Decree No. 246 / 2013 Coll.
Ordinance on the Statute of the Collective Investment Fund
Valid
Order
Effective from 19.08.2013
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246
DECLARATION
of 24 July 2013
on the Statute for a collective investment fund
According to Section 220 (3) of Act No. 240 / 2013 Coll., on Investment Companies and Investment Funds ("the Act '), the Czech National Bank provides:
BASIC PROVISIONS
Subject matter
This decree implements the relevant provisions of the European Union1 and regulates the requirements for the content and structure of the Statute of the Collective Investment Fund (hereinafter referred to as the Statute).
Structure of the Statute
(1) The Statute shall be broken down into at least 13 parts containing:
(a) information on the collective investment fund (Section 3);
(b) information on the manager of the collective investment fund (Section 4),
(c) information on the administrator of the collective investment fund (Section 5);
(d) details of entrustment to another activity (Section 6);
(e) data on the depositary of the collective investment fund (Section 7);
(f) investment strategy (§ 8),
(g) risk profile (§ 9);
(h) historical performance data (Section 10);
(i) operating principles and data on the payment of profit or income shares (§ 11);
(j) data on units or shares issued by the collective investment fund (Section 12);
(k) data on fees charged to investors and costs borne by the collective investment fund (Sections 13 to 15);
(l) data on sustainability (§ 15a); and
(m) other information necessary for investors to make an informed assessment of the investment (Section 16).
(2) The information referred to in Article 15a may be given as a separate item of the Statute, provided that it has not already been given in the parts referred to in Article 8 and 9 or in other parts of the Statute to which they relate. The information provided for in Article 16 may be given in other parts of the Statute to which they relate. For the data referred to in Articles 4 (1) (g), (h) and (j), 5 (1) (h), (i) and (k), 10 (1), 13 (1), 13 (3), (4) and (5), 16 (3) (d), (e), (f) and (h) and 19 (4) (f), the relevant section of the Statute may refer to the Annex to the Statute in which such data are given.
(3) The information required in paragraphs 17 to 21 shall be given in the part of the Statute referred to in paragraph 1 to which it belongs according to its content.
(4) The status of a collective investment fund which is a variable-capital joint-stock company which creates sub-funds and those sub-funds do not have a separate status shall be broken down in more detail depending on whether it is data which are not common to all sub-funds. This information shall be provided in relation to the designated sub-fund:
(a) separately in the relevant part of the Statute; or
(b) a separate part consisting of a set of relevant parts of the Statute which are not common to all sub-funds.
(5) Where the status is subdivided in accordance with paragraph 4 (b), paragraphs 1 to 3 shall apply mutatis mutandis.
GENERAL OBLIGATIONS OF STATUTE
Collective investment fund
[K § 220 (1) (b) of the Law]
(1) The data on the collective investment fund are:
(a) the trading firm, name or other designation, registered office and identification number of the fund, if any, and the standardised international legal entity identifier (LEI) 24, if assigned;
(b) the date of establishment of the fund;
(c) the entry of the fund in the list of investment funds2) kept by the Czech National Bank;
(d) the period on which the Fund is created or based;
(e) whether the fund is a standard fund or a special fund;
(f) whether it is a management fund or a subordinate fund; and
(g) historical data on statutory matters, in particular previous trading firms, names or other fund names, merger or merger data, changes in the manager of the collective investment fund or administrator of the collective investment fund, date of conversion of the special fund into a standard fund; where a historical figure is not known to the manager of the collective investment fund or to the administrator of the collective investment fund or has doubts as to the accuracy of such data, an explanatory appendix shall be provided.
(2) In the case of a collective investment fund which is a mutual fund, further details shall be given as to whether:
(a) it is an open holding fund or closed holding fund;
(b) an assembly of shareholders is set up; where established, details of its scope shall be provided;
(c) on expiry of the period to which the closed holding fund has been set up, it shall enter into liquidation or be converted into an open holding fund or joint stock company with variable capital; and
(d) the unit-holder has the right to buy the unit-sheet into the account of the fund within the specified time limits and to define the time limit within which the closed unit-share fund will buy-out the unit-list (3).
