Decree No. 215 / 2012 Coll.
Ordinance on professional competence for the distribution of certain products on the financial market
Valid
Order
Effective from 28.06.2012
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215
DECLARATION
of 15 June 2012
on professional competence for the distribution of certain products on the financial market
Pursuant to Section 170 (1) of Act No. 427 / 2011 Coll., on Supplementary Pension Savings ("the Act '), the Czech National Bank provides for the implementation of Sections 84 (4) and 86 (2) and (8) of the Act:
Subject matter
This decree regulates
(a) the extent of the expertise and skills of persons referred to in Section 84 (1) of the Act;
(b) the minimum extent of the material, organisational and personnel assumptions of the accredited person and the requirements for its test schedule; and
(c) a model form for the application for accreditation for the organisation of a professional examination aimed at demonstrating competence and the content of the annexes thereto.
Definition of terms
For the purposes of this decree:
(a) proof of integrity issued by a foreign State, a document similar to that in the Register of Crimes (1), not earlier than 3 months, issued by a foreign State;
1. where the natural person is a citizen and a foreign State in which the natural person has remained continuously for more than 6 months during the last 3 years;
2. in which the legal person has its registered office or has had its registered office in the last 3 years as well as the foreign State in which the legal person has, or has, an organisational component of the undertaking in the last 3 years, provided that the legal system of that State regulates the criminal liability of legal persons;
(b) the original of the original of the instrument or an officially certified copy of the instrument;
(c) data on professional experience
1. information on the type of professional experience;
2. an indication of the person with whom he or she has been practised;
3. a description of the work title and, where relevant, the practice for financial market activities, a description of the activity carried out;
4. the definition of the duration of the activity referred to in point 3;
5. consent to the performance of a work assignment required by other legislation, where necessary;
(d) information on education
1. the name and type or type of educational institution, the study programme, the focus of the study programme, the duration of the study programme, the manner and date of completion of the study, and, where appropriate, the titles obtained,
2. an overview of courses, traineeships and study stays of interest in the financial market, with an indication of the year of their completion, focus, duration and, where appropriate, of the titles obtained;
(e) data on scientific and educational activities
1. description of the publication activity, scientific rank, if any;
2. the name and type or type of educational institution for which the person was active, including, where appropriate, academic degrees, study programme or course, orientation of the study programme or course, duration or duration of the study programme or course, how the study or course was completed;
(f) a lead person a member of a statutory body, a statutory body, a director of a legal person or a person who otherwise effectively manages the activities of an accredited person.
Scope of expertise
(K § 84 (4) of the Act)
(1) The persons referred to in Section 84 (1) of the Act have the necessary expertise in the professional examination and in their further activities in particular:
(a) legislation in so far as it relates in substance to their activities;
(b) principles and functioning of supplementary pension savings and related risks;
(c) investment vehicles, their types and characteristics;
(d) financial market principles, including finance theory; and
(e) investments, investment strategies and related risks.
(2) A more detailed description of the extent of the expertise referred to in paragraph 1 is given in Annex 1 to this Decree.
(3) The extent of the expertise referred to in paragraph 1 must correspond to the substantive activity of the persons referred to in Paragraph 84 (1) of the Act in order to ensure its qualified performance.
Skills range
(K § 84 (4) of the Act)
(1) The persons referred to in Section 84 (1) of the Act must be able to use the expertise in dealing with a participant and interested in supplementary pension savings in such a way that they are qualified to carry out their activities in the best interest of that participant and interested party.
(2) In order to fulfil the obligation referred to in paragraph 1, the persons referred to in Section 84 (1) of the Act shall be able to:
(a) to obtain information from the participant and the candidate for supplementary pension savings in such a way as to allow for proper analysis of suitable pension products for him;
(b) to properly assess the needs, objectives and financial opportunities of the participant and interested in supplementary pension savings and offer him an appropriate pension product;
(c) to provide information in a qualified and comprehensible manner when communicating with a participant and interested in supplementary pension savings so that they can assess themselves whether the offered pension product complies with their needs, objectives and financial possibilities; and
(d) duly conclude, in the name and on behalf of the pension company, supplementary pension savings contracts.
Substantial assumptions
(Paragraph 86 (8) of the Law)
(1) The accredited person has at his disposal premises suitable for conducting expert examinations, with adequate number and capacity of test rooms.
(2) The accredited person shall have at his disposal technical and programme means for the organisation of professional examinations.
Organisational assumptions
(Paragraph 86 (8) of the Law)
(1) The accredited person shall have an organisational arrangement with a sound, transparent, clear and comprehensive definition of the activities and their associated responsibilities and decision-making powers, which shall be laid down in the Rules of Procedure.
(2) The accredited person shall also indicate:
(a) security and control measures for the processing and storage of information2) concerning professional examinations; and
(b) rules for the transparent appointment of the Chairmen of the Examination Committees and their members; a member of the Appeals Board may not be appointed a person who was a member of the Examination Board against whose decision the appeal under examination has been brought.
