Act No. 308 / 2002 Coll.
Act amending Act No. 15 / 1998 Coll., on the Securities Commission and amending and supplementing other laws, as amended, and certain other laws
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Law
Effective from 12.07.2002
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308
THE LAW
of 13 June 2002
amending Act No. 15 / 1998 Coll., on the Securities Commission and amending and supplementing other laws, as amended, and certain other laws
Parliament has decided on this law of the Czech Republic:
Amendment of the Securities Commission Act and amending and supplementing other laws
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. and Act No. 370 / 2000 Coll., is amended as follows:
1. In Part One, the marking of parts, including their headings, is deleted.
2. In Article 1, the word "some 'is inserted after the word" determine'.
3. Paragraph 2 (2) reads as follows:
"(2) The Commission's mission is to strengthen the confidence of investors and issuers of investment instruments in the capital market. The aim of the Commission is to contribute to the protection of investors and to the development of the capital market and to promote awareness in this area. '
4. In Paragraph 3 (2), the words "and the foreign authorities which supervise the capital market 'shall be added at the end of point (b).
5. The heading of Section 4 reads: "Information obligations of the Commission."
6. In Article 4, the following paragraph 3 is added:
"(3) The Commission shall report on a quarterly basis to the Ministry of Finance (" the Ministry ") on the situation on the capital market and on the measures it has taken."
7. Paragraph 5 (1) reads as follows:
"(1) An institutional investor means:
(a) a bank performing own-account business with investment instruments on the capital market, an investment company, an investment fund, a pension fund and an insurance undertaking;
(b) a foreign person authorised to do business in the same fields within the territory of the Czech Republic as the persons referred to in (a). "
8. In Paragraph 5 (2), the words "branch of a foreign securities dealer 'are replaced by the words" foreign securities dealer providing investment services through a branch in the Czech Republic' and the words "publicly negotiable 'are replaced by the words" authorised to print'. The words "(hereinafter referred to as" the Centre ") 'and the words" the Centre' shall be inserted after the words "the Centre '.
9. In Article 5 (3), the words "in particular 'shall be inserted after the words" the capital market service provider'.
10. In Article 6, the following paragraph 2 is inserted after paragraph 1:
"(2) The Commission shall consider, prior to the initiation of the procedure, whether the imposition of measures to remedy or the penalty for a finding of breach of obligations under this or special law will initiate proceedings. In particular, the Commission is based on the nature, gravity, duration and consequences of the infringement. If the Commission does not initiate the procedure, it shall make a note thereof and postpone the case. No decision to postpone the case shall be taken. ';
Paragraph 2 shall become paragraph 3.
11. in Paragraph 6 (3):
"(3) Decomposition may be brought against the Commission's decision, unless otherwise specified. Decomposition is decided by the Securities Commission Presidium (" the Presidium '). The Commission shall implement its decisions.'.
12. In Article 6, the following paragraph 4 is added:
"(4) No appeal shall be admissible against a presidium decision at first instance. '
13. In Article 6, the following paragraph 5 is added:
"(5) In proceedings involving persons over 50, documents may be served by hanging on the Commission's official record. At the time of the publication on the official record, the Commission shall publish the decision in a way that allows remote access and in the Commission Bulletin. A decision against which the appeal does not have suspensory effect shall be served at the time of the publication on the Commission's official record. ';
14. in Article 7 (2) (c), the words "in the authentic" shall be replaced by "in the enforceable."
15. in Article 7a (1) (b), the words "or reductions" shall be inserted after the words "on acquisition."
16. in Article 7a (1) (c), the words "for purchase" shall be replaced by "in connection with acquisition."
17. in § 7a (4), the word "published" is replaced by "published";
18. In Article 8 (1), the words "in the form 'are replaced by the words" in the form', the words "on-the-spot 'are inserted after the words" on-the-spot' and the words "part of the third State Control Act 'are replaced by the words" by a specific legislation'.
19. in Article 8 (3), the words "accept against" shall be replaced by "save" and the words "or" the clutch "shall be inserted after the words" or "the clutch";
20. in Article 9 (1), "i" is inserted after "or" the clutch. "
21. In Paragraph 9 (3), the words "over persons carrying out an activity for which authorisation, consent or registration of the Commission is required," shall be inserted after the words "supervision under specific legislation."
