What is Act No. 257 / 2004 Coll.?

Act No. 257 / 2004 Coll., amending certain laws in connection with the adoption of the Capital Market Enterprise Act, the Collective Investment Act and the Bond Act — Act amending certain laws in connection with the adoption of the Capital Market Enterprise Act, the Collective Investment Act and the Bond Act.

When it became Act No. 257 / 2004 Coll. effectiveness?

Act No. 257 / 2004 Coll. became effective 01.05.2004.

Is Act No. 257 / 2004 Coll. still valid?

Yes, Act No. 257 / 2004 Coll. is still valid and effective.

How many times was it Act No. 257 / 2004 Coll. amended?

Act No. 257 / 2004 Coll. has 13 time versions of the text.

Act No. 257 / 2004 Coll.

Act amending certain laws in connection with the adoption of the Capital Market Enterprise Act, the Collective Investment Act and the Bond Act

Valid Effective from 01.05.2004

Text versions: 01.01.2025 18.10.2016 01.01.2014 01.01.2010 01.11.2009 All versions (12)

ČÁST TŘETÍ Čl. IV „§ 8 Čl. V ČÁST ČTVRTÁ Čl. VI Čl. VII ČÁST ŠESTÁ Čl. IX ČÁST DEVÁTÁ Čl. XII ČÁST DESÁTÁ Čl. XIII ČÁST TŘINÁCTÁ Čl. XVI ČÁST ČTRNÁCTÁ Čl. XVII ČÁST PATNÁCTÁ Čl. XVIII ČÁST SEDMNÁCTÁ Čl. XX ČÁST OSMNÁCTÁ Čl. XXI ČÁST DEVATENÁCTÁ Čl. XXII ČÁST DVACÁTÁ Čl. XXIII ČÁST DVACÁTÁ DRUHÁ Čl. XXV ČÁST DVACÁTÁ PÁTÁ Čl. XXVIII ČÁST DVACÁTÁ ŠESTÁ Čl. XXIX ČÁST DVACÁTÁ SEDMÁ Čl. XXX ČÁST DVACÁTÁ OSMÁ Čl. XXXI „§ 31a „§ 43 ČÁST TŘICÁTÁ Čl. XXXIII ČÁST TŘICÁTÁ PRVNÍ Čl. XXXIV ČÁST TŘICÁTÁ DRUHÁ Čl. XXXV ČÁST TŘICÁTÁ TŘETÍ Čl. XXXVI ČÁST TŘICÁTÁ ČTVRTÁ Čl. XXXVII ČÁST TŘICÁTÁ PÁTÁ Čl. XXXVIII ČÁST TŘICÁTÁ ŠESTÁ Čl. XXXIX ČÁST TŘICÁTÁ SEDMÁ Čl. XL ČÁST TŘICÁTÁ OSMÁ Čl. XLI ČÁST ČTYŘICÁTÁ Čl. XLIII

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257

THE LAW

of 14 April 2004

amending certain laws in connection with the adoption of the Capital Market Enterprise Act, the Collective Investment Act and the Bond Act

Parliament has decided on this law of the Czech Republic:

ČÁST TŘETÍ

Amendment of the Securities Commission Act and amending and supplementing other laws

Čl. IV

Act No. 15 / 1998 Coll., on the Securities Commission and amending and supplementing other laws, as amended by Act No. 30 / 2000 Coll., Act No. 362 / 2000 Coll., Act No. 370 / 2000 Coll., Act No. 308 / 2002 Coll. and Act No. 309 / 2002 Coll., are amended as follows:

1. In Article 2 (2), the word "instruments' is replaced by" instruments'.

2. in Article 3 (2) (a), the word 'instruments' is replaced by 'instruments';

3. in Article 5 (1) (a), the word "instruments" is replaced by "instruments."

