Act No 251 / 2000 Coll.
Act amending Act No. 214 / 1992 Coll., on Stock Exchange, as amended
Valid
Law
Effective from 01.01.2001
Text versions:
01.01.2001
09.08.2000
251
THE LAW
of 7 July 2000
amending Act No 214 / 1992 Coll., on the Stock Exchange, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 214 / 1992 Coll., on the Stock Exchange, as amended by Act No. 216 / 1994 Coll., Act No. 61 / 1996 Coll., Act No. 152 / 1996 Coll., Act No. 15 / 1998 Coll. and Act No. 70 / 2000 Coll., is amended as follows:
1. in Paragraph 1 (1), including footnote 1):
"(1) The stock exchange (hereinafter referred to as" stock exchange ") is a legal person authorised to organise, at a designated location and at a specified time, through authorised persons, the demand and supply of registered securities, investment instruments which are not securities or other capital market instruments, (1) to the extent that this results from the authorisation provided for in Article 2.
1) Section 8b of Act No. 591 / 1992 Coll., on Securities, as amended. '
footnote (1) shall be renumbered footnote (1a), including the footnote references.
2. Paragraph 1 (2) reads as follows:
"(2) The provisions of this Act relating to securities shall apply mutatis mutandis to those fungible investment instruments which are not securities or, where appropriate, other capital market instruments covered by the authorisation referred to in paragraph 1, unless otherwise provided for in that law. ';
3. In Article 1, the following paragraph 3 is inserted after paragraph 2:
"(3) The provisions of this Law relating to security courses shall apply mutatis mutandis to the prices of those fungible investment instruments which are not securities or, where appropriate, other capital market instruments covered by the authorisation referred to in paragraph 1, unless otherwise provided for in that law. ';
Paragraphs 3 to 6 shall be renumbered paragraphs 4 to 7.
4. In Paragraph 1 (4), the following sentence is added: "In its activities, the stock exchange does not exercise public administration except in the case of decisions on the non-admission of a security to trading, the suspension of trading and its exclusion from trading under a special law. '
5. In Article 1 (7), the words "in their trade name or name 'are replaced by the words" in their business name or name'.
6. In Article 2, the present text becomes paragraph 1 and the following paragraphs 2 to 4 are added:
"(2) The authorisation for the establishment of the stock exchange shall specify in respect of which capital market instruments the stock exchange is entitled to organise supply and demand. The Commission may specify in the authorisation the conditions to be met by the exchange before any authorised activity starts or, where appropriate, by carrying out any authorised activity. The Commission may provide for the authorisation of the exchange to provide services in accordance with paragraphs 3 and 4.
(3) Where this is stated in the stock exchange permit, the stock exchange may:
(a) also provide services via another public market, including foreign ones, where the foreign market is located in a Member State of the Organisation for Economic Cooperation and Development (OECD) or where the selection has been approved by the Commission; or
(b) to enable the public market operator referred to in point (a) to provide services through its market.
(4) The Exchange is also entitled to provide information services to the extent specified in the Commission's authorisation. However, such services
(a) may not allow the stock market to trade in securities that have not been admitted to trading in the public market; and
(b) they must be clearly distinguished from services relating to securities admitted to trading on the stock market, with particular reference to the fact that the securities covered by them are not registered securities; and
(c) they may be provided only if their supply is regulated in the Exchange Regulations. ";
7. in Article 3 (1) (a), the word "name" shall be replaced by "company."
8. In Article 3 (1) (c), "capital 'is replaced by" capital'.
9. in Article 3 (1) (d):
"(d) technical, material, organisational and personnel security."
10. in Article 3 (3), "capital" is replaced by "capital."
11. in Article 3 (4) (a), the word "name" shall be replaced by "firm."
12. in the second sentence of Article 4 (1), "priority" is replaced by "priority."
13. in Paragraph 4 (2), the second sentence is deleted and in the last sentence the word "capital" is replaced by the word "capital."
14. in Article 5 (a), the words "stock exchange shareholders" shall be deleted;
15. In Section 6, the words "stock exchange shareholders' are deleted.
16. in Article 6 (1), the words "stock exchange shareholders (" the General Meeting ") shall be deleted;
17. in Article 6, the following paragraph 5 is added:
"(5) The statutes of the Exchange may be entrusted with the approval of the Exchange Regulations and Exchange Rules. '
18. in Paragraph 7 (3):
"(3) The members of the Exchange Chamber shall be elected and dismissed by the General Meeting. ';
19. In the last sentence of Article 7 (6), the words "draft stock exchange rules' shall be replaced by the words" stock exchange rules' or "stock exchange rules'.