22. In Article 9, the following paragraph 7 is added:
"(7) The Commission may impose a public warning instead of a fine. At the same time, the Commission shall decide on the scope, form and manner of publication of the warning, as appropriate, at the expense of the person to whom the notice is sought. ';
23. Paragraph 10 (5), including footnote 10 (a), reads:
"(5) When collecting and enforcing fines imposed under this law or specific legislation, the Commission shall act in accordance with specific legislation. 10a)
10a) Act No. 337 / 1992 Coll., on the Administration of Taxes and Fees, as amended. '
24. in Paragraph 10 (6), including footnotes 10b) to 10f),
"(6) The Centre and the person authorised to keep part of the Centre's records and the exercise of its other activities (10b) shall be bound by a Commission decision as regards the records kept by them as soon as they have been received, unless otherwise specified in the Decision. The public market organiser (10c) and the securities settlement officer (10d) shall be bound by a Commission decision suspending the trading of registered securities (10e) or prohibiting the trading and performance of obligations arising from such transactions (10f) and by a Commission decision on interim measures to be taken on such matters as soon as they have been served, unless otherwise specified in the decision.
10b) Sections 55 and 70a of Act No. 591 / 1992 Coll., on Securities, as amended.
10c) § 8b of Act No. 591 / 1992 Coll., as amended by Act No. 362 / 2000 Coll.
10d) § 70b of Act No. 591 / 1992 Coll., as amended.
10e) § 91 of Act No. 591 / 1992 Coll., as amended by Act No. 362 / 2000 Coll.
10f) § 91a of Act No. 591 / 1992 Coll., as amended by Act No. 362 / 2000 Coll. '
25. in Article 11 (2) (a), the words "do not carry out securities transfer operations" shall be replaced by the words "do not register securities transfer operations." In Article 11 (2) (a) and (b), the words "contractual 'shall be inserted after the words" registration'.
26. in Paragraph 11 (2), the comma shall be replaced by a dot at the end of point (e) and point (f) shall be deleted;
27. In the first sentence of Article 11 (3), the words "and persons who, by decision on a provisional measure, impose an obligation under paragraph 2 (a) to (e) 'shall be inserted after the words" the parties to the interim measure referred to in paragraph 2' and the following sentence shall be added at the end of the text of paragraph 3: "The party to the interim measure procedure referred to in paragraph 2 shall not be the person who, by decision on a provisional measure, imposes an obligation under paragraph 2 (a) to (e) '.
28. In Article 11, the following paragraph 6 is added:
"(6) The same obligation as may be imposed in the decision on interim measures under this Act may be imposed by the Commission as a remedy measure under this or special law. The decomposition against a decision under the first sentence shall not have suspensory effect. The Commission may indicate in the decision the duration of the obligation imposed or the condition whose application ceases to be effective. This condition may be that the Commission's communication on the withdrawal of the measures to remedy the obligation person be served. ';
29. in Article 12 (1), the word "State" shall be replaced by the words "Unless otherwise provided by this law," and the words "and branches of foreign banks" shall be inserted after the word "Bank."
30. In Paragraph 12, paragraph 3 becomes paragraph 2 and paragraph 2 becomes paragraph 3.
31. In the first sentence of Article 12 (2), the words "or branch of a foreign bank" shall be inserted in the sentence after the words "or branch of a foreign bank" and the words "branch of a non-bank" shall be replaced by the words "or branch of a foreign bank," in the last sentence, the words "business law" shall be inserted after the words "business law."
32. in Paragraph 12 (4):
"(4) In the exercise of State control over pension funds and insurance undertakings pursuant to paragraph 2, the Commission shall act in such a way as not to undermine the powers of the Ministry in its exercise of State supervision under the Act on supplementary pension insurance with a State contribution and under the Insurance Act. ';
33. In Article 12, the following paragraph 5 is added:
"(5) If the activities of the institutional investor are subject to the State supervision of the Commission and the supervision of the Czech National Bank or to the State supervision of the Ministry, only one fine may be imposed on him for the same real infringement. The penalty may be imposed only by the authority which initiated the infringement first. This is without prejudice to the power of the other institutions to impose measures to remedy or withdraw authorisations under the law. If the proceedings were initiated on the same day, the fine shall be imposed:
(a) the Czech National Bank as regards the imposition of a fine on the Bank;
(b) the Ministry as regards the imposition of a fine on the pension fund or insurance undertaking. ";
34. in Article 13 (1) (e), the words "publicly negotiable" shall be deleted;
35. in Paragraph 13 (1), the dot is replaced by a comma at the end of point (k) and the following point (l) is added:
"(l) persons under Section 45a (1) of the Securities Act."
36. Footnote 15) reads:
"15) § 72 paragraph 1 (k) of Act No. 591 / 1992 Coll., as amended by Act No. 362 / 2000 Coll. '.
