Act No. 336 / 2014 Coll.
Act amending Act No. 240 / 2013 Coll., on Investment Companies and Investment Funds, and certain other capital market laws
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Law
Effective from 01.01.2015
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01.01.2015
29.12.2014
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336
THE LAW
of 9 December 2014
amending Act No 240 / 2013 Coll., on investment companies and investment funds, and certain other capital market laws
Parliament has decided on this law of the Czech Republic:
Amendment of the Investment Companies and Investment Funds Act
Act No. 240 / 2013 Coll., on Investment Companies and Investment Funds, is amended as follows:
1. In footnote 1 to the second sentence, the words "as amended by the Directive 'are replaced by the words" as amended by the Directives'; at the end of the text of the second sentence, the words "and 2013 / 14 / EU 'are added, at the end of the last sentence, the words" as amended by Directive 2013 / 14 / EU of the European Parliament and of the Council' are added, and the sentence "Article 1 (2) of Directive 2012 / 30 / EU of the European Parliament and of the Council of 25 October 2012 on the coordination of protective measures which are required in Member States to protect the interests of members and third parties' is added to the sentence of the second paragraph of Article 54 of the Treaty on the Functioning of the European Union in order of the creation and to achieve the equivalence of their capital. ';
2. In footnote 2, the third to seventh sentences are replaced by the following:
"Commission Delegated Regulation (EU) No 231 / 2013 of 19 December 2012 supplementing Directive 2011 / 61 / EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositories, leverage effect, transparency and supervision. Regulation (EU) No 345 / 2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds.
Regulation (EU) No 346 / 2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds. Commission Implementing Regulation (EU) No 447 / 2013 of 15 May 2013 laying down a procedure for alternative investment fund managers deciding to be covered by Directive 2011 / 61 / EU of the European Parliament and of the Council. Commission Implementing Regulation (EU) No 448 / 2013 of 15 May 2013 laying down the procedure for the designation of the non-EU Member State reference manager of AIFs pursuant to Directive 2011 / 61 / EU of the European Parliament and of the Council. ';
3. in Article 2 (a):
"(a) in the collection of:
1. funds the main purpose of which is to finance own production, trade, research or the provision of own services other than financial services and to further manage the funds thus collected or the assets acquired for such funds; or
2. Valuable goods, the main purpose of which is to conduct own production, own trade, research or the provision of own services other than financial goods, and to further manage the funds thus collected and / or assets acquired for such valuable goods, '.
4. In Article 2, the words "or 'and points (c) and (d) are added at the end of point (b).
Point (e) shall be renumbered as point (c).
5. At the end of the text of § 2, the dot is replaced by a comma and the final part of the provision "unless otherwise provided for by this law (§ 98 (3)) is added."
6. The following Section 2a is inserted after Section 2:
This law also does not apply to activities consisting of:
(a) in the collection of funds or valuables from members of the family for the purpose of joint investment and for the further management of such funds or valuables or assets acquired for such funds or valuables; or
(b) in the collection of funds or valuables for the purpose of joint investment and for the further management of such funds or valuables or assets acquired for such funds or valuables, provided that the investor is exclusively the person who, together with the undertaking, forms a group;
unless the person carrying out this activity is included in a list kept by the Czech National Bank pursuant to § 596 (f), or carries out that activity as manager of the Investment Fund, as well as if the Act provides otherwise (§ 98 (3)). '
7. In Article 6, the words "and this is without prejudice to Article 9 (1) 'shall be added at the end of paragraph 1 and at the end of paragraph 1 the sentence" Each investment fund may have only one manager.';
8. In Article 6, the following paragraphs 2 and 3 are inserted after paragraph 1:
"(2) All sub-funds of one investment fund must have the same manager.
(3) The management of an investment fund or a foreign investment fund includes the management of its sub-funds or comparable facilities. Where this law applies the term "management of an investment fund or a foreign investment fund ', it shall also mean the management of its sub-funds or comparable facilities. Where this law applies the term" investment fund manager or foreign investment fund "it shall also mean the manager of its sub-funds or comparable facilities.';
Paragraph 2 shall become paragraph 4.
9. In Paragraph 9 (1), the words "through this person 'shall be added at the end of the first and second sentences.
10. in Article 9 (3) (a), the words "if it is to become a qualified investor fund," shall be inserted after the words "investors."
11. In Article 11, the words "or any of the activities involving the management or administration of an investment fund or foreign investment fund 'shall be added at the end of the text of paragraph 5.
