Decree of the Ministry of Finance No. 305 / 2001 Coll.
Decree of the Ministry of Finance on the brokerage test
Valid
Order
Effective from 30.08.2001
Text versions:
12.11.2002
30.08.2001
305
DECLARATION
Ministry of Finance
of 27 August 2001
on the brokerage test
The Ministry of Finance, on a proposal from the Securities Commission, provides, pursuant to Section 49 (7) of Act No. 591 / 1992 Coll., on securities, as amended, (hereinafter referred to as "the Act"):
Subject matter
This decree regulates the scope of the brokerage test ("the test '), its category and organisation.
Test range
(1) The test examines knowledge
(a) the legislation governing the provision of investment services and related legislation;
(b) exchange rules, exchange rules, 1)
(c) market order of the organiser of the over-the-counter market, 2)
(d) the operational rules of the Securities Centre, 3)
(e) generally accepted investment instrument trading practices;
(f) the financial market and its functioning; and
(g) investment instruments.4)
(2) The list of legislation referred to in paragraph 1 (a), the list of thematic test headings, the groups of thematic headings and the list of sample test questions broken down by thematic heading shall be published by the Securities Commission (hereinafter referred to as "the Commission") in the Securities Bulletin (hereinafter referred to as "the Journal") and in a manner enabling remote access (e.g. internet) no later than 35 days before the trial date.
Test category
(1) The test is divided according to the type of professional specialisation of the broker into four categories marked by the digits I to IV.
(2) The Category I test examines the knowledge referred to in Article 2 (1) regarding the execution of orders relating to investment instruments, except derivatives.
(3) The category II test examines the knowledge referred to in Article 2 (1) regarding the management of portfolios of which investment instruments are part, excluding derivatives, and the advisory activities relating to investment instruments, excluding derivatives.
(4) The category III test shall examine the knowledge of the performance of the activities referred to in paragraphs 2 and 3 concerning derivatives.
(5) The candidate may only pass the category III test after having successfully passed the category I or II test.
(6) The Category IV test examines the knowledge referred to in Article 2 (1) concerning the acceptance and transmission of orders concerning investment instruments.
Organisation of the test
(1) The application shall be submitted to the Commission. The applicant is obliged to pay the fee associated with the exam of CZK 4,000, in the case of a category III exam of CZK 2,000 in the account according to paragraph 6.
(2) The applicant shall indicate in the application:
(a) surname, first name, title, maiden name,
(b) the birth number, if assigned,
(c) date of birth;
(d) the municipality and district of birth; if the candidate is born abroad, only the State of birth shall be indicated;
(e) citizenship;
(f) the address of the place of permanent residence, for foreign nationals also the place of residence in the Czech Republic,
(g) the address for service of documents, if different from the address of the place of permanent residence or residence in the Czech Republic with foreign nationals,
(h) the category of test to be applied for; and
(i) the required test date.
(3) The applicant shall attach to the application an officially certified copy of the proof of payment. The applicant applying for the category III test shall also attach to the application an officially certified copy of the certificate of successful completion of the category I or II test.
(4) The application for the test shall be submitted by the tenderer not later than 21 days before the test date on the prescribed form, the specimen of which is given in the annex to this order.
(5) The trial term, the place of the tests, the name and account number of the payment shall be published by the Commission no later than 35 days before the trial date in the Journal and in a manner that allows remote access (e.g. internet).
Committee for Brokerage Examinations and Examination Committee
(1) The Committee for Brokerage Tests (hereinafter referred to as "the Committee") is composed of a chairman and a further 10 members. The Presidium of the Commission shall appoint the President of the Commission or a member of the Presidium of the Commission. Other members of the Committee shall be appointed by the Presidium of the Commission from among experts, representatives of service providers on the capital market and Commission staff.
(2) The Committee sets out the thematic test circuits and their content, ensures the creation, revision and replacement of a set of test questions and decides on the model test questions for publication.
(3) The examination committee shall consist of a chairman and an additional 8 members. The Presidium of the Commission shall be appointed by the President and other members of the Examination Committee. The President and at least four other members of the Examination Board shall be staff members of the Commission. A member of the Committee may be appointed as a member of the Examination Board. The members of the test committee shall supervise the proper conduct of the test.
(4) The duties of chairman or member of the Committee or of the Examination Committee shall cease if:
(a) terminate his employment with the Commission;
(b) the performance of his duties as President of the Commission or a member of the presidium of the Commission shall cease;
(c) it shall be withdrawn from office by the Commission's presidium;
(d) resign from office; or
(e) the office shall not be performed for more than 6 months; the function shall not cease if the chairman or member of the Committee or of the Examination Committee has not performed the function because tests have not taken place within 6 months.
(5) If the President or a member of the Committee or of the Examination Committee resigns for office [paragraph 4 (d)], the performance of his duties shall end with the resignation of the President of the Commission. If the President of the Commission resigns to the chair of the Committee, the President of the Commission shall terminate his duties by serving as Secretary of the Commission's Presidium.
(1) The examination committee shall send an invitation to carry out the examination to any tenderer who has submitted an application with all the particulars within the time limit for its submission and on the prescribed form, no later than 14 days before the trial date.
(2) A candidate who is unable to attend the test within the specified test period and who requests the Commission to change it at least 2 working days before the specified test period may carry out the test at another test time specified by the Commission. In such a case, they shall not be refunded. If the tenderer does not wish to pass the test within another trial period and requests reimbursement, the Commission shall reimburse the remuneration.
