Act No. 229 / 1992 Coll.
Commodity Exchange Act
Valid
Effective from 01.07.1992
Contents
ČÁST PRVNÍ
§ 1
§ 2
ČÁST DRUHÁ
§ 3
§ 4
§ 5
§ 5a
§ 6
§ 7
§ 8
§ 8a
ČÁST TŘETÍ
§ 9
§ 10
§ 11
§ 12
§ 13
§ 14
§ 15
§ 16
ČÁST ČTVRTÁ
§ 17
§ 18
§ 19
ČÁST PÁTÁ
§ 20
§ 21
§ 22
§ 23
§ 24
§ 25
§ 26
§ 27
§ 28
ČÁST ŠESTÁ
§ 29
§ 30
§ 31
§ 32
ČÁST SEDMÁ
§ 33
§ 34
§ 35
§ 36
§ 36a
§ 36b
ČÁST OSMÁ
§ 37
§ 38
§ 39
ČÁST DEVÁTÁ
§ 40
§ 41
§ 42
§ 43
§ 44
§ 44a
§ 45
§ 46
Zobrazeno prvních 200 z celkem 514 ustanovení tohoto předpisu.
Zobrazit celý předpis →
Pro stažení celého znění použijte tlačítko Stáhnout výše.
229
THE LAW
of 23 April 1992
on commodity exchanges
The Federal Assembly of the Czech and Slovak Federal Republic decided on this law:
BASIC PROVISIONS
Commodity Exchange
(1) Commodity Exchange is a legal entity established under this Act (hereinafter referred to as "the Exchange") to organise stock exchange transactions in goods (hereinafter referred to as "commodities"), derivatives relating to commodities traded on the stock exchange (hereinafter referred to as "commodity derivatives"), unless they are an investment instrument under a specific legislation1.
(2) The Exchange is responsible for the breach of its obligations by its entire assets. The members of the exchange who are obliged to make a deposit or to pay a member contribution shall be liable for the stock exchange's liabilities up to the amount of their outstanding deposit or, where applicable, the amount of the outstanding member contribution. The extent of the further liability of the members of the stock exchange who are obliged to pay the membership allowance may determine the status of the stock exchange (hereinafter referred to as the "Statute ').
(3) Any profit from the stock exchange activity cannot be distributed to the founders or other members of the stock exchange during its duration and can only be used to ensure further development of the stock exchange.
(4) Persons other than exchanges established under this Act may not use or use the term "commodity exchange 'or any other designation derived from or interchangeable with those words in their business name, name, designation of services provided or in any context of their activities.
(5) The designation "stock exchange" may be used
(a) in connection with the activities of persons authorised to brokerage stock exchanges;
(b) the designation of goods and services intended solely for technical support of the activities of the stock exchanges or in direct connection with them and the identification of information, reports and publications on the activities of the stock exchanges.
(6) The Exchange shall keep accounts in accordance with the legislation governing accounts for entrepreneurs.
Exchange transactions
(1) Exchange trade is the purchase and sale of commodities and commodity derivatives which are not an investment instrument under the special legislature (1), by persons authorised to trade on a stock exchange in rooms and hours intended for a stock exchange assembly, or even outside a stock exchange, under the conditions laid down by this law and by the Statute, provided that the price of such trade is recorded by the competent stock exchange authority.
(2) Exchange transactions are also ancillary transactions concluded on the stock exchange relating to commodities sold on the stock exchange, in particular insurance contracts, storage contracts, transport contracts and shipping contracts.
ESTABLISHMENT AND RANGE OF BURZA
Exchange creation
(1) The Exchange is established by a founding agreement.
(2) The founding agreement must be concluded by at least three founders. The signatures of the founders shall be officially verified.
(3) The founding agreement contains:
(a) the designation of the founders by the company or name or surname and surname, in the case of legal persons of the registered office, in the case of natural persons of residence, and the subject of business;
(b) the name which must bear the designation "commodity exchange" or "stock exchange" in conjunction with the subject of stock exchange transactions;
(c) the registered office of the stock exchange;
(d) subject matter and type of stock exchange transactions;
(e) the type and amount of deposits of the founders from which the costs of the operation of the stock exchange will be covered;
(f) the way in which the funds are secured to cover the costs of the first year of operation of the stock exchange;
(g) a declaration by the founders on the agreement of the draft Statute;
(h) a statement by the founders as to whether they have agreed to establish an arbitration panel in the stock exchange (hereinafter referred to as the "Exchange Arbitration Court") and its rules;
(i) the names, surnames and residence of the first members of the Exchange Chamber, the choice of which is otherwise the responsibility of the general meeting of the Exchange Members (§ 10 (3)).
