Act No. 204 / 2017 Coll.

Act amending Act No. 256 / 2004 Coll., on Capital Market Business, as amended, and other related laws

Valid Law Effective from 03.01.2018
Text versions: 03.01.2018 13.08.2017 14.07.2017
Contents
ČÁST PRVNÍ Čl. I „§ 2 „§ 4b „§ 7 „Oddíl 3 § 10 § 10a „§ 12 § 12a § 12b „§ 12ba § 12bb „§ 12i § 12j „§ 14 § 14a „§ 14b § 14c § 14d § 14e § 14f § 14g § 14h „§ 15b § 15c „§ 15e § 15f § 15g „§ 15j „§ 15n „§ 15p „§ 15r „§ 16 „§ 17 „§ 17a § 17b „Oddíl 10 § 17c § 17d § 17e § 17f § 17g § 17h § 17i § 17j „§ 28 „§ 28a § 28b § 29 § 30 § 30a § 30b § 30c § 31 § 32 HLAVA VI § 32a § 32b § 32c § 32d § 32e § 32f § 32g § 32h § 32i § 32j § 32k „§ 38 „§ 43 „§ 48a „§ 50a § 50b § 50c § 50d § 50e § 50f § 50g „§ 63a „§ 72 „§ 73a § 73b § 73c HLAVA V Díl 1 § 73d § 73e § 73f Díl 2 § 73g § 73h § 73i HLAVA VI § 73j § 73k § 73l § 74 § 75 § 76 § 77 § 78 § 79 § 80 § 81 „§ 124 „HLAVA VII § 134a § 134b § 134c § 134d HLAVA VIII § 134e „§ 135e „§ 136b „Díl 4 § 149g § 149h § 149i § 149j § 149k § 149l Díl 5 § 149m „§ 155a „§ 165a § 165b „§ 167a Díl 1 § 157 § 158 Díl 2 § 159 § 160 § 161 Díl 3 § 162 § 163 § 164 § 165 § 166 § 167 § 168 § 169 § 170 § 171 § 172 § 173 Díl 4 § 174 § 175 § 176 § 177 § 178 § 179 § 180 § 181 „Díl 5 § 192 „§ 194a „§ 195b „§ 197 Čl. II ČÁST DRUHÁ Čl. III ČÁST TŘETÍ Čl. IV ČÁST ČTVRTÁ Čl. V „§ 9a ČÁST PÁTÁ Čl. VI „§ 7ae ČÁST ŠESTÁ Čl. VII „§ 15 § 16 § 17 § 18 § 18a § 18b § 18c ČÁST SEDMÁ Čl. VIII Čl. IX ČÁST OSMÁ Čl. X „§ 255 „§ 255a ČÁST DEVÁTÁ Čl. XI ČÁST DESÁTÁ Čl. XII „§ 20a „§ 47a „§ 66a Čl. XIII ČÁST JEDENÁCTÁ Čl. XIV ČÁST DVANÁCTÁ Čl. XV
204
THE LAW
of 7 June 2017
amending Act No. 256 / 2004 Coll., on Capital Market Business, as amended, and other related laws
Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

Amendment to the Capital Market Enterprise Act
Čl. I
Act No. 635 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 160 / 2010 Coll., Act No. 62 / 2006 Coll., Act No. 70 / 2006 Coll., Act No. 159 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 420 / 2009 Coll., Act No. 96 / 2009 Coll., Act No. 104 / 2008 Coll., Act No. 126 / 2008 Coll., Act No. 230 / 2009 Coll., Act No. 230 / 2008 Coll., Act No. 7 / 2009 Coll.
1. In footnote 1, the fourth sentence of "Directive 2003 / 6 / EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse). 'and the seventh sentence of" Commission Directive 2004 / 72 / EC of 29 April 2004 implementing Directive 2003 / 6 / EC of the European Parliament and of the Council as regards accepted market practices, the definition of confidential information in relation to commodity derivatives, the compilation of insider lists, the notification of transactions of responsible managers and the notification of suspicious transactions'.