Personnel assumptions
(Paragraph 86 (8) of the Law)
(1) A member of the Examination Committee is trustworthy and has at least completed the Master's study programme (3).
(2) A member of the Examination Board is at least one person with at least three years of experience as an academic worker (4) in the field of the financial market or at least one person with at least five years of professional experience in the financial market5); other members of the test committee shall have at least three years of professional experience in the financial market.
(3) Where an accredited person is a person authorised to offer and mediate supplementary pension safe6) or is another member of the business group7) an accredited person, the majority of the members of the examination committee shall be independent of the accredited person or business group of which the accredited person is a member.
(4) The accredited person shall ensure that, at the time of professional examinations, the examination may take place before at least one examination panel and, if necessary, it is possible to appoint an appeal panel without undue delay.
Test schedule
(Paragraph 86 (8) of the Law)
(1) The accredited person shall have a test schedule which ensures at least the following requirements:
(a) an objective and impartial approach for all tested; in the case of overcapacity, the examination of invitations to the test shall be selected in an objective and impartial manner;
(b) the proper identification of the tested before the start of the professional examination in the protection of personal data;
(c) the objective and impartial conduct of the professional examination;
(d) an objective and impartial selection of the test variant from a sufficient number of variants;
(e) confidentiality of the contents of each test variant;
(f) the classification of all relevant parts of the professional examination with the assessment standard, in particular parts of theoretical and practical, written or oral, or combinations thereof;
(g) the thematic content of the professional examination;
(h) proper assembly and regular updating of a sufficient number of test questions for which a particular person is responsible;
(i) a proper communication of the results of the professional examination to the test, not later than 30 days after the date of the examination;
(j) a reproducible recording of the result of the expert examination; and
(k) the possibility and procedure for withdrawing or reviewing the outcome of the professional examination.
(2) The test schedule shall include at least:
(a) the development of the requirements referred to in paragraph 1 in specific procedures and model documentation;
(b) rules on the setting and publication of test dates; the accredited person shall ensure that at least one test date is held on a quarterly basis if at least 10 tested persons apply for that period;
(c) the content and scope of the professional examination, including information where testing may find a list of the professional literature and legislation recommended for the professional examination;
(d) the maximum preparation time and the minimum duration of the test;
(e) the minimum number of members of the examination committee and their decision-making arrangements;
(f) minimum requirements for a successful professional examination;
(g) rules on the exclusion of the tested person from the professional examination and the possibility of reviewing this Decision; and
(h) the amount of fees associated with the professional examination.
Application for accreditation
(Paragraph 86 (2) of the Law)
(1) An application for accreditation pursuant to Article 86 (2) of the Act shall be made on a form, the model of which is set out in Annex 2 to this Decree.
(2) Where the applicant is a natural person, the application referred to in paragraph 1 shall be accompanied by:
(a) the questionnaire for assessing the credibility of the persons listed in Annex 3 to this Decree;
(b) a CV containing:
1. data on education [§ 2 (d)]; and
2. data on professional experience [§ 2 (c)],
(c) the original of the document of integrity issued by the foreign State [§ 2 (a)] of the applicant,
(d) a list and a description of the premises where the professional examinations will be held, including the number and capacity of the test rooms;
(e) a description of the technical and programme means for the organisation of expert examinations;
(f) the draft organisation rules of the accredited person;
(g) the list of members of the test committees;
(h) the CV of each member of the examination committee
1. educational data [§ 2 (d)],
2. data on professional experience [§ 2 (c)]; and
3. data on scientific and educational activities [§ 2 (e)],
(i) a draft test schedule; and
(j) a model of test questions and topics intended to check skills.
(3) Where the applicant is a legal person, he shall accompany the application referred to in paragraph 1.
(a) a complete extract or other document from the business register or other register under another legislation (8), or from similar registers abroad, containing the information in force on the date on which the application was submitted, including information on the application for registration in the relevant register which was not made on the date of the application;
(b) a list of the senior persons of the applicant, indicating their function;
(c) a questionnaire to assess the credibility of the persons listed in Annex 3 to this Order, completed and signed by each leading person of the applicant;
(d) a CV of each applicant's management person containing:
1. data on education [§ 2 (d)]; and
2. data on professional experience [§ 2 (c)],
(e) the original of the proof of integrity issued by a foreign State [Paragraph 2 (a)] for each leading person of the applicant and for the applicant;
(f) a list of persons with a qualified participation (9) in applicants and persons who have a qualified participation in the applicant by acting in agreement with another person, including graphically illustrated relationships between those persons with an indication (10) of such persons, indicating the amount of the participation or other form of participation in the applicant and, for persons acting in agreement, the fact on the basis of which the concerted practice takes place;
(g) a list and a description of the premises where the professional examinations will be held, including the number and capacity of test rooms;
(h) a description of the technical and programme means for the organisation of professional examinations;
(i) the draft organisation order of the accredited person;
(j) the list of members of the test committees;
(k) the CV of each member of the examination committee
1. educational data [§ 2 (d)],
2. data on professional experience [§ 2 (c)]; and
3. data on scientific and educational activities [§ 2 (e)],
(l) the draft test schedule; and
(m) a model of test questions and topics intended to check skills.
