Act No. 247 / 2011 Coll.
Act amending Act No. 229 / 1992 Coll., on Commodity Exchange, as amended, and Act No. 222 / 2009 Coll., on the Free Movement of Services
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Law
Effective from 01.11.2011
Text versions:
01.11.2011
30.08.2011
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247
THE LAW
of 20 July 2011
amending Act No. 229 / 1992 Coll., on Commodity Exchange, as amended, and Act No. 222 / 2009 Coll., on the Free Movement of Services
Parliament has decided on this law of the Czech Republic:
Amendment to the Commodity Exchange Act
Act No. 229 / 1992 Coll., on Commodity Exchange, as amended by Act No. 216 / 1994 Coll., Act No. 105 / 1995 Coll., Act No. 70 / 2000 Coll., Act No. 285 / 2005 Coll., Act No. 444 / 2005 Coll., Act No. 296 / 2007 Coll., Act No. 230 / 2008 Coll. and Act No. 227 / 2009 Coll., is amended as follows:
1. In Article 1 (1), the words "on the commodity exchange 'are replaced by the words" on the stock exchange';
2. Paragraph 1 (4) reads as follows:
"(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. '
3. in Article 1 (5) (a), the words "(hereinafter referred to as" the Agreements ")" shall be deleted;
4. In Section 1, paragraph 6 is added:
"(6) The Exchange shall keep accounts in accordance with the legislation governing accounts for entrepreneurs."
5. Paragraph 3 (1) reads as follows:
"(1) The Exchange is established by a founding agreement. '.
footnote 2 is deleted.
6. in Article 3 (3) (a), the words "business names" shall be replaced by the words "business names or names or surnames."
7. In Article 3 (3) (b), the words "exchange 'are replaced by" commodity exchange' or "stock exchange 'in conjunction with the subject of stock exchange transactions.
8. in Article 3 (3) (i), the word "surname" shall be inserted after the word "name."
9. in Article 4 (1) (f):
"(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 the manner in which they are remunerated; 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 agreements') are authorised to enter into exchange transactions on their behalf, '.
10.Paragraph 4 (2) reads as follows:
"(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."
footnote 3 is deleted.
11. in Article 5, paragraphs 1 to 5, including footnote 13 to 16, read:
"(1) State permission (hereinafter referred to as" authorisation ') of the Ministry of Industry and Trade or of the Ministry of Agriculture 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. on the date on which the application is submitted, there shall be no arrears on taxes, levies, fees, fees, fines, interest and periodic penalty payments;
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 of the absence of arrears in taxes, levies, fees, fees, fines and periodic penalty payments, including the costs of proceedings collected and enforced by the territorial tax authorities under special legislation14), not earlier than 3 months;
(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).
13) Articles 13 (2) and 15 (2) of the Act of the Czech National Council No. 2 / 1969 Coll., on the establishment of ministries and other central bodies of the Czech Government, as amended.
14) Act No. 531 / 1990 Coll., on Territorial Financial Authorities, as amended.
15) § 26e of Act No. 592 / 1992 Coll., on Insurance for General Health Insurance, as amended.
16) § 22d of Act No. 589 / 1992 Coll., on Social Security Insurance and Contribution to State Employment Policy, as amended. "
12. The following Section 5a is inserted after Section 5, including footnotes 17 and 18:
(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.
17) Act No. 40 / 2009 Coll., Criminal Code, as amended by Act No. 306 / 2009 Coll.
18) Act No. 269 / 1994 Coll., on the Register of Penalties, as amended. '
13. in Article 6, paragraph 1 is deleted;
Paragraphs 2 and 3 shall be renumbered paragraphs 1 and 2.
14. in Article 6 (1), the following points (a) and (b) are inserted:
'(a) the founders shall not fulfil any of the conditions laid down in Article 5 (2);
(b) the proposed name of the exchange or designation of the exchange arbitration panel shall be capable of causing a likelihood of confusion or delusion, or may otherwise affect the credibility of the exchange or the arbitration panel; ';
Points (a) and (b) shall be renumbered (c) and (d).
15. in Paragraph 6 (1), the word "or" shall be added at the end of point (c).
16. in Article 7, paragraphs 3 and 4 are deleted;
17. in Paragraph 8 (2) (c), the words "trade name" are replaced by the words "business name or name or surname."