2. In footnote 2, the first sentence of "Commission Regulation (EC) No 2273 / 2003 of 22 December 2003 implementing Directive 2003 / 6 / EC of the European Parliament and of the Council as regards exemptions for buy-back and stabilisation programmes. 'is deleted, the sentence of" Regulation (EU) No 596 / 2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the Market Abuse Regulation) and repealing Directive 2003 / 6 / EC of the European Parliament and of the Council and Commission Directives 2003 / 124 / EC, 2003 / 125 / EC and 2004 / 72 / EC of the Commission Directives of 25 November 2015 on the transparency of finance and re-use and amending Regulation (EU) No 648 / 2012.';
3. footnotes 1 and 2 shall read:
"(1) Directive 97 / 9 / EC of the European Parliament and of the Council of 3 March 1997 on investor compensation schemes. Directive 98 / 26 / EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, as amended by Directives 2009 / 44 / EC and 2010 / 78 / EU of the European Parliament and of the Council. Directive 2001 / 34 / EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official listing on the stock exchange and on the information to be published on them, as amended by Directives 2003 / 6 / EC, 2003 / 71 / EC, 2004 / 109 / EC and 2005 / 1 / EC of the European Parliament and of the Council. Directive 2003 / 71 / EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered or admitted to trading and amending Directive 2001 / 34 / EC of the European Parliament and of the Council as amended by Directives 2008 / 11 / EC, 2010 / 73 / EU, 2010 / 78 / EU, 2013 / 50 / EU and 2014 / 51 / EU of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements relating to information on issuers whose securities are admitted to trading on a regulated market and amending Directive 2001 / 34 / EC, as amended by Directives 2008 / 22 / EC, 2010 / 73 / EU, 2010 / 78 / EU and 2013 / 50 / EU. Commission Directive 2007 / 14 / EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004 / 109 / EC on the harmonisation of transparency requirements concerning information on issuers whose securities are admitted to trading on a regulated market, as amended by Directive 2013 / 50 / EU of the European Parliament and of the Council. Directive 2013 / 36 / EU of the European Parliament and of the Council of 26 June 2013 on the taking-up and prudential supervision of credit institutions and investment firms, amending Directive 2002 / 87 / EC and repealing Directives 2006 / 48 / EC and 2006 / 49 / EC. Directive 2014 / 65 / EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002 / 92 / EC and 2011 / 61 / EU, as amended by Regulation (EU) No 909 / 2014 of the European Parliament and of the Council and Directive 2016 / 1034 of the European Parliament and of the Council.
(2) Commission Regulation (EC) No 809 / 2004 of 29 April 2004 implementing Directive 2003 / 71 / EC of the European Parliament and of the Council as regards the data contained in prospectuses, the presentation of prospectuses, the publication of data in the form of a reference, the publication of prospectuses and the dissemination of advertisements, as amended by Commission Regulations (EC) No 1787 / 2006, 211 / 2007 and 1289 / 2008 and as amended by Commission Delegated Regulations (EU) No 311 / 2012, 486 / 2012, 862 / 2012, 621 / 2013 and 759 / 2013. Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended by Regulations (EU) No 513 / 2011 and (EU) No 462 / 2013 of the European Parliament and of the Council and as amended by Directives 2011 / 61 / EU and 2014 / 51 / EU of the European Parliament and of the Council. Regulation (EU) No 236 / 2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps, as amended by Regulation (EU) No 909 / 2014 of the European Parliament and of the Council. Regulation (EU) No 648 / 2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, as amended by Directive 2014 / 59 / EU of the European Parliament and of the Council, as amended by Commission Delegated Regulation (EU) No 1002 / 2013 and as amended by Regulation (EU) No 575 / 2013 of the European Parliament and of the Council and by Regulation (EU) No 600 / 2014. Regulation (EU) No 575 / 2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648 / 2012. Regulation (EU) No 596 / 2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003 / 6 / EC of the European Parliament and of the Council and Commission Directives 2003 / 124 / EC, 2003 / 125 / EC and 2004 / 72 / EC. Regulation (EU) No 600 / 2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648 / 2012. Regulation (EU) No 909 / 2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and CSDs and amending Directives 98 / 26 / EC and 2014 / 65 / EU and Regulation (EU) No 236 / 2012. Regulation (EU) No 1286 / 2014 of the European Parliament and of the Council of 26 November 2014 on key information documents concerning structured retail investment products and insurance-based investment products. Regulation (EU) 2015 / 2365 of the European Parliament and of the Council of 25 November 2015 on transparency in financing and reuse transactions and amending Regulation (EU) No 648 / 2012. Regulation (EU) 2016 / 1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and amending Directives 2008 / 48 / EC and 2014 / 17 / EU and Regulation (EU) No 596 / 2014. ';
4. In Paragraph 1 (3), at the end of point (d), the word "a 'is replaced by a comma.
5. In Article 1, at the end of paragraph 3, the dot is replaced by a comma and the following points (f) and (g) are added:
"(f) a directly applicable European Union regulation governing market abuse (52); and
(g) a directly applicable European Union regulation governing transparency of financing and reuse transactions (61).
