What is Act No. 241 / 2013 Coll.?

Act No. 241 / 2013 Coll., on the amendment of certain laws in connection with the adoption of the Act on Investment Companies and Investment Funds and the adoption of a directly applicable European Union law governing the settlement of certain derivatives — Law on the amendment of certain laws in connection with the adoption of the Investment Companies and Investment Funds Act and the adoption of a directly applicable European Union law governing the settlement of certain derivatives.

When it became Act No. 241 / 2013 Coll. effectiveness?

Act No. 241 / 2013 Coll. became effective 19.08.2013.

Is Act No. 241 / 2013 Coll. still valid?

Yes, Act No. 241 / 2013 Coll. is still valid and effective.

How many times was it Act No. 241 / 2013 Coll. amended?

Act No. 241 / 2013 Coll. has 3 time versions of the text.

Act No. 241 / 2013 Coll.

Law on the amendment of certain laws in connection with the adoption of the Investment Companies and Investment Funds Act and the adoption of a directly applicable European Union law governing the settlement of certain derivatives

Valid Law Effective from 19.08.2013

Text versions: 01.01.2018 19.08.2013

ČÁST PRVNÍ Čl. I ČÁST DRUHÁ Čl. II ČÁST TŘETÍ Čl. III ČÁST ČTVRTÁ Čl. IV „§ 37c § 37d ČÁST PÁTÁ Čl. V ČÁST ŠESTÁ Čl. VI ČÁST SEDMÁ Čl. VII ČÁST OSMÁ Čl. VIII ČÁST DEVÁTÁ Čl. IX ČÁST DESÁTÁ Čl. X „§ 6aa „§ 132a „§ 192b ČÁST JEDENÁCTÁ Čl. XI ČÁST DVANÁCTÁ Čl. XII Čl. XIII ČÁST TŘINÁCTÁ Čl. XIV ČÁST ČTRNÁCTÁ Čl. XV ČÁST PATNÁCTÁ Čl. XVI ČÁST ŠESTNÁCTÁ Čl. XVII ČÁST SEDMNÁCTÁ Čl. XVIII ČÁST OSMNÁCTÁ Čl. XIX ČÁST DEVATENÁCTÁ Čl. XX ČÁST DVACÁTÁ Čl. XXI ČÁST DVACÁTÁ PRVNÍ Čl. XXII ČÁST DVACÁTÁ DRUHÁ Čl. XXIII ČÁST DVACÁTÁ TŘETÍ Čl. XXIV ČÁST DVACÁTÁ ČTVRTÁ Čl. XXV ČÁST DVACÁTÁ PÁTÁ Čl. XXVI ČÁST DVACÁTÁ ŠESTÁ Čl. XXVII ČÁST DVACÁTÁ SEDMÁ Čl. XXVIII ČÁST DVACÁTÁ OSMÁ Čl. XXIX ČÁST TŘICÁTÁ Čl. XXXI ČÁST TŘICÁTÁ PRVNÍ Čl. XXXII ČÁST TŘICÁTÁ DRUHÁ Čl. XXXIII ČÁST TŘICÁTÁ TŘETÍ Čl. XXXIV

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241

THE LAW

of 3 July 2013

amending certain laws in connection with the adoption of the Investment Companies and Investment Funds Act and the adoption of a directly applicable European Union law governing the settlement of certain derivatives

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

Amendment of the Civil Code

Čl. I

In Section 320 of Act No. 99 / 1963 Coll., Civil Code, as amended by Act No. 519 / 1991 Coll., Act No. 30 / 2000 Coll. and Act No. 396 / 2012 Coll., at the end of paragraph 1, the sentence "The exercise of decisions on the disability of other property rights shall not apply if the shareholder's share in the company is represented by a security or a book-entry security, or if the shareholder's right to participate in the management of the company, its profit or the liquidation balance is linked to a security or a book-entry security."

ČÁST DRUHÁ

Amendment of the Trade Act

Čl. II

In Article 3 (3) (a) of Act No. 455 / 1991 Coll., on Trade Business (Trade Business Act), as amended by Act No. 286 / 1995 Coll., Act No. 15 / 1998 Coll., Act No. 363 / 1999 Coll., Act No. 362 / 2000 Coll., Act No. 38 / 2004 Coll., Act No. 167 / 2004 Coll., Act No. 257 / 2004 Coll., Act No. 62 / 2006 Coll., Act No. 230 / 2008 Coll., Act No. 254 / 2008 Coll., Act No. 285 / 2009 Coll., Act No. 160 / 2010 Coll. and Act No. 428 / 2011 Coll., the words "systems with irrevocellability of the Act 11a) 'and the words" Collective investments13) are replaced by the words "Act No. 160 / 2010 Coll.

footnote 13 is deleted.

