Decree of the Ministry of Finance No. 224 / 1996 Coll.
Ordinance of the Ministry of Finance on the calculation of the value of securities held in a mutual fund or assets of an investment fund
Valid
Order
Effective from 14.08.1996
Text versions:
14.08.1996
224
DECLARATION
Ministry of Finance
of 26 July 1996
on the calculation of the value of securities held in the mutual fund or capital fund assets
The Ministry of Finance provides pursuant to § 17 (5) of Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended by Act No. 151 / 1996 Coll.:
Calculation of the value of the publicly marketable security traded on the domestic public market
(1) The basis for calculating the value of the security held by the mutual fund or the assets of the investment fund (hereinafter referred to as the "value calculation"), which is traded on the Prague Stock Exchange, a. s. (hereinafter referred to as the "stock exchange"), is the weighted daily average of the rates and prices of transactions concluded or recorded on the stock exchange at the date of the calculation of the value. The method of calculating the value and its publication is set out in the Annex to this Decree.
(2) Where, on the day of the calculation of the value, a security has not been traded on the stock exchange, the basis for the calculation of the value of the security shall be its last average price published by the stock exchange during the period preceding the 10 working days preceding the calculation date.
(3) If the average price has not been published by the stock exchange during the period referred to in paragraph 2, it shall be used for the calculation of the exchange rate value (1) declared by the organiser of the domestic over-the-counter securities market at the date of calculation of the value. If the rate has not been declared on that date, the last rate declared by the organiser of the domestic over-the-counter market shall be used for the calculation of the value during the period referred to in paragraph 2. In the case of different rates announced on the day of calculation, the lowest rate shall be used by several organisers of the domestic over-the-counter securities market.
(4) If the value of the security cannot be determined in accordance with paragraphs 1 to 3, the price used in the last calculation of the value shall be used for the calculation of the value.
(5) If the value of the security cannot be determined in accordance with paragraphs 1 to 4, the procedure set out in Section 3 should be followed.
Calculation of the value of the foreign security not traded on the domestic public market
(1) The value of a foreign security not traded on the domestic public market but only on the foreign public market shall be considered to be the rate declared at the date of calculation of the value on the market in which it was acquired and the choice of which was approved by the Ministry of Finance. (2) If the rate is not declared on that market by that date, the last rate on that market declared in the previous 10 working days shall be used for the calculation of the value.
(2) The value of a share of a public limited company located in the Slovak Republic acquired by an investment fund and a mutual fund in the course of a coupon privatisation, 3) shall be the rate declared at the Bratislava Stock Exchange on the date of calculation of the value. If the rate has not been declared on the day of calculation of the value, the previous day rate shall be used mutatis mutandis in accordance with § 1 (2) to (5).
(3) The foreign security exchange rate in foreign currency is converted into domestic currency using the foreign exchange market rate declared by the Czech National Bank on the date of calculation of the value. For the conversion of a currency whose exchange rate is not published by the Czech National Bank, the US dollar (USD) rate shall be used for that currency declared by the central bank of the State where the currency is legal tender.
(4) Where the foreign security exchange rate which is subject to public trade in a foreign public market has not been declared in accordance with paragraphs 1 and 2, the method set out in Section 3 shall apply for the calculation of the value.
Calculation of the value of the publicly traded non-traded security and of the publicly marketable security
The value of a security that is publicly negotiable but not traded on the public market and that is publicly non-marketable shall be considered to be:
(a) shares and provisional notes, purchase price, 4)
(b) bonds 5) the purchase price including interest to which the owner is entitled at the date of calculation of the value, minus income tax levied at a special tax rate, 6)
(c) a separate coupon, the amount of after-tax income fixed and not yet paid,
(d) another security where investment firms and investment funds may acquire it in the holding fund and in the assets of the investment fund, (7) the purchase price plus a proportion of the yield to which the owner is entitled on the date of calculation of the value.
Efficacy
This decree shall take effect on the day of its publication.
Minister:
Ing. Coachman CSc. v. r.
Annex
Calculation of the value of the weighted average of the rates and prices of transactions concluded or registered at the Prague Stock Exchange, a. s., on a given exchange date
The average value of the security issue in CZK is determined on the basis of the weighted arithmetic average of the rates and prices of all stock exchanges (central market, block and direct transactions) carried out with the issue at the stock exchange date, with weights being the traded number of securities. The averages of courses and prices are published in the "Exchange" journal. Where the security of the issue has not been traded during the exchange day, the average value shall not be determined.
1. Shares and units:
The exchange publishes the average value of the security of the given issue in CZK calculated using the following formula, provided that at least one transaction with the issue took place:
PH = PH. The following areas in Latvia:
where: PH... average value of the security of the given issue in CZK published by stock exchange
Pi.......... the price in CZK realized in the ith trade
Ni... number of securities in pieces traded in the ith trade.
2. Bonds:
The exchange shall disclose the average value of the security of the issue, expressed as a percentage calculated using the following formula, provided that at least one transaction has taken place with the issue:
Ph = Pi. The following areas in Latvia:
where: ph... average value of the security of the issue as percentage of the published stock exchange
Pi..... course or price in% realized in the ith trade
Ni... number of securities in pieces traded in the ith trade.
The average value of the security of the given bond issue expressed in CZK shall be calculated using the following relationship:
PH = JH. ph100 + TEA
where: PH......... average value of the given issue in CZK (this value is calculated by the investment company or investment fund)
JH....... nominal value of the bond of the given issue in CZK
p.
ČAÚV... net aliquot interest income of the bond in CZK, i.e. the aliquot interest income of the bond published by the exchange after deduction of income tax collected at a special tax rate.
1) Paragraph 6 (2) of Act No. 591 / 1992 Coll., on Securities, as amended by Act No. 152 / 1996 Coll.
2) Paragraph 17 (1) (g) of Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended by Act No. 151 / 1996 Coll.
3) Act No. 92 / 1991 Coll., on the Conditions for Transfer of State Assets to Other Persons, as amended.
4) Paragraph 25 (4) (c) of Act No. 563 / 1991 Coll., on Accounting.
5) Act No. 530 / 1990 Coll., on bonds, as amended by Act No. 84 / 1995 Coll.
6) Paragraph 36 of the Act No. 586 / 1992 Coll., on Income Tax, as amended by Act No. 157 / 1993 Coll., No. 323 / 1993 Coll., No. 42 / 1994 Coll., No. 259 / 1994 Coll., No. 87 / 1995 Coll., No. 149 / 1995 Coll. and No. 248 / 1995 Coll.
7) Paragraph 17 (1) of Act No. 248 / 1992 Coll., as amended by Act No. 151 / 1996 Coll.
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Regulation Information
| Citation | Decree of the Ministry of Finance No. 224 / 1996 Coll., on the calculation of the value of securities held in a mutual fund or assets of an investment fund |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 14.08.1996 |
|---|---|
| Effective from | 14.08.1996 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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