What is Act No. 256 / 2004 Coll.?

Act No. 256 / 2004 Coll., on Capital Market Business — Capital market business law.

When it became Act No. 256 / 2004 Coll. effectiveness?

Act No. 256 / 2004 Coll. became effective 01.05.2004.

Is Act No. 256 / 2004 Coll. still valid?

Yes, Act No. 256 / 2004 Coll. is still valid and effective.

How many times was it Act No. 256 / 2004 Coll. amended?

Act No. 256 / 2004 Coll. has 62 time versions of the text.

Act No. 256 / 2004 Coll.

Capital market business law

Valid Law Effective from 01.05.2004

Text versions: 10.01.2030 10.01.2028 10.07.2026 11.01.2026 29.09.2025 All versions (61)

ČÁST PRVNÍ § 1 § 2 § 2a § 2b § 2c § 2d ČÁST DRUHÁ HLAVA I § 3 § 4 § 4a § 4b HLAVA II Díl 1 § 5 § 5a § 6 § 6a § 6aa § 6ab § 6b § 6c § 6d § 6e § 7 § 7b Díl 2 Oddíl 1 § 8a Oddíl 2 § 9a Oddíl 3 § 10 § 10a § 10aa § 10ab § 10ac § 10ad Oddíl 4 § 10b § 10c § 10d § 10e § 11 Díl 3 Oddíl 1 § 11a Oddíl 2 § 12 § 12a § 12aa § 12ab § 12ac § 12ad § 12ae § 12ba § 12bb § 12c § 12d § 12e § 12f § 12g § 12h § 12i § 12j § 12k § 12l § 12m Oddíl 3 § 13 Oddíl 4 § 14 § 14a § 14b § 14c § 14d § 14e § 14f § 14g § 14h Oddíl 5 § 15 § 15a § 15b § 15c § 15ca § 15d § 15da § 15e § 15f § 15g § 15h § 15i § 15j § 15k § 15l § 15m § 15n § 15o § 15p § 15r Oddíl 6 § 16 Oddíl 7 § 16a § 16b Oddíl 8 § 17 Oddíl 9 § 17a § 17b Oddíl 10 § 17c § 17d § 17e § 17f § 17g § 17h § 17i § 17j Díl 4 § 18 § 19 § 20 HLAVA III Díl 1 § 21 § 22 § 22a § 23 Díl 2 § 24 § 25 § 25a § 26 HLAVA IV § 28 § 28a § 28b HLAVA V § 29 § 30 § 30a § 30b § 30c § 31 § 32 HLAVA VI § 32a § 32b § 32c § 32d § 32e § 32f § 32g § 32h § 32i § 32j § 32k ČÁST TŘETÍ § 33 ČÁST ČTVRTÁ § 34 § 35 ČÁST PÁTÁ HLAVA I § 37 § 38 § 39 § 40 § 41 § 42 § 43 § 44 § 45 § 46 § 47 § 48 § 48a § 49 § 50 § 50a § 50b § 50c § 50d § 50e § 50f § 50g § 51 § 52 § 53 § 54 HLAVA II Díl 1 § 55 § 56 § 58 § 59 § 60 § 61 § 62 § 63 Díl 2 § 64 § 65 § 65a § 66 HLAVA III § 69 § 70 § 71 § 72 § 73 § 73a HLAVA IV § 73b § 73c HLAVA V Díl 1 § 73d § 73e § 73f Díl 2 § 73g § 73h § 73i HLAVA VI § 73k § 73m ČÁST ŠESTÁ § 78 ČÁST SEDMÁ HLAVA I § 82 § 83 § 84 HLAVA II § 85 § 86 § 87 § 88 § 89 HLAVA III § 90 § 90a § 90b HLAVA IV § 90c § 90d § 90e HLAVA V § 90f § 90g ČÁST OSMÁ § 90h § 90i § 90j § 90k ČÁST DEVÁTÁ HLAVA I Díl 1 § 91 Díl 2 § 92 § 93 § 93a Díl 3 § 94 § 94a § 95 § 95a § 96 § 97 § 98 § 99 § 99a HLAVA II § 100 HLAVA III § 115 ČÁST DESÁTÁ § 115a § 115b § 115c § 115d § 115e § 115f § 115g § 115h ČÁST JEDENÁCTÁ HLAVA I § 116 § 117 HLAVA II § 117a § 118 § 119 § 119a § 119b § 119c § 120 § 120a § 120b § 120c § 121 § 121a § 121b HLAVA III § 121c § 121d § 121e § 121f § 121g § 121h § 121i HLAVA IV § 121j § 121k § 121l § 121m § 121n § 121o § 121p § 121q § 121s § 121t § 121u § 121v HLAVA V § 122 § 122a § 122b § 122c § 123 HLAVA VI § 124 HLAVA VII § 127 § 127a § 127b § 127c § 127d HLAVA VIII § 127e § 127f § 127g § 127h § 127i § 127j § 127k § 127l § 127m § 127n HLAVA IX § 128 § 129 § 129a § 129b § 130 § 131 § 132 § 132a § 133 § 133a § 134 HLAVA X § 134a § 134b § 134c § 134d HLAVA XI § 134e § 134f ČÁST DVANÁCTÁ § 134g § 134h § 134i § 134j § 134k ČÁST TŘINÁCTÁ HLAVA I Díl 1 § 135 § 135a § 135b § 135c § 135e Díl 2 § 136 § 136a § 136b § 137 § 137a § 137b § 137c § 138 § 139 § 140 § 141 § 142 § 143 § 144 § 145 Díl 3 § 146 § 147 § 148 § 149a § 149b § 149e § 149f Díl 4 § 149g § 149ga § 149gb § 149h § 149i § 149j § 149k § 149l Díl 5 § 149m HLAVA II § 150 § 151 § 152 § 153 § 154 § 155 § 155a § 155b § 155c HLAVA III Díl 1 § 157 § 158 § 158a § 158b Díl 2 § 159 § 159a § 160 § 161 § 161a § 161b § 161c Díl 3 § 162 § 163 § 163a § 163b § 164 § 165 § 166 § 167 § 168 § 169 § 170 § 171 § 172 § 173 § 173a § 173b Díl 4 § 174 § 175 § 176 § 177 § 178 § 179 § 180 § 181 § 182 § 183 § 184 § 185 Díl 5 § 192 ČÁST ČTRNÁCTÁ § 192a § 192b ČÁST PATNÁCTÁ § 193 ČÁST ŠESTNÁCTÁ § 194 § 194a § 195 § 195a § 195b § 196 § 197 § 198 § 198a § 198b § 199 § 200 § 201 § 202 § 202a § 202b § 203 § 204 § 204a § 204b § 204d § 205 § 206