12. In Article 11, the sentence "In order to carry out an individual activity involving the management or administration of an investment fund or foreign investment fund, investment company or foreign person authorised under Paragraph 481, which is not comparable to a self-governing investment fund, no other authorisation shall be required for those who comply with prudential rules which are comparable to those laid down by European Union law and are subject to supervision by the supervisory authority. '
13. in Paragraph 15 (2):
"(2) The management of the property referred to in the first sentence of paragraph 1 shall be subject to the residence or registered office of the person who manages it or intends to manage it. '
14. in § 15 (3), § 17 (6), § 108 (2), § 272 (5), § 273 (2) and (3), § 282 and § 651 (3), the words "certify legal" are replaced by the words "have the right to do so."
15. In the first sentence of Article 15 (3), the words "or other establishment 'shall be inserted after the word" Fund' and the words "or otherwise 'shall be inserted after the words" Trust'.
16. In the second sentence of Article 15 (3), the word "trust 'is deleted.
17.
"(6) Commission Delegated Regulation (EU) No 231 / 2013. ';
18. In Article 16 (3), the words "Method of destination 'are replaced by the words" How to determine'.
19. Paragraph 17 (2) is deleted.
Paragraphs 3 to 6 shall become paragraphs 2 to 5.
20. in Article 17 (2) to (4), the words "or 2" shall be deleted;
21. in the second sentence of Article 17 (2), the words "paragraph 4" shall be replaced by the words "from the date on which it exceeded the applicable limit, paragraph 3."
22. In the second sentence of Article 17 (4), the words "the first sentence 'are replaced by the words" 3'.
23. In the first sentence of Paragraph 17 (5), "5 'is replaced by" 4' and "4 'is replaced by" 3'.
24. In Paragraph 20 (3), the word "a 'after the word" integrated' is replaced by a comma.
25. in Articles 20 (5) and 47 (5), the words "requirements for quality criteria of the management and control system" shall be replaced by "qualitative requirements for the management and control system."
26. in Article 21 (4), the words "(Article 624)" shall be inserted after the words "persons."
27. in Paragraph 22 (6), the words "the requirements for the qualitative criteria of the procedures, rules and principles referred to in paragraph 2 and the obligations referred to therein" shall be replaced by the words "the qualitative requirements for the procedures, rules and principles referred to in paragraph 2 and the obligations referred to therein."
28. in Article 25 (1) (f):
"(f) for whom there cannot be a conflict of interest between him and the manager or between him and the investors of the fund concerned.";
29. in Articles 26 (1) (c), 26 (3), 53 (1) (c) and 53 (3), the word "to" is replaced by "a."
30. in Article 33 (1) (b), the words "the law governing the capital market business" shall be deleted;
31. in Article 34 (4) (e) and (g), the word 'were not' is replaced by 'were not';
32. In Section 38 (1) of the introductory part of the provision, the word "always' is deleted.
33. in Paragraph 38 (1) (b), the word "collateral" is replaced by "provision."
34. the words "and internal audit" shall be added at the end of Paragraph 38 (1).
35. in Paragraph 38 (1) (g), the word "collateral" shall be deleted;
36. In Paragraph 38 (1), at the end of the text in point (h), the words "and, if the administrator manages the fund as manager, the custody of the securities and the keeping of the recorded securities issued by the fund 'are added.
37. in Paragraph 38 (1) (j), the word "exchanges" shall be inserted after the word "extradition" and, at the end of the text in point (j), the words "and, if the administrator manages the fund as manager, offering investment in the fund" shall be added.
38. in Paragraph 38 (1) (o), the word "in particular" shall be inserted after the word "documents."
39. in Paragraph 38 (1) (s), the word "collateral" shall be replaced by the words "enforcement or procurement."
40. In Paragraph 38 (2) of the Introductory Part of the provision, the word "further 'is deleted.
41. In Paragraph 38, the following paragraph 3 is inserted after paragraph 2:
"(3) The activities referred to in paragraph 1 (c) and (p) shall only be carried out by an administrator of an investment fund or a foreign investment fund in relation to that fund if agreed in an administrative contract."
Paragraphs 3 and 4 shall be renumbered paragraphs 4 and 5.