4. In Article 5 (2), the word "instruments' is replaced by" instruments', the word "public 'is replaced by the word" regulated' and the words "CSDs (hereinafter referred to as" the Centre '), the legal person who keeps part of the CSA's records under a special law, 5) The Czech National Bank, in the scope of the CSA's management of bonds under a special legislature.6)' is replaced by the words "CSDs, 5) The Czech National Bank, in the scope of the CSA. '.

footnote 5 is replaced by the following:

"5) Act No. 256 / 2004 Coll., on the Capital Market Business. '.

5. In Article 5 (3), the word "owner 'is replaced by" owner' and the word "instrument 'is replaced by the word" instrument'.

6. Paragraph 6 (5) reads as follows:

"(5) In proceedings involving persons in excess of 50, documents may be served by a public order. '

7. In Article 6, the following paragraph 6 is added:

"(6) A decision against which an appeal does not have suspensory effect and a decision against which an appeal is not admissible shall be served at the time of the publication on the Commission's official record."

8. In Article 7a (1), in the introductory part of the text, the words "and the Capital Market Act 'shall be inserted after the words" the Code'.

9. in Article 7a (1) (b), the word "registered" is replaced by "listed."

10. In Paragraph 7a (2), the words ", the Capital Market Enterprise Act 'shall be inserted after the word" the law'.

11. in Article 7a (3), the last sentence shall be replaced by the sentence "The enforceable decision suspending the exercise of voting rights shall also be sent by the Commission to the company in which the exercise of the voting rights of the obliged entity has been suspended, to the CSD and published in a manner that allows remote access."

12.

„§ 8

(1) The Commission shall be empowered to:

(a) require information or supporting documents from a person subject to its supervision under this or special law;

(b) to require information or evidence from any person, if necessary for the investigation of a fact, suggesting an infringement, concerning the protection of inside information or market manipulation under a special law;

(c) to carry out a State control under a special law with a person who is subject to its supervision under that or special law, including on-the-spot State control.

(2) The Commission may also exercise the powers referred to in paragraph 1, if it is necessary to establish the information requested by a foreign supervisory authority and can be provided to it in accordance with Article 26. the power referred to in paragraph 1 (b) may be exercised if the conditions referred to therein are adequately fulfilled with the financial market surveillance authority.

(3) A person subject to supervision by the Commission under this or special law shall be required to provide the Commission with the necessary synergies in the context of the exercise of State control, in particular upon request to allow entry into its premises without delay. The person from whom the Commission is entitled to require the information or supporting documents referred to in paragraph 1 shall be required to provide such information or supporting documents without undue delay, unless the Commission provides for a longer period.

(4) By infringement of the obligation referred to in paragraph 3, the natural person shall commit an offence and the legal person of another administrative offence; the Commission shall be responsible for discussing them. For an offence or other administrative offence as referred to in the first sentence, the Commission may impose on their perpetrators measures to remedy or penalise them under this law (§ 9); The fine can be imposed up to 5 000 000 CZK.

(5) Where there is a risk of delay, the Commission may, in relation to persons subject to State supervision under Article 7, initiate State control by simultaneously carrying out the first act of State control when notifying the initiation of the State control. The notification of the initiation of an inspection may be served by analogy with Article 10 (2) and (3).

(6) Persons for whom it is reasonable to suspect that, without the relevant authorisation or approval of the Commission, they are carrying out an activity for which authorisation or approval of the Commission is required, the Commission is entitled to control to the extent necessary to establish the facts relating to such an activity. "

13. in Article 9 (3), the last sentence shall be deleted;

14. in Article 9, paragraphs 5 and 6 are deleted;

Paragraph 7 shall become paragraph 5.

15. Paragraph 10 (6) reads:

"(6) The person authorised to keep a register of investment vehicles shall be bound by a Commission decision concerning the register kept by him as soon as it has been delivered to him, unless otherwise specified in the decision. The regulated market operator shall be bound by a Commission decision suspending the trading of securities and a Commission decision on an interim measure relating to securities as soon as it has been served, unless otherwise specified in the decision. ';

16. Paragraph 12 (1) and (2) are deleted.

Paragraphs 3 to 5 shall be renumbered paragraphs 1 to 3.

17. in Article 12 (1), the word "instruments" is replaced by the word "instruments" and the word "instruments" is replaced by "instruments."