Zobrazeno prvních 200 z celkem 4502 ustanovení tohoto předpisu. Zobrazit celý předpis →

Pro stažení celého znění použijte tlačítko Stáhnout výše.

256

THE LAW

of 14 April 2004

on capital market business

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

BASIC PROVISIONS

§ 1

Subject matter

(1) This law implements the relevant European Union1), building on the directly applicable European Union2) and governing the provision of capital market services and the protection of capital markets and investors.

(2) This law also implements the relevant European Union provisions governing final offsetting (24) and regulates the legal regime for final offsetting.

(3) This Act further regulates the jurisdiction of the Czech National Bank and the Ministry of Finance (hereinafter referred to as "the Ministry ') and the offences following

(a) directly applicable European Union law governing credit rating agencies (49);

(b) directly applicable European Union regulation governing short selling and certain aspects of credit default swaps (42);

(d) the directly applicable European Union law governing improving securities settlement in the European Union and the CSDs 51),

(e) directly applicable European Union regulation governing market abuse (52),

(f) a directly applicable European Union regulation governing the transparency of financing and reuse transactions (61);

(g) directly applicable European Union regulation governing markets in financial instruments (53);

(h) the directly applicable European Union law governing the key information document on structured retail investment products and insurance-based investment products 60),

(i) a directly applicable European Union regulation governing indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds62);

(j) a directly applicable European Union regulation governing the general framework for securitisation and establishing a specific framework for simple, transparent and standardised securitisations (63);

(k) the directly applicable European Union regulation governing the prospectus to be published when securities are offered or admitted to trading on a regulated market66),

(l) directly applicable European Union regulation governing prudential requirements for investment firms 72),

(m) a directly applicable European Union regulation governing the publication of information relating to sustainability in the financial services sector (73) in relation to securities dealers;

(n) a directly applicable European Union regulation governing the establishment of a framework to facilitate sustainable investment74) in relation to securities dealers;

(o) directly applicable European Union legislation governing European group finance service providers for enterprises 75),

(p) a directly applicable European Union regulation governing the framework for recovery and resolution of central counterparties (76),

(q) a directly applicable European Union regulation governing the pilot regime for market infrastructures based on the technology distributed by the registra109).