(3) An indication of a collective investment fund is the amount of capital, if it is a public limited company or the amount of registered capital, if it is a public limited company with variable capital.
(4) An indication of a collective investment fund which is a variable-capital equity company which, according to its statutes, may create sub-funds is also a list of the sub-funds created.
(5) The data on the collective investment fund in the case of a self-governing collective investment fund also contain data on the decision to authorise the operation of the self-governing investment fund issued by the Czech National Bank, the date of issue, the reference number and the date of acquisition of the legal power of that decision and its subsequent amendments.
Manager
[K § 220 (1) (a) of the Act]
(1) The data on the manager of a collective investment fund which is not a self-governing collective investment fund are:
(a) the commercial firm, name or other designation, registered office and identification number, if assigned;
(b) the date of establishment of the operator;
(c) an indication of the entry in the list of investment firms or managers established in a foreign State who are authorised to manage investment funds;
(d) the amount of the capital and its repayment;
(e) an indication of the decision on the authorisation of an activity, including the designation of the authority which issued the decision, the date of issue, the number of the case and the date on which the decision was acquired and its subsequent amendments;
(f) an indication of the consolidated total4) to which the collective investment fund manager is included;
(g) a list of the managers or persons referred to in Article 21 (5) of the Act, indicating their functions;
(h) information on the functions performed by the manager or persons under Article 21 (5) of the Act outside the managers of the collective investment fund where they are relevant in relation to the activity of the manager of the collective investment fund or the collective investment fund operated;
(i) details of the subject matter of the enterprise (5); and
(j) the list of investment funds managed by the manager of the collective investment fund.
(2) The data referred to in points (f) to (h) of paragraph 1 together with an explanation that the fund itself is the manager of the collective investment fund are the data referred to in paragraph 1.
Administrator
[K § 220 (1) (a) of the Act]
(1) If the management of the collective investment fund is not carried out by the manager, the data on the administrator of the collective investment fund are:
(a) the commercial firm, name or other designation, registered office and identification number, if assigned;
(b) the date on which the administrator is established;
(c) an indication of the entry in the list of main administrators or administrators established in a foreign State authorised to administer investment funds;
(d) details of the decision authorising the activity, including the designation of the authority which issued the decision, the date of issue, the reference number and the date on which the decision was acquired and its subsequent amendments;
(e) a description of the scope of the main activities undertaken by the administrator of the collective investment fund for the collective investment fund (6);
(f) details of the consolidation unit to which the administrator of the collective investment fund is included;
(g) the amount of the capital and the payment of the capital;
(h) a list of the managers or persons referred to in Article 21 (5) of the Act, indicating their functions;
(i) information on the functions performed by the manager or persons under Article 21 (5) of the Act outside the administrator of the collective investment fund where they are relevant in relation to the activity of the administrator of the collective investment fund or collective investment fund which it administers;
(j) details of the subject matter of the business; and
(k) the list of investment funds whose administration is carried out by the administrator of the collective investment fund.
(2) Where the administration of a collective investment fund is carried out by its manager, this shall be indicated and the information referred to in paragraph 1 (e) below.
Endorsement of other performance of an individual activity
[Paragraph 220 (1) (k) of the Law]
(1) Indication of entrustment of another activity involving the management of the collective investmentfund (7)
(a) the commercial firm, the name or other designation, the registered office and the identification number of the authorised person, if assigned;
(b) the information on which part of the assets of the collective investment fund will be managed by the delegates; and
(c) the description of the activities entrusted to the collective investment fund, their scope and the details of the item belonging to the collective investment fund, the management of which is entrusted.
(2) The indication of entrustment of another activity involving the administration of a collective investmentfund (8) is the indication of the activity relevant to the collective investment fund which can be entrusted to another.