52) Regulation (EU) No 596 / 2014 of the European Parliament and of the Council.
(61) Regulation (EU) 2015 / 2365 of the European Parliament and of the Council. ';
6. In Paragraph 1 (3), at the end of point (f), the word "a 'is replaced by a comma.
7. In Article 1, at the end of paragraph 3, the dot is replaced by a comma and the following points (h) to (j) are added:
"(h) directly applicable European Union regulation governing markets in financial instruments (53);
(i) the directly applicable European Union law governing the key information document concerning structured retail investment products and insurance-based investment products (60); and
(j) a directly applicable European Union regulation governing indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds62).
53) Regulation (EU) No 600 / 2014 of the European Parliament and of the Council.
60) Regulation (EU) No 1286 / 2014 of the European Parliament and of the Council.
(62) Regulation (EU) 2016 / 1011 of the European Parliament and of the Council. '
8.
㤠2
Definition of certain terms
(1) In this Act:
(a) the customer is the person to whom the investment service is provided;
(b) an investment instrument referred to in Article 3 (1) (d) to (k) and an investment security referred to in Article 3 (2) (e),
(c) a security traded on the capital market which:
1. constitutes the ownership of securities by an issuer which is not established in a Member State of the European Union; and
2. may be admitted to trading on a European regulated market and traded independently of the issuer's securities referred to in point 1;
(d) the implementation of the negotiating instructions leading to the conclusion of a contract for the purchase or sale of an investment instrument on behalf of a customer, including the conclusion of a contract for the purchase of an investment instrument issued by a securities dealer, a bank, a savings or credit cooperative or a similar foreign person established in a Member State of the European Union on behalf of a client at the time of issue;
(e) trading for its own trading account using its own assets to close the transaction;
(f) investment advice to provide an individualised recommendation to the client regarding the transaction in a particular investment instrument, whether provided at the initiative of the client or potential client,
(g) the commodity derivative of the investment instrument referred to in points (g) to (k) of Article 3 (1) and the investment security referred to in point (e) of Article 3 (2), the value of which relates to the commodity or to one of the indicators referred to in points (j) and (k) of Article 3 (1);
(h) details of the person
1. in the case of a legal person, and in the case of an operating natural person, the name, registered office and identification number of the person, if assigned;
2. in the case of a natural person who is not an entrepreneur, the name, date of birth or, if assigned, the birth number and residence,
(i) initial capital initial capital as referred to in Article 26 (1) (a) to (e) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms;
(j) a qualifying holding, directly or indirectly, in the capital or voting rights of a legal person, or the sum thereof, representing at least 10% pursuant to Articles 10b (1) and (2), 122 (1), 122 (2) (a) to (g), 122a (1) and (2) and 122c (1) (b) and (c), or allowing significant influence on its management;
(k) close interconnection of close links as referred to in Article 4 (1) (38) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;
(l) by a management body, the body of a legal person whose members are elected, appointed or otherwise called upon to determine the strategy, objectives and overall direction of that person, or to supervise and monitor the decision-making processes at management level;
(m) a worker who is with another person in a basic employment relationship, a person who is a procurer of another person, a person who is a member of an authority of another legal person and who is elected, appointed or otherwise called to office, or a person who is a member of a committee of another legal person; where a legal person who is elected, appointed or otherwise called to office is a member of an institution of a legal person, the worker shall be understood to be a natural person who is designated by that legal person to carry out that activity;
(n) a senior management person who ensures the day-to-day management of the activities of a legal person and is directly subordinate in the performance of that function to the management body of that legal person or its member, even if such a function is held by a member of the management body of that legal person,
(o) the property of the client is the funds and investment vehicles belonging to the client which the securities dealer has in his power to provide the investment service to that client; the assets of the customer are not deposits under the law governing the activities of the banks on which the securities dealer is a bank,
(p) by a composite product, a set of services or products which can be at least partially negotiated separately, offered together;
(q) a permanent data medium of the instrument or other information medium which allows the customer to preserve the information intended for him personally so that it can be used for a reasonable period of time for the purpose of this information and which allows the reproduction of that information in unchanged form;