42. The following sentence shall be added at the end of paragraph 2: "In order to carry out an individual activity involving the administration of an investment fund or a foreign investment fund, the administrator of an investment fund or a foreign investment fund for those who comply with prudential rules comparable to those of European Union law and are subject to supervision by the supervisory authority, no other authorisation shall be required; This shall be without prejudice to paragraphs 3 and 4. ';
43. In § 39 (3) and (4), § 485 (1) (d) of the introductory part of the provision, § 554 (1) (c) and § 599 (1) (j), the words "for other" are deleted.
44. In Article 39, at the end of the text of paragraph 4, the words "or permission to carry on the activity referred to in Article 11 (1) (e) 'are added.
45. in Paragraph 39 (5), the word "Performance" shall be replaced by the words "Performance" and the words "does not consider the exercise of such activities for another" shall be replaced by the words "authorisation under paragraph 3 or 4 does not require";
46. In Paragraph 39, the following paragraph 6 is added:
"(6) Those entitled to manage special funds may also carry out individual activities involving the administration of standard funds or comparable foreign investment funds."
47. In Paragraph 40, the sentence "Each investment fund may have only one administrator shall be added at the end of paragraph 1."
48. In Paragraph 42 (1), the words "standard fund or comparable fund 'are replaced by the words" investment fund or'.
49. in Article 47 (1) (b), the word "this" shall be inserted after the word "the institutions" and the comma after the word "powers" shall be replaced by a semicolon.
50. in Paragraph 47 (2), the words "to unit-holders, partners or to the fund 'shall be added at the end of the text in point (c).
51. in Article 47 (2), the words "and the accounting of that administrator" shall be added at the end of the text of point (e).
52. In Paragraph 48 (2), the words "implementing the administration of this Fund 'are replaced by the words" carrying out an activity', the words "having knowledge 'are replaced by the words" having sufficient knowledge', the words "performance 'are replaced by the words" proper performance' and the words "having knowledge 'are deleted.
(53) In Article 49 (1) (b), the words "investment fund or foreign investment fund which it administers" are replaced by the words "fund."
54. In Article 49 (3), at the end of point (h), the word "a 'is deleted; at the end of paragraph 3, the dot is replaced by a comma and the following point (j) is added:
"(j) complies with Article 1843 of the Civil Code laying down information obligations in connection with the conclusion of a Financial Services Contract."
55. in Paragraph 49 (4), the words "the requirements for the qualitative criteria of the procedures, rules and principles referred to in paragraph 2 and the obligations referred to therein" shall be replaced by the words "the qualitative requirements for the procedures and rules referred to in paragraph 2 and the obligations referred to therein."
56. In Paragraph 50 (1) (c), the word "his" is replaced by "theirs" and the word "document" is replaced by "document."
57. in Article 50 (1) (e) and (f), the word "manager" shall be replaced by "administrator."
58. In Article 50 (1), at the end of the text of point (e), the word "a 'is deleted; at the end of the text of point (f), the dot is replaced by" a' and the following point (g) is added:
"(g) the Statute or a comparable document of this Fund defines this activity as an activity whose performance may be entrusted to another."
(59) In Paragraph 50 (1) (f), the words "entrustment of another activity" are replaced by the words "entrustment."
60. Paragraph 50 (2) is deleted and paragraph 1 is deleted.
61. in Paragraph 51 (1), the words "other person" shall be replaced by "other."
62. In Paragraph 51 (2), the words "specific activities involving the administration of an investment fund or a foreign investment fund 'are replaced by the words" individual activities referred to in paragraph 1'.
63.In Article 54 (1) (a), the words "papers and 'are replaced by the words" papers taken into custody and';
64. In footnote 7, "European venture capital funds' is replaced by" (EU) No 345 / 2013 '.
65. In Paragraph 60 (1) of the introductory part of the provision, the word "legal" shall be deleted.
66. In Paragraph 60 (1) (a), the words "if its nature so permits" shall be deleted.
67. In Paragraph 60 (1) (c), the words "if its nature so permits," shall be replaced by "a."
68. In Paragraph 62, the present text becomes paragraph 1 and the following paragraph 2 is added:
"(2) The depositary shall fulfil its obligations under this Act or the Depositary Agreement in a manner consistent with the nature, scale and complexity of the activities it carries out. ';
69. In Article 63, the words "to provide as financial collateral or comparable collateral under the law of a foreign State or other hedge of an investment instrument which has been provided to it from the assets of that fund as financial collateral or comparable collateral under the law of a foreign State or other collateral 'are replaced by the words" to use its assets in custody or in custody for the purposes of its own or other person'.