§ 2

Definition of certain terms

(1) In this Act:

(a) the customer is the person to whom the investment service is provided;

(b) an investment instrument referred to in Article 3 (1) (d) to (k) and an investment security referred to in Article 3 (2) (e),

1. constitutes the ownership of securities by an issuer which is not established in a Member State of the European Union; and

2. may be admitted to trading on a European regulated market and traded independently of the issuer's securities referred to in point 1;

(d) the implementation of the negotiating instructions leading to the conclusion of a contract for the purchase or sale of an investment instrument on behalf of a customer, including the conclusion of a contract for the purchase of an investment instrument issued by a securities dealer, a bank, a savings or credit cooperative or a similar foreign person established in a Member State of the European Union on behalf of a client at the time of issue;

(e) trading for its own trading account using its own assets to close the transaction;

(f) investment advice to provide an individualised recommendation to the client regarding the transaction in a particular investment instrument, whether provided at the initiative of the client or potential client,

(g) the commodity derivative of the investment instrument referred to in points (g) to (k) of Article 3 (1) and the investment security referred to in point (e) of Article 3 (2), the value of which relates to the commodity or to one of the indicators referred to in points (j) and (k) of Article 3 (1);

(h) details of the person

1. in the case of a legal person, and in the case of an operating natural person, the name, registered office and identification number of the person, if assigned;

2. in the case of a natural person who is not an entrepreneur, the name, date of birth or, if assigned, the birth number and residence,

(i) the initial capital of the capital required for the purposes of authorisation to operate the securities dealer;

(j) a qualifying holding, directly or indirectly, in the capital or voting rights of a legal person, or the sum thereof, representing at least 10% pursuant to Articles 10b (1) and (2), 122 (1), 122 (2) (a) to (g), 122a (1) and (2) and 122c (1) (b) and (c), or allowing significant influence on its management;

(k) close interconnection of close links as referred to in Article 4 (1) (38) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(l) managing authority [paragraph 3 (p)] and control authority [paragraph 3 (q)],

(m) a worker who is with another person in a basic employment relationship, a person who is a procurer of another person, a person who is a member of an authority of another legal person and who is elected, appointed or otherwise called to office, or a person who is a member of a committee of another legal person; where a legal person who is elected, appointed or otherwise called to office is a member of an institution of a legal person, the worker shall be understood to be a natural person who is designated by that legal person to carry out that activity;

(n) a senior management person who ensures the day-to-day management of the activities of a legal person and is directly subordinate in the performance of that function to the management body of that legal person or its member, even if such a function is held by a member of the management body of that legal person,

(o) the property of the client is the funds and investment vehicles belonging to the client which the securities dealer has in his power to provide the investment service to that client; the assets of the customer are not deposits under the law governing the activities of the banks on which the securities dealer is a bank,

(p) by a composite product, a set of services or products which can be at least partially negotiated separately, offered together;

(q) a permanent data medium of the instrument or other information medium which allows the customer to preserve the information intended for him personally so that it can be used for a reasonable period of time for the purpose of this information and which allows the reproduction of that information in unchanged form;

(r) a structured deposit under a law governing the activities of banks which is due in full at the time of maturity (fixed-term deposit) and whose yield is determined by a formula including, for example, an index, an investment instrument, an exchange rate, a commodity or any other item in the legal sense (hereinafter referred to as the case) other than a commodity, or a combination thereof; a structured deposit is not a deposit with a variable interest rate, the yield of which is linked directly to the interest rate index,

(s) algorithmic trading in an investment instrument where the computer algorithm automatically, with or without limited human intervention, determines the different parameters of the order, such as the assignment, timing, price or volume of the order or the way in which the order is handled after its submission; However, algorithmic trading is not simply routing orders to one or more trading venues, processing orders without establishing any parameters of trading, confirmation of orders or processing executed transactions,

(t) algorithmic trading with high frequency algorithmic trading where:

1. automatically starts the process of creating, routing or execution without human intervention, for individual transactions or orders;

2. entering or cancelling a high number of orders or quotes during the business day; and