ČÁST TŘETÍ

Amendment to the Banking Act

Čl. III

Act No. 21 / 1992 Coll., as amended by Act No. 264 / 1992 Coll., Act No. 16 / 1998 Coll., Act No. 127 / 2002 Coll., Act No. 57 / 2006 Coll., Act No. 70 / 1996 Coll., Act No. 159 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 453 / 2003 Coll., Act No. 453 / 2004 Coll., Act No. 439 / 2004 Coll.

1. in Article 1 (3), the following point (o) is inserted after point (n):

"(o) the implementation of the administration of investment funds and foreign investment funds,"

Point (o) shall be renumbered as point (p).

2. in Paragraph 1 (3) (p), 'n' is replaced by 'o';

3. in Article 11a (4) (c), the words "collective investment fund" are replaced by the words "investment fund or foreign investment fund whose manager is entitled to exceed the applicable limit."

4. In Article 17a (8), the words "investment companies or foreign investment companies' are replaced by the words" investment fund managers or foreign investment fund 'and the words "collective investment funds' are replaced by the words" investment funds and foreign investment funds which '.

5. In Article 20 (6) (b), the words ", investment firms or standard funds under the Collective Investment Act 'are replaced by the words" or the managers of foreign investment funds'.

ČÁST ČTVRTÁ

Amendment of the Income Tax Act

Čl. IV

Act No. 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 6, No 5, No 6, No 5, No 5, No 5, No 5, No 6, No 5, No 5, No 5, No 6, No 6, No 6, No 6, No 5, No 6, No 5, No 5, No 5, No 5, No 6, No 5, No 5, No 6, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 5, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 6, No 5, No 6, No 6, No 6, No 6, No 5, No 2004, No 6, No 5, No 2006, No 2006, No 5, No 6, No 6, No 5, No 5, No 6, No 5, No 5,

1. In Article 10 (6), the words "shares of the original investment fund or of the units of the original holding 'are replaced by the words" shares in the original investment'.

2. In Article 17 (1), at the end of the text in point (c), the words "under the law governing investment companies and investment funds, the sub-funds of a variable-capital joint-stock company under the law governing investment companies and investment funds and foreign investment funds comparable to a share fund or to a sub-fund 'shall be added.

3. In Article 17 (3), the words "If the participating fund of the Czech National Bank is subject to supervision 'are replaced by the words" If the mutual fund is included in the list of mutual funds maintained by the Czech National Bank'.

4. Paragraph 20 (3) reads as follows:

"(3) If the investment fund is to change its administrator, the previous administrator shall notify the tax administrator of the change no later than the day on which it occurs. ';

5. In Section 20a of the Introductory Part of the provision, the words "an equity company which is only part of the tax period by an investment fund under a special provision, 16) 'are replaced by the words" A corporation tax payer which is only part of the tax period by an investment fund'.

6. footnote 16 is deleted, including the footnote references.

7. In Article 20a (a), the words "until the day before the date of termination of the IF's activities under a special provision 'are replaced by the words" in which it was an investment fund'.

8. in Article 21 (2) (a), the words "under the law governing investment companies and investment funds" shall be inserted after the word "Fund."

9. in Article 21 (2), point (b) is deleted;

Point (c) shall be renumbered (b).

10. in Paragraph 21 (2) (b) of the introductory part of the provision, the words "collective investment fund" are replaced by the words "investment fund."

11. in Paragraph 21 (5):

"(5) For a corporation tax payer, which is only part of a tax period by an investment fund, the tax rate referred to in paragraph 2 shall be applied only to the part of the tax base attributable to the part of the tax period in which he was an investment fund, as determined in accordance with Paragraph 20a. ';

12. footnote 34c is deleted, including the footnote references.

13. in Paragraph 36 (4) of the introductory part of the provision, the words "and from the units" are deleted.

14. in Paragraph 36 (4) (c), the words "or mutual fund" shall be deleted;

15. The following paragraphs 37c and 37d are inserted after Article 37b:

„§ 37c

The provisions of this Act relating to the open holding fund and the mutual fund shall apply mutatis mutandis to the share capital and investment share sub-fund of a joint stock company.

