Government Regulation No. 242 / 2013 Coll.
Government regulation on the key information document of the special fund and on the way in which the communication and the Statute of the special fund are provided in a non-paper form
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Regulation
Effective from 19.08.2013
Text versions:
19.08.2013
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242
GOVERNMENT REGULATION
of 24 July 2013
on the key information document of the Special Fund and the way in which the communication and the Statute of the Special Fund are to be provided in a non-paper form
The Government orders pursuant to § 225 (3), § 230 (2) and § 232 (3) of Act No. 240 / 2013 Coll., on investment companies and investment funds:
BASIC PROVISIONS
Subject matter
This Regulation provides for a special fund
(a) the formalities, structure, form and language requirements of the key information document (hereinafter referred to as the Communication);
(b) the conditions and manner of updating the communication and the time limits for its publication;
(c) the conditions under which the Statute of the Special Fund (hereinafter referred to as "the Statute") and the communication may be made available to the investor on a non-paper medium; and
(d) the conditions under which the statute and communication may be provided only on the website of the special fund.
GENERAL REQUIREMENTS
Content of the communication
The communication may contain only the particulars and information provided for or permitted by this Regulation.
Structure of the communication
(1) The communication shall be labelled "Key investor information."
(2) The communications shall be broken down into 8 parts corresponding to the individual points of this paragraph and their order, each part of which shall contain data and information to the extent resulting from each section of Part Three of this Regulation; each part of the communication shall contain the following data and information:
(a) basic information concerning the communication, the special fund and its manager and the administrator (Section 6);
(b) a description of the investment strategy (Section 7);
(c) risk profile (§ 8),
(d) information on the fees and costs of the special fund (Section 9);
(e) information on historical performance (Sections 10 and 11);
(f) information on the depositary, the main supporters and other additional information on the special fund (Section 12);
(g) information on the authorisation of the manager of the special fund (Section 13); and
(h) date of publication of the notice (§ 14).
Language expression and display of the message
(1) The communication must be:
(a) treated legibly, in particular as regards the size of the font used and the colours used, which must not restrict the clarity of the content of the communication, including in the event of its being captured by mechanical means on paper; and
(b) expressed in a way which does not make it difficult for the investor to understand its content, in particular its language must be clear and understandable, jargon cannot be used, and the professional concept, where possible, must be replaced by a generally known expression of comparable importance.
(2) The graphic layout of the logo [Sections 6 (b) and 6 (d)] must not distract the investor from the content of the communication or overlap the content of the communication.
(3) The name of the communication, as well as the business name or other name or designation of the special fund, must be made by a significantly larger font type than the other text of the communication.
Forms of the paper form of the communication
(1) Communications captured by mechanical means on paper must take the following form:
(a) the scope of 2 pages of one sheet;
(b) A4 paper format in height or width;
(c) a rim of paper at least 3 mm wide and not containing any text.
(2) The communication of a structured special fund (§ 17) or a special fund which issues different types of units or shares may have a range of up to 3 pages of 2 sheets.
SPECIAL REQUIREMENTS
CONTENTS OF THE INDIVIDUAL PARTS OF THE COMMUNICATION
Basic information on the special fund and its manager and administrator
(1) Part of the first communication is without name and contains:
(a) the introductory provisions of the following text: "In this communication you will find key information about this fund. This is not a promotion communication; the provision of such information is required by law. The purpose is to help you better understand the investment in this fund and the risks associated with it. For an informed decision on whether to make an investment in this fund, we recommend you to learn about this communication. ',
(b) a trading firm or other generally known and used names of the trading firm or the name and identification number of the person, if any, of the special fund, or, where applicable, the logo of the special fund or the name of the consolidation unit for which the consolidated financial statements (the consolidation entity) are drawn up,
(c) an indication that the fund is a special fund and an indication of its type in terms of assets that may be acquired into the assets of the fund (1);
(d) the business firm or other generally known and used names of the business firm and the identification number of the person, if any, its manager, or, where applicable, the logo of that operator or the name of the consolidation unit in which that manager is included; and
(e) the business firm or other generally known and used names of the business firm and the identification number of the person, if assigned, its administrator or, where applicable, the logo of that administrator or the name of the consolidation unit in which that administrator is included, if the administrator is different from the manager.