3. uses infrastructure to minimise network and other types of delays, which includes at least location with other similar facilities in the immediate vicinity of the trading venue, location near the trading venue, or high-speed direct electronic access;

(u) direct electronic access to the measure by which a trading venue participant allows another person to use its trading identification data for the electronic transmission of orders relating to an investment instrument directly to that trading venue, including:

1. direct access which means measures which use the infrastructure or the system of connection of that participant to the transmission of instructions; and

2. a sponsored approach which means measures which do not involve the use of the infrastructure or the connection system of that participant for the transmission of instructions;

(v) a European securities dealer or a similar foreign person authorised by the supervisory authority of another Member State of the European Union to provide at least one main investment service;

(w) by pairing orders on its own trading account in a way where an additional person is incorporated between the seller and the buyer in the transaction in question;

1. that person is not exposed to market risk in the context of trade with both the seller and the buyer;

2. both the seller and the buyer are traded simultaneously; and

3. Trade in both the seller and the buyer is concluded at a price in which the person does not suffer loss or profit, except for a pre-announced remuneration,

(x) structured financial product structured financial product as referred to in Article 2 (1) (28) of Regulation (EU) No 600 / 2014 of the European Parliament and of the Council;

(y) by intermediation of transactions in investment vehicles, an activity carried out in an entrepreneurial manner consisting of:

1. offering the possibility to negotiate a transaction in investment vehicles or provide an investment service on behalf of an investment service provider or on behalf of a client;

2. the submission of proposals to negotiate trade in investment vehicles or the provision of investment services on behalf of an investment service provider or on behalf of a client;

3. carrying out preparatory work to negotiate trade in investment vehicles or to provide investment services on behalf of an investment service provider or on behalf of a client, including making recommendations leading to the negotiation of such a transaction or service;

4. the negotiation of trade in investment vehicles or the negotiation of the provision of an investment service on behalf of an investment service provider or on behalf of a client; or

5. assist in the exercise of rights and performance of obligations in the negotiation of trade in investment vehicles or in the provision of investment services on behalf of an investment service provider or on behalf of a client; and

(z) an early repayment right clause whereby, in the event of early repayment of a bond, the issuer is obliged to pay the holder of the bond an amount equal to the net present value of the payments of the remaining coupons expected to be due and the principal amount of the bond to be repaid.

(2) In this Act, the following definitions also apply:

(a) by an institutional investor, a domestic insurance undertaking and an insurance undertaking from a third State authorised to carry out life insurance under the law governing insurance, a domestic reinsurance undertaking and a third State reinsurance undertaking authorised to carry out life insurance under the law governing insurance and occupational pension insurance institutions with their head office in the Czech Republic under the law governing the activity of occupational pension institutions;

(b) by the asset manager

1. securities dealer,

2. foreign person providing main and additional investment services in the Czech Republic through a branch of a business establishment (hereinafter referred to as "branch") on the basis of an authorisation pursuant to § 28a (1);

3. the manager of investment funds and foreign investment funds authorised to exceed the applicable limit;

4. the manager of investment funds and foreign investment funds authorised to manage standard funds or comparable foreign investment funds;

5. foreign person authorised under Section 481 of the Investment Companies and Investment Funds Act,

(c) a voting adviser to a legal person having its registered office or head office in the Czech Republic or a legal person having its registered office in a State which is not a Member State of the European Union, engaged in business through a branch in the Czech Republic, which provides advice and advice to an investor for voting at a general meeting of an issuer having its head office in a Member State of the European Union whose shares or similar securities representing a share in a legal person are admitted to trading on a European regulated market;

(d) the related party referred to in point 9 of International Accounting Standard IAS 24 - Disclosure of related parties annexed to Commission Regulation (EC) No 1126 / 200865),

(e) the market for investment vehicles, the multilateral system referred to in Article 2 (1) (11) of Regulation (EU) No 600 / 201453 of the European Parliament and of the Council.