70. In Paragraph 71 (1), at the end of point (a), the words "where paragraph 3 does not apply in this case 'shall be added.
71. in § 71 (1) (b), § 612 (1) (j), § 612 (2) (b) and § 669 (b), the word "physically" shall be deleted;
72.In Articles 71 (1) (b) and 669 (b), the words "investment instruments and others" shall be inserted after the words "custody."
73. In Article 71 (2), the words "(prime broker)" shall be inserted after the word "supporter."
74. In § 73 (1) (e) and § 670 (1) (e), "a" is replaced by a comma.
75. in Article 73 (1) and Article 670 (1) (f):
"(f) the orders of the manager leading to the acquisition or disposal of assets held by the fund shall be executed, and it shall be sufficient for the depositary to check how those orders have been executed, provided that the reason for such control is particularly reasonable; how orders have been executed, the depositary shall continue to check if orders relating to:
1. trade in a value not exceeding CZK 500,000 and a combined daily value corresponding to 0,1% of the value of the assets of the fund,
2. the trade on the market referred to in Article 3 (1) (a) of the Government Regulation governing the investment of investment funds and techniques for their management; or
3. trade in securities or book-entry securities issued by a collective investment fund or comparable foreign investment fund. ';
76.In Article 75 (2), "80" is replaced by "81."
77.In Paragraph 77 (1) (d), the words "depositary and" are replaced by the words "depositary or."
78.In Paragraph 78 (1) (b), the words "this fund" are replaced by the words "the depositary's customers" and the words "this fund" are replaced by the words "the depositary's customers."
79. In Paragraph 81 (1), the words "part of the sentence before the semicolon" shall be inserted after the words "Article 71 (1) (a)" and the words "investment instruments" shall be inserted after the word "custody."
80. In Article 83 (1), the words "a 'are replaced by" a' after "§ 72 (5) 'and the words" and § 74 (4)' are inserted after "§ 73 (4) '.
81. in Paragraph 94 (1), the words "Union law" shall be replaced by the words "Directive of the European Parliament and of the Council providing for the coordination of collective investment rules (4)";
82. in Paragraph 94 (2), the words "European Union law and as such is not" shall be replaced by the words "the Directive referred to in paragraph 1 and is not a standard fund."
83. In Article 95 (1) (a), (b) and (c) (2), the words "based, as a rule, on the principle of risk distribution," shall be inserted after the word "strategy."
84. In footnote 9, the words "on European social entrepreneurship funds' are replaced by the words" (EU) No 346 / 2013 '.
85. In Section 96 of the introductory part of the provision, the words "the IF which is" shall be inserted after the word "also."
86. in Article 96 (a) and (b), the words "qualifying fund" shall be replaced by the words "qualifying fund";
87.In Article 97 (b), the words "the IF which is" shall be inserted after the words "comparable to";
88. In Paragraph 98, the present text becomes paragraph 1 and the following paragraphs 2 and 3 are added:
"(2) The prohibition provided for in paragraph 1 shall not apply to cases where it is collected exclusively from persons referred to in Section 2a (1) of the Capital Market Act.
(3) Paragraph 1 is not affected by Articles 2 (b) and 2 (c) and 2a. '
89. In Paragraph 100 (2), the words "investment fund" are replaced by the words "collective investment fund."
90. In Paragraph 101, the current text becomes paragraph 1 and the following paragraph 2 is added:
"(2) However, the fund of qualified investors investing as an MMF or as a short-term MMF may only be an open-ended mutual fund or a joint-stock company with variable capital. '
91. in Paragraph 113 (1) (a), "(c)" is replaced by "(d)."
92. In Paragraph 117, at the end of paragraph 2, the sentence "The name of the acquirer shall be indicated in the reverse of the paper sheet."
93. In Paragraph 120 (1), the words "with special rights' are deleted.
94. In the introductory part of Section 121 of the provision, the words "the manager of the holding fund or 'are deleted.
95. In Paragraph 121, the current text becomes paragraph 1 and the following paragraphs 2 and 3 are added:
"(2) The procedure referred to in paragraph 1 shall be the procedure provided for in Paragraph 83 (2) (d) of the Civil Code.
(3) The parties to the proceedings shall be the applicant, the manager of the holding fund and one whose name, distinctive element of the name or name includes the designation of the holding fund. ';
96. In Article 130, the following paragraph 4 is added:
"(4) For an open holding fund that invests as an MMF or as a short-term MMF, units shall be issued every working day. ';
97.In Paragraph 132 (1), the following point (a) is inserted:
"(a) 3 working days if it is an open holding fund which invests as an MMF or as a short-term MMF;"
Points (a) to (d) shall be renumbered (b) to (e).
