Act No. 248 / 1992 Coll.
Law on investment companies and investment funds
Valid
Effective from 29.05.1992
Contents
ČÁST PRVNÍ
§ 1
§ 2
§ 3
ČÁST DRUHÁ
§ 4
§ 5
§ 5a
§ 5b
§ 5c
§ 5d
§ 5e
§ 6
§ 7
§ 8
ČÁST TŘETÍ
§ 9
§ 10
§ 11
§ 12
§ 13
§ 14
ČÁST ČTVRTÁ
§ 15
§ 16
ČÁST PÁTÁ
§ 17
§ 17a
§ 18
§ 20
§ 21
§ 22
ČÁST ŠESTÁ
§ 23
§ 24
§ 24a
§ 24b
§ 25
§ 26
§ 26a
§ 27
§ 28
§ 29
§ 29a
ČÁST SEDMÁ
§ 30
§ 31
§ 32
§ 33
§ 33a
§ 33b
ČÁST OSMÁ
§ 34
§ 35
§ 35a
§ 35b
§ 35c
§ 35d
§ 35e
§ 35f
§ 35h
§ 35i
§ 35j
§ 35k
§ 35l
ČÁST OSMÁ A
§ 35m
§ 35n
§ 35o
§ 35p
§ 35q
ČÁST DEVÁTÁ
§ 36
§ 36a
ČÁST DESÁTÁ
§ 37
§ 37a
§ 37b
§ 37c
§ 37d
§ 37e
§ 37f
§ 37g
§ 37h
§ 37i
§ 37j
§ 37k
§ 37l
§ 37m
ČÁST JEDENÁCTÁ
§ 38
§ 39
Zobrazeno prvních 200 z celkem 792 ustanovení tohoto předpisu.
Zobrazit celý předpis →
Pro stažení celého znění použijte tlačítko Stáhnout výše.
248
THE LAW
of 28 April 1992
on investment companies and investment funds
The Federal Assembly of the Czech and Slovak Federal Republic decided on this law:
INTRODUCTORY PROVISIONS
(1) Investment companies and investment funds are trading companies whose business is collective investment carried out on the basis of an authorisation issued by the Securities Commission (hereinafter referred to as the Commission).
(2) The investment company takes the form of a public limited company.
(3) The investment fund takes the form of a public limited company.
(4) The provisions of the Commercial Code shall apply to the investment company and the Investment Fund, (1) unless otherwise provided for in that law.
Collective investment
(1) Collective investment means a business the exclusive object of which is the collection, storage and disposal of funds by this law, as well as the disposal of assets acquired by such disposal for other assets.
(2) Collective investment is also considered to be the management of assets in a mutual fund and the management of assets in an investment or pension fund under an investment or pension fund management contract by investment companies (hereinafter referred to as the "management contract '). Property management means the management and management of property. This activity may be the sole object of the investment company's business.
(1) A business activity other than collective investment may not be carried out by an investment company or an investment fund, unless otherwise provided by this law.
(2) Securities transactions can only be executed by an investment company or investment fund through a broker2) or a securities trader.
(3) Investment companies and investment funds may not issue bonds.
INVESTMENT COMPANY
(1) An investment company may issue only shares denominated in name.
(2) The name of the investment company must bear the designation "investment company."
(3) The designation "investment company" is entitled to use in its commercial name or in the description of its activity only a legal person having its registered office in the Czech Republic who has been authorised under Section 8 of this Act.
(4) The capital of an investment company must be at least CZK 20 million.
(1) By issuing units, an investment company collects funds in a holding fund. The mutual fund is not a legal person.
(2) The assets collected by the investment company in the holding fund (hereinafter referred to as the assets in the holding fund) are the common property of the holders of the shares certificates (§ 11), as well as that of the book-entry securities registered in the account of the holder of the book-entry securities held for the holding fund. The provisions of the Civil Code on co-ownership do not apply (3) to assets in the mutual fund. Any co-owner may exercise its rights against an investment company separately.
(3) Property in the holding fund is entrusted to the investment company for management. The investment firm shall use it for the purchase of securities or deposit it in accounts with banks held for the mutual fund and shall manage it on its behalf on behalf of the holders of the units (hereinafter referred to as the shareholders).