(2) The communication of the special fund sub-fund contains:
(a) an indication that this communication is made on behalf of the special fund sub-fund and that the half-yearly report and the annual report in this case are made on behalf of the whole special fund and an indication of whether the sub-fund status is incorporated into the special fund statute;
(b) an indication of whether the assets and debts which are not part of the special fund's assets and debts from its investment activities are also included in the sub-fund and how this affects the investor; and
(c) an indication as to whether the shareholder has the right to exchange investment shares for one sub-fund per investment share for another sub-fund and, if so, where information on the application of that right can be found.
Investment strategies
(1) The title of Part Two of the Communication is "Investment strategy"; this part of the communication shall include:
(a) data on the most important and most important types of assets which may be acquired into the assets of the special fund; and
1. where securities or book-entry securities may be acquired into his assets, the type of securities or book-entry securities, such as shares or bonds; and
2. if bonds or similar securities or book-entry securities representing the right to repayment of the amount due can be acquired in his capital, the type of such bonds or similar securities or book-entry securities representing the right to repayment by their issuer, such as bonds issued by the State or bonds issued by companies, and the quality assessment of such securities or book-entry securities (rating);
(b) a lesson on the right of the shareholder or shareholder to buy back units or investment shares issued by the special fund if they are bought in, including details of the dates on which such units or investment shares are bought in;
(c) an indication of a particular economic sector or part of it, a particular geographical area or part of the financial market in which the special fund intends to concentrate or concentrate its investment, or a particular type of property value in which the special fund intends to concentrate or concentrate its investment;
(d) an indication of whether the special fund intends to monitor or monitor a particular index or other financial quantitative indicator (benchmark); This data shall indicate the index or indicator and how or to what extent the special fund monitors or intends to monitor it;
(e) an indication of whether the special fund copies or intends to copy the composition of the equity or bond index or of another index; the data shall indicate the index and how or to what extent the special fund copies or intends to copy it;
(f) information on how the management proceeds are used;
(g) the designation of a special fund according to the risk posed by the type of assets in which it primarily invests; and
(h) an indication of whether the special fund uses derivatives (2) or other techniques to manage the special fund for the purpose of hedging or fulfilling the investment strategy.
(2) Part two of the communication may also contain information on the approximate period during which the investment should be held in order to enable the investor to achieve the expected return. Where such an approximate period is indicated in the Special Fund communication, the communication shall also indicate that this special fund may not be suitable for an investor who intends to recover his invested funds in a period shorter than that of the approximate period.
(3) Part two of the communication may include additional data and information if it is important to understand the investment strategy of the special fund correctly by the investor.
(4) The information referred to in Part Two of the Communication must clearly distinguish between investments where otherwise information on the investment strategy of the special fund could be misleading or misleading.
(5) The communication of the special fund, which is a subordinate fund, contains in part two information on:
(a) the investment strategy of the managing fund;
(b) whether the performance of this fund will correspond to the performance of its management fund or how and for what reason the performance of the subordinate fund and its management fund may differ; and
(c) what proportion of the value of the assets of this fund is invested in securities or book-entry securities issued by its management fund.