37. in Article 14 (3) (a) and (b), the words "publicly negotiable" shall be replaced by "registered."
38. Footnote 21) reads as follows:
"(21) Act No. 148 / 1998 Coll., on the Protection of classified information and on the amendment of certain laws, as amended."
39. Paragraph 15 (1) to (3) reads as follows:
"(1) A securities dealer who has concluded or procured, outside the public market, trade in investment instruments admitted to trading on the public market in his own or in a foreign account shall be obliged to report to the Commission on that transaction. The same applies to an institutional investor who has concluded trade in investment instruments admitted to trading on the public market outside the public market.
(2) The public market operator is obliged to report to the Commission on any trade carried out on its organised public market. Where a public market operator reports trade, the obligation referred to in paragraph 1 shall not apply.
(3) The Commission shall, by means of legislation, determine which transactions in investment instruments are subject to the obligation referred to in paragraph 1 and shall specify the time limit within which the reporting referred to in paragraphs 1 and 2 is to be made, its particulars, scope, structure and form. "
40. Paragraph 15 (5) reads:
"(5) If the obligation referred to in paragraph 1 or 2 is not fulfilled, the Commission shall decide to impose the remedies or penalties provided for in Article 9. ';
(41) In Article 16 (1) (b), the words "and persons included in the consolidation unit under a specific law" shall be inserted after the word "bank."
42. In Article 16 (1) (c), the word "in advance" shall be replaced by "without undue delay," the word "award" shall be replaced by "storage" and "clutch" and "shall be replaced by" or i. "
43. In Article 16, the following paragraph 3 is added:
"(3) The Commission or the Ministry shall carry out an on-the-spot check on a person covered by a specific law in a consolidation unit subject to their supervision, if requested by the Czech National Bank for the purpose of exercising banking supervision on a consolidated basis, and report on the outcome of the check to the Czech National Bank. '
44. Paragraph 17, including the title, reads:
Cooperation with the Czech National Bank
(1) If, in the exercise of banking supervision, the Czech National Bank becomes aware of transactions in investment instruments or other conduct of banks, branches of foreign banks or other persons which may be relevant to the performance of the Commission's tasks in the exercise of State supervision, it shall immediately inform the Commission thereof, unless specific legislation provides that certain information may not be provided or only subject to certain conditions. 23) If the Commission asks the Czech National Bank to carry out a check on the transactions linked to these transactions, the Czech National Bank is obliged to carry out the check and report on its outcome to the Commission.
(2) If, in its activities, the Commission becomes aware of transactions in investment instruments or other activities of banks, branches of foreign banks or other persons that may be relevant to the performance of the tasks of the Czech National Bank in the exercise of banking supervision, it shall immediately inform the Czech National Bank thereof. If the Czech National Bank asks the Commission to carry out a check on transactions in investment instruments, the Commission is obliged to carry out the check and report on its outcome to the Czech National Bank. "
45. in Paragraph 18 (1), point (b) is replaced by the dot and point (c) is deleted;
46.Paragraph 18 (4), including footnote 24, shall be deleted.
47. Paragraph 20 shall be deleted, including the title.
48. Paragraph 21, including footnotes 24a), 24b), 24c), 24d) and 24e) shall read as follows:
(1) The presidium is headed by the Commission. The Presidium shall consist of the President of the Commission and four other members. The President of the Commission and the members of the Presidium shall be appointed by the President of the Republic on a proposal from the Government.
(2) The presidium shall in particular decide:
(a) the Commission's action plan;
(b) the draft budget of the Commission and the Commission's final account,
(c) on draft laws and implementing legislation;
(d) the internal rules of the Commission, in particular the rules of organisation, the rules of procedure of the presidium, the rules of procedure, the rules of signature and the rules of professional ethics for the presidium and the staff of the Commission;
(e) on reports to the Government, the Chamber of Deputies and the Committee of Budgets of the Chamber of Deputies pursuant to Article 4 (1) and to the Ministry pursuant to Article 4 (3),
(f) initiatives by the Government;
(g) breakdown,
(h) in insolvency proceedings, (24a) suspension of trade in a registered security, (24b) prohibition of trade in a particular registered security and fulfilment of obligations arising from trade in a particular registered security, (24c) early repayment of the nominal value of a bond or an issue rate, including a proportional return (24d) and suspension or withdrawal of a permit to operate under a special legal provision (24c); and
(i) an appeal against a decision of a public market operator or an exchange chamber under a special law. 24e)
(3) The Presidium shall decide by vote. The presidium decision shall be taken if the majority of the members appointed vote for them. In the event of a tie, the vote of the President shall be decided by the Commission. Where only one member of the presidium is appointed, that member shall exercise the scope of the presidium. For the purposes of this paragraph and Article 23 (3), a Presidium member shall also mean the President of the Commission.