§ 37d

The provisions of this Act applicable to the limited liability company and the share of the limited liability company shall apply mutatis mutandis to the limited liability company in respect of investment certificates and investment certificates. ';

16. in § 38fa (1) (a) (2):

"2. income derived from interest on loans and loans paid by an open holding fund or a foreign investment fund comparable to an open holding fund, provided that at least 15% of the value of the assets in that investment fund is directly or indirectly constituted by the income-bearing investment instruments referred to in point 1, with the exception of foreign investment funds,"

17. in Article 38fa (1) (a) (3), the words "a similar foreign collective investment fund" are replaced by the words "a foreign investment fund comparable to a mutual fund."

18. In Paragraph 38fa, at the end of paragraph 1, the sentence "The paying agent is also an investment fund administrator under the law governing investment companies and investment funds."

19. in § 38m (2) (g) and (h):

"(g) for the period preceding the relevant date of the merger or merger of mutual funds or mutual funds and of a foreign investment fund for which the return has not yet been filed, unless the date preceding the operative date is not the last day of the calendar year or of the marketing year of the merging or merged mutual fund;

(h) for the period from the relevant date of the merger or merger of mutual funds or mutual funds and of the external investment fund until the end of the calendar year or marketing year of the receiving or newly created mutual fund, unless the operative date is the first day of the calendar year or of the marketing year of the receiving or newly created mutual fund, ';

20. in § 38m (3) (g) and (h):

"(g) the date preceding the relevant date of the merger or merger of mutual funds or mutual funds and of the external investment fund;

(h) the date which is the last day of the calendar year or of the marketing year, unless the relevant date is the merger or merger of the mutual funds or mutual funds and of the external investment fund on the first day of the calendar year or marketing year of the receiving or newly created IF, ';

21. in Paragraph 38m, paragraph 5 is deleted;

Paragraphs 6 to 11 shall be renumbered paragraphs 5 to 10.

22. in Paragraph 38m (7), "7" is replaced by "6."

23. in Paragraph 38m, paragraphs 8 and 9 are deleted.

Paragraph 10 shall become paragraph 8.

24. in Paragraph 38m (8), the words "paragraphs 3 (a) and 10" shall be replaced by "and paragraph 3 (a)";

25. in Article 38n (1), the sentences of the second to fourth paragraphs are deleted;

Article 26 (38o) is deleted.

27. in Article 38r (2), the words "when a tax loss is applied (Article 38n (1)) when a mutual fund is transferred to another investment company or when the pension company funds are merged and then" are deleted.

ČÁST PÁTÁ

Amendment of the Act on supplementary pension insurance with a State contribution and amendments to certain laws related to its implementation

Čl. V

In Article 31 (5) of Act No. 42 / 1994 Coll., on the supplementary pension scheme with a State contribution and on the amendments to certain laws relating to its implementation, as amended by Act No. 57 / 2006 Coll., the words "for the conferral of assets of a collective investment fund for management under a special collective investment law 'are replaced by the words" the assignment of another activity involving the management of an investment fund or foreign investment fund under the law governing investment companies and investment funds'.

ČÁST ŠESTÁ

Amendment of the Act on savings and credit cooperatives

Čl. VI

In Article 2b (6) (b) of Act No. 87 / 1995 Coll., on savings and credit cooperatives, as amended by Act No. 280 / 2004 Coll., Act No. 57 / 2006 Coll., Act No. 230 / 2009 Coll. and Act No. 139 / 2011 Coll., the words ", investment companies or standard funds under the Act governing collective investment 'are replaced by the words" or the managers of foreign investment funds'.

ČÁST SEDMÁ

Amendment of the Capital Market Supervisory Act and amending and supplementing other laws

Čl. VII

Act No. 15 / 1998 Coll., on supervision in the capital market and on the amendment and addition of other laws, as amended by Act No. 30 / 2000 Coll., Act No. 362 / 2000 Coll., Act No. 370 / 2000 Coll., Act No. 308 / 2002 Coll., Act No. 188 / 2004 Coll., Act No. 257 / 2004 Coll., Act No. 626 / 2004 Coll., Act No. 381 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 160 / 2011 Coll., Act No. 57 / 2006 Coll., Act No. 70 / 2006 Coll., Act No. 250 / 2008 Coll., Act No. 224 / 2006 Coll., Act No. 254., Act No. 230 / 2009 Coll., Act No. 296 / 2007 Coll.

1. in Articles 3 (a) to (c) and 13 (4), the words "collective investment" are replaced by the words "the management and administration of investment funds and foreign investment funds and the marketing of investment in such funds."

2. In Article 4, the words "and the competent authority in the field of trade repositories in accordance with the directly applicable European Union Regulation on OTC derivatives, central counterparties and trade repositories (36) 'shall be added at the end of the text of paragraph 1.

footnote 36:

"(36) 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. ';

3. In Article 4 (2), the words "and Article 68 (3) of the directly applicable European Union law on OTC derivatives, central counterparties and trade repositories (36) 'shall be inserted after the word" agency30'.