(r) a structured deposit under a law governing the activities of banks which is due in full at the time of maturity (fixed-term deposit) and whose yield is determined by a formula including, for example, an index, an investment instrument, an exchange rate, a commodity or any other item in the legal sense (hereinafter referred to as the case) other than a commodity, or a combination thereof; a structured deposit is not a deposit with a variable interest rate, the yield of which is linked directly to the interest rate index,
(s) algorithmic trading in an investment instrument where the computer algorithm automatically, with or without limited human intervention, determines the different parameters of the order, such as the assignment, timing, price or volume of the order or the way in which the order is handled after its submission; However, algorithmic trading is not simply routing orders to one or more trading venues, processing orders without establishing any parameters of trading, confirmation of orders or processing executed transactions,
(t) algorithmic trading with high frequency algorithmic trading where:
1. automatically starts the process of creating, routing or execution without human intervention, for individual transactions or orders;
2. entering or cancelling a high number of orders or quotes during the business day; and
3. uses infrastructure to minimise network and other types of delays, which includes at least location with other similar facilities in the immediate vicinity of the trading venue, location near the trading venue, or high-speed direct electronic access;
(u) direct electronic access to the measure by which a trading venue participant allows another person to use its trading identification data for the electronic transmission of orders relating to an investment instrument directly to that trading venue, including:
1. direct access which means measures which use the infrastructure or the system of connection of that participant to the transmission of instructions; and
2. a sponsored approach which means measures which do not involve the use of the infrastructure or the connection system of that participant for the transmission of instructions;
(v) a European securities dealer or a similar foreign person authorised by the supervisory authority of another Member State of the European Union to provide at least one main investment service;
(w) by pairing orders on its own trading account in a way where an additional person is incorporated between the seller and the buyer in the transaction in question;
1. that person is not exposed to market risk in the context of trade with both the seller and the buyer;
2. both the seller and the buyer are traded simultaneously; and
3. Trade in both the seller and the buyer is concluded at a price in which the person does not suffer loss or profit, with the exception of a pre-announced remuneration; and
(x) a structured financial product structured financial product as referred to in Article 2 (1) (28) of Regulation (EU) No 600 / 2014 of the European Parliament and of the Council.
(2) The trading system is:
(a) the European regulated market;
(b) a multilateral trading system; and
(c) an organised trading system.
(3) The transfer point is:
(a) the trading venue;
(b) systematic internaliser,
(c) a market maker or other liquidity provider established in a Member State of the European Union; or
(d) a person or market in investment vehicles established in a State which is not a Member State of the European Union, with a similar activity to that of any of the persons or markets referred to in points (a) to (c).
(4) The market maker is a person who is permanently active on financial markets as a person willing to trade on his own account by purchasing and selling investment vehicles using his own assets and at the prices set for him. '
footnotes 2b and 2c are deleted.
9. in Article 2a (1) (h) and (i):
"(h) a pension company,
(i) another person who carries out his business on the financial market on the basis of a permit granted by a financial supervisory authority or on the basis of a register carried out by a financial supervisory authority, in particular a payment institution, an electronic money institution, a small-scale electronic money issuer, a small-scale payment service provider, a non-bank consumer credit provider, a major administrator, an investment intermediary, an insurance agent, an insurance broker, a separate consumer credit intermediary, a separate event liquidator, an operator of payment systems with an irrevocable settlement, a settlement system operator with an irrevocability and a CSD, but with the exception of a tied agent of an investment intermediary, a tied agent, a tied agent of a trader with securities, a tied representative of a pension company, a tied insurance intermediary, a subsidiary of an insurance intermediary, ";
10. in Article 2a (2) (a) (1), "total amount of assets" is replaced by "total assets."
11. in Article 2a (2) (a) (2), "net annual turnover" is replaced by "annual net turnover";
12. in Article 2a (3), the second sentence is deleted;
13. Paragraph 2a (4) is deleted.
14. in Article 2b (1) (b) (1), the words "on the relevant European regulated market or in the relevant multilateral trading system operated by a person established in a Member State of the European Union" shall be replaced by "in the relevant financial market area."