18. in Paragraph 13 (1) (g):

"(g) Forced trustees and liquidators, 5) ';

19. Paragraph 13 (1) (k) reads as follows:

"(k) investment intermediaries,"

20. Paragraph 13 (1) (l) reads as follows:

"(l) investment companies located in a Member State of the European Union which provide their services in the territory of the Czech Republic, with details of any organisational component located in the territory of the Czech Republic,"

21. In Paragraph 13, at the end of paragraph 1, the dot is replaced by a comma and the following points (m) to (t) are added:

"(m) foreign standard funds which publicly offer their securities on the territory of the Czech Republic, with details of the bank with which they have a contract under a special law governing collective investment, 10c)

(n) foreign special funds which may offer their securities publicly on the territory of the Czech Republic, with details of the bank with which they have a similar contract as referred to in (m);

(o) settlement systems and participants in such settlement systems;

(p) participants in settlement systems listed by the Commission of the European Communities who have their registered office or place of business in the Czech Republic,

(q) participants in a CSD;

(r) credit rating agencies;

(s) persons authorised to keep separate records of investment vehicles;

(t) foreign officially recognised public markets. ';

10c) Act No. 189 / 2004 Coll., on Collective Investment. '

22. in Paragraph 13 (2):

"(2) The Commission shall publish:

(a) a list of foreign regulated markets published in the Official Journal of the European Union;

(b) a list of the settlement systems listed by the Commission of the European Communities. ';

23. In Article 13, the following paragraph 3 is added:

"(3) The Commission shall publish the lists referred to in paragraphs 1 and 2 in a manner which allows remote access.";

24. in Paragraph 14 (3) (a), the word "registered" is replaced by the word "quoted."

25. in Paragraph 14 (3) (b), the word "registered" is replaced by the word "quoted."

Article 26 (15) is deleted.

27. in Article 17 (1) and (2), the word "instruments" is replaced by "instruments."

28. in Paragraph 18 (2) and (3), the word "instruments" shall be replaced by "instruments."

29. in Article 21 (2) (h), the words "the registered security, 24b)" shall be replaced by the words "the security, 5)," the words "the prohibition of transactions in a particular registered security and the fulfilment of obligations arising from the trade in a particular registered security," including footnote 24c, shall be deleted and the words "not to withdraw the authorisation upon request" shall be inserted after the word "the Regulation."

30. in Paragraph 21 (2) (i), "public" is replaced by "regulated."

31. in Article 23 (5), the word "instrument" is replaced by the word "instrument";

32. In the second sentence of Article 26 (1), the words "an action against a decision taken in connection with the exercise of a capital market surveillance function 'are replaced by the words" conducted in connection with a decision or exercise of supervision over the capital market'.

33. In Article 26 (2), in the introductory part of the text, the words "the Commission shall provide information only 'shall be replaced by the words" there shall be no disclosure by breach of confidentiality under paragraph 1'.

34. in Paragraph 26 (2) (c) (4), "public" is replaced by "regulated."

35. in Paragraph 26 (2), the words "the information may also be provided to an international organisation active in the fight against crime or the legalisation of proceeds from crime" shall be added at the end of point (f).

36. In Paragraph 26, the dot is replaced by a comma at the end of paragraph 2 and the following point (g) is added:

"(g) a court in connection with bankruptcy proceedings or similar foreign proceedings conducted in the event of the bankruptcy of a person subject to supervision by the Commission; However, data on the person who tried to save the deceased may not be provided. ';

37. in Article 26 (3), the words "of a corresponding scale" shall be replaced by the words "comparable to that of a range."

38. In Article 26 (5), the words "the Office of a Member State of the European Union or of another State constituting the European Economic Area 'shall be replaced by the words" a foreign authority acting in the exercise of financial supervision';

39. in Paragraph 26 (7):

"(7) The body or office referred to in paragraph 2 (b), (c) (1) and (2), in paragraph 2 (d) of the sentence before the semicolon and (f) of the sentence before the semicolon, in a State which is not a Member State of the European Union or of the European Economic Area, may be provided with information for the purpose of carrying out its tasks in the field of the financial market on the basis of an agreement, provided that it has in place a confidentiality regime at least comparable to that provided for by this law."