98. Paragraph 132 (3) is deleted.
Paragraph 4 shall become paragraph 3.
99. In Article 147 (1), the words "paragraph 1 'shall be inserted after the number" 121', the word "repurchased 'shall be replaced by the word" bought' and at the end of paragraph 1, the sentence "The manager shall buy the share certificate from the authorised owner within 15 working days of the date on which the contract was concluded 'shall be added.
100. In Article 147 (2), the words "the right to propose to the owner of the units' shall be replaced by the words" the entitled owner of the units', and the words "an appropriate consideration for the account of the holding fund and the manager shall be required to accept such a proposal 'shall be replaced by the words" the court or claim compensation, no later than six months from the date on which the manager has received the application for the contract referred to in paragraph 1'.
101. Paragraph 147 (3) is deleted.
102. In Paragraph 150 (1), the word "created 'is deleted.
103. In Paragraph 150, the following paragraph 4 is added:
"(4) Paragraph 1454 of the Civil Code shall not apply to the investment fund as a trust fund. ';
104. In Paragraph 154, the following paragraphs 3 and 4 are inserted after paragraph 2:
"(3) The statutory director of a variable-capital joint-stock company, which is an investment fund pursuant to Article 9 (1), shall be responsible for the full business management. Only its statutory director determines the basic focus of the management.
(4) The general meeting of the variable-capital joint-stock company shall include the choice and removal of the statutory director and the approval of his contract of office, including amendments thereto. '
Paragraph 3 shall become paragraph 5.
105. In the first sentence of Article 154 (5), the words "or authorised agents' shall be inserted after the words" the agent '.
106. In Article 156 (1) (g), the words "the lowest amount of capital for the purpose of suspending the redemption of investment shares' are deleted.
107. In Paragraph 158 (2), the word "basic 'is replaced by" basic'.
108. In Paragraph 163 (1), the words "Subscription of investment shares may only 'are replaced by the words" Subscribed investment shares'.
109. Paragraph 163 (4) is deleted.
110. In Article 170 (1), the words "the shares of the shareholders liable for its debts are represented by investment certificates' are replaced by the words" at least one shareholder is not liable for its debts', and at the end of the paragraph, the words "the shares of the commanditists of the limited company are represented by investment certificates' are added.
111. in Paragraph 170, the following paragraph 2 is inserted after paragraph 1:
"(2) The company shall bear the designation" Compulsory Companies on investment certificates', which may be replaced by the abbreviation "kom. spol. na invest. list. list. or" k.s. il. '.'.
Paragraph 2 shall become paragraph 3.
112. In Section 171 and paragraphs 1 to 3 of Section 171, the words "investment certificates' are replaced by" shares'.
113. In the second sentence of Article 171 (2), the words "a company may issue an investment note for each share 'are replaced by the words" a company shall issue an investment note for each share or issue a collective investment note; a social contract shall also include the designation of the investment note to which the share is represented'.
114. In Paragraph 171 (4), the word "Do 'is replaced by the words" If a social contract modifies different types of shares into' and at the end of the paragraph, the words "The Court of First Instance, which maintains a trade register, shall be made available to the public, as well as the particulars of the commanditists contained in the social agreement of the limited company on the investment certificates of the instrument collection. Except in cases provided for in specific legislation, only those who have a legitimate interest may receive a copy of the social contract, including the data on commanders. '
115. In Section 172 (1), in the introductory part, the word "paper 'is deleted; at the end of the text in point (d), the words" and the part of that deposit paid up at the date of issue of the investment certificate' and the words "e 'are deleted.
Point (f) shall be renumbered as point (e).
116. Paragraph 172 (2) reads as follows:
"(2) An investment certificate may not be issued as a book-entry security."
117. In Section 172, the following paragraph 3 is added:
"(3) On presentation of the investment note, the limited liability company shall indicate the current amount of the part of the deposit paid, if different from the information referred to in paragraph 1 (d). ';
118. § 174 reads:
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Regulation Information
| Citation | Act No. 336 / 2014 Coll., amending Act No. 240 / 2013 Coll., on Investment Companies and Investment Funds, and certain other capital market laws |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.12.2014 |
|---|---|
| Effective from | 01.01.2015 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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