(4) An investment company shall account for the status and movement of assets in each mutual fund separately from its assets and assets in other mutual funds.
Subject matter of investment company business
(1) Depending on the scope of the authorisation granted (Sections 8 (1) and 9 (1)), an investment company is entitled to:
(a) to collect funds in mutual funds and to manage assets in mutual funds in accordance with this Act and the Statute of mutual funds;
(b) to manage the assets of investment funds in accordance with this Act, the statutes of the investment funds managed and the management contracts;
(c) to manage the assets of pension funds in accordance with this Act, the statutes of the pension funds managed and the management contracts;
(d) to buy, sell, borrow and borrow securities for your own account.
(2) An investment company is required to farm assets in mutual funds and assets of investment funds or pension funds (hereinafter referred to as the "asset-management") with professional care (§ 17a) in order to ensure the growth or yield of such assets in accordance with the investment policy guidelines set out in the fund's or management contract and in accordance with this Act.
(3) An investment company is required to give priority to the interests of shareholders, investment funds and pension funds it manages over its own interests and the interests of its members, employees, prosecutors and members of the board of directors and supervisory board.
(4) Save as otherwise provided in this Act, an investment company may not grant or use loans, loans or gifts from the assets it has acquired to secure its own obligations or obligations of third parties. An investment company may not use the assets it is carrying out to cover liabilities which are not directly related to the management of the assets.
(5) An investment company may not grant an advance on the assets of the investment fund, the assets of the mutual fund or the assets of the pension fund for the purchase of securities for that fund.
(6) The liability for damage caused by the breach of property management obligations cannot be waived by the investment company.
Economic contract
(1) The management contract obliges the investment company to manage the assets of the investment fund or the assets of the pension fund, even without its instructions, and the investment fund or pension fund undertakes to pay its remuneration for that activity.
(2) The management contract must include the scope of the services to be provided by the investment firm to the investment fund or pension fund and the amount of the remuneration for the services provided or the way in which it is determined.
(3) The management contract may be concluded only for an indefinite period and may be terminated by either Party. The notice period shall be six months, unless a shorter notice period has been agreed in the contract.
(4) The provision of the preceding paragraph is without prejudice to the possibility of withdrawing from the contract under the Commercial Code. (3b)
(5) Save as otherwise provided in this law, the provisions on the mandate contract shall apply to the management contract if the investment firm acts in the name and on behalf of an investment fund or pension fund or the agency contract if the investment firm acts in its own name on behalf of an investment fund or pension fund. (c)
Business to limit risks
(1) An investment company may, for the mutual fund it manages, enter into hedging transactions, in particular option and futures, to limit risks from the adverse development of securities courses, interest rates or foreign exchange rates in connection with the management of assets in the mutual fund. For securities, a contract of purchase or sale shall be deemed to be a futures trade for the purposes of this Act if the period between the conclusion of the contract and the performance of the obligations under this contract is more than 15 days.
(2) Where the transactions referred to in paragraph 1 can be concluded on the public market, the investment company shall only be obliged to conclude them on the public market.
(3) The provisions of paragraphs 1 and 2 shall apply mutatis mutandis to investment funds.
Securities lending
(1) An investment company may borrow for a maximum period of 30 days securities from the holding fund that it manages.
(2) The securities lending contract (3f) must also include:
(a) the amount of the remuneration for securities lending;
(b) the obligation on the debtor to transfer the proceeds of the securities lent to the current account of the mutual fund with the depositary at the time of maturity;
(c) the obligation on the debtor to allow the investment firm to exercise the rights associated with the securities lent properly and in a timely manner;
(d) the arrangements for securing the debtor's liability.
(3) The provisions of paragraphs 1 and 2 shall apply mutatis mutandis to investment funds.
Loans and loans secured by security transfer
(1) If an investment company accepts a loan or loan to bridge the short-term needs of the mutual fund (Section 14 (3)), it may provide it with a hedge transfer of securities from that fund.