(4) The draft Statute is annexed to the founding agreement.
Status
(1) The Statute contains:
(a) the name and registered office of the stock exchange;
(b) the definition of the subject matter and type of stock exchange transactions;
(c) closer conditions for the establishment of stock exchange membership and for visiting stock exchange meetings;
(d) specifying the rights and obligations of the members of the stock exchange;
(e) closer identification of persons authorised to exchange transactions, conditions for the exclusion of such persons from stock exchanges, including the specification of the rights and obligations of those persons;
(f) a more detailed procedure for the appointment and withdrawal of persons authorised to mediate exchange transactions in accordance with Paragraph 29 (hereinafter referred to as "the Exchange Agreement") and their remuneration; the conditions under which persons authorised to mediate exchange transactions pursuant to Article 23 (3) (hereinafter referred to as "private negotiators') may operate on the stock exchange; the conditions under which exchange agreements and private agreements (hereinafter referred to as" the arrangements') are entitled to enter into exchange transactions on their behalf,
(g) determining how the members of the stock exchange are involved in securing the costs of the operation of the stock exchange and, where appropriate, their extent of liability for the stock exchange's obligations beyond the scope laid down by law;
(h) a more detailed regulation of the scope of the stock exchange bodies and the number of members of the stock exchange chamber;
(i) the way in which rules are laid down for the conclusion of contracts which are stock exchanges, brokering and execution (hereinafter referred to as "stock exchange rules");
(j) the method of determining and publishing courses;
(k) rules on the management of stock exchange assets;
(l) more detailed rules for the review by the General Meeting of the decision of the Exchange Chamber, for the adoption of the decision on the cancellation of the Exchange and the procedure for its liquidation, including the distribution of the liquidation balance.
(2) The Exchange shall publish, at the latest 30 days after the date of its establishment, the Statute and the Order of the Exchange Arbitration Court, if established, in a manner enabling remote access and making it available at its seat for consultation.
State authorisation
(1) In order to operate the stock exchange, a State permit (hereinafter referred to as "permit") of the Ministry of Industry and Trade or of the Ministry of Agriculture is required in their fields of competence 13) (hereinafter referred to as "the competent authority of the State).
(2) The competent authority of the State shall grant permission to operate the stock exchange at the request of the founders before the date of its entry into the trading register, which shall be transferred to it after the stock exchange has been established, on condition that:
(a) founders
1. carry on business for at least 3 years;
2. are not or have not been members of a stock exchange which, in the previous 5 years before the date of application, has been withdrawn for a reason other than at the request of the stock exchange,
3. are not a person who has been repeatedly sanctioned in the previous five years before the date of application under this Act for non-compliance;
4. are not persons linked under the Commercial Code,
5. the tax authorities of the Czech Republic and the customs authorities of the Czech Republic do not register any arrears at the date of application;
6. do not have, at the date of the application, arrears on insurance premiums and periodic penalty payments on public health insurance, arrears on insurance premiums and periodic penalty payments on social security and contributions to national employment policy,
7. are not persons whose assets have been declared bankrupt in the previous five years prior to the date of application or the application for bankruptcy for lack of their assets or the withdrawal of bankruptcy for lack of their assets or the authorisation of compensation under the bankruptcy and settlement law;
8. are not persons for whom, in the previous five years before the date of application, the decision to default has been taken or the insolvency application has been rejected because of the debtor's lack of assets or the bankruptcy has been cancelled because of the debtor's lack of assets under the insolvency law; and
9. are not persons for whom, in the previous five years before the date of the application, an insolvency, bankruptcy or other similar proceedings have been brought in a court or other competent public authority under the law of another State and a decision having the same or similar effects as the decisions under the law of the Czech Republic referred to in point 7 or 8 has been given;
(b) founders, if they are natural persons;
1. are clean and
2. were not a statutory body or a member of a statutory body of a legal person or performed any of the comparable functions in a legal person in the preceding 5 years before the date of application;
(aa) for whose assets, in the preceding 5 years before the date of the application, the bankruptcy or rejection of an application for bankruptcy for the lack of the debtor's assets or cancellation of bankruptcy for the lack of the debtor's assets or the authorisation of compensation under the bankruptcy and settlement law;
(bb) for which, in the previous 5 years prior to the date of application, the decision on its bankruptcy has been taken or the insolvency application has been rejected because of the debtor's lack of assets or the bankruptcy has been cancelled because of the debtor's lack of assets under the insolvency law;
(cc) which, in the preceding five years before the date of the application, has been brought before a court or other competent public authority pursuant to the law of another State in insolvency, bankruptcy or other similar proceedings and has been given a decision having the same or similar effects as the decisions under the law of the Czech Republic referred to in (aa) or (bb);
(c) the founders shall demonstrate that the stock exchange will have sufficient financial, material, personnel and organisational conditions for the operation of the stock exchange at the date of commencement of operations, given the expected range of activity and the focus of the stock exchange.