18. in Paragraph 8 (2) (d), the word "surname" shall be inserted after the word "name."
19. in Article 8 (2), the words "as authorised" shall be added at the end of the text of point (e).
20. In Article 8, at the end of paragraph 2, the dot is replaced by a comma and the following point (f) is added:
"(f) a trading firm or name or name and surname and registered place of business or residence of the members referred to in Article 17 (1) (b) and (c).";
21. in Article 8 (3), the words "in the Commercial Register" shall be inserted after the words "on registration."
22. In Article 8, at the end of paragraph 3, the dot is replaced by a comma and the following point (e) is added:
"(e) a document appointing one third of the members of the Exchange Chamber by the competent authority of the State Administration.";
23. In Article 8, the following paragraph 4 is added:
"(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 on which the decision by which the Registry Court rejected the application for registration. '
24. the following Section 8a is inserted after Section 8, including the title and footnote 19:
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.
19) Act No. 563 / 1991 Coll., on Accounting, as amended. '
25. In Paragraph 10 (2), at the end of the first sentence, the words "and at the same time the majority of the members of the stock exchange appointed by the competent government authority 'shall be added.
26. In Paragraph 11, the following sentence is added at the end of paragraph 4: "Only a stock exchange member may be a stock exchange member. 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. ';
27. In Article 12, the following paragraph 3 is added:
"(3) The Statute may determine which of the functions of the Exchange Chamber referred to in paragraph 2 (d), (e), (f), (k) and (l) shall be entrusted to the Chairperson of the Exchange Chamber or to the Secretary-General of the Exchange.";
28. In Article 16 (2), the words "without prior written consent of the stock exchange 'shall be inserted after the words" may not'.
29. In Article 17, paragraphs 3 and 4 are added:
"(3) Only a person meeting the conditions set out in Article 5 (2) (a) and (b) may be a member of the stock exchange; this shall not apply to the stock exchange member referred to in paragraph 1 (b).
(4) The number of members of the stock exchange shall not be less than 3 throughout the duration of the stock exchange. ';
30. In Paragraph 18, the following paragraphs 2 to 4 are inserted after paragraph 1:
"(2) The members of the stock exchange referred to in Article 17 (1) (a) are required to pay a deposit of the amount laid down in the founding agreement no later than 90 days after the date of establishment of the stock exchange.
(3) Exchange members must comply with the conditions laid down in Article 5 (2) (a) and (b) throughout the duration of the stock exchange membership, this does not apply to stock members under Article 17 (1) (b).
(4) The members of the stock exchange referred to in Article 17 (1) (b) must be 21 years of age and be clean. "
Paragraph 2 shall become paragraph 5.
31. In Paragraph 25, the words "at the end of paragraph 3, they shall not knowingly disseminate false reports which could affect the development of commodity and commodity derivatives traded on the stock exchange or harm market participants' shall be added.
32.Paragraph 27 (7) reads as follows:
"(7) The Exchange publishes current courses and course history over the five immediately preceding years in a way that allows remote access. The courses are listed on the course sheet. The Exchange shall keep the exchange sheets in paper and electronic form for at least 5 years from the date of their publication and shall allow them to be consulted at its seat. ';
33. in Article 29 (2), the words "resident in the Czech Republic," shall be replaced by the words "is."
34. In Paragraph 29 (3), the words "competent public authority 'are replaced by the words" stock exchange commissioner'.
35. in Paragraph 29 (4), the words "or the competent authority of the State Administration may" shall be replaced by the words "and the Trade Commissioner may."
36. In the third sentence of Article 30 (5), the word "stock exchange 'shall be inserted after the word" confirmed'.
37. In the first sentence of Paragraph 31 (2), the word "stock exchange 'shall be inserted after the word" stock exchange' and the word "stock exchange 'shall be inserted after the word" broken'.
38. In the title of Part Seven, the word "SANCTIONS 'is replaced by" ADMINISTRATIVE DEBTS'.
39. in § 33 (4), first sentence, and in § 44a (2) and (4), the word "commodity" shall be deleted;
40. In the third sentence of Paragraph 33 (4), the words "inform the Czech National Bank 'are replaced by the words" state administration and the Czech National Bank shall inform each other'.