20. in Article 8 (1) (b), the words "unless the statutes entrust its approval to the Exchange Chamber" shall be inserted after the words "the Exchange Regulations."
21. in Paragraph 8 (1), the words "unless the statutes entrust the approval of the exchange-room rules" shall be added at the end of point (c).
22. in § 8 (1) (e):
"(e) determine the amount of the entry fee, the remuneration for the services provided by the stock exchange and the remuneration for the brokering of the stock exchange by the stock exchange negotiators, the method of securing and settling the liabilities and risks arising from the stock exchange trade;"
23. in Article 8 (1) (k), the word "published" is replaced by the word "published."
24. in Article 8 (1) (l), the words "on the stock exchange" shall be inserted after the words "papers."
25. in Article 8 (1) (p):
"(p) carry out other activities referred to in Articles 11 (1), 12, 20 (4), 21 (4) and 30 (1);"
26. in Article 9 (2) (b), the words "or the Exchange Chamber" shall be inserted after the words "General Meeting."
27. in Paragraph 10 (3):
"(3) Exchange employees shall not be members of the Supervisory Board and shall not have the right to elect members of the Supervisory Board. ';
footnote 9 is deleted;
28. In the first sentence of Paragraph 11 (3), the word "financial 'is deleted.
29. in Article 12 (3) (b):
"(b) may be a member of the Exchange Chamber and Exchange Committees, unless it is a member thereof, taking part in meetings of the Exchange Chamber and Exchange Committees with an advisory vote;"
30. In Article 12, at the end of paragraph 3, the dot is replaced by a semicolon and the following point (d) is added:
"(d) is entitled to take measures in Article 8 (1) (f) in cases provided for in the exchange rules."
31. in Paragraph 13 (1):
"(1) Exchange trade is the purchase and sale of stock on a stock exchange on which the parties have agreed, by means of an automated trading system, in accordance with the exchange and exchange rules, or which has been concluded outside that automated trading system, but has been incorporated into that system in accordance with the exchange and exchange rules."
32. Paragraph 13 (2) is deleted.
Paragraph 3 shall become paragraph 2.
33. In Paragraph 14 (1), the words "which fulfil the other conditions laid down in the Exchange Regulations and the Exchange Rules" shall be inserted after the words "pursuant to the Special Act (10)."
34. in Article 14 (2), the words "on the stock exchange" shall be inserted after the words "papers."
35. in Article 14 (3), the words "on the stock exchange" and the words "and a natural person who is not fair" shall be inserted after the words "papers";
36. Paragraph 14 (4) is deleted.
Paragraph 5 shall become paragraph 4.
37. in Article 14 (4), the words "on the stock exchange" shall be inserted after the words "papers."
38. in Article 14 (1), footnote 10 shall read:
"10) Act No. 591 / 1992 Coll., on Securities, as amended. Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended. '
39. In Paragraph 14, paragraphs 5 to 8 are added:
"(5) The persons referred to in paragraph 1 who are authorised to trade such instruments under special legislation (10) may purchase and sell non-securities and, where appropriate, other capital market instruments on the stock exchange, and who are persons to whom the Exchange Chamber has, at their request, authorised to buy and sell such instruments on the stock exchange.
(6) The Czech National Bank is also entitled to buy and sell non-securities investment instruments or other stock market instruments on the stock market.
(7) The Exchange Chamber is entitled to lay down additional conditions for the authorisation referred to in paragraph 1 (b) and paragraph 5.
(8) The Exchange Chamber may grant the authorisation provided for in paragraph 1 (b) and paragraph 5 simultaneously. "
40. Sections 15 and 16 are deleted.
41. In Article 17, the words "on the stock exchange 'are inserted after the words" on the stock exchange' and the words "on the stock exchange 'are inserted.
42.In Paragraph 18 (d):
"(d) to proceed to a specified means of securing and settling the liabilities and risks arising from exchange trade;"
43. In Paragraph 19, the present text becomes paragraph 1 and the following paragraph 2 is added:
"(2) The Czech National Bank may enter into over-the-counter transactions in securities admitted to stock exchanges without restriction, including with other participants in stock exchanges, and shall not be obliged to inform the stock exchange of such transactions. Without the permission of the Czech National Bank they are not allowed to inform the stock exchange or the participants of these deals."
44. In the first sentence of Paragraph 20 (1), the words "equal rights' are replaced by the words" equal access to the services provided by the exchange under the conditions laid down in the exchange rules'.
45. in Paragraph 20, paragraph 5, including footnote 11a, is deleted;
46. In Article 21, the words "at the end of paragraph 1, at the request of the issuer, unless otherwise provided for by this law 'shall be added.
47. in Article 21 (2), the words "the Exchange Regulations" shall be replaced by the words, including footnote 11 (a):
11a) Act No. 591 / 1992 Coll. '.