15. in Paragraph 2b, paragraph 6 shall be deleted;
16. The heading "Professional knowledge, experience and financial background of a professional customer 'is inserted under the designation § 2c.
17. in Article 2c (1), the words "referred to in Article 2a" shall be inserted after the words "customer."
18. The heading "Eligible Counterparty 'is inserted under the title of Section 2d.
19. Paragraph 2d (4) reads:
"(4) When providing the main investment services referred to in Article 4 (2) (a), (b) or (c), the securities dealer shall be obliged to act in a qualified, fair and fair manner in relation to a professional client who does not fulfil the obligations set out in paragraphs 15 to 15r within the meaning of paragraph 1 or 2 and shall not use unclear, false, misleading or misleading information in communication with him. ';
20. Paragraph 2d (5) is deleted.
21. in Article 3 (1) (d), the words "greenhouse gas emission allowances" shall be inserted after the words "yield," and the words "property values" shall be replaced by the words "items."
22. in Article 3 (1) (g), the words "unless the use of this right is dependent on insolvency or other similar impossibility of performance," shall be replaced by the words "unless the settlement in cash is due to the failure of one of the parties to the derivative or otherwise the early termination of the derivative,"
23. In Article 3 (1) (h), the word "forward" and the words "operated by a person established in a Member State of the European Union" shall be inserted after the word "forward" in Article 2 (4) of Regulation (EU) No 1227 / 2011 of the European Parliament and of the Council and the words "operated by a person established in a Member State of the European Union" shall be replaced by the words "possibly in an organised trading system, with the exception of wholesale energy products, as referred to in Article 2 (4) of Regulation (EU) No 1227 / 2011 of the European Parliament and of the Council on the integrity and transparency of the wholesale energy market traded in an organised trading system which implies an obligation to supply of that commodity."
24. in Article 3 (1) (i), the words "in particular those which are settled and settled by means of a settlement system or are part of a call for additional collateral" shall be deleted;
25. in Article 3 (1) (j), the words "emission allowances" shall be deleted and the words "if the use of this right is not dependent on insolvency or other similar impossibility of performance" shall be replaced by the words "if the settlement in cash is not due to the failure of one of the parties to the derivative or otherwise the early termination of the derivative."
26. in Article 3 (1) (k), the words "property values, rights, obligations" shall be replaced by the words "items, rights, debts," the word "point" shall be replaced by "points (a) to" and the words "operated by a person established in a Member State of the European Union, shall be settled and settled through a settlement system or shall form part of a call for additional collateral" shall be replaced by the words "or in an organised trading system."
27. In Article 3, at the end of paragraph 1, the dot is replaced by "a 'and the following point (l) is added:
"(l) greenhouse gas emission allowances."
28. in Article 3 (2) (a), the words "company or otherwise" shall be deleted;
29. in Article 3 (2) (b), the word "representing" shall be replaced by the words "to which it is linked" and the word "certain" shall be inserted after the word "repayment."
30. in Article 3 (2) (c):
"(c) depository orders representing the title to securities referred to in points (a) and (b),"
31. in Article 3 (3), the words "in particular investment fund shares and units" shall be replaced by "securities representing a share in investment funds or foreign investment funds."
32. in Paragraph 3 (4), the words "and which have a value that can be accurately determined at any time" shall be replaced by "in particular treasury bills, deposit certificates and commercial papers."
33.Paragraph 3 (7), including footnote 2e, is deleted.
34. in Article 4 (2), the following point (g) is inserted after point (f):
"(g) the operation of an organised trading venue;"
Points (g) and (h) shall be renumbered as points (h) and (i).
35. in Article 4 (3) (a), the words "including related services" shall be replaced by the words "for the customer, including custody and related services, with the exception of keeping accounts by a CSD or a foreign CSD."
36. in Article 4 (3) (c), the word "or" shall be replaced by a comma and at the end of the text of the letter the words "or the acquisition of a holding in a commercial corporation" shall be added;
37. in Article 4 (3) (d), the words "the provision of investment advice and analysis of investment opportunities or similar" shall be replaced by "investment research and financial analysis or other forms."
