Decree No. 189 / 2011 Coll.
Government regulation on key information document of the special collective investment fund
Valid
Regulation
Effective from 15.07.2011
Text versions:
15.07.2011
Zobrazeno prvních 200 z celkem 223 ustanovení tohoto předpisu.
Zobrazit celý předpis →
Pro stažení celého znění použijte tlačítko Stáhnout výše.
189
GOVERNMENT REGULATION
of 22 June 2011
on the key information document of the special collective investment fund
The Government orders pursuant to § 139 (1) of Act No. 189 / 2004 Coll., on Collective Investment, as amended by Act No. 188 / 2011 Coll.:
BASIC PROVISIONS
Subject matter
This Regulation governs governments in relation to a special collective investment fund ("the special fund ')
(a) the formalities, structure, form and language requirements of the key information document (hereinafter referred to as the Communication);
(b) the conditions and manner of updating the communication and the time limits for its publication;
(c) the conditions under which the Statute of the Special Fund (hereinafter referred to as "the Statute") and the communication may be provided on a non-paper medium; and
(d) the conditions under which the status and communication may be provided only on the website of an investment company which manages a special fund or a special fund which is an investment fund and which does not have a management contract.
GENERAL REQUIREMENTS
Content of the communication
The communication shall contain only the particulars and information provided for or permitted by this Regulation.
Structure of the communication
(1) The communication shall be labelled "Key investor information."
(2) The communications shall be broken down into 8 parts corresponding to the individual points of this paragraph and their order, each part of which shall contain data to the extent resulting from each section of Part Three of this Regulation; each part of the communication shall contain the following information:
(a) the basic information relating to the communication, the special fund and the information relating to the investment company managing the special fund (Section 6);
(b) a description of the investment objectives and method of investment (Section 7);
(c) risk profile (§ 8),
(d) information on the fees and costs of the special fund (Section 9);
(e) information on historical performance (Sections 10 and 11);
(f) information on the depositary and other additional information on the special fund (Section 12);
(g) information on the permit to operate or create a special fund (Section 13); and
(h) date of publication of the notice (§ 14).
Language expression and display of the message
(1) The communication must be:
(a) processed legibly, in particular as regards the size of the font used; and
(b) expressed in a manner which does not make it difficult for the investor to understand its content, and in particular its language must be clear and understandable, jargon cannot be used and, where possible, the professional concept must be replaced by a generally known expression of comparable importance.
(2) The use of colours must not restrict the clarity and clarity of the content of the message after its capture by mechanical means on paper.
(3) The graphical layout of the logo [Sections 6 (b) and 6 (d)] must not distract the investor from the content of the communication or overlap the content of the communication.
(4) The name of the communication as well as the name of the business firm or the name of the special fund shall be made by a significantly larger font type than the other text of the communication.
Paper form of communication
When the communication is captured by mechanical means on paper, the communication shall have the dimensions of 2 pages of a single sheet, in the case of a structured special fund (§ 17) of 3 pages, A4 size in height or width and shall be lined with an edge of not less than 3 mm wide, on which no text is given.
SPECIAL REQUIREMENTS
CONSIDERATIONS
Basic information on the special fund and the investment company managing the special fund
The title of the part of the first communication is "Basic data '; this part of the communication shall include:
(a) the introductory provision of the following text: "In this communication, the investor shall find key information on the Fund. This is not a promotion communication; the provision of such information is required by law. The purpose is for the investor to better understand the way in which the fund is invested and the risks involved. For an informed decision on whether to make a given investment, investors are advised to consult this communication. ',
(b) the business company or name and identification number of the person of the special fund, or, where appropriate, the name of the consolidation unit in which the special fund is included, or the logo of the special fund;
(c) an indication that it is a special fund and an indication of its type in terms of the assets in which it primarily invests (1); and
(d) the trading firm and the identification number of the person of the investment company managing the special fund, or, where appropriate, the name of the consolidation unit in which the investment firm is incorporated or the logo of that investment company.