(3) Candidates who do not show up for serious reasons will duly apologize for their failure to participate within 10 days of the date of the trial period and request repayment of the remuneration, the Commission will repay the remuneration. Candidates who, instead of applying for reimbursement, apply for the test to be carried out at another test date, the Commission shall set a different test date.
(4) A candidate who does not show up for the test and does not apologize properly within 10 days of the date of the test period may, after submitting a new application and paying the refund, take the test.
Test
(1) The candidate shall perform the test by electronic means. The duration of the tests of categories I and II shall not exceed 4 hours; the test of categories III and IV shall not exceed 2,5 hours.
(2) The course of the exam is private. In addition to the candidates and members of the Examination Board, the persons to whom the Chairman of the Examination Board has delegated administrative activities may also be present during the examination.
(1) The applicant is required to comply with the test rules (§ 13 (1)).
(2) A member of the test committee present during the examination may exclude from the examination a candidate who has used foreign assistance during the examination, used aid materials not authorised by the test committee, communicated with another candidate, obtained copies of the test or extracts thereof, used telecommunications equipment or otherwise disturbed the course of the test. It shall not reimburse the excluded tenderer of the Commission.
(1) Each correctly answered question is evaluated by one point, each unanswered or incorrectly answered question is not scored.
(2) At least 75% of the highest possible score in the whole test and at least 60% of the highest possible score in each group of thematic circuits is a condition for successful performance of the test. A minimum of 75% of the highest possible score in the entire test is a condition of successful performance of the category III test.
(1) The test panel shall draw up a report on the course of the test within 7 days of the test date, indicating:
(a) the name and surname of the chairman and members of the examination committee who have supervised the proper conduct of the examination;
(b) the date and place of the examination;
(c) the start and end times of the test; and
(d) the relevant facts which occurred during the examination, in particular a record of the exclusion of the candidate from the examination referred to in Article 8 (2).
(2) An integral part of the protocol is a list of tenderers and a printed output containing an evaluation of the test results. The report shall be signed by the Chairman of the Examination Committee and by all members of the Examination Committee who have supervised the proper conduct of the examination.
(3) The protocol and data on the data medium in electronic form relating to the Commission's examination shall be stored in accordance with the rules on archiving.
(1) The examination panel shall inform the candidate of the result of the test within 14 days of its completion.
(2) Candidates who have successfully passed the test shall issue a certificate of test composition (hereinafter referred to as the certificate). The test panel certificate shall indicate its serial number, the category of test carried out and the test result expressed as a percentage of the score achieved throughout the test and in each group of thematic circuits. Certificates shall be signed by the Chairman and another member of the Examination Committee.
(3) Candidates who failed the test shall be notified by the Examination Committee of the result of the test (hereinafter referred to as the "Notice"). The report of the Test Panel shall indicate its serial number and test result, expressed as a percentage of the score achieved throughout the test and in each set of thematic circuits. Notifications shall be signed by the Chairman and by another member of the Examination Committee. The candidate according to the first sentence may carry out the next test at the earliest 1 month after the date of failure.
(1) Within 7 days of receipt of the certificate or notification, the applicant may submit a reasoned request for examination of the test result. The committee responsible for the review shall be responsible.
(2) The applicant may submit a reasoned protest against exclusion from the test referred to in Article 8 (2). The examination committee shall be responsible for assessing the protest.
(3) The Commission shall notify the tenderer in writing of the outcome of the examination referred to in paragraph 1 or of the assessment referred to in paragraph 2 within 30 days of receipt of the request for examination of the test result or of the protest against exclusion from the test.
Common, transitional and final provisions
(1) The test schedule shall be adjusted for details of the conduct of the test. The test schedule shall be approved by the Commission's presidium.
(2) The detailed rules of procedure shall be laid down in the Committee's deliberations and decisions. The Rules of Procedure shall be approved by the presidium of the Commission.
(3) The Commission will publish the test and the rules of procedure in the Journal and in a manner that allows remote access (e.g. internet) no later than 35 days before the test date.
Transitional provision
(1) The test carried out pursuant to Decree No. 87 / 1993 Coll., on the brokerage test, as effective until 30 June 1997, shall be deemed to have been carried out under this Order within the scope of Categories I and II. The test, composed in accordance with Article II of Decree No. 120 / 1997 Coll., amending and supplementing the Decree of the Ministry of Finance No. 87 / 1993 Coll., on a brokerage test, shall be considered as a test under that Order within the scope of Category III. The test carried out pursuant to Decree No. 87 / 1993 Coll., as amended by Decree No. 120 / 1997 Coll., shall be considered as a test carried out under this Order within the scope of Categories I, II and III.
(2) The activities of the Examination Board appointed under the current legislation end on the date of the Decree.
Repeal
(1) Decree No. 87 / 1993 Coll., on the Brokerage Test, is hereby repealed.
(2) Decree No. 120 / 1997 Coll., amending and supplementing Decree No. 87 / 1993 Coll., on the Brokerage Test, is hereby repealed.
Efficacy
This decree shall take effect on the day of its publication.
Minister:
Ing. Rusnok v. r.
Annex to Decree No 305 / 2001 Coll.
1) Paragraph 6 (3) (b) of Act No 214 / 1992 Coll., on the Stock Exchange.
2) Paragraph 50 (3) of Act No. 591 / 1992 Coll., on Securities, as amended.
3) Article 56 (7) of Act No. 591 / 1992 Coll., as amended by Act No. 362 / 2000 Coll.
4) § 8a of Act No. 591 / 1992 Coll., as amended.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Decree of the Ministry of Finance No. 305 / 2001 Coll., on the Brokerage Test |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.08.2001 |
|---|---|
| Effective from | 30.08.2001 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0