(3) In the application, in addition to the general terms of reference, the founders shall indicate:
(a) the name and registered office of the stock exchange;
(b) the object and type of stock exchange transactions to be held on the stock exchange;
(c) other contact details of the founders, in particular the data box identifier, e-address and telephone number.
(4) The application for authorisation shall be signed by all the founders and accompanied by the following documents:
(a) the founding agreement;
(b) the Statute,
(c) the order of the arbitration panel, if it is to be established at the exchange;
(d) confirmation not earlier than 3 months of age that they do not have a supplement registered in the tax records with the tax authorities of the Czech Republic or the customs authorities of the Czech Republic;
(e) confirmation (15) of the absence of arrears on insurance premiums and periodic penalty payments on public health insurance, not over 3 months of age;
(f) confirmation 16) of the absence of arrears on insurance premiums and periodic penalty payments for social security and contribution to state employment policy, not more than 3 months old;
(g) documents demonstrating the financial, material, personnel and organisational conditions for the operation of the exchange referred to in paragraph 2 (c), in particular:
1. annual reports or financial statements or summaries of revenue, expenditure, assets and liabilities of the founders for the 3 immediately preceding financial years or similar documents for foreign persons;
2. an exchange business plan based on real economic calculations;
3. design of technical security of stock exchange activities;
4. the proposal for an organisational structure of the exchange and the expected number of employees to ensure the various activities of the exchange;
(h) in the case of a foreign person, the documents referred to in § 5a (3).
(5) The authorisation shall also be required for an application to change the name of the exchange, the Statute, the Order of the Exchange Arbitration Court and for admission as a member of the Exchange, with the exception of a member of the Exchange pursuant to Paragraph 17 (1) (b), otherwise changes or membership shall be void. The request for authorisation to change the name or the Statute of the Exchange shall be accompanied by a resolution of the General Assembly amending the Statute and the new version of the Statute. The request for authorisation to amend the rules of the Exchange Arbitration Court shall be accompanied by a resolution of the General Meeting on the amendment of the Order of the Exchange Arbitration Court and a new version of the Order of the Exchange Arbitration Court. The request for admission to the exchange exchange shall be accompanied by the decision of the Exchange Chamber to accept the exchange member and the documents referred to in paragraph 4 (d), (e), (f) and (h).
(6) The exchange may organise a regulated market and operate a multilateral trading system under the conditions laid down by the specific legislation on commodity derivatives which are an investment instrument under the special legislature1).
(1) For the purposes of this Act, a person who has been lawfully convicted of a criminal offence committed intentionally if the offence has been committed in connection with an enterprise or with the object and type of stock exchange transactions to be operated on the stock exchange, unless it is viewed as not being convicted, shall not be considered as righteous. 17).
(2) For a legal person, the condition of integrity referred to in paragraph 1 shall be met by a person who:
(a) by or a member of the stock exchange;
(b) the stock market promoter,
(c) by the Director-General of the Exchange or any other employee of comparable scope.