38. in Paragraph 4 (3) (e), the words "the conduct of foreign exchange operations related" are replaced by the words "foreign exchange services related."
39. in Article 4 (3) (f), the words "or by placement" shall be deleted;
40. in Paragraph 4 (3) (g), the words "property values" are replaced by the words "cases."
41.Paragraph 4 (5) shall be deleted;
Paragraphs 6 to 9 shall be renumbered paragraphs 5 to 8.
42. In Paragraph 4 (5), the words "including related services" are replaced by the words "for the customer."
43. In Article 4, paragraphs 6 to 8 are deleted.
44. Paragraph 4b, including the title and footnotes Nos 54 and 55, reads:
㤠4b
Exemptions from authorisation to provide main investment services
(1) No authorisation under this Act is required for the provision of the main investment service if the main investment service provides:
(a) the insurance or reinsurance undertaking, in carrying out the activities referred to in Article 3 (1) (f) or (l) of the Insurance Act;
(b) the person providing the main investment services exclusively:
1. persons controlling the person providing the main investment service;
2. persons controlled by the person providing the main investment service; or
3. persons controlled by the same person as the person providing the main investment service;
(c) a person providing a main investment service only occasionally, in the context of another professional or business activity, where there is another legislation or code of conduct governing such activities and that provision does not prohibit the provision of such a main investment service;
(d) a person trading on his own account in investment instruments other than commodity derivatives and greenhouse gas emission allowances and their derivatives which does not provide another main investment service in relation to investment instruments other than commodity derivatives and greenhouse gas emission allowances and their derivatives, unless:
1. market maker,
2. a participant in a regulated market or multilateral trading venue, with the exception of a non-financial entity that carries out transactions on a trading venue that are objectively measurable as reducing risks directly related to the business activity or corporate financing of that non-financial entity or persons that form a consolidation entity with it;
3. a person having direct electronic access to the trading venue, with the exception of a non-financial entity that carries out transactions on the trading venue that are objectively measurable as reducing risks directly related to the business activity or corporate financing of that non-financial entity or persons forming a consolidation entity with it;
4. a person performing high frequency algorithmic trading; or
5. a person trading on his own account when executing client orders;
(e) the operator of the installation or aircraft required to comply with the requirements of the law governing greenhouse gas emission allowance trading conditions which, when trading greenhouse gas emission allowances, does not comply with the instructions of the customer and does not provide a main investment service other than for own account trading unless the algorithmic trading is conducted at a high frequency;
(f) the person providing the main investment services only in the framework of the management of employee participation schemes;
(g) the person providing the main investment services, both within the framework of the management of employee participation schemes and also exclusively to the persons referred to in (b) (1) to (3);
(h) a member of the European System of Central Banks and other national entities performing similar functions in the European Union, other public bodies entrusted with the management of public debt in the European Union or intervening in the management of public debt in the European Union, and international financial institutions established by two or more Member States with a view to raising funds and providing financial assistance for the benefit of their members who have serious financing problems or are in danger of such problems;
(i) an investment fund manager or a foreign investment fund, a pension company or a depositary of an investment fund, a foreign investment fund, a transformed fund or a participating fund;
(j) a person trading on his own account in commodity derivatives or greenhouse gas emission allowances or derivatives thereof, including a market maker, but excluding a person trading on his own account in the execution of client orders, or a person providing main investment services other than those on his own account in relation to commodity derivatives or greenhouse gas emission allowances or their derivatives, customers or suppliers of its main business, where:
1. in each of these cases, individually and cumulatively, when assessing within a group, the activity of their main business is not ancillary and the main business is not the provision of investment or banking services or the activity of the market maker in relation to commodity derivatives;
2. that person does not conduct high frequency algorithmic trading; and
3. This person announces annually to the Czech National Bank that he is making use of this derogation and informs him, on request, of the reasons why he considers his activity to be complementary to his main business according to the introductory part of this point,
(k) a person providing investment advice in the course of other professional activities not covered by this law, unless the provision of such investment advice is remunerated separately;
(l) a transmission system operator, transmission system operator, gas storage or distribution system operator within the meaning of Article 24, 25, 58, 59 and 60 of the Energy Act in the performance of their tasks under the Energy Act, the directly applicable European Union regulation governing the conditions of access to the network for cross-border trade in electricity 54) or the directly applicable European Union regulation governing the conditions of access to the gas transmission system55) or the network or framework guidance codes adopted under those directly applicable regulations, a person acting as a service provider for those providers in the performance of their tasks under those Regulations, the network codes or framework guidelines adopted under that Regulation, and an operator or administrator for a system for balancing the electricity or gas system, a network of production lines or a system which aims to maintain a balance between supply and consumption of energy in the performance of those tasks; the exemption shall apply to a person engaged in the activities referred to in this point only if, for the purpose of carrying out such activities, he provides the main investment services in relation to commodity derivatives and that exemption shall not apply to the operation of the secondary market, including secondary trading systems for financial transmission rights; and
(m) a CSD except in the cases provided for in Article 73 of Regulation (EU) No 909 / 2014 of the European Parliament and of the Council.