Common provisions
(1) Where the applicant is represented, the original of the power of attorney or similar documents proving the authorised representative shall be annexed to the application to represent the applicant. The authenticity of the signature of the applicant in the mandate or similar instrument shall be officially verified.
(2) Where the nature of the case precludes the submission of an annex to the application required by this decree or the indication in the form, and if it is not sufficiently clear from the application, the applicant shall indicate this in the application together with the reasons for which the annex cannot be submitted or the indication and shall provide adequate evidence of those reasons.
(3) Instead of submitting the prescribed annex, the applicant may refer to a well-identified document submitted to the Czech National Bank in the last 3 years which complies with the requirements laid down in this Decree.
(4) A foreign authentic instrument annexed to the application may not be accompanied by a higher verification of the documents (superlegalized) or by an appendage in accordance with the relevant international contract (11), provided that it has been issued by a public authority
(a) a Member State; or
(b) a foreign State with which the Czech National Bank has a cooperation agreement; the list of these authorities will be published by the Czech National Bank on its website.
Efficacy
This Decree shall take effect on 28 June 2012, with the exception of Sections 3 and 4, which shall take effect on 1 January 2013.
Governor:
Ing. Singer, Ph.D., v. r.
Příloha č. 1
Annex No 1 to Decree No 215 / 2012 Coll.
Scope of expertise
Thematic areas of the necessary knowledge:
(a) legislation in so far as it relates in substance to the activities of persons referred to in Section 84 (1) of the supplementary pension savings law;
1. financial market legislation;
2. the foundations of the related civil law, commercial law and consumer protection laws;
(b) the principles and functioning of supplementary pension savings
1. the pension system of the Czech Republic and the supplementary pension savings as part of it,
2. conditions for the creation and termination of participation in supplementary pension savings;
3. savings strategies and the way in which the participant's funds may be distributed in participating funds;
4. types of participating funds, means of investing them;
5. risks that may be associated with the participating fund, diversification of the risk of the participating fund on the basis of portfolio theory;
6. personal pension account and pension unit,
7. rules of negotiations with participants under the supplementary pension savings law,
8. the fees associated with the supplementary pension savings scheme,
9. Conditions for incentives;
10. key investor information document and participant fund status,
11. the terms and conditions of the participant, employer and state contribution;
12. Conditions for the transfer of funds from a participant to participating funds managed by another pension company and the fee associated with such transfer;
13. supplementary pension savings claims,
14. the relationship between supplementary pension savings and supplementary pension schemes,
15. principles and functioning of supplementary pension schemes,
16. deposits and collective investment as alternative products;
17. tax aspects of supplementary pension savings,
(c) investment vehicles, their types and characteristics
1. investment vehicles, their types and characteristics, the concept of security and the distribution of securities;
2. shares and similar securities representing the issuer's share, characteristics, types (priority and tribal), form (in name and owner's name), form (paper and library) and meaning, provisional sheet and stock voucher;
3. Bonds and similar securities representing the right to repayment of the amount due, their types (national and Czech national banks, municipal, mortgage liens, priority, exchangeable, subordinate), form (name and owner), form (paper and library), meaning,
4. derivatives, concept of derivative, species, basic concepts of trading in derivatives, use of derivatives (speculation, hedge, arbitrage), leverage effect,
5. other investment vehicles, their essential characteristics concerning certain other types of investment vehicles (money market instruments and collective investment securities),
(d) financial market principles including finance theory
1. the financial market, its definitions, role and importance;
2. the foundations of finance theory (time value of money, relationship between yield, risk and liquidity),
3. the foundations of financial mathematics,
4. financial market structure (primary and secondary markets, money and capital markets),
5. financial market participants (issuers, investors, financial intermediaries),
6. the fundamental differences between domestic and foreign investment instrument markets and trading on them,
(e) investment, investment strategies and associated risks
1. the foundations of investment strategy, investment policy,
2. the risks of each investment instrument.
Příloha č. 2
Annex No 2 to Decree No 215 / 2012 Coll.
MODEL Request for accreditation
Příloha č. 3
Annex 3 to Decree No 215 / 2012 Coll.
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Regulation Information
| Citation | Decree No. 215 / 2012 Coll., on professional competence for the distribution of certain products on the financial market |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 25.06.2012 |
|---|---|
| Effective from | 28.06.2012 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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