40. in Article 26 (7), the words "2 and 2 (d) in the sentence before the semicolon 'are replaced by the words" 2, 2 (d) in the sentence before the semicolon and f) in the sentence before the semicolon,';

41. Parts four, five and eight shall be deleted, including the headings.

Čl. V

Transitional provisions

Until the date on which the CSD takes over the register of book-entry securities maintained by the Securities Centre pursuant to Act No. 591 / 1992 Coll., on securities, as amended by Act No. 89 / 1993 Coll., Act No. 331 / 1993 Coll., Act No. 259 / 1994 Coll., Act No. 61 / 1996 Coll., Act No. 152 / 1996 Coll., Act No. 15 / 1998 Coll., Act No. 70 / 2000 Coll., Act No. 308 / 2002 Coll., Act No. 362 / 2000 Coll., Act No. 462 / 2002 Coll., Act No. 88 / 2003 Coll., the Commission keeps a list of persons authorised to conduct part of the inventory of the securities centre, Act No. 501 / 2001 Coll., Act No. 308 / 2002 Coll.

ČÁST ČTVRTÁ

Amendment to the Banking Act

Čl. VI

Act No. 21 / 1992 Coll., on Banks, as amended by Act No. 264 / 1992 Coll., Act No. 292 / 1993 Coll., Act No. 156 / 1994 Coll., Act No. 83 / 1995 Coll., Act No. 84 / 1995 Coll., Act No. 61 / 1996 Coll., Act No. 306 / 1997 Coll., Act No. 16 / 1998 Coll., Act No. 127 / 1998 Coll., Act No. 165 / 1998 Coll., Act No. 120 / 2001 Coll., Act No. 239 / 2001 Coll., Act No. 319 / 2001 Coll., and Act No. 126 / 2002 Coll., is amended as follows:

1. in Paragraph 1 (3) (h), including footnote (1a), the following shall be added:

"(h) the provision of investment services under special legislation, (1a) with the licence indicating which main and additional investment services the bank is authorised to provide and in respect of which investment instruments under special legislation, (1a)

(1a) Act No. 256 / 2004 Coll., on the Capital Market Enterprise. '

2. in Article 1 (3), point (i) is deleted;

Points (j) to (p) shall be renumbered (i) to (o).

3. in Article 1 (3) (o), "o)" is replaced by "n";

4. Paragraph 2 (4) is deleted.

5. Paragraph 4 (2) reads as follows:

"(2) The Czech National Bank decides to grant the licence. Before making a decision on the licence application, the Czech National Bank will request the opinion of the Ministry of Finance. If the person to be licensed is a person controlled by a securities dealer or an insurance undertaking established in the Czech Republic or by another person controlling a securities dealer or an insurance undertaking established in the Czech Republic, the Czech National Bank shall also request the opinion of the competent national supervisory authority."

6. in Paragraph 4, the following paragraphs 3 and 4 are inserted after paragraph 2:

"(3) Before taking a decision on a licence application, the Czech National Bank shall request the opinion of the supervisory authority of the Member State of the European Union, supervising banks, securities dealers or insurance undertakings where the person to be granted the licence is controlled by:

(a) a foreign bank located in a Member State of the European Union;

(b) by a person authorised by the competent supervisory authority of a Member State of the European Union to provide investment services;

(d) the person who controls the person referred to in (a), (b) or (c).

(4) The Czech National Bank shall request that the opinion referred to in paragraphs 2 and 3 include in particular information suitable for assessing whether the conditions referred to in paragraph 5 (c) and (d) are met. "

Paragraphs 3 to 5 shall be renumbered paragraphs 5 to 7.

7. In Article 5h (1), the words "the provisions of their legislation which will apply to its activities' are replaced by the words" the provisions of the laws of the host State governing the conditions for the performance of their activities in the territory of the host State on the basis of an authorisation granted by the supervisory authority of the home State '.