Investment objectives and method of investment
(1) The title of Part Two of the Communication is "Investment objectives and investment methods"; this part of the communication shall include:
(a) the main types of assets in which the special fund invests or intends to invest and, if it invests or intends to invest in bonds, the type of such bonds according to their issuer, such as government bonds, municipal bonds, bonds issued by companies or other types of bonds, and the quality assessment of bonds (rating),
(b) if the special fund purchases securities issued by it, a lesson on the investor's right to buy those securities, including the dates on which the special fund buys those securities;
(c) an indication of a sector of the national economy or part thereof, a geographical area or part of the financial market in which the special fund intends to concentrate or concentrate its investment, or a type of property in which the special fund intends to concentrate or concentrate its investment;
(d) an indication of whether the special fund intends to monitor or monitor an index or benchmark; This data shall indicate the index or indicator and how or to what extent the special fund monitors it;
(e) an indication of whether the special fund copies an index; This data shall indicate the index and the extent to which the index is copied;
(f) information on the use of the proceeds from the management of the assets in question;
(g) the designation of a special fund according to the risk posed by the type of assets in which it primarily invests;
(h) an indication of whether the special fund uses financial derivatives (2) or other techniques for the purpose of hedging or meeting investment objectives; and
(i) if the special fund communication indicates an approximate period during which the investment should be held so that the investor can achieve the expected return (paragraph 2), an indication that the special fund may not be suitable for an investor who intends to recover his invested funds in a period shorter than the period for which the investment should be held; The same shall apply if this approximate period is stated in the Statute or in the promotional communication of the Special Fund.
(2) Part two of the Communication may also contain an approximate period for which the investment should be held so that the investor can achieve the expected return.
(3) Part two of the communication may include additional data and information if it is important to understand the investment objectives and how the special fund is invested correctly.
(4) The information referred to in Part Two of the Communication must clearly distinguish between individual investments where otherwise information on investment objectives and how the special fund is invested could be misleading or misleading.
Risk profile
The title of Part Three of the Communication is "Risk profile '; this part of the communication shall include:
(a) a display of a scale for a synthetic indicator representing a quantity obtained on the basis of the risk assessment referred to in point (b), drawn up in accordance with the procedure set out in Annex 1 to this Regulation, a brief justification for the inclusion of a special fund in the relevant group according to that indicator and a warning that:
1. the value of the investment may fall and increase and the return on the amount initially invested is not guaranteed;
2. the inclusion of a special fund in the relevant group may change; and
3. the inclusion of a special fund in the least-risk group does not mean an investment without risk;
(b) depending on the investment method chosen, a description of the risks associated with the investment method chosen and if the investor can meet them in connection with his investment in the special fund,
1. credit risk by the issuer or counterparty failing to fulfil its obligation;
2. the risk of insufficient liquidity, consisting of the fact that certain assets of the special fund will not be cashed in in time at a reasonable price and that for this reason the special fund will not be able to meet its obligations under the requests for redemption of securities issued by the special fund or that the redemption of securities issued by the special fund may be suspended;
3. the settlement risks associated with the settlement of the transaction not taking place as expected, on the ground that the counterparty does not pay or deliver the investment vehicles within the specified period;
4. market risks arising from the effects of changes in the overall market on the prices and values of the individual assets held by the special fund;
5. the risk of loss due to deficiencies or failures in internal processes or human factors or to external events (operational risk) and the risk of loss of assets entrusted to custody or other custody, which may be due in particular to the insolvency, negligence or intentional conduct of a person who has the assets of a special fund or securities issued by a special fund in custody or other custody; and
6. risks related to the investment focus of a special fund on a particular sector of the national economy or part thereof, a particular geographical area, a certain part of the financial market or a particular type of property.
Fees and costs of the special fund
(1) The title of Part Four of the Communication reads: "Fees and costs of the Special Fund"; Part Four of the communication contains the table set out in Annex 2 to this Regulation;
(a) the maximum amount of remuneration which may be charged to the investor before the investment is made shall be entered under the entry fee;
(b) the maximum amount of remuneration to be charged to the investor after the end of the investment shall be entered in the "exit fee" item;
(c) the total cost of the special fund shall be entered under the heading "total cost"; and
(d) the total amount of the remuneration that can be paid from the assets of the special fund, if its performance exceeds the specified benchmark (benchmark) with which performance is compared, unless that remuneration is included in the item referred to in point (c).
(2) The amount of fees and total costs shall be expressed in percentage terms together with the basis on which the calculation is based. The total cost shall be reported for the previous financial year.
(3) Part Four of the communication also contains information that:
(a) the fees charged to investors and the costs borne by the special fund are used to ensure the management of the assets of the special fund, including the issue or sale and redemption of securities issued by the special fund, and to reduce the potential return on the investment for the investor; and
(b) a detailed summary and description of the fees charged to investors and the costs borne by the special fund shall include the status.