4. In Article 4, the following paragraph 3 is added:

"(3) The court responsible for issuing the authorisation for telephone interviews and data transfers pursuant to Article 62 (5) and (6) of the directly applicable European Union law on OTC derivatives, central counterparties and trade repositories (36) shall be the Supreme Court in Prague. '

5. in Paragraph 13 (1) (d):

"(d) forced managers of securities dealers who are not a bank, regulated market operator, settlement system operator or CSD;"

6. footnote 16 is deleted.

7. in Article 13 (1), points (e) and (f), including footnotes 5 and 18, shall be deleted;

Points (g) to (zf) shall be renumbered as points (e) to (zd).

8. In Paragraph 13 (1), points (h) to (j), including footnote 10c, are deleted.

Points (k) to (zd) shall be renumbered as points (h) to (za).

9. In Article 13 (1) (m), at the end of the text, the words "located in a State which is not a Member State 'are added.

10. in Paragraph 13 (1), point (n), including footnote 20a, shall be deleted;

Points (o) to (za) shall be renumbered as points (n) to (z).

11. in Paragraph 13 (1) (q), 'y) and' is replaced by 's) and (t)';

12. in Article 14 (3) (a), the words "the pension fund and insurance and bond conditions and the issue conditions" shall be replaced by the words "and the pension fund and insurance policies" and the words "quoted" and the words "share" shall be deleted;

ČÁST OSMÁ

Amendment to the Financial Arbiter Act

Čl. VIII

Act No. 229 / 2002 Coll., on Financial Arbiter, as amended by Act No. 558 / 2004 Coll., Act No. 57 / 2006 Coll., Act No. 264 / 2006 Coll., Act No. 285 / 2009 Coll., Act No. 281 / 2009 Coll. and Act No. 180 / 2011 Coll., are amended as follows:

1. in Paragraph 1 (1) (d):

"(d) a person managing or administering a collective investment fund or offering investment in a collective investment fund and a consumer managing or implementing the administration of a collective investment fund or offering investment in a collective investment fund;"

2. in Article 3 (1) (d):

"(d) a person managing a collective investment fund, managing a collective investment fund or offering investment in a collective investment fund;"

ČÁST DEVÁTÁ

Amendment of the Value Added Tax Act

Čl. IX

In Article 54 (1) (v) of Act No. 235 / 2004 Coll., on Value Added Tax, as amended by Act No. 502 / 2012 Coll., the words "investment fund, holding fund 'are replaced by the words" or the administration of an investment fund, transformed fund or similar foreign funds'.

ČÁST DESÁTÁ

Amendment to the Capital Market Enterprise Act

Čl. X

Act No. 256 / 2004 Coll., on business on capital market, as amended by Act No. 635 / 2004 Coll., Act No. 179 / 2005 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. 296 / 2007 Coll., Act No. 29 / 2008 Coll., Act No. 223 / 2009 Coll.

1. At the end of footnote 2, the sentence "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' is added.

2. In Article 1 (3), the words "and the directly applicable European Union Regulation on OTC derivatives, central counterparties and trade repositories (43) (hereinafter referred to as" the Regulation on derivatives') shall be inserted after the words "(hereinafter referred to as" the Regulation on short selling ')' and the words "this Regulation 'shall be replaced by the words" those Regulations'.

Footnote 43 reads:

"(43) 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. ';

3. in Article 4b (1) (e):

"(e) where the collection of funds or valuable goods is made by the public or by qualified investors under the law governing investment companies and investment funds, or where the performance of the activities of the depositary of the investment fund or foreign investment fund,";

4. footnote 2f is deleted.

5. The following Section 6aa is inserted after Section 6a:

„§ 6aa

The securities dealer may also, to the appropriate extent, administer investment funds or foreign investment funds if he holds an administrative authorisation under the law governing investment companies and investment funds. ';

6. in Article 10d (3) (b), the words "investment companies or standard funds under the Collective Investment Act" shall be replaced by the words "or the managers of foreign investment funds."

7. in Article 29 (1) (b) (5) and (6):

"5. the manager of a collective investment fund or comparable foreign investment fund, which it manages on the basis of the permission of the Czech National Bank; or

6. to a foreign person entitled to offer investment in a collective investment fund or comparable foreign investment fund in the Czech Republic. "

8. in Paragraph 29 (1) (b), point 7 is deleted;

9. in Article 32a (1), the words "unless the represented person referred to in paragraph 2 (e)" shall be added at the end of the text of point (c).