(3) In this law,

(a) a financial institution of a financial institution as referred to in Article 4 (1) (14) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council);

(b) investment holding company investment holding company as referred to in Article 4 (1) (23) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(c) the group of securities dealers, the group of investment firms referred to in Article 4 (1) (25) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council),

(d) the mixed financial holding person, the mixed financial holding person referred to in Article 4 (1) (40) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(e) the EU parent investment firm referred to in Article 4 (1) (56) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(f) the European investment holding person of the Union parent investment holding company referred to in Article 4 (1) (57) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(g) a European mixed financial holding company parent mixed financial holding company in the Union as referred to in Article 4 (1) (58) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(h) compliance with the group capital test with the requirements of Article 8 of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council) by the controlling party in the group of securities dealers;

(i) the group supervisor, the supervisory authority responsible for supervising compliance with the group capital test by European controlling investment firms and European securities dealers controlled by European investment holding persons or European mixed financial holding persons;

(j) a mixed holding person controlling a person who is not a financial holding person, an investment holding person, a credit institution as referred to in Article 4 (1) (1) of Regulation (EU) No 575 / 201377 of the European Parliament and of the Council), a European securities dealer or a mixed financial holding person, and whose controlled persons include at least one European securities dealer;

(k) the controlling person of the parent undertaking referred to in Article 4 (1) (42) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(l) a controlled person subsidiary, as referred to in Article 4 (1) (51) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council),

(m) the control group and all persons controlled by it;

(n) the control referred to in Article 4 (1) (37) of Regulation (EU) No 575 / 201377),

(o) systemic risk risk risk of disruption of the continuity of the financial system with possible serious negative effects on the financial system and the real economy;

(p) a statutory body of a legal person and, where appropriate, another body of a legal person whose members are elected, appointed or otherwise called upon to determine the strategy, objectives and overall direction of that legal person, or any other person who actually directs the activities of that legal person, even if they are not members of that body,

(q) by the supervisory authority, the body of the legal person whose members are elected, appointed or otherwise called upon to supervise and monitor the decision-making processes at management level,

(r) Common Equity Tier 1 capital of Common Equity Tier 1 referred to in Chapter 2 of Title I of Part Two of Regulation (EU) No 575 / 201377),

(s) Additional Tier 1 capital Additional Tier 1 capital under Chapter 3 of Title I of Part Two of Regulation (EU) No 575 / 201377),

(t) Tier 2 capital of Tier 2 capital under Chapter 4 of Title I of Part Two of Regulation (EU) No 575 / 201377),

(u) a small and unconnected securities dealer who fulfils the conditions laid down in Article 12 (1) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(v) a large or connected securities dealer who does not meet the conditions laid down in Article 12 (1) of Regulation (EU) 2019 / 203372 of the European Parliament and of the Council;

(w) by a systemically significant trader who has been authorised to operate a systemically significant trader;

(x) by a foreign systemically important trader, a credit institution as referred to in Article 4 (1) (1) (b) of Regulation (EU) No 575 / 201377 of the European Parliament and of the Council) based in a State other than the Czech Republic.

(4) The trading system is:

(a) the European regulated market;

(b) a multilateral trading system; and

(5) The transfer point is:

(a) the trading venue;

(b) systematic internaliser,

(d) a person or market in investment vehicles established in a State which is not a Member State of the European Union, with a similar activity to that of any of the persons or markets referred to in points (a) to (c).

(6) A market maker is a person who is permanently active on financial markets as a person willing to trade on his own account by buying and selling investment vehicles using his own assets and at the prices set for him.

(7) The terms referred to in points (f), (q), (s), (t) and (u) of paragraph 1 also cover Articles 3, 9, 18, 19 and 20 of Commission Delegated Regulation (EU) 2017 / 56578.

§ 2a

Professional customer

(1) Professional customer is understood in this Act as

(a) the bank;

(b) savings and credit cooperatives;

(d) the insurance undertaking;

(e) the reinsurance undertaking;

(f) an investment company;

(g) the investment fund;

(h) a pension company;

(i) another person who carries on business on the financial market on the basis of an authorisation granted by a financial supervisory authority, with the exception of:

1. the tied agent under this law,

2. the tied agent and consumer credit intermediary in accordance with the law governing consumer credit,

3. a tied agent under the Act governing supplementary pension savings; and

4. the tied agent and supplementary insurance intermediary under the law governing the distribution of insurance and reinsurance,

(j) the person performing the securitisation as a decisive activity;

(k) a person who trades on his own account in investment vehicles for the purpose of hedging from transactions in investment vehicles referred to in § 3 (1) (d) to (k) and that activity is among its decisive activities;

(l) a person who trades on his own account in the investment vehicles referred to in Article 3 (1) (g) to (i) or commodities and who is one of its decisive activities;

(m) a legal person responsible for the management of the State's assets in order to ensure the purchase, sale or management of its claims or other assets, or in the restructuring of commercial companies or other legal entities having the State's shareholding;

(n) a foreign person with similar activities as one of the persons referred to in points (a) to (m);

(o) the State or Member State of the Federation;

(p) the Czech National Bank, the Foreign Central Bank or the European Central Bank; and

(q) The World Bank, the International Monetary Fund, the European Investment Bank or other international financial institutions.