(2) The contract for the granting of a loan or loan secured by a hedge transfer of securities (3g) must contain:
(a) the date on which the loan or loan was granted and the due date or the manner in which the date will be determined;
(b) the amount due;
(c) the interest rate agreed between the Contracting Parties or the rule for its determination;
(d) identification of the type and number of securities transferred;
(e) the obligation of the creditor to transfer the proceeds of the securities transferred to the current account of the mutual fund with the depositary at the time of maturity;
(f) an obligation on the debtor to partially repay the loan or loan or to supply the creditor with additional securities at market prices below the agreed level;
(g) the obligation of the creditor to transfer the securities to the debtor upon payment of the amount due.
(3) The provisions of paragraphs 1 and 2 shall apply mutatis mutandis to investment funds.
An investment company may issue units and create a holding fund only after the full repayment of its capital. If an investment company creates multiple mutual funds, it must distinguish them by an indication.
Investment fund
(1) The Investment Fund collects money by issuing shares.
(2) The Investment Fund uses its assets to purchase or deposit securities, real estate and movable property in a bank account.
(3) The Investment Fund shall manage its own assets or may only entrust the management of its assets to investment companies under the management contract. An investment fund or an investment company that manages it shall not conduct securities transactions held by an investment fund through a property or a staffed person. This prohibition shall not apply to trading through a person performing the functions of depositary under this Act for an investment fund or mutual fund.
(4) If an investment fund manages its own property, the persons acting on its behalf are required to deal with professional care (§ 17a) and in accordance with the IF Statute. Where there is a conflict of interest of the IF with the interests of a person acting on its behalf, that person shall give priority to the interests of the IF.
(5) The Investment Fund may not use its assets to provide an advance on the purchase of securities.
(6) The statutes of companies cannot limit the transferability of investment fund shares. The investment fund may issue shares of only one nominal value and may not issue priority and employee shares.
(7) The trading name of the investment fund shall bear the designation "investment fund '.
(8) The designation "investment fund" is entitled to use in its commercial name or in the description of its activity only a legal person having its registered office in the Czech Republic who has been authorised under § 8.
(9) The Investment Fund may not grant gifts, loans or loans from its assets or use its assets to secure the obligations of third parties, unless otherwise provided for in this Act (§ 5d).
(10) Only loans, loans and securities loans granted for a period not exceeding six months may be accepted by the Investment Fund to cover temporary needs. The aggregate of the loans, loans and securities received shall not exceed 10% of the fund's assets at the date of conclusion of the loan or loan agreement.
Establishment of an investment company and an investment fund
(1) The creation of an investment company or investment fund requires authorisation.
(2) The authorisation is granted at the request of the Commission's founders.
(3) An investment company or investment fund may not be established on the basis of a call for subscription of shares and their initial capital must be paid in full before the application for authorisation referred to in paragraph 1 has been lodged.
(4) In the application for authorisation referred to in paragraph 1, the founder shall indicate:
(a) the business name and registered office of the investment firm or investment fund;
(b) the amount of the capital (§ 4 (4)),
(c) material, personnel and organisational assumptions for the activities of the investment company or investment fund;
(d) the names, residence and signature models of the proposed board members and members of the supervisory board of the investment firm or investment fund, and details of their assets and personnel links (Section 24a);
(e) the name, registered office and identification number of the bank which will carry out the depositary's activities for the investment company or investment fund (Section 30);
(f) other facts required by this law.
(5) The Annex to the application for authorisation referred to in paragraph 1 shall consist of:
(a) instruments proving the establishment of a public limited liability company, including its statutes;
(b) documents or statements of honour of persons referred to in paragraph 4 (d) on education, professional experience, membership of statutory bodies and supervisory boards of other companies and compliance with the conditions laid down in paragraph 29;
(c) extracts from the criminal record of persons referred to in paragraph 4 (d), no more than three months old;
(d) a proposal for the Statute of the Investment Fund;
(e) a proposal for a prospectus of an investment fund share or, in the case of a share not to be a registered security, a proposal for a narrow prospectus of that share to the extent of the part which is not superseded by the Statute, 4)
(f) a contract with a postponement or future contract with a bank that will carry out the depositary's activities (§ 30);
(g) proof of repayment of the capital.
(6) If an investment fund uses the services of an investment company, the application shall be accompanied by a contract with a postponement or a contract with a future investment firm that manages the assets of the investment fund.