10. in Article 32a (2) (d), the dot is replaced by a comma and the following point (e) is added:

"(e) an investment company authorised to provide investment services, if any."

11. in Article 32b (2) (c), the words "or intends to have" shall be inserted after the words "or" shall be inserted after the words "the Republic or";

12. In Paragraph 33, the following paragraph 9 is inserted after paragraph 8:

"(9) The Czech National Bank shall publish the following information on the auctioneer at the central address:

(a) a business firm, legal form, address of registered office and identification number, if any, for a securities dealer, and the name, address and identification number of its organisational unit in the Czech Republic, if it is a foreign person,

(b) an indication of the authorisation to organise public auctions of securities; and

Paragraph 9 shall become paragraph 10.

13. in Paragraph 34 (4) (j):

"(j) units issued by an investment fund which is an open holding fund, investment shares issued by an investment fund which is a joint-stock company with variable capital, and securities or book-entry securities issued by a foreign investment fund with which the right to buy them into the account of that fund is attached.";

14. In Paragraph 89, the following paragraph 3 is added:

"(3) Where the settlement system operator provides collateral with irrevocability to the system operator linked in accordance with paragraph 1, the decision on bankruptcy or any other intervention by a public authority pursuant to Paragraph 88 (2) against the collateral recipient shall not affect the rights of the collateral provider to the subject matter of such collateral. ';

15. in § 92 (3), in § 93 (2) and in § 93 (3) (b):

"(b) the administrator of the investment fund, if it is the account of the units or of the founding or investment shares issued by the investment fund which he administers, and who is entitled to keep the securities and record-keeping of the book-entry securities,";

16. in § 97 (1) (d):

"(d) depositary of an investment fund or foreign investment fund;"

17. in § 109 (3) (c):

"(c) an investment fund administrator;"

18. In Paragraph 122 (11), the words "investment company or foreign investment company 'are replaced by the words" investment fund manager or foreign investment fund' and the words "in collective investment funds' are replaced by the words" investment funds or foreign investment funds which '.

19. The following Section 132a is inserted after Section 132:

„§ 132a

(1) An investment company or a foreign person authorised under Section 481 of the law governing investment companies and investment funds which is not comparable to a self-governing investment fund which carries out the activity referred to in Section 4 (2) (d) or Article 4 (3) (a) shall be required to pay, in relation to that activity, a contribution to the Guarantee Fund of securities dealers and its customers from that activity are entitled to payment of compensation under similar conditions provided for by this Act for the securities dealer and his customers. For the issue of customer's assets in the event of the bankruptcy of such an investment company or a foreign person, the provisions of this law on the issue of the property of the client of a securities dealer shall apply mutatis mutandis.

(2) Money and investment vehicles held by an investment fund entrusted to its depositary in the course of the activities of the depositary or its main supporter in the context of the activities of the main supporter shall not be subject to a contribution to the Guarantee Fund of securities dealers. ';

20. in Paragraph 135 (1) (z), the following point shall be replaced by a comma at the end of the dot:

"(za) a person subject to obligations or prohibitions under the derivative regulation, except the trade repository."

21. in Article 137 (2), the words "or on a multilateral trading venue" shall be added at the end of the text of point (a) and at the end of the text of point (c).

22. in Article 137 (2) (b), the words "or multilateral trading system" shall be inserted after the word "market."

23. In Section 137, the words "or a trading venue 'shall be added at the end of the text of paragraph 3.

24. In Article 137 (7), the words "or multilateral trading venue 'are inserted after the words" regulated market' and the words "or multilateral trading venue 'are inserted after the words" or multilateral trading venue'.

25. in Paragraph 164 (1) (k), at the end of the dot, the following point (l) is added:

"(l) fails to comply with the obligation or infringes the prohibition under the derivative regulation."

26. In Paragraph 164 (3), "(i) 'is replaced by" (k)';

27. The heading of Part 11 reads: "SPECIFIC PROVISIONS ON THE RULES ON SALE TO THE KING AND THE RULES ON DEROGATIONS."

28. The following Section 192b is inserted after Section 192a, which includes the title:

„§ 192b

Authorisation to operate a CCP

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Regulation Information

Citation	Act No. 241 / 2013 Coll., on the amendment of certain laws in connection with the adoption of the Act on Investment Companies and Investment Funds and the adoption of a directly applicable European Union law governing the settlement of certain derivatives
Regulation Type	Law
Author	-
Collection	Code of Laws

Date of Promulgation	19.08.2013
Effective from	19.08.2013
Effective until	-
Status	Valid

Legal Areas: Securities Finance

The regulation text is for informational purposes only.