Depository
[K § 220 (1) (a) of the Act]
(1) The data on the depositary of the collective investment fund are:
(a) the commercial firm, name or other designation, registered office and identification number, if assigned;
(b) an indication of the entry in the list of investment fund depositories;
(c) a description of the basic activities of the depositary of the collective investment fund and its obligations towards the collective investment fund, including the definition of its responsibility, in particular for the custody of investment vehicles held by the collective investment fund, the safekeeping of the assets of the collective investment fund and the recording of the assets of the collective investment fund, including where the depositary has entrusted the depositary with another exercise of that activity;
(d) a description of other activities carried out by the depositary of the collective investment fund for the collective investment fund (9); and
(e) details of the consolidation unit to which the depositary of the collective investment fund is included.
(2) If the depositary of the collective investment fund has entrusted another, the data on the depositary of the collective investment fund are also:
(a) the commercial firm, name or other designation, registered office and identification number of the authorised agent, if assigned, does not apply if it is authorised to provide investment services by a person established in a Member State of the European Union;
(b) a description of the activities referred to in Article 71 (1) of the Act which the delegate exercises, their scope, and
(c) the designation of the main or other significant activities to be carried out by the delegation.
Investment strategies
[K § 220 (1) (c) of the Act]
This part of the Statute contains the investment strategy of the collective investment fund pursuant to § 93 (3) of the Act and information on investments and management techniques pursuant to § 215 of the Act.
Risk profile
[K § 220 (1) (d) of the Act]
(1) The risk profile of the collective investment fund is based on the risk-benefit ratio of the investment and is expressed primarily by the aggregate risk indicator. Article 8 (3) (d) (i) of the Regulation of the European Parliament and of the Council on key information communications (25) ("the PRIPs Regulation ') and Article 3 (1) and (2) and Annex 3 to the directly applicable European Union Regulation supplementing the PRIPs Regulation by laying down regulatory technical standards on the presentation, content, control and adaptation of key information and conditions for compliance with the requirement to provide such communications) shall apply mutatis mutandis to the presentation of a comprehensive risk indicator and the relevance of a verbal explanation.
(2) The risk profile of the collective investment fund includes an indication that the value of the investment may fall and rise and that the return on the amount initially invested is not always guaranteed.
(3) The risk profile, depending on the selected investment strategy of the collective investment fund, also includes a description of all the significant risks associated with it, in particular credit risks, liquidity risks, settlement risks, market risks, operational risks and concentration risks.
(4) Where a collective investment fund manager uses techniques to manage that fund, information on the risks associated with the use of those techniques and their impact on the performance of the fund shall also be provided.
(5) Where a collective investment fund copies the composition of an index of shares or bonds or another index or monitors another financial quantitative indicator (benchmark), a description of the risks arising from the chosen method of copying or monitoring shall be provided.
Historical performance
[K § 220 (1) (e) of the Act]
(1) Data on the historical performance of the collective investment fund are shown in the column diagram.
(2) The calculation of historical performance shall be based on the value of the fund's collective investment fund capital and on the assumption that all the returns of the collective investment fund have been reinvested.
(3) Article 15 to 19 and Annex 3 to the directly applicable European Union Regulation implementing Directive of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (10) shall apply mutatis mutandis to the way in which the column diagram is presented, additional warnings and possible use of simulated historical performance values is made.
Principles for the management and payment of profit or income shares
[K § 220 (1) (f) and (g) of the Act]
(1) The principles for the management of the collective investment fund include in particular:
(a) the definition of the accounting year of the collective investment fund;
(b) whether the clearance of accounts, the decision on the distribution of profits or other income from the collective investment fund's assets and the decision on the reimbursement of losses on the holding of that fund falls within the competence of the statutory or supervisory authority of that fund's manager11),
(c) rules and time limits for valuation of assets and debts 12), and
(d) the way in which the profits or profits of the fund are used, in particular whether they will be paid or reinvested.