(2) The professional customer is further understood in this Act as

(a) a legal entity set up for business purposes which, according to the last financial statements, meets at least 2 of the 3 criteria which are:

1. total assets corresponding to at least EUR 20 000 000;

2. an annual total of net turnover of at least EUR 40 000 000;

3. equity equivalent to at least EUR 2 000 000;

(b) a foreign person established for the purposes of business which fulfils the conditions laid down in (a).

(3) A customer referred to in paragraph 1 or 2 shall be considered not to be a professional client within the scope of the investment instrument or investment services transactions agreed with the securities dealer. In the event that this agreement has not been concluded in writing, the securities dealer shall, at his request, issue a certificate of the facts referred to in the first sentence.

§ 2b

Professional customer upon request

(1) A professional customer is also a person in this law,

(a) which requests a securities dealer to treat it as a professional customer and which agrees with the request; and

(b) which meets at least 2 of the following 3 criteria:

1. for each of the last 4 consecutive quarters in the relevant financial market, conduct transactions in the investment instrument to which the application relates in significant volumes and in an average of at least 10 transactions per quarter;

2. the amount of its assets constituted by funds and investment instruments shall be at least EUR 500 000;

3. carry out, for at least one year, or carry out activities in the field of the financial market which require knowledge of the transactions or services to which the application relates in connection with the performance of his or her employment, profession or function.

(2) The request referred to in paragraph 1 (a) must be in writing and make it clear which transaction or transaction in an investment instrument or what investment service it relates to. The application shall be accompanied by a written declaration by the applicant that he is aware that:

(a) this change may result in a loss of entitlement to compensation from a foreign guarantee scheme for the purposes of a similar system secured by the Guarantee Fund of securities dealers;

(b) the obligations set out in paragraphs 15 to 15r in relation to a professional customer are carried out by a securities dealer on a more narrow scale than by a non-professional customer; such information shall be explicitly notified by the securities dealer to the applicant.

(3) The securities dealer may grant the consent referred to in paragraph 1 (a) if he is satisfied that the applicant meets the criteria referred to in paragraph 1 (b) and has the necessary experience and expertise with respect to the transaction or transaction of the investment instrument or the investment services to which the application relates, is able to make his own investment decisions and understands the related risks.

(4) The professional customer referred to in paragraph 1 shall be considered not to be a professional customer if the securities dealer so requests. The request shall make it clear which transaction or transaction in an investment instrument or which investment services it relates to. This request will be accepted by the securities dealer.

(5) The securities dealer shall continuously verify and regularly assess whether the professional client referred to in paragraph 1 has ceased to comply with the conditions set out in paragraph 3.

§ 2c

Professional knowledge, experience and financial background of a professional customer

(1) For the purposes of requiring information by a securities dealer from a customer when providing an investment service (§ 15h to 15k), a professional client referred to in § 2a shall be considered to have the expertise and experience in the field of investment to make its own investment decisions and assess the risks it incurs in connection with an investment service or business with an investment instrument for which it is a professional client.

(2) For the purposes of providing investment advice, the professional customer referred to in Article 2a (1) and (2) shall be considered to have the financial background to undertake related investment risks corresponding to its investment objectives.

§ 2d

Eligible counterparty

(1) A securities dealer shall not be obliged to fulfil the obligations laid down in paragraphs 15 to 15 in respect of the professional client referred to in paragraph 2a (1) when providing the main investment services referred to in paragraph 4 (2) (a), (b) or (c). A professional client in respect of which a securities dealer is not obliged to comply with the obligations set out in paragraphs 15 to 15r in respect of the provision of the main investment services referred to in paragraph 4 (2) (a), (b) or (c) of Article 4 (2) of the European Union in respect of which, under the law of that Member State, a foreign person authorised by that Member State to provide investment services is not required to fulfil obligations similar to those laid down in paragraphs 15 to 15r without his request when providing the main investment services referred to in paragraph 4 (2) (a), (b) or (c). The consent shall make it clear which transaction or transaction in an investment instrument or which investment service it relates to.