Risk profile
The title of Part Three of the Communication is "Risk profile '; this part of the communication shall include:
(a) a display of a scale for a synthetic indicator representing a variable obtained on the basis of the volatility of the historical performance of the special fund, drawn up in accordance with the procedure set out in Annex 1 to this Regulation, a brief justification for the inclusion of the special fund in the relevant group according to that indicator and a warning that:
1. the value of the investment may fall and increase and the return on the amount initially invested is not guaranteed;
2. the inclusion of a special fund in the relevant group may change; and
3. the inclusion of a special fund in the least-risk group does not mean an investment without risk;
(b) depending on the investment strategy chosen, a description of the risks associated with them and if the investor can meet them in connection with his investment in the special fund,
1. credit risk by the issuer or counterparty failing to fulfil its obligation;
2. the risk of lack of liquidity, consisting of the fact that certain assets of the special fund will not be cashed in in time at a reasonable price and that the special fund will therefore not be able to meet the obligations arising from the purchase of units or investment shares issued by the special fund, or that the purchase of units or investment shares issued by the special fund may be suspended;
3. the settlement risks associated with the settlement of the special fund's assets, on the ground that the counterparty does not pay or deliver investment instruments or other assets within a specified period,
4. market risks arising from the effects of changes in the overall market on the prices and values of each type of asset held by the special fund;
5. the risk of loss due to deficiencies or failures in internal processes or human factors or to external events (operational risk) and the risk of loss of assets entrusted to custody or custody, which may be due in particular to insolvency, negligence or intentional conduct of a person who has the assets of a special fund or share certificates or shares issued by a special fund in custody or custody; and
6. risks related to the focus of the Fund's investment strategy on a particular economic sector or part of it, a specific geographical area, a certain part of the financial market or a certain type of property value.
Fees and costs of the special fund
(1) The title of Part Four of the Communication reads: "Fees and costs of the Special Fund"; that part of the communication contains the table set out in Annex 2 to this Regulation, under the heading
(a) the "input fee" shall indicate the maximum amount of remuneration that may be charged to the investor before the investment is made;
(b) the "exit fee" shall indicate the maximum amount of remuneration that may be charged to the investor after the end of the investment;
(c) "total cost" means the total amount of costs borne by the special fund;
(d) the "performance fee" shall indicate the total amount of the remuneration that can be paid from the assets of the special fund if its performance exceeds the specified benchmark (benchmark) with which performance is compared, unless that remuneration is included in the item referred to in point (c); and
(e) "exchange fee" shall indicate the total amount of remuneration that may be charged to shareholders for the exchange of an investment share pursuant to Article 6 (2) (c) instead of the entry and exit fee.
(2) The amount of fees and total costs shall be expressed in percentage terms together with the basis on which the calculation is based. The total cost shall be reported for the previous financial year.
(3) Part Four of the communication also contains information that:
(a) the fees charged to investors and the costs borne by the special fund are used to ensure the management and administration of the special fund, including the issue or sale and redemption of units or investment shares issued by the special fund, and to reduce the potential return on the investment for the investor; and
(b) a detailed summary and description of the fees charged to investors and the costs borne by the special fund shall include the status.
(4) Instead of the data referred to in paragraph 1 (c) and (d),
(a) for a special fund charging a flat-rate fee covering all fees and other costs charged to investors, that flat-rate fee shall be indicated; and
(b) in the case of a special fund setting out the maximum rateable amount of the fee and costs, the maximum rateable amount shall be indicated if the manager of the special fund also undertakes to comply with that amount and to pay any additional costs of his own.
(5) Where the total cost cannot be determined in accordance with paragraph 1 (c), it shall be determined by a qualified estimate. In that case, the estimate figure shall be supplemented by an indication that the total cost amount is merely an estimate and information on where and when an investor can become familiar with the total cost which is no longer estimated.
Historical performance
(1) The title of Part Five of the Communication is "Historical Performance"; this part of the communication shall include:
(a) an indication that the data used relate to the past and that performance in the past is not a reliable indicator of future revenues;
(b) data on the impact of fees and costs on the performance of the special fund; and
(c) historical performance in the form of a column diagram showing the annual post-tax income for at least 10 consecutive years, displayed in accordance with the criteria set out in Annex 3 to this Regulation.
(2) Where a special fund exists for less than 10 years but for more than 1 year, annual returns for all years of its existence shall be reported. Where data are not available for some periods, a date without a performance record shall be indicated in the relevant section of the column diagram. If less than 1 year has elapsed since the date of creation of the special fund, an indication shall be provided of the lack of data that could provide information to the investor on the historical performance of the special fund.