(4) Instead of the information referred to in paragraph 1:
(a) for special funds which charge a flat-rate fee covering all fees and other costs charged to investors, indicate the flat-rate fee; and
(b) in the case of special funds setting the maximum rateable amount, the maximum rateable amount shall be indicated if the investment firm managing the special fund also undertakes to comply with that amount and to pay any additional costs of its own.
(5) Unless otherwise specified, the total cost referred to in paragraph 1 (c) shall be determined by a qualified estimate. In that case, the estimate figure shall be supplemented by an indication that the total cost amount is merely an estimate and information on where and when an investor can become familiar with the total cost which is no longer estimated.
Historical performance
(1) The title of Part Five of the Communication is "Historical Performance"; Part Five of the Communication contains:
(a) an indication that the data used relate to the past and that past performance is not a reliable indicator of future revenues;
(b) data on the impact of fees and costs on the performance of the special fund; and
(c) historical performance in the form of a column diagram showing the annual post-tax income for at least 10 consecutive years, displayed in accordance with the criteria set out in Annex 3 to this Regulation.
(2) Where a special fund exists for less than 10 years but for more than 1 year, annual returns for all years of its existence shall be reported. Where data are not available for some periods, a date without a performance record shall be indicated in the relevant section of the column diagram. If less than 1 year has elapsed since the creation or creation of the special fund, an indication shall be given of the lack of data that could provide information to the investor on the historical performance of the special fund.
(3) The historical performance data must be accompanied by an explanation as to whether the calculation of the proceeds also takes into account the fees associated with the issuance or subscription and redemption of securities issued by the special fund, or other fees or charges, as the case may be.
(4) Part Five of the communication may also include:
(a) a comparison of the historical performance established in accordance with point (b) with the development of an index or benchmark monitored by a special fund where the special fund monitors such an index or benchmark; the comparison shall be given in the form of a column diagram showing the comparative data;
(b) the total average historical performance for the period of the last consecutive years, if the special fund exists for that period and for the period of its existence, if it exists for less than 10 years; or
(c) a comparison of the total average performance over the period of the last consecutive years, if the special fund has existed for that period, with the index or benchmark followed by the special fund, and for the period of its existence if it has existed for less than 10 years.
(5) The column diagram must be shown legibly and must not exceed the dimensions of the length and width of the 1 page of the A5 when the communication is received by mechanical means on paper; the column diagram should be supplemented by a warning of:
(a) its limited storytelling capacity as regards the future performance of the special fund;
(b) the fees and charges included in the calculation of the historical performance of the special fund and excluded from the calculation;
(c) the year from which the special fund exists; and
(d) the currency in which the historical performance of the special fund is calculated.
(6) The communication shall not contain data on the performance of the special fund for the year in which the communication is published or is to be published.
(7) The calculation of the historical performance of the special fund shall be based on the value of the equity of the special fund and on the assumption that any distributive returns of the special fund have been reinvested.
Historical performance in the event of a substantial change in investment objectives or how to invest
If, during the period shown in the column diagram under Section 10 (1) (c) or under Section 10 (2), there has been a substantial change in the investment objectives or the way in which the special fund has been invested that has affected its performance, the column diagram shall also indicate the period preceding that change. The data relating to this period shall be supplemented by an explanation that the performance has been achieved in other circumstances.
Information on the depositary and other additional information
The title of Part Six of the Communication is "Further practical information '; this part of the communication shall include:
(a) the name of the depositary of the special fund;
(b) information on the right to provide further documents relating to the special fund (3);
(c) an indication of the contact point where additional information may be obtained where necessary, including an address, telephone, e-mail address and the Internet address of that contact point; and
(d) information that the special fund and the investment company managing the special fund shall be responsible for the accuracy and completeness of the data referred to in this communication, provided that they are unclear, false, misleading or misleading or do not comply with the information provided in the Statute.
Information on authorisation
Part 7 of the communication is without name and contains, if applicable
(a) the special fund, which is a holding fund, the text of the following text: "The permission to create this holding fund has been issued in the Czech Republic. The investment company that manages this mutual fund is subject to supervision by the Czech National Bank. '; and
(b) the special fund which is an investment fund, the text of the following text: "The permit to operate this investment fund has been issued in the Czech Republic. This investment fund is subject to supervision by the Czech National Bank. '
Publication detail
Part eight of the communication is without name and contains the date of publication of the communication preceded by the following text: "This key information document was drawn up on a date '.