(7) When deciding on a request, the Commission shall take into account in particular the origin and amount of the capital of an investment company or investment fund which must enable them to carry out their activities properly. The Commission shall not grant an authorisation if the proposed members of the Board of Directors or the Supervisory Board are not suitable for the credible and transparent activities of the investment firm or the Investment Fund, in particular in terms of unwanted staff or capital links or conflicts of interest, or if they have not the necessary experience and qualifications to perform the function of the Board member or Supervisory Board.
(8) The authorisation referred to in paragraph 1 shall be granted for an indefinite or definite period, as requested by the investment company or investment fund, and may not be transferred to another person.
(9) The prior approval of the Commission shall be a condition for the selectivity or appointment of a new member of the Board of Directors or a member of the Supervisory Board. The documents referred to in points (b) and (c) of paragraph 5 shall form part of the request for consent to the choice or appointment.
(10) The Commission shall not give its consent unless it is satisfied that the person chosen or appointed is suitable for the credible and transparent operation of the investment firm or investment fund, in particular in terms of unwanted staff or property links or conflicts of interest, and that he has the necessary experience and qualifications to perform the functions of board member or supervisory board.
(11) A decision on the application referred to in paragraph 10 shall be taken by the Commission not later than 15 days after the date of its notification.
SHEET FUND
(1) Commission authorisation is required for the issue of units for the purpose of establishing a holding fund.
(2) The application for authorisation referred to in paragraph 1 shall be submitted by an investment company. The application shall contain the name of the holding fund and shall be accompanied by a draft of its Statute (Section 15) and a draft prospectus of the holding sheet to the extent that it is not replaced by the Statute. The draft prospectus does not need to be attached if it is a share sheet of an open holding fund issued as a security that is not registered. If the share sheet of a closed holding fund issued as a security that is not registered is covered by the share sheet, a proposal for a closer prospectus shall be attached.
(3) The authorisation referred to in paragraph 1 shall include a decision approving the holding fund status.
(4) The name of the mutual fund must include the name of the investment company and the type of mutual fund, indicating the words "open mutual fund 'or" closed mutual fund'.
(5) The designation "open holding fund" or "closed holding fund" is authorised only to use an investment company for a mutual fund for which it has been authorised under paragraph 1.
(6) In deciding on the authorisation referred to in paragraph 1, in addition to the assessment of the Statute, account shall also be taken of sufficient protection for unit-holders. Article 8 (6) and (7) shall apply mutatis mutandis to decisions on authorisations.
(1) An investment company may create mutual funds either open or closed.
(2) In the case of an open holding fund, the number of units issued is not limited and the shareholder has the right to purchase his investment company's share certificate, which is obliged to purchase it under the conditions laid down in § 13 (1) and (2) of this Act.
(3) The authorisation for the issue of units of a closed holding fund shall specify the minimum number of units issued necessary to establish the holding fund and shall specify the period during which the units will be issued. Where a fixed minimum number of units has not been issued within a specified period, the closed holding fund shall not be established.
(4) The Commission may authorise the establishment of new closed holding funds only for a fixed period not exceeding 10 years.
Share sheet
(1) The equity instrument is a security with which the shareholder's share of the assets in the holding fund is linked and the right to pay the share of the profit from the holding fund's management of the assets, if provided for in the holding fund's statute, and to the extent and under the conditions laid down in this Statute. The actual value of the share sheet is determined as the share capital in the holding fund (Paragraph 17 (4)) per share sheet.
(2) The share certificate may be issued in the name or on the bearer. The share sheet issued in paper form in the form of a name shall be convertible by means of a rubowriting.
(3) The unit sheet must contain:
(a) the designation of the investment company which issued the participation certificate and the designation of the holding fund;
(b) the nominal value of the unit sheet;
(c) an indication of whether the holding fund is open or closed;
(d) an indication as to whether the unit list is issued in the bearer or in the name and, in the case of the unit list, in the name and name of the shareholder;
(e) the date of issue of the unit sheet.
(4) The units of the same holding fund and the same values base the same rights on all shareholders.
(5) The investment company keeps a separate list of paper units which have not been submitted in the course of the conversion into book-entry units. 4ba) The investment firm shall publish, by the end of each calendar year following the year in which the holder of the paper holding sheet was late in submitting it in accordance with a separate law or within a specified period of time, the paper holding sheet, 4ba) in the Commercial Journal and shall publish in at least one national extension journal a call for surrender or receipt of the paper holding sheet; in the case of a participation note in the name of an investment company, it shall also publish an invitation by sending it to the address of the holders of the participation certificate, at the expense of the holders of the participation certificate. The rights and obligations relating to the conversion of the form of the participation certificate shall not be barred.