(3) The integrity is demonstrated by a record of the Register of Penalties. The competent authority of the State shall, in order to prove the integrity of the case, obtain an extract from the Register of Penalties under the special legislature (18). An application for an extract from the Register of Penalties and an extract from the Register of Penalties shall be sent in electronic form in a way that allows remote access. A natural person who is not a national citizen of the Czech Republic attests integrity to an extract of a record similar to the Register of Penalties issued by the State of which the natural person is a citizen, as well as documents issued by States in which he remained continuously for more than 3 months in the previous 3 years. Statements showing integrity shall not be more than 3 months old. Documents drawn up in a foreign language shall be submitted to the competent authority of the State Administration in the original version and at the same time in an officially certified translation into the Czech language.
(4) If a legal person is to be the founder or member of the stock exchange, it must be fair. For the purposes of this Act, a legal person who has been convicted of an intentional offence shall not be deemed to be righteous unless it is regarded as not being convicted.
(5) In order to prove the integrity of a legal person, the competent authority of the State administration shall, in accordance with the special legislature18), request an extract from the Register of Penalties. An application for an extract from the Register of Penalties and an extract from the Register of Penalties shall be sent in electronic form in a way that allows remote access. Where a legal person does not have a registered office in the Czech Republic, he shall submit an extract of the register of punishments or the corresponding document issued by the competent authority of the State in which he has his registered office.
(1) The competent authority shall not grant authorisation if:
(a) the founders do not fulfil any of the conditions laid down in Paragraph 5 (2);
(b) the proposed name of the stock exchange or designation of the stock exchange arbitration panel are capable of causing a likelihood of confusion or delusion, or may otherwise affect the credibility of the stock exchange or the stock exchange arbitration panel;
(c) the Statute or Order of the Exchange Arbitration Court is contrary to law; or
(d) the proposed type of stock exchange trade could jeopardise the market for basic raw materials to be traded on the stock exchange.
(2) The competent authority may decide in the authorisation to operate the stock exchange that the Statute contains an arrangement derogating from Articles 20 (1), 21 (1) (b), 23 (1) and 27 (3) to (5) of the Act, where otherwise the possibility of involving the stock exchange in the international organisation of the trade in commodities for which the stock exchange is established would be prevented or significantly impeded; However, such an adjustment may not be authorised if this would restrict the exercise of state supervision over the stock exchange and the activities of the negotiators. The founders shall indicate the proposal for such derogation in the application for authorisation and shall provide evidence of the circumstances relevant for its assessment when it is submitted. There is no legal claim for authorisation under this provision. The authorisation may be withdrawn by the competent authority of the State administration if the exchange does not become a member of that international stock exchange organisation within the time limit laid down by it when the authorisation is issued.
(1) The competent authority of the State shall decide on the application for authorisation within 60 days of its receipt.
(2) In the decision granting the authorisation, the competent authority of the State administration shall indicate the name and registered office of the stock exchange, the subject matter and type of transactions which may be concluded on the stock exchange. The approval of the Statute and, where it is established, the Order of the Exchange Arbitration Court shall form part of the authorisation opinion.
Entry into the Commercial Register
(1) The Exchange shall be established on the date of registration in the Commercial Register. The application for registration shall be signed by all the founders of the stock exchange. The signatures of the founders shall be officially verified.
(2) The following is entered in the Commercial Register:
(a) the name and registered office of the stock exchange;
(b) the identification number of the person provided by the administrator of the basic register of persons 3b),
(c) a trading firm, or the name or name and forename and registered office and place of business of the founders, including the amount of their deposits and the extent of their liability for stock exchange liabilities, where their liability under the Statute is higher than that provided for in this law;
(d) the name, surname and address of the person or persons who are members of the statutory body of the stock exchange, indicating the manner in which they act and sign for the stock exchange;
(e) subject matter and types of stock exchange transactions as authorised;
(f) the trading firm or name or name and surname and registered office or residence of the members referred to in Article 17 (1) (b) and (c).
(3) The application for registration in the Commercial Register is accompanied by:
(a) authorisation;
(b) the founding contract;
(c) the Statute,
(d) the order of the Exchange Arbitration Court, if established;
(e) a document appointing one third of the members of the Exchange Chamber by the competent authority of the State.