48. Paragraph 21 (3) is deleted.
Paragraphs 4 and 5 shall be renumbered paragraphs 3 and 4.
49. In Article 21 (3), the words "or other 'and the words" or on the securities side market' shall be inserted after the word "principal ';
50. Paragraph 21 (4) reads as follows:
"(4) The terms and conditions for the admission of investment instruments which are not securities or other capital market instruments for stock exchanges shall be laid down in the exchange rules. ';
(51) Sections 22 and 23, including footnote 12, are deleted.
52. The heading of Part Five reads: "DETERMINATION OF CURS, PUBLICATION OF PRICES, INFORMATION AND MANAGEMENT OF BURZONE TRADE."
53.Paragraph 25 (1) reads as follows:
"(1) The security exchange rate for which it is traded on the relevant exchange date shall be calculated by an automated system. Where an automated system is not used on the stock exchange, the exchange rate shall be determined by the exchange agreement. ';
54. In Paragraph 25, the following sentence is added at the end of paragraph 3: "This is without prejudice to the provisions on the obligation to publish weighted averages of prices under the Securities Act '.
55. Paragraph 27 (1), including footnote 12, reads:
"(1) The settlement of individual stock exchanges is carried out by a legal person authorised under a special law, 12) under a contract concluded with the stock exchange.
12) § 70b of Act No. 591 / 1992 Coll., on Securities, as amended. '
56. In Article 27, the following paragraph 3 is added:
"(3) Exchange participants shall be required to comply with the rules for settlement of exchange transactions laid down by a legal person in accordance with paragraph 1. ';
57. In Paragraph 28, the words "on the stock exchange 'shall be added at the end of paragraph 1.
58. Paragraph 30 (3) becomes paragraph 2.
59.In Paragraph 31 (2) (c):
"(c) impose a fine of up to CZK 1000 000."
60. in Paragraph 31 (2) (d), the words "on the stock exchange" shall be inserted after the words "papers."
61. in Paragraph 31 (3), the words "Penalties referred to in paragraph 2 may be imposed within one month" shall be replaced by the words "Procedure for the imposition of penalties referred to in paragraph 2 may be initiated within two months" and the words "six" shall be replaced by the words "6."
62. In Article 31 (5), the words "paragraph 5 'are replaced by the words" fines referred to in paragraph 4'.
63. In Article 31, paragraphs 6 and 7 are added:
"(6) The Exchange House shall be entitled to impose the penalty referred to in paragraph 2 (d) also in relation to non-securities investment instruments and, where appropriate, other capital market instruments.
(7) The decision of the Exchange Chamber to impose a penalty referred to in paragraphs 2 and 6 shall be taken in administrative proceedings. The Commission shall decide on an appeal against this Decision. '.
64. In Paragraph 32 (3), the word "President 'is deleted.
65. In Paragraph 32, at the end of paragraph 4, the dot is replaced by a semicolon and the following point (g) is added:
"(g) require the exchange authorities to provide information on stock exchanges concluded by authorised persons.";
66. In Paragraph 32, the following paragraph 5 is inserted after paragraph 4:
"(5) The suspected breach of this law and the Securities Act by the members of the stock exchange shall be notified to the Stock Exchange Commissioner without undue delay after he has heard of it. '
Paragraph 5 shall become paragraph 6.
67.In Section 32, the following paragraph 7 is added:
"(7) The provisions of the Securities Act (12a) and the Securities Commission Act (12a) shall apply in the exercise of national supervision unless otherwise provided for in this Act.
12a) § 82 et seq. of Act No. 591 / 1992 Coll., on Securities, as amended. '
68. In the first sentence of Paragraph 33 (1), the words "the President of the Commission is authorised 'are replaced by the words" the Commission is authorised'.
69. Paragraph 33 (3) is deleted.
Paragraph 4 shall become paragraph 3.
70. In Paragraph 33 (3), the first sentence is replaced by the following sentence: "The Exchange Chamber may appeal to the High Court against the Commission's decision under paragraph 1. '
footnote 14 is deleted.
Transitional provision
In the proceedings for the imposition of a penalty pursuant to Article 31 of Act No 214 / 1992 Coll., on the Stock Exchange, as amended, initiated before the date of entry into force of this Act, penalties may be imposed only according to the existing legislation.
Efficacy
This Law shall take effect on 1 January 2001.
Klaus v. r.
Havel v. r.
Zeman v. r.
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Regulation Information
| Citation | Act No. 251 / 2000 Coll., amending Act No. 214 / 1992 Coll., on the Stock Exchange, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 09.08.2000 |
|---|---|
| Effective from | 01.01.2001 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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