(1) The participation certificate is issued by the investment company at its nominal value at the time of the creation of the holding fund within six months of the date of emise4b).
(2) After the period referred to in paragraph 1, the investment company shall issue a unit-holders' certificate at its current value at the date of issue. The difference between the nominal and the current value of the issued unit sheet is an issue premium which increases the equity in the fund or a discount that reduces the equity in the fund. This amount may be increased by the premium referred to in the holding fund rules.
(3) The value of the holding sheet at the date of issue may be increased at the time of issue by the premium referred to in the holding fund statute.
(4) The share certificate may not be paid for by non-cash transactions. The funds obtained by issuing units shall be transferred immediately to the current account of the investment company held for the holding fund.
Redemption of the shares of an open holding fund
(1) The investment company shall purchase the unit list using the assets in the holding fund for the amount determined in accordance with Paragraph 11 (1) on the date on which the right to purchase the unit list is exercised. This amount may be reduced by the deduction provided for in the Statute.
(2) An investment company is required to purchase the share certificate without undue delay but no later than one month after the date of application of the right to buy it.
(3) If the funds in the holding fund are not sufficient to cover the shares purchased, the investment company must sell part of the securities in the holding fund. For the period prior to the sale of securities, but not more than three months, the investment firm may use its own funds to cover the purchased units or accept a short-term loan.
(4) An investment company may, in exceptional cases, suspend the purchase of units for a maximum period of three months where necessary for the protection of the rights or the rights of the interests of shareholders. A written notification of the decision to suspend the purchase of units, stating the date and reasons for the suspension and the period for which the buy-out is suspended, shall be required by the investment company to deliver the Commission without undue delay. At the same time, it must inform the shareholders of the suspension of the buy-out in the manner set out in the Fund's Statute. The investment firm shall inform the Commission within three working days of the date of the suspension of the suspension of the purchase of units.
(5) In the event that the suspension of the purchase of units is contrary to the interests of the shareholders, the Commission shall repeal the decision of the investment company to suspend the purchase of units. An appeal against the decision to revoke the suspension of the buying-in of units shall not have suspensory effect. The investment company shall inform the unit-holders without undue delay of the suspension of the redemption of the units in the manner specified in the fund's Statute.
(6) If the Commission does not consider the measures provided for in paragraph 4 to be sufficient, it may decide to withdraw the authorisation provided for in Paragraph 9 (1) of this Law.
(7) The suspension period for the purchase of units begins on the date of the investment company's decision to suspend the purchase of units. From that date, the investment company may not issue units or redeem units. The prohibition on the purchase of profit participation certificates shall also apply to profit participation certificates which have been requested by the shareholders before its suspension, provided that they have not yet been redeemed, and to units to which the right has been exercised during the suspension period.
(8) If, during the suspension period, the equity in the holding fund is reduced, the investment company is obliged to send the Commission, without undue delay, after it has been established that the reasons for the equity reduction are analysed.
(9) The investment company shall purchase the units at the price determined in accordance with Paragraph 11 (1) on the date on which the shares were repurchased.
(10) The shareholder shall not be entitled to interest on late payments for the period of suspension of the purchase of units, unless the investment company has already been late at the time of suspension or the Commission has annulled the decision of the investment company to suspend the purchase of units as unjustified. Interest on late payments shall be paid by the investment company on its own account.
Management of assets in the mutual fund
(1) When managing assets in a mutual fund, the investment company shall, in its own name and on behalf of the shareholders, exercise the rights and obligations associated with it, in particular:
(a) ensure that the interests of shareholders are protected;
(b) to account separately for each holding fund in the double-entry accounting system; The Ministry shall determine the chart of accounts and accounting procedures, the layout of the financial statements items and the content of those items.
(2) An investment company may not carry out transactions in securities held in a mutual fund through an asset or personnel connected. This prohibition shall not apply to trading through a person performing the functions of depositary under this Act for an investment fund or mutual fund.