(2) A securities dealer shall not be obliged to fulfil the obligations laid down in paragraphs 15 to 15r in the provision of the main investment services referred to in Article 4 (2) (a), (b) or (c) in relation to a professional client referred to in paragraphs 2a (2) and 2b (1) where such a professional client so requests in writing. The request shall make it clear which transaction or transaction in an investment instrument or what investment service it relates to.

(3) When providing the main investment services referred to in Article 4 (2) (a), (b) or (c), a securities dealer shall comply with the obligations set out in paragraphs 15 to 15r in relation to a professional client in respect of which he does not comply within the meaning of paragraph 1 or 2, provided that that customer requests the securities dealer in writing. Such a request shall make it clear which transaction or transaction in an investment instrument or which investment service it relates to.

(4) When providing the main investment services referred to in Article 4 (2) (a), (b) or (c), a securities dealer is required to act in relation to a professional client against whom he does not fulfil the obligations laid down in paragraphs 1 or 2 (hereinafter referred to as "eligible counterparty"), in a qualified, fair and fair manner and may not use unclear, false, misleading or misleading information in communication with him; simultaneously complies with the requirements of § 15da.

(5) Further details for the purposes of paragraphs 1 to 4 shall be laid down in Articles 61 and 71 of Commission Delegated Regulation (EU) 2017 / 56578.

ČÁST DRUHÁ

INVESTMENT INSTRUMENTS AND INVESTMENTS

HLAVA I

BASIC PROVISIONS

§ 3

Investment instruments

(1) Investment instruments are:

(a) investment securities;

(b) collective investment securities;

(d) options, futures, swaps, forwards and other instruments the value of which relates to the rate or value of securities, foreign exchange rates, interest rate or interest rate income, greenhouse gas emission allowances, as well as other derivatives, financial indices or financial quantitatively expressed indicators, showing a right to settlement in cash or the right to delivery of the item to which they relate;

(e) instruments enabling the transfer of credit risk;

(f) financial differences,

(g) options, futures, swaps, forwards and other instruments the value of which relates to commodities and which imply the right to settle in cash or the right of at least one party to choose whether it wishes to settle in money, not about settlement in money because of the default of one of the parties to the derivative or because of any other early termination of the derivative;

(h) options, futures, swaps, forwards and other instruments whose value relates to commodities and which give rise to the right to supply such commodities and which are traded on a European regulated market or multilateral trading venue, where applicable, on an organised trading venue, with the exception of wholesale energy products as referred to in Article 2 (4) of Regulation (EU) No 1227 / 2011 of the European Parliament and of the Council on the integrity and transparency of the wholesale energy market traded on an organised trading venue, resulting in an obligation to supply such commodities;

(i) options, futures, swaps, forwards and other instruments the value of which relates to commodities and which give rise to the right to supply such commodities other than those referred to in (h) are not intended for commercial purposes and have the characteristics of other derivative investment instruments;

(j) options, futures, swaps, forwards and other instruments the value of which relates to climate indicators, transport tariffs or inflation rates and other economic indicators published on the official statistics section, indicating the right to settle in cash or the right of at least one party to choose whether it wishes to settle in money, not least about settlement in money because of the failure of one of the parties to the derivative or of any other reason for early termination of the derivative;

(k) instruments the value of which relates to items, rights, debt, indices or quantified indicators which are not referred to in points (a) to (j) and have the characteristics of other derivative investment instruments; in particular those traded on a European regulated market or on a multilateral trading venue or an organised trading venue; and

(l) greenhouse gas emission allowances.

Zobrazit všechna ustanovení (4502)

Comments 0

To write comments, please sign in.

Regulation Information

Citation	Act No. 256 / 2004 Coll., on Capital Market Business
Regulation Type	Law
Author	-
Collection	Code of Laws

Date of Promulgation	30.04.2004
Effective from	01.05.2004
Effective until	-
Status	Valid

Legal Areas: Banking, Money Securities Finance International law International public law Wages, salaries, wages, compensation Civil law Civil law substantive Commercial law Commercial companies Businessman, Company Labour law Administrative offences Administrative law State (official) control Accounting Constitutional (state) law Water, Water management Fundamental human rights

The regulation text is for informational purposes only.