(2) Where a collective investment fund pays a share of profits or income, it shall provide details of its payment, which shall include:
(a) the relevant date for the payment of profit or loss shares;
(b) the time limit for the payment of profits or income shares;
(c) the way in which the shares in profits or income will be paid;
(d) the period during which entitlement to the payment of shares in profits or income is barred; and
(e) whether a profit advance is paid under Paragraph 120 (2) (b) of the Act, including the determination of the conditions under which such payment is possible and the indication of the way in which such advance is paid.
(3) Where a collective investment fund issues units with special rights or different types of shares, it shall also provide detailed information on the payment of shares in profits or income arising from units with special rights or from different types of shares.
Equity certificates or shares issued by a collective investment fund
[K § 220 (1) (h) of the Act]
(1) Data on units or shares issued by the collective investment fund are:
(a) information as to whether:
1. units or shares; and
2. securities or book-entry securities,
(b) whether they are units or shares admitted to trading on a European regulated market13), or admitted to trading in a multilateral trading system14), or whether their price is published via a European regulated market or a multilateral trading system, and the designation of such markets or multilateral trading systems;
(c) the nominal value of the units or shares, if any, or the information that they are units or shares with no nominal value;
(d) the currency in which the nominal value of the units or shares is expressed;
(e) identification marking according to the international numbering system for the identification of units or shares (ISIN), if assigned;
(f) the trading firm, the name or other designation of the person who registers the registered units or shares and a brief description of the method of such registration;
(g) a description of the special rights attached to the units or shares; and
(h) information on the conditions under which the administrator is not obliged to make good the damage caused by incorrect calculation of the actual value of the share sheet or shares (Section 193 (3) of the Act).
(2) A collective investment fund which is an open-ended mutual fund or a joint-stock company with variable capital shall, in addition to the information referred to in paragraph 1, indicate:
(a) the method of determination and the time limit for calculating the current value of the unit hand or investment share, including the calculation to determine the ratio of the fund capital to the units with special rights or to the different types of investment shares in the calculation of the current value (15);
(b) an indication that the administrator of the collective investment fund will issue units or investment shares for an amount under Article 130 (2) of the Act if the administrator of the collective investment fund intends to comply with that provision;
(c) the location and frequency of publication of the current value of the unit sheet or investment share;
(d) the procedures and conditions for the issue of units or investment shares, in particular the determination of the relevant date, the minimum amount or quantity of units or investment shares on issue, the method of rounding up the value of the units or investment shares, the dates for settlement of applications for the issue of units or investment shares, including the settlement of arrears or overpayments where applicable;
(e) the procedures and conditions for the redemption of units or investment shares, in particular the time limits for redemption, the method of rounding up the value of the units or investment shares, including compensation for arrears or overpayments, where applicable;
(f) the reasons for which redemption may be suspended; and
(g) the place of issue and redemption of units or investment shares.
(3) A collective investment fund which is a joint-stock company and is not a joint-stock company with variable capital shall, in addition to the information referred to in paragraph 1, indicate:
(a) a description of the procedure for subscription of shares with details of the time limits for subscription, including, where appropriate, the possibility of ending early subscription or shortening the underwriting;
(b) a description of the place where the shares are subscribed and, where appropriate, information on persons providing services related to the subscription of shares; and
(c) the procedure for raising the capital of a public limited company.
Fees and charges
[K § 220 (1) (i) of the Act]
(1) The data on fees charged to investors and the costs borne by the collective investment fund shall be presented in the form of a table in Annex 1 and the following requirements:
(a) the deduction, premium or fee shall express the highest amount of remuneration (16) which may be charged to the investor in connection with the execution or termination of his investment;
(b) total cost (17) expresses the total amount of costs borne by the collective investment fund during the financial year; and
(c) where the fee is charged on the basis of the annual movement of the value of the fund's own funds per share or per share of the collective investment fund (hereinafter referred to as the "performance fee"), it shall express the total amount of remuneration that may be paid on the assets of the fund if the performance of the fund reaches a certain value compared to the specified indicator (benchmark) or with the value or values of the previous or previous periods.