24a) For example § 37d of Act No. 248 / 1992 Coll., as amended.
24b) § 91 of Act No. 591 / 1992 Coll., as amended.
24c) For example, § 45, 45a, 49, 50, 70a, 70b of Act No. 591 / 1992 Coll., as amended, § 8 of Act No. 248 / 1992 Coll., as amended, § 2 of Act No. 214 / 1992 Coll., on the Stock Exchange, as amended.
24d) Paragraph 22 (2) (a) of Act No. 530 / 1990 Coll., on Bonds, as amended.
24e) § 78a of Act No. 591 / 1992 Coll., as amended by Act No. 362 / 2000 Coll., and § 31 of Act No. 214 / 1992 Coll., as amended by Act No. 251 / 2000 Coll. '
49.
(1) The presidium shall be headed by the President of the Commission, who shall direct its activities. If the President of the Commission is not appointed, the senior member of the presidium shall exercise the authority of the President of the Commission.
(2) If the Government, the Chamber of Deputies, the Senate or their bodies request the presence of the President of the Commission at their hearing, the President of the Commission shall be obliged to attend the hearing. "
50. Paragraph 23, including the title, reads:
Conditions for the performance of the duties of President of the Commission and member of the Presidium
(1) A citizen of the Czech Republic may be appointed President of the Commission and member of the presidium, who
(a) is fully eligible for legal action;
(b) it is fair and its expertise, experience and moral qualities give a guarantee that it will hold its function properly;
(c) has completed a university education.
(2) For the purposes of this Act, a person who has not been convicted of a criminal offence of a property nature or an intentional offence shall be deemed to be righteous.
(3) The term of office of the President of the Commission and a member of the presidium shall be five years. The President of the Commission and a member of the Presidium may be appointed for only two terms of office.
(4) With the office of President of the Commission and a member of the presidium, the function of a Member or Senator, Judge, Prosecutor, any public administration function, the function of a member of the local authorities and of a member of a political party or movement is incompatible.
(5) The President of the Commission and the members of the presidium may not hold any other paid office or engage in other gainful activities, except in the management of their own assets and the activities of scientific, literary, publicist, artistic and pedagogical. In all these activities, the President of the Commission and the members of the Presidium shall ensure that there is no conflict of interest or use of information obtained in the performance of their duties within the Commission. The President or a member of the Presidium may not participate, directly or indirectly, in the business of persons subject to State supervision by the Commission during the course of their duties. During the term of office, the President of the Commission or a member of the Presidium shall report within 10 days the presidium for the acquisition or disposal of each investment instrument.
(6) The duties of President of the Commission and member of the presidium are hereby terminated.
(a) the expiry of the term of office;
(b) by appeal by the President of the Republic on the grounds referred to in paragraph 7;
(c) by delivery of the resignation of the President of the Republic,
(d) the power of a judgment which deprives it of legal capacity or limited to legal capacity;
(e) by the power of law of the judgment which sentenced him for the offence referred to in paragraph 2,
(f) the decision to declare bankruptcy of his property by legal authority;
(g) if, for any reason, he has not performed his duties for more than six months;
(h) death.
(7) The President of the Republic shall, on a proposal from the Government, withdraw the President of the Commission and a member of the Presidium if he has seriously or repeatedly violated his legal obligation as President of the Commission or member of the Presidium or has committed acts which call into question the impartiality of the Commission.
(8) The President of the Commission and the members of the presidium exercise State supervision over the capital market. Authorisations for this activity shall be evidenced by a State Capital Market Surveillance Card. ';
51. in Paragraph 25 (1), the word "Commission" shall be deleted after the word "presidium."
52. In Paragraph 25 (2), a comma and the word "severance grant" shall be inserted after the word "expenditure."
53. In the first sentence of Article 25 (3), the words "Commission 'shall be deleted after the words" presidium'; the words "Commission 'shall be deleted after footnote 26).
