Decree No. 34 / 2003 Coll.
Order specifying the scope, period, time and manner of compliance with the reporting obligation under the Foreign Exchange Act
Valid
Effective from 01.03.2003
34
DECLARATION
of 20 January 2003
determining the scope, period, time and manner of compliance with the reporting obligation under the Foreign Exchange Act
The Czech National Bank provides for the Foreign Exchange Act pursuant to § 5 paragraphs 1, 5 and 6 of Act No. 219 / 1995 Coll., as amended by Act No. 482 / 2001 Coll.:
Subject matter
(1) This decree sets out the scope, period, time and manner of fulfilment of the reporting obligation relating to direct investment, acceptance of a financial loan from an alien, acquisition of foreign securities and the issue of bond issues.
(2) The obligation to notify under this decree is fulfilled by a pencil maker who is a legal person. An alien who is a legal person and who is located within the territory of the country of the undertaking or the organisational component of the undertaking shall comply with the notification requirement of this decree as a pencil if the facts notified are related to its domestic business. Natural persons are required to be notified only on request by the Czech National Bank.
(3) The Bank and the branch of a foreign bank operating in the territory of the Czech Republic (hereinafter referred to as "the Bank") only carries out the notification requirement under § 8a.
(4) Compliance with the notification requirement is not required if the fact or recovery and payment notified under this decree is less than CZK 1 000 000 000.
Direct investment
(1) Facts relating to the creation or change of direct investment of a domestic person abroad shall be notified by the pencil by the delivery of the completed form of the OZP (ČNB) 2 - 97 to the Czech National Bank within 15 calendar days of the date on which the direct investment was created or changed, or by the date on which the Indian person became aware of this fact.
(2) The incess and remuneration associated with the formation or change of direct investment by the domestic person abroad shall be notified by the pencil holder on the form of the OZP (CNB) 2 - 97 in the manner set out in Sections 9 and 10.
(1) Facts relating to the creation or change of a direct investment of a foreign national in the Czech Republic shall be notified by the pencil by the delivery of the completed form of the OZP (ČNB) 3 - 97 to the Czech National Bank within 15 calendar days of the date on which the direct investment was created or changed, or by the date on which the latter became aware of this fact.
(2) The incest and the remuneration associated with the creation or modification of a direct investment by a stranger in the Czech Republic shall be notified in the manner set out in Sections 9 and 10.
The notification obligation provided for in Articles 3 (2) and 4 (2) shall not apply to direct debits and repayments related to the day-to-day liquidity management of funds (cash-pooling, zero balancing) in which the funds are transferred to or debited by the account of another person in which they are registered as a share together with the funds constituting a multiple claim.
Financial loan
(1) The tuner shall notify the Czech National Bank, within 15 calendar days of receipt of the debit or reimbursement or from the date on which the loan was drawn up or repaid, of the facts relating to the financial credit received from foreign persons, form and method of drawing up and collecting the credit.
(2) In accordance with the procedure referred to in paragraph 1, the tuner shall also notify changes in the form and