(2) The exemption from the authorisation to provide the main investment services referred to in paragraph 1 (a), (i) or (j) shall apply irrespective of whether the conditions laid down in paragraph 1 (d) are met.
(3) The rights referred to in Articles 21 (4), 22 (4), 24 (2) and 25 (2) are not exercised by a counterparty to transactions concluded by public authorities managing public debt or by members of the European System of Central Banks in the performance of the tasks set out in the Treaty on the Functioning of the European Union and Protocol 4 on the Statute of the European System of Central Banks and of the European Central Bank or in the performance of equivalent tasks under national law.
54) Regulation (EC) No 714 / 2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity and repealing Regulation (EC) No 1228 / 2003, as amended.
55) Regulation (EC) No 715 / 2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the natural gas transmission networks and repealing Regulation (EC) No 1775 / 2005, as amended. ';
45. in Paragraph 5 (1), the words "providing investment services on the basis of the authorisation of the Czech National Bank for the activities of a securities dealer" are replaced by the words "is entitled to provide main investment services on the basis of the authorisation of a securities dealer granted by the Czech National Bank."
46. in § 5 (2), the words "to 9au, § 12g to 12j, § 14 (6) to (10), § 16a, 16d, 16e, 27, § 135a (4), (5) and (9)" shall be replaced by the words "9aj to 9au, 10, 10a, 12g to 12j, 16a, 16d, 16e, 24a, 24b, 27, 135a, 135b" and the text "§ 136a," shall be replaced by "a."
47. in Article 5, the following paragraph 3 is added:
"(3) In this Act, with the exception of the provisions referred to in paragraph 2, a bank licensed by the Czech National Bank shall also be deemed to be authorised to provide the main investment services. '
48. The heading "Requirements for a securities dealer 'is inserted under the title of Section 6.
49. in Paragraph 6 (1):
"(1) The Czech National Bank shall grant permission to operate a securities dealer at the request of a trading company or the founder of a trading company before the date of its registration, provided that the following conditions are met:
(a) the company has, or will have, the legal form of a limited liability company;
(b) the registered office and the registered office of the company is or is to be in the Czech Republic;
(c) the company is credible (§ 197); This is not considered if this company is not already registered,
(d) the initial capital of that company at a minimum in accordance with Paragraph 8a shall be of transparent and safe origin and shall have, or shall have at the latest by the date of commencement of business, an equity capital equal to that which enables the proper performance of the business of the securities dealer;
(e) only persons meeting the requirements of Paragraph 10d (6) shall have or will have a qualifying participation in the company;
(f) the close connection of that company with another person does not prevent or impede the effective exercise of supervision over a securities dealer; in the case of close links with a person who has his head office or his head office in a State which is not a Member State of the European Union, the law of that State and the manner in which it is applied, including the enforceability of the right, may not prevent the effective exercise of supervision of a securities dealer;
(g) the business plan of the company
1. define and cover the planned scope of the activities of the securities dealer;
2. is based on real economic calculations; and
3. define the activities which it intends to entrust to another, including whether it intends to use workers, investment intermediaries and tied agents;