8. Article 11a is deleted.

9. In Article 16 (1), at the end of point (a), the words "or lease contracts for an undertaking or part thereof 'shall be added.

10. in Article 16 (1), the words "or the transfer of assets to a bank as a shareholder" shall be added at the end of point (c).

11. in Article 16a, the sentence "Before this decision, the Czech National Bank shall request an opinion from the Securities Commission if it is a bank or a financial institution that is a securities trader."

12. in Article 17 (1), the word "legal" shall be deleted;

13. in Article 17 (2), the words "legal" and "legal" shall be deleted;

14. in Article 17 (3), the word "legal" and the word "legal" shall be deleted and the words "or its undertaking" shall be added after the word "persons."

15. in Article 17 (5), the words "on a legal person" shall be deleted;

16. in Article 17a (2), the word "legal" shall be deleted;

17. in Article 17a (3):

"(3) A financial institution shall mean a person other than a bank under this Act who acquires or holds shares in legal persons as a decisive or substantial activity or carries out any of the activities referred to in paragraphs 1 (1) and (3) of Article 1 of this Law, as well as an investment company, investment fund, pension fund, insurance and reinsurance undertaking which carry out activities under specific laws, including foreign persons with similar activities. ';

18. in Paragraph 17a (4), the words "the legal person" shall be replaced by the words "the undertaking of another person";

19. in Paragraph 19 (c), the word "legal" shall be deleted;

20. in Paragraph 19 (f), the word "legal" shall be deleted;

21. in Paragraph 19 (h), the word "legal" shall be deleted;

22. in the first sentence of Article 20a (3), the words "register of the issuer of the recorded shares" shall be replaced by the words "issue of the shares of the bank," in the last sentence, the words "register of the issuer or" shall be replaced by the words "issue of the shares of the bank," after the word "rights" shall be inserted the words "holding administrative proceedings for suspension of shareholder rights," and the words "extract" shall be inserted after the word "statement."

23. in Paragraph 20a (4):

"(4) The Bank may not allow the participation of a person designated by the Czech National Bank in its observations on the statement of issue of the Bank's shares in accordance with paragraph 3, as well as the participation of a person not listed in the statement of issue of the Bank's shares or persons authorised by them. If the Czech National Bank, in its observations on the statement of the issue of the Bank's shares, identifies the person for whom it has newly found reasons for the suspension of shareholder rights, the administrative procedure referred to in paragraph 1 shall be initiated if the designated shareholder has not already initiated the administrative procedure in the same case, the designation of that person having the effect of the provisional measure. 11)."

24. in Article 20a (5), the words "the register of the issuer" are replaced by the words "the issue of shares of the bank."

25. in Paragraph 20a (8):

"(8) CSDs (1a) are required to provide the Czech National Bank at any time on request with an extract of the issue of the bank's shares, including all owners of the bank's shares, even if the CSD holds those shares in the account of customers."

26. in Paragraph 23 (1):

"(1) The Bank shall publish within 4 months of the end of the financial year an annual report drawn up under a special legislature6) and a consolidated annual report under a specific legislative act, (6) if it has an obligation to draw up an annual report comprising the financial statements verified by the auditor. It will also submit an annual report and a consolidated annual report to the Czech National Bank within this deadline. If the General Meeting of the Bank does not approve the financial statements or consolidated financial statements within that period, the Bank shall publish and send to the Czech National Bank the reasons for the non-approval of the financial statements or consolidated financial statements and the manner in which the General Meeting's observations are addressed. '

27. in Paragraph 25a (2), the words "action against a decision taken in connection with the exercise of banking supervision" shall be replaced by the words "conducted in connection with a decision or exercise of banking supervision,"

28. In Paragraph 25a, the following paragraph 6 is inserted after paragraph 5:

"(6) Information obtained in connection with the exercise of banking supervision may also be provided to international organisations active in the fight against crime sector and to the law enforcement authorities of foreign States."

