18 (1) of the Competition Act shall not apply where the resolution measures referred to in paragraph 1 are applied; This shall not apply if the application has not been lodged within the time limit referred to in paragraph 1 (b). ';
Transitional provision
The provision of recognition and consent of the owner pursuant to § 74a (1) of Act No. 374 / 2015 Coll., as effective from the date of entry into force of this Act, is not required for deductible capital instruments issued by the obliged entity before the date of entry into force of this Act.
Amendment of the Law on judicial fees
In Article 11 (2) of Act No. 549 / 1991 Coll., on judicial fees, as amended by Act No. 255 / 2000 Coll., Act No. 218 / 2011 Coll. and Act No. 293 / 2013 Coll., at the end of the text of the letter (o), the words "and the draftsman in insolvency proceedings, if he is the competent resolution authority under the law governing financial market recovery and resolution procedures' are added.
Amendment of insolvency law
Act No. 182 / 2006 Coll., on the bankruptcy and methods of its resolution (Insolvency Act), as amended by Act No. 312 / 2006 Coll., Act No. 108 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 188 / 2011 Coll., Act No. 301 / 2008 Coll., Act No. 458 / 2008 Coll., Act No. 7 / 2009 Coll., Act No. 69 / 2011 Coll., Act No. 139 / 2011 Coll., Act No. 188 / 2011 Coll., Act No. 217 / 2009 Coll., Act No. 260 / 2010 Coll., Act No. 409 / 2010 Coll., Act No. 69 / 2011 Coll., Act No. 61 / 2010 Coll., Act No. 241.
1. In Article 368 (1), at the end of the first sentence, the words "and the resolution authority under the financial market recovery and resolution law (hereinafter referred to as the resolution authority) 'shall be added.
2. In the last sentence of Article 368 (1), the words "or resolution authority 'shall be inserted after the word" supervision'.
3. In Article 368 (2), the words "or the resolution authority 'shall be inserted after the word" supervision'.
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Regulation Information
| Citation | Act No. 182 / 2018 Coll., amending Act No. 374 / 2015 Coll., on Financial Market Recovery and Resolution, as amended by Act No. 183 / 2017 Coll., and other related laws |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 16.08.2018 |
|---|---|
| Effective from | 01.10.2018 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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