41.Paragraph 34 (1) reads as follows:
"(1) The Trade Commissioner is entitled to check in the course of the exercise of State supervision,
(a) whether the stock exchange transactions take place in accordance with the provisions of this Act and the stock exchange rules and aspects referred to in Paragraph 6 (1) (b);
(b) whether the activities of the stock exchange, the stock exchange authorities, the members of the stock exchange, the negotiators and persons referred to in Article 21 (1) (b) and (c) and Article 25 (3) comply with the law and the Statute;
(c) whether there are no grounds for the exchange which may result in the suspension of the operation of the stock exchange or the restriction of the permit to operate the stock exchange pursuant to Article 35 (1) or the withdrawal of the authorisation pursuant to Article 35 (2) and (3);
(d) whether persons other than exchanges established under this Act in their trading firm or name, the designation of services provided or, in any context of their activity, use the designation "commodity exchange" or any other designation derived from, or interchangeable with, such words, or such a designation which gives the impression that the activity of the stock exchange does not provide otherwise. "
42.In Paragraph 34 (2) (a):
"(a) to declare deficiencies and to require them to be removed within the time limit laid down,"
43.Paragraph 34 (2) (b) shall be deleted;
Points (c) and (d) shall be renumbered (b) and (c).
44. in Paragraph 34 (2) (c), the words "legislation" are replaced by the words "this law."
45. in Paragraph 34, paragraph 4 is deleted;
Paragraph 5 shall become paragraph 4.
46. Sections 35 and 36, including the title, read:
(1) The competent government authority may suspend the operation of the stock exchange or limit the authorisation to operate the stock exchange to a maximum of 2 years if the stock exchange infringes obligations under Paragraph 8a (1).
(2) If the stock exchange removes the deficiencies within the specified time limit, the competent authority shall revoke the suspension of the stock exchange activity or the restriction of the permit to operate the stock exchange. If the stock exchange does not remove the deficiencies, the competent authority shall withdraw the authorisation to operate the stock exchange.
(3) The competent authority of the State Administration shall withdraw the authorisation whenever:
(a) it becomes apparent that the authorisation was granted on the basis of false facts,
(b) the stock exchange activity has not started within 12 months of the date of the acquisition of the authorisation;
(c) no general meeting took place in the 12 months preceding the initiation of the administrative procedure for the withdrawal of authorisations,
(d) in the 12 months preceding the initiation of the administrative procedure for the withdrawal of authorisation, members of the Exchange Chamber whose choice is the general meeting and whose term of office ended more than 1 year ago have not been elected;
(e) the number of members of the stock exchange shall be less than 3 for at least 90 days;
(f) the exchange in the 12 months preceding the opening of the administrative procedure for the withdrawal of an authorisation did not organise the exchange transactions referred to in Article 8a (1) (a); or
(g) the exchange has requested the withdrawal of the authorisation.
Administrative offences
(1) A natural person commits an offence by:
(a) in contravention of Paragraph 1 (4), uses the term "commodity exchange" or any other designation derived from or interchangeable from such words, or such a designation which gives the impression that the stock exchange is active; or
(b) carry out the activities of the stock exchange without authorisation under Article 5 (1) or (5).
(2) A natural person, as a person attending a stock exchange meeting, commits an offence by violating an obligation under Paragraph 20 (3).
(3) A natural person, as an exchange agent, commits an offence by concluding a stock exchange transaction in breach of Article 21 (3).
(4) A natural person, as a person authorised to trade in stock exchanges, commits an offence by violating one of the obligations under Paragraph 24 (1).
(5) A natural person, as a person referred to in Article 25 (3), commits an offence by violating one of the obligations under Article 25 (3).
(6) A natural person, as a member of the Exchange or Exchange Chamber or as an employee of the Exchange, commits an offence by violating the obligation under Paragraph 25 (4).
(7) A natural person commits an offence as an exchange agent by:
(a) pursue another gainful activity contrary to Article 29 (3) or (4); or
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Regulation Information
| Citation | Act No. 247 / 2011 Coll., amending Act No. 229 / 1992 Coll., on Commodity Exchange, as amended, and Act No. 222 / 2009 Coll., on the Free Movement of Services |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.08.2011 |
|---|---|
| Effective from | 01.11.2011 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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