Paragraphs 6 to 8 shall be renumbered paragraphs 7 to 9.

29. in Paragraph 25a (7):

"(7) The provision of the information referred to in paragraphs 3, 4 and 6 shall be possible only on condition that the competent authority or person protects the information to the minimum required by European Community law. ';

30. in § 26 (3) (a), "§ 4 (3)" is replaced by "§ 4 (5)";

31. in § 26g, the following paragraph 3 is added:

"(3) The controlling bank and the financial holding company are required to provide an audit of the information they transmit for the purposes of banking supervision on a consolidated basis, to the extent provided for by the Czech National Bank Order."

Čl. VII

Transitional provisions

A person who, as a result of the effectiveness of this Act, becomes a financial holding company, even though it was not, and persons belonging to the group of that financial holding company shall bring their activities into line with the provisions of this Act or the Order of the Czech National Bank governing the activities of the financial holding company and their group, no later than 31 December 2006.

ČÁST ŠESTÁ

Amendment of the Act on supplementary pension insurance with a State contribution and amendments to certain laws related to its implementation

Čl. IX

Act No. 42 / 1994 Coll., on the supplementary pension insurance with a State contribution and on amendments to certain laws related to its implementation, as amended by Act No. 61 / 1996 Coll., Act No. 15 / 1998 Coll., Act No. 170 / 1999 Coll., Act No. 353 / 2001 Coll., Act No. 309 / 2002 Coll. and Act No. 36 / 2004 Coll., is amended as follows:

1. In Article 7 (3) (c), "securities centre 'is replaced by" CSD';

Footnote 4) reads as follows:

"4) Act No. 256 / 2004 Coll., on the Capital Market Business. '.

2. in Article 7 (3) (d), the words "the Securities Act (5)" shall be replaced by the words "the special legislation governing the capital market business (4)";

ČÁST DEVÁTÁ

Amendment to the Accounting Act

Čl. XII

In Article 27 (3) of Act No. 563 / 1991 Coll., on Accounting, as amended by Act No. 353 / 2001 Coll. and Act No. 437 / 2003 Coll., the words "public (organised) 'are replaced by the words" regulated' and the words "public 'are replaced by the words" regulated'.

ČÁST DESÁTÁ

Amendment of the Trade Business Act

Čl. XIII

Act No. 1 / 2000, Act No. 1 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2 / 2001, Act No. 2 / 2000, Act No. 2, Act No. 2 / 2000, Act No. 2, Act No. 2, Act No. 2 / 2000, Act No. 2 / 2000, Act No. 2, Act No. 2, Act No. 6 / 2000, Act No 2000, Act No 2000, Act No. 2, Act No 2000, Act No. 2, Act No 2000, Act No. 2000, Act No 2000, Act No. 99, Act No. 2000, Act No. 2, Act No. 2, Act No. 2, Act No. 2, Act No. 2, Act No.

1. in Article 3 (3) (a), the word "instruments" is replaced by "instruments."

footnotes 13a and 13b are as follows:

"13a) § 82 et seq. of Act No. 256 / 2004 Coll., on Capital Market Business.

13b) Act No. 256 / 2004 Coll. '.

2. In Annex 3, in Group 314: "Other ', the" Quality assessment of the investment instrument and the capital market participant' is deleted.

ČÁST TŘINÁCTÁ

Amendment of the Income Tax Act

Čl. XVI

Act No. 200 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000, Act No. 100 / 2000 Coll., Act No. 100 / 2000, Act No. 100 / 2000 Coll., Act No. 100 / 2000 Coll., Act No. 99 / 2000 Coll., Act No. 100 / 2000 Coll., Act No. 100 / 2000 Coll., Act No. 2000 Coll., Act No. 99 / 2000 Coll., Act No. 2000 Coll.

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Regulation Information

Citation	Act No. 257 / 2004 Coll., amending certain laws in connection with the adoption of the Capital Market Enterprise Act, the Collective Investment Act and the Bond Act
Regulation Type	-
Author	-
Collection	Code of Laws

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

The regulation text is for informational purposes only.