(4) An application for registration in the Commercial Register shall be submitted without undue delay, but no later than 90 days after the date of the acquisition of the authorisation, otherwise the rights and obligations of the authorisation shall cease. The rights and obligations of the authorisation shall also cease to exist on the date of the acquisition of legal authority by a decision by which the Registry Court rejected the application for registration in the Commercial Register.
Exchange operation
(1) The stock exchange shall:
(a) to organise stock exchanges properly and continuously within the scope of the authorisation granted;
(b) maintain a list of persons engaged in the stock exchange and have access to information relating to the activities of the stock exchange subject to the confidentiality requirement;
(c) to check on an ongoing basis whether the members of the stock exchange, the negotiators and other persons authorised to trade are subject to the obligations laid down by this law, the Statute and the internal rules of the stock exchange;
(d) exclude a member of the stock exchange, with the exception of a member of the stock exchange referred to in Article 17 (1) (b), who no longer fulfils the conditions set out in Article 5 (2) (a) and (b), no later than 30 days after the date on which the stock exchange became aware that the member of the stock exchange ceased to comply; the power of the exchange to exclude a member of the exchange pursuant to Article 19 (2) shall be without prejudice to:
(e) to deposit in the collection of the instruments of the commercial register the valid version of the Statute and to publish the valid version of the Statute and the rules of the Exchange Arbitration Court, if it is established, no later than 30 days after the date of the acquisition of the legal power to authorise their amendment, in a manner enabling remote access and making them available at its registered office for consultation;
(f) to ensure the proper functioning of the arbitration panel, if established;
(g) to draw up the annual report on the stock exchange activities no later than 3 months after the end of the preceding calendar year, publish it no later than 6 months after the end of the preceding calendar year in a manner enabling remote access and make it available at its headquarters for consultation.
(2) The annual stock exchange activity report shall include at least:
(a) information on developments in the performance, activity and economic status of the stock exchange;
(b) a list of the members of the stock exchange;
(c) a description of the organisational structure of the stock exchange;
(d) a list of the activities the stock exchange has entrusted to a third party;
(e) the listing and volume of actual traded commodities and commodity derivatives on the stock exchange and the number of exchange days;
(f) a list of private and exchange arrangements;
(g) the accounts and, where appropriate, the auditor's report, and other data under the special legislature19);
(h) information on the activities of the arbitration panel, if established.
INSTITUTIONS AND INTERNAL CONSIDERATIONS OF BURZA
Stock market authorities
(1) The stock market authorities are:
(a) the General Meeting,
(b) the Exchange Chamber.
(2) The Statute may establish advisory bodies for the exchange.
General meeting
(1) The highest body of the stock exchange is the general meeting, which consists of all the members of the stock exchange (§ 17).
(2) The General Assembly is capable of a quorum if an absolute majority of the members of the stock exchange and at the same time the majority of the members of the stock exchange appointed by the competent authority are present. In order to adopt a resolution, the consent of an absolute majority of the members of the stock exchange present shall be required unless such a law or statute requires a qualified majority. Each member shall have one vote. However, a member who is late in paying the member's contribution may not vote.
(3) The exclusive competence of the General Assembly includes:
(a) to choose and withdraw a defined number of members of the Exchange Chamber by the Statute;
(b) to decide on amendments to the Statute and Order of the Exchange Arbitration Court;
(c) abolish the stock exchange and identify the person of the liquidator;
(d) to review, at the request of the persons concerned, the decisions of the Exchange Chamber and the Chairman of the Exchange Chamber under the conditions laid down by the Statute, with the exception of the decisions referred to in Article 22 (2);
(e) to decide on other matters defined by the Statute.
(4) A resolution amending the Statute and the Order of the Exchange Arbitration Court and repealing the Exchange requires the consent of three fifths of all members of the Exchange.
(5) The rules governing the convening and holding of the General Assembly are laid down in the Statute.
Exchange chamber
(1) The Exchange Chamber is the statutory and management body of the Exchange. Unless otherwise provided for in the Statute, the Chairman of the Exchange Chamber shall act on behalf of the Exchange. The members of the Exchange Chamber which bind the Exchange and the manner in which they do so shall be entered in the Commercial Register.