(3) An investment company may accept loans and loans, including securities lending, for a maximum period of six months, to meet the temporary needs associated with the management of assets in the mutual fund. The aggregate of loans received and loans, including securities lending, shall not exceed 10% of the value of the assets in the mutual fund at the date of conclusion of the loan or loan agreement.
(4) Property in a holding fund cannot be used by an investment company to cover its liabilities which are not related to the holding fund management activity.
STATUTES OF THE SECOND FUND AND STATUTES OF THE INVESTMENT FUND
(1) Each investment fund and each mutual fund must have its own status (hereinafter referred to as the fund's status). The rules governing the adoption of the Statute shall be laid down by the statutes or by the social contract.
(2) Buyer must be able to become acquainted with the fund's status before the purchase of units or shares. The investment fund's obligation to have statutes remains unaffected.
Content of the Fund Statute
(1) The Statute of the Fund must include in particular:
(a) the focus and objectives of the investment policy of the investment firm in the mutual fund or, where appropriate, in the mutual funds or in the focus and objectives of the investment policy of the investment fund, in particular what assets will be acquired from the funds obtained;
(b) the principles governing the management of the investment fund or the management of the holding fund;
(c) the way in which the proceeds of the assets in the mutual fund or the assets of the investment fund are used, the sale thereof and the procedure for the change in its valuation;
(d) an indication of the public tradeability of the units of the mutual fund or of the shares of the IF, their form and form;
(e) information on the investment company managing the mutual fund or the scope of the services it will perform for the investment fund;
(f) the business name and registered office of the bank which will perform the depositary function for the investment company or investment fund (§ 30);
(g) the manner in which the reports on the management of assets in the mutual fund or the assets of the IF are published and the changes to their status and information on where such reports can be received;
(h) the rules governing the adoption of amendments to the Statute.
(2) In addition to the elements contained in paragraph 1, the Statute of the mutual fund must contain provisions:
(a) whether the holding fund is set up as open or closed;
(b) the amount of remuneration for the management of the holding fund;
(c) the time and place of maturity of the profit or loss of the units, where the share of the income under the Statute is paid to the unit-holders and where the units are issued in book-entry form, as well as the provisions on the relevant date. (c)
(3) Amendments to the Fund's Statute must be approved by the Commission. If the Commission does not approve these amendments, the amendment to the Fund's Statute shall not become effective.
_
Property in the mutual fund and assets of the IF deposited in securities
(1) Property held in a mutual fund and assets held in securities may consist only of:
(a) government bonds and bonds for which the State has taken over the guarantee;
(b) mortgage bonds;
(c) bonds issued by the Czech National Bank and the banks;
Contents
ČÁST PRVNÍ
§ 1
§ 2
§ 3
ČÁST DRUHÁ
§ 4
§ 5
§ 5a
§ 5b
§ 5c
§ 5d
§ 5e
§ 6
§ 7
§ 8
ČÁST TŘETÍ
§ 9
§ 10
§ 11
§ 12
§ 13
§ 14
ČÁST ČTVRTÁ
§ 15
§ 16
ČÁST PÁTÁ
§ 17
§ 17a
§ 18
§ 20
§ 21
§ 22
ČÁST ŠESTÁ
§ 23
§ 24
§ 24a
§ 24b
§ 25
§ 26
§ 26a
§ 27
§ 28
§ 29
§ 29a
ČÁST SEDMÁ
§ 30
§ 31
§ 32
§ 33
§ 33a
§ 33b
ČÁST OSMÁ
§ 34
§ 35
§ 35a
§ 35b
§ 35c
§ 35d
§ 35e
§ 35f
§ 35h
§ 35i
§ 35j
§ 35k
§ 35l
ČÁST OSMÁ A
§ 35m
§ 35n
§ 35o
§ 35p
§ 35q
ČÁST DEVÁTÁ
§ 36
§ 36a
ČÁST DESÁTÁ
§ 37
§ 37a
§ 37b
§ 37c
§ 37d
§ 37e
§ 37f
§ 37g
§ 37h
§ 37i
§ 37j
§ 37k
§ 37l
§ 37m
ČÁST JEDENÁCTÁ
§ 38
§ 39
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.05.1992 |
|---|---|
| Effective from | 29.05.1992 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0