(h) the company has, or will have, at the latest on the date of commencement of business to the extent that it intends to pursue the activities of a securities dealer, the factual, personnel and organisational conditions for the proper performance of the business of the securities dealer, enabling the performance of its business plan and the performance of the obligations of the securities dealer, in particular in the field of rules of business with customers and rules of sound and prudent provision of investment services, including:
1. organisation arrangements,
2. the checks on the persons by whom they carry out the activities of the securities dealer; and
3. ensuring that the persons with whom they carry out the activities of a securities dealer are fully competent, trustworthy and have the necessary knowledge, skills and experience;
(i) the management body of the company and its members comply with the requirements of Section 10;
(j) if it is a limited liability company, it has a supervisory board,
(k) if the authorisation to provide the main investment service referred to in Article 4 (2) (f) goes,
1. the rules on trading in a multilateral trading venue comply with the requirements of Paragraph 69 (2) (a);
2. the rules for the admission of investment vehicles to trading on a multilateral trading venue comply with the requirements of Article 69 (2) (c); and
3. the rules on access to a multilateral trading venue comply with the requirements of Paragraph 69 (2) (d); and
(l) if the authorisation to provide the main investment service referred to in Article 4 (2) (g) is sought,
1. the trading rules in an organised trading venue comply with the requirements of Section 73f (1) (a);
2. the rules for the admission to trading of investment vehicles in an organised trading venue comply with the requirements of Section 73f (1) (c);
3. the rules on access to an organised trading venue comply with the requirements of Section 73f (1) (d);
Zobrazit všechna ustanovení (2945)
Contents
ČÁST PRVNÍ Čl. I „§ 2 „§ 4b „§ 7 „Oddíl 3 § 10 § 10a „§ 12 § 12a § 12b „§ 12ba § 12bb „§ 12i § 12j „§ 14 § 14a „§ 14b § 14c § 14d § 14e § 14f § 14g § 14h „§ 15b § 15c „§ 15e § 15f § 15g „§ 15j „§ 15n „§ 15p „§ 15r „§ 16 „§ 17 „§ 17a § 17b „Oddíl 10 § 17c § 17d § 17e § 17f § 17g § 17h § 17i § 17j „§ 28 „§ 28a § 28b § 29 § 30 § 30a § 30b § 30c § 31 § 32 HLAVA VI § 32a § 32b § 32c § 32d § 32e § 32f § 32g § 32h § 32i § 32j § 32k „§ 38 „§ 43 „§ 48a „§ 50a § 50b § 50c § 50d § 50e § 50f § 50g „§ 63a „§ 72 „§ 73a § 73b § 73c HLAVA V Díl 1 § 73d § 73e § 73f Díl 2 § 73g § 73h § 73i HLAVA VI § 73j § 73k § 73l § 74 § 75 § 76 § 77 § 78 § 79 § 80 § 81 „§ 124 „HLAVA VII § 134a § 134b § 134c § 134d HLAVA VIII § 134e „§ 135e „§ 136b „Díl 4 § 149g § 149h § 149i § 149j § 149k § 149l Díl 5 § 149m „§ 155a „§ 165a § 165b „§ 167a Díl 1 § 157 § 158 Díl 2 § 159 § 160 § 161 Díl 3 § 162 § 163 § 164 § 165 § 166 § 167 § 168 § 169 § 170 § 171 § 172 § 173 Díl 4 § 174 § 175 § 176 § 177 § 178 § 179 § 180 § 181 „Díl 5 § 192 „§ 194a „§ 195b „§ 197 Čl. II ČÁST DRUHÁ Čl. III ČÁST TŘETÍ Čl. IV ČÁST ČTVRTÁ Čl. V „§ 9a ČÁST PÁTÁ Čl. VI „§ 7ae ČÁST ŠESTÁ Čl. VII „§ 15 § 16 § 17 § 18 § 18a § 18b § 18c ČÁST SEDMÁ Čl. VIII Čl. IX ČÁST OSMÁ Čl. X „§ 255 „§ 255a ČÁST DEVÁTÁ Čl. XI ČÁST DESÁTÁ Čl. XII „§ 20a „§ 47a „§ 66a Čl. XIII ČÁST JEDENÁCTÁ Čl. XIV ČÁST DVANÁCTÁ Čl. XV

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Regulation Information

CitationAct No. 204 / 2017 Coll., amending Act No. 256 / 2004 Coll., on Capital Market Business, as amended, and other related laws
Regulation TypeLaw
Author-
CollectionCode of Laws
Date of Promulgation14.07.2017
Effective from03.01.2018
Effective until-
Status Valid
Legal Areas: Banking, Money Securities Finance Commercial law Businessman, Company Administrative law State (official) control Accounting
The regulation text is for informational purposes only.

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