(3) The historical performance data must be accompanied by an explanation as to whether the calculation of revenues also takes into account the fees associated with the issue or subscription and the purchase of units or shares issued by the special fund, or other fees or charges, as the case may be.
(4) Part Five of the communication may also include:
(a) a comparison of the historical performance determined in accordance with point (b) with the development of an index or benchmark monitored by a special fund where the special fund monitors such an index or benchmark; the comparison shall be given in the form of a column diagram showing the comparative data;
(b) the total average historical performance for the period of the last consecutive years, if the special fund exists for that period and for the period of its existence, if it exists for less than 10 years; or
(c) a comparison of the overall average performance over the period of the last consecutive years, if the special fund exists for that period, with the index or benchmark (benchmark) followed by the special fund, and for the period of its existence if it exists for less than 10 years.
(5) The column diagram must be shown legibly and must not exceed the dimensions of the length and width of the 1 page of the A5 when the communication is received by mechanical means on paper; the column diagram should be supplemented by a warning of:
(a) its limited storytelling capacity as regards the future performance of the special fund;
(b) the fees and charges included in the calculation of the historical performance of the special fund and excluded from the calculation;
(c) the year from which the special fund exists; and
(d) the currency in which the historical performance of the special fund is calculated.
(6) The communication shall not contain data on the performance of the special fund for the year in which the communication is published or is to be published.
(7) The calculation of the historical performance of the special fund shall be based on the value of the fund capital of the special fund and on the assumption that any distributive returns of the special fund have been reinvested.
Historical performance in the event of a change in investment strategy
If, during the period shown in the column diagram pursuant to Article 10 (1) (c) or Article 10 (2), there has been a change in the investment strategy of the special fund which has significantly affected its performance, the column diagram shall also indicate the period preceding that change. The data relating to this period shall be supplemented by an explanation that the performance has been achieved in other circumstances.
Information on the depositary, main supporters and other additional information
The title of Part Six of the Communication is "Practical information '; this part of the communication shall include:
(a) the business firm or other generally known and used names of the firm and the identification number of the person, if any, the depositary of the special fund or, where applicable, the logo of that depositary or the name of the consolidation unit in which that depositary is included, and, where the special fund of services of the principal supporter is used, also the business firm or other generally known and used name of the trading firm and the identification number of the person, if any, the principal of the special fund, or, where appropriate, the logo of that principal supporter or the name of the consolidation unit in which that principal is included;
(b) information on the right to provide additional documents and data relating to the special fund (3), upon request;
(c) an indication of the contact point where additional information and data, including address, telephone number, e-mail address and website address of the contact point may be obtained where necessary; and
(d) an injury notice pursuant to Article 229 (2) of the Act governing investment companies and investment funds.
Information on the permit to operate
(1) Part seven of the communication is without a title and contains, if it is a special fund that is a self-governing investment fund, or a special fund whose manager is an investment company or a foreign person authorised under Section 481 of the Act governing investment companies and investment funds, the text of the following text: "The authorisation to operate as manager of this special fund has been issued in the Czech Republic. The manager of this special fund is subject to supervision by the Czech National Bank."
(2) Where a special fund is managed by a foreign person referred to in Article 14 (2) of the law governing investment companies and investment funds, paragraph 1 shall apply mutatis mutandis:
(a) the indication of the Czech Republic shall be replaced by the name of another Member State in the Czech language in which the manager has been authorised to manage the special fund; and
(b) the indication of the Czech National Bank shall be replaced by the designation of the supervisory authority of another Member State which granted the authorisation referred to in point (a) to that manager.
(3) Where the administrator of a special fund is a person different from the manager, paragraphs 1 and 2 shall apply mutatis mutandis for the disclosure of data and information on the authorisation to operate that administrator.
Publication detail
Part eight of the communication is without name and contains the date of publication of the communication preceded by the following text: "This key information document was drawn up on a date '.