(2) The amounts of the fees referred to in paragraph 1 (a) and (c) shall be expressed in percentage terms together with the basis on which the calculation is based.
(3) The total cost referred to in paragraph 1 (b) shall be expressed as a percentage for the previous financial year in the form of an indicator of total cost. The total cost indicator of the Fund (TER) is equal to the ratio of the total cost to the average monthly value of the fund capital. The total cost is the sum of the costs of fees and commissions, administrative costs and other operating costs in the statement of costs and gains or losses of the collective investment fund, minus the fees and commissions for operations in investment vehicles.
(4) Where a collective investment fund invests at least 10% of the value of its assets in securities or book-entry securities of other investment funds or foreign investment funds (hereinafter referred to as "target funds'), the total cost shall be expressed as a percentage using the synthetic indicator of total cost (synthetic TER). Synthetic TER is equal to the sum of the own TER and TER of each of the target funds in proportion to the share of the investment in the target fund in the fund's own funds, the percentage of the ratio of precipitation, surcharges and fees of the target funds to the average monthly value of the fund's own funds in this case being included in the TER target funds. Where the target fund does not publish its own TER, its amount shall be estimated for the purposes of calculating the synthetic TER. The synthetic TER shall be calculated using the formula set out in Annex 2 to this Decree.
(5) The information on fees charged to investors and the costs borne by the collective investment fund shall be supplemented by an explanation showing what the investor pays directly and what the assets of the collective investment fund are covered and what the amount of all charges and costs are. It must also be clear from the explanations that the fees and costs of the collective investment fund serve to ensure the management of its assets and may reduce the appreciation of the funds invested.
(6) In the case of a performance fee, a description of the method for calculating the performance fee and a description of the different parameters referred to in paragraph 7 shall be provided.
(7) The description of the method for calculating the performance fee shall include:
(a) a reference indicator for measuring the relative performance of the Fund;
(b) how often the performance fee is charged and the date on which the fee is paid;
(c) the performance reference period;
(d) the amount of the performance fee;
(e) the methodology for calculating the performance fee, in particular on the basis of the parameters referred to in points (a) to (d); and
(f) the frequency of calculation of the performance fee.
(8) In the case of a performance fee, in addition to the information referred to in paragraph 7, examples of its calculation shall also be provided. Where the performance fee calculation model allows the performance fee to be paid even in the case of negative performance, an explicit warning shall be given.
The data on fees charged to investors and the costs borne by the collective investment fund shall also include:
(a) the method of identification and the amount of remuneration to the manager of the collective investment fund;
(b) the method of identification and the amount of remuneration to the administrator of the collective investment fund;
(c) the method of identification and the amount of remuneration to the depositary of the collective investment fund;
(d) the method of identification and the amount of remuneration to the person entrusted with carrying out an individual activity involving the management of a collective investment fund or the administration of a collective investment fund, where such delegation takes place and the remuneration is paid on the assets of that fund; and
(e) an overview of other costs borne by the collective investment fund that are not included in the remuneration referred to in points (a) to (d).
(1) In the case of a collective investment fund which:
(a) charge a flat-rate fee covering all charges charged to investors, the flat-rate fee shall be indicated in the table set out in Annex 1;
(b) determine the maximum recoverable amount of the fee, indicate the maximum recoverable amount of the fee in the table set out in Annex 1, provided that at the same time the holder of the collective investment fund undertakes to comply with that amount and to pay any additional costs.
(2 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 acquainted with the actual total cost.
(3) Where the unit-holders of the same holding fund (18) or equity owners (19) are determined by different haircuts, surpluses or fees in connection with the management of a collective investment fund, depending on the size of the initial investment, the length of the holding period or shares, or other specified objective criteria, the information shall be provided. The amount of the deduction, premium or fee, including the explanation of the criterion used, shall be given in the table set out in Annex 1.
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Regulation Information
| Citation | Decree No. 246 / 2013 Coll., on the Statute of the Collective Investment Fund |
|---|---|
| Regulation Type | Order |
| 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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