(2) The Exchange Chamber must have at least three members. The members of the Exchange Chamber shall be elected and dismissed from two thirds by the General Meeting and one third by the competent authority of the State Administration. A member of the Exchange Chamber cannot be elected or appointed a member of the Central Authority of the Czech Republic.
(3) The members of the Exchange Chamber shall be elected or appointed for a term specified in the Statute but not exceeding four years. Unless otherwise provided for in the Statute, members may be re-elected and appointed.
(4) Only a natural person older than 21 may be a member of the Exchange Chamber, who guarantees the proper performance of his / her duties by his / her personal characteristics and professional competence. Only a member of the stock exchange may be a member of the stock exchange. In the case of a stock exchange member who is a legal person, only a natural person who is a statutory authority or a statutory authority of that legal person may be a member of the stock exchange chamber.
(5) A member of the Exchange Chamber may withdraw from office, but is obliged to notify the authority which elected him or appointed him or her. That authority shall discuss the resignation within three months of being notified of the resignation. The performance of the function of a member of the Exchange Chamber shall end on the day on which the withdrawal was or should have been discussed by the authority which elected it or appointed it.
(6) The rules governing the choice of members of the Exchange Chamber and, where appropriate, other requirements and conditions for membership of the Exchange Chamber shall determine the Statute.
(1) The Exchange Chamber shall decide on all matters relating to the Exchange, unless they are entrusted to the General Assembly by this Act or by the Statute, as the case may be. Each member of the Exchange Chamber shall have one vote.
(2) The scope of the Exchange Chamber includes:
(a) to decide on the admission and exclusion of members of the stock exchange;
(b) propose to the General Assembly changes to the Statute and the Rules of the Exchange Arbitration Court, the cancellation of the Exchange and the person liquidator;
(c) decide on the use of stock exchange assets;
(d) determine, in accordance with the Statute, the place and duration of the exchange meetings;
e) determine under which conditions tickets may be issued for the stock exchange assembly;
(f) to take measures to maintain order at the stock exchange assembly and the integrity of stock exchanges (§ 25);
(g) to propose exchange rules and to determine the method of recording stock exchanges;
(h) appoint and withdraw, with the consent of the Exchange Commissioner (§ 33), the exchange negotiators and supervise them;
(i) prohibit a stock exchange member from attending a stock exchange meeting (§ 20) on grounds and under conditions laid down in the Statute;
(j) authorise the activities of private contractors (§ 23 (3)) on the stock exchange;
(k) suspend stock exchanges under the conditions laid down in the Statute;
(l) determine and publish commodity and commodity derivatives courses;
m) elect and dismiss members of the Exchange Committees, the Chairman of the Exchange Chamber and the Secretary-General of the Exchange, the members of the Bureau of the Exchange Arbitration Court and appoint the Secretary of the Exchange Arbitration Court and its representative;
(n) to issue detailed rules (Regulations) for each of its fields of competence as defined in the Statute;
(o) to decide on the stock exchange rules;
(p) to decide on the amount and maturity of the membership contributions and the registration fee;
(q) determine the amount of the exchange fees;
Contents
ČÁST PRVNÍ
§ 1
§ 2
ČÁST DRUHÁ
§ 3
§ 4
§ 5
§ 5a
§ 6
§ 7
§ 8
§ 8a
ČÁST TŘETÍ
§ 9
§ 10
§ 11
§ 12
§ 13
§ 14
§ 15
§ 16
ČÁST ČTVRTÁ
§ 17
§ 18
§ 19
ČÁST PÁTÁ
§ 20
§ 21
§ 22
§ 23
§ 24
§ 25
§ 26
§ 27
§ 28
ČÁST ŠESTÁ
§ 29
§ 30
§ 31
§ 32
ČÁST SEDMÁ
§ 33
§ 34
§ 35
§ 36
§ 36a
§ 36b
ČÁST OSMÁ
§ 37
§ 38
§ 39
ČÁST DEVÁTÁ
§ 40
§ 41
§ 42
§ 43
§ 44
§ 44a
§ 45
§ 46
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 229 / 1992 Coll., on Commodity Exchange |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.05.1992 |
|---|---|
| Effective from | 01.07.1992 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0