SPECIFIC OBSERVATIONS OF CERTAIN COMMUNICATION PARTS
Specific elements of the Fund communication
Communication from the Special Fund, which according to its Statute is to invest more than 49% of the value of its assets in securities or book-entry securities issued by IFs or foreign IFs (IFs), further contains:
(a) in Part Two, a brief description of its investment strategy as regards investments in securities or book-entry securities issued by other IFs or foreign IFs; and
(b) in Part Three, a description of the risks arising from each investment fund or foreign investment fund issuing securities or the book-keeping securities in which that fund invests, where careful business considerations show that such risks have or may have a significant impact on that fund as a whole.
Specific requirements for the communication of the real estate fund
The communication of the special fund, which, according to its Statute, invests in real estate (4) and participating in real estate companies (5) (real estate fund), contains in part three a brief description of the existing risks related to the specific real estate assets of that fund, or the specific participation of that fund in the real estate company, such as the risk arising from a building defect of such real estate or its ecological burden, instead of the synthetic indicator scale referred to in Section 8 (a).
Special details of the communication of the structured special fund
(1) A structured special fund is a special fund which, at a fixed date, pays its shareholders or shareholders cash benefits corresponding to the result determined in accordance with the mathematical formula, which takes into account, as its principal variable, a variable change in the value of the variable, the set of assets, financial indices or other quantitatively expressed indicators.
(2) The communication of the structured special fund in Part Two also contains:
(a) an explanation of how the amount of cash paid by the structured special fund referred to in paragraph 1 is calculated; and
(b) at least 3 model examples showing a change in the amount of the cash performance referred to in paragraph 1, depending on the different market conditions, accompanied by an indication that they are model examples which are not an indicator of the future performance of the Fund.
(3) The communication of the structured special fund does not contain part five.
Content of the communication in the case of the issue of different types of units or shares
Where a special fund issues different types of units or shares (6), the communication shall at least indicate by reference to the fund's statute the special rights associated with each type of units or shares.
TRANSPORT ACTUALISATION AND DISCLOSURE PERIOD
Communication update
The key information document shall be updated by the administrator of the special fund at least every 12 months, if necessary, for example in the context of a change of status or statutes, but without undue delay after the event; the historical performance column diagram shall always take into account the performance of the special fund in the previous year.
Publication of the updated communication
(1) Where the communication has been updated, the updated communication shall be published without undue delay.
(2) Where the communication has been updated in the context of an amendment to the Statutes or Statutes, the updated communication shall be published at the same time as the amendment to the Statutes or Statutes.
(3) A communication containing the performance of the special fund in the preceding calendar year shall be published no later than the 35th working day of the following calendar year.
PROVISION OF COMMUNICATION AND STATUTE TO INVESTORS
Conditions for providing a status and communication on a non-paper medium
Communication or status may be provided to the investor on a non-paper medium if:
(a) their provision on that medium of information is proportionate to the circumstances in which trade between the manager and, where appropriate, the administrator, the special fund and the investor takes place; and
(b) when choosing between a paper form and a non-paper-based medium, the investor has explicitly chosen that medium.
Conditions for granting the Statute and Communication only on a website
Communication or status may only be provided to the investor on the website of the special fund if:
(a) their provision on the website is proportionate to the circumstances in which trade between the manager or, where appropriate, the administrator, the special fund and the investor takes place;
(b) the investor has only given his consent on the website;
(c) the investor has been notified electronically of the address of the website, including the information on which the investor may find the relevant communication or status; and
(d) the investor shall at any time be able to use the communication or the statute for a reasonable period of time.
FINAL PROVISIONS
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Regulation Information
| Citation | Government Decree No. 242 / 2013 Coll., on the key information document of the Special Fund and on how to provide communications and the Statute of the Special Fund in a non-paper form |
|---|---|
| Regulation Type | Regulation |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 19.08.2013 |
|---|---|
| Effective from | 19.08.2013 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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