54. Paragraph 26, including the title, reads:
Obligations of confidentiality and international cooperation
(1) The President of the Commission, the members of the presidium, the staff of the Commission, the persons whose services the Commission uses in the exercise of supervision of the capital market, and their staff and the members of the advisory bodies of the Commission, are required to remain silent on any information obtained in connection with the exercise of their activities, functions or employment in the field of capital market surveillance. The information referred to in the first sentence may be used only in the manner and to the extent necessary for the performance of tasks or functions relating to the supervision of the capital market or in judicial proceedings for an action against a decision taken in connection with the exercise of the supervisory function of the capital market or in similar international proceedings. An infringement of the obligation of confidentiality shall not constitute a summary disclosure to a third party in such a way that the specific entity to which the information relates cannot be identified. The obligation of confidentiality shall continue after the activity, employment or function which has been established.
(2) The Commission will only provide information on:
(a) to an authority in the Czech Republic which co-operates in the exercise of supervision of the capital market or operates in the exercise of supervision of the financial market;
(b) an office in a Member State of the European Union or in another State constituting the European Economic Area which operates in the exercise of supervision over the financial market;
(c) a person with his registered office or permanent residence in the Czech Republic, a Member State of the European Union or another State constituting the European Economic Area, which is:
1. the liquidator, the forced trustee, the bankruptcy trustee, the interim trustee, the equalisation trustee or a person having a similar function in an entity operating in the financial market and subject to national supervision;
2. Auditor of the statutory accounts of the entity operating in the financial market and subject to national supervision,
3. the European Central Bank or any other central bank responsible for monetary policy,
4. the operator of the securities settlement system providing settlement services for the public market operator in the Czech Republic, provided that the provision of information is necessary to ensure the proper performance of the functions of that person in the event of default or imminent default by the participant or participants in the public market to whom that person provides services,
5. operator of the compensation system for investors or deposit guarantee schemes;
(d) the Office in the Czech Republic or in a Member State of the European Union or another State constituting the European Economic Area, acting in the exercise of its supervision of persons referred to in (c) (1) and (2); Furthermore, the Commission will provide information to the Authority in the Czech Republic or in a Member State of the European Union or another State forming the European Economic Area, which is active in the exercise of oversight over payment systems and compliance with company law,
(e) the legislative services of central administrative bodies dealing with legislation in the financial market sector;
(f) authorities in the Czech Republic or in a Member State of the European Union or another State constituting the European Economic Area active in criminal proceedings or dealing with combating the legalisation of proceeds from crime.
(3) The information to the bodies and offices referred to in paragraph 2 shall be made available in the manner and to the extent necessary for the performance of their duties or the performance of their duties and provided that they have an obligation to remain confidential to at least the extent necessary under this law.
(4) Information obtained in connection with the exercise of supervision of the capital market may also be provided to the institutions of the European Union if this is necessary for the performance of an international contract to which the Czech Republic is bound and which has been duly declared.
(5) The information provided to the Commission by an authority of a Member State of the European Union or of another State constituting the European Economic Area cannot be used for any purpose other than that for which it was provided and may not be provided to anyone else without the consent of the provider.
(6) Information obtained by the Commission in the context of an on-the-spot check on the territory of a foreign State may not be provided to anyone else without the consent of the capital market surveillance authority of that State.
(7) The body or authority referred to in paragraph 2 (b), (c) (1) and (2) and in paragraph 2 (d) of the sentence before the semicolon, in a Member State of the European Union or the European Economic Area, may be provided with information on the basis of an agreement and provided that it has an obligation to maintain confidentiality to at least an appropriate extent under this law, that the information is used only for the purpose for which it was provided and only in the manner and to the extent necessary for the performance of the tasks or functions of the capital market, and that it does not provide information to anyone else without the consent of the Commission. "
55. The second sentence of Paragraph 27 (2) reads: "This provision shall not apply to the management of own property and to the activities of scientific, literary, publicist, artistic and pedagogical." The following sentence is inserted after the second sentence: "In all these activities, members and staff of the Commission shall be required to ensure that there is no conflict of interest or use of information obtained in the performance of their duties in the Commission. '.
56. Paragraph 28 (3) is deleted.
57. in Paragraph 29 (2), "Ministry" is replaced by "Commission."
Transitional provision
Proceedings initiated before the date of entry into force of this Act shall be completed in accordance with existing legislation.
Entitlement to declare the full text of the law
The Prime Minister is hereby authorised to declare in the Collection of Laws the full text of Act No. 15 / 1998 Coll., on the Securities Commission and on the amendment and addition of other laws, as is apparent from subsequent laws.
Amendment of the Trade Business Act
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Regulation Information
| Citation | Act No. 308 / 2002 Coll., amending Act No. 15 / 1998 Coll., on the Securities Commission and amending and supplementing other laws, as amended, and certain other laws |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 12.07.2002 |
|---|---|
| Effective from | 12.07.2002 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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