SPECIFIC OBSERVATIONS OF CERTAIN COMMUNICATION PARTS
Specific details of the communication of the special fund of funds
Communication of the Fund (4) also contains:
(a) in Part Two, a brief description of its investment objectives and how it is to be invested in securities issued by other collective investment funds; and
(b) in Part Three, a description of the risks arising from each collective investment fund issuing securities in which the special fund of funds invests, where careful business discretion shows that such risks have or may have a significant impact on the special fund of funds as a whole.
Special details of the communication of the special property fund
The Communication of the Special Real Estate Fund (5) contains in Part Three, rather than the scale of the synthetic indicator referred to in Section 8 (a) a brief description of the existing risks related to the specific real estate assets of the special real estate fund (6), such as the risk arising from a building defect or its ecological burden.
Special details of the communication of the structured special fund
(1) A structured special fund is a special fund which, at a fixed date, pays to investors cash benefits corresponding to the result determined in accordance with the mathematical formula, which takes into account as its principal variable a change in a variable of a variable the value of which relates to a particular asset value, a set of assets, financial indices or other quantified indicators.
(2) The communication of the structured special fund in Part Two, other than those referred to in Section 7, also contains:
(a) an explanation of how the amount of cash paid by the structured special fund referred to in paragraph 1 is calculated; and
(b) at least 3 model examples showing a change in the amount of the cash performance referred to in paragraph 1, depending on the different market conditions, accompanied by an indication that they are model examples which are not an indicator of the future performance of the Fund.
(3) The communication of the structured special fund does not contain part five.
Content of the notification in case of different treatment of shareholders
In the case of a special fund whose status shows a difference in the treatment of shareholders (7), the information contained in the communication must take account of this difference in treatment.
TRANSPORT ACTUALISATION AND DISCLOSURE PERIOD
Communication update
(1) The Special Fund and the investment firm managing the Special Fund shall verify the accuracy of the communication on an ongoing basis and at least every 12 months, and, where necessary, update the communication without undue delay; the historical performance column diagram shall always take into account the performance of the special fund in the previous year.
(2) The current communication shall always be verified in the context of an approved amendment to the Statute or Statutes.
Publication of the updated communication
(1) Where the communication has been updated, the special fund or investment firm shall publish the updated communication without undue delay.
(2) Where a communication has been updated in the context of an amendment to the Statutes or Statutes, the updated communication shall be published before the date on which the amendment to the Statutes or Statutes takes effect.
(3) A communication containing the performance of the special fund in the preceding calendar year shall be published no later than the 35th working day of the following calendar year.
PROVISION OF COMMUNICATION AND STATUTE TO INVESTORS
Conditions for providing a status and communication on a non-paper medium
A communication or status may be provided to investors on a non-paper medium if:
(a) their disclosure on that medium of information is proportionate to the circumstances in which trade between the investment firm managing the special fund or the special fund and the investor takes place or is intended to take place; and
(b) the person providing the communication or the status has expressly chosen the information medium when choosing between the paper form and the non-paper form.
Conditions for granting the Statute and Communication only on a website
A communication or status may be provided to investors only on the website of an investment firm that manages a special fund or on the website of a special fund that is an investment fund if:
(a) their provision on the website is proportionate to the circumstances in which the transaction between the investment firm managing the special fund or the investment fund and the investor takes place or is intended to take place; the condition of reasonable circumstances is met in particular where the investor is able to obtain a communication or status on the website,
(b) the investor has only given his consent on the website;
(c) the investor has been electronically informed of the internet address, including the information on which the investor may find the relevant communication or status; and
(d) the investor shall at any time be able to use the communication or the statute for a reasonable period of time.
EFFECTIVE
This Regulation shall enter into force on the day of its publication.
Prime Minister:
RNDr. Netime v. r.
Minister of Finance:
Ing. Kalousek v. r.
Příloha č. 1
Annex No. 1 to Decree No. 189 / 2011 Coll.
Display the scale for the synthetic indicator
1. The synthetic indicator is projected into one of the groups on the scale. The scale consists of a continuous sequence of groups marked with whole numbers in ascending order from 1 to 7 from left to right.
2. The scale shall indicate that lower risk means potentially lower returns and higher risk means potentially higher returns.
3. The special fund group is highlighted.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Government Regulation No. 189 / 2011 Coll., on key information document of the special fund of collective investment |
|---|---|
| Regulation Type | Regulation |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 15.07.2011 |
|---|---|
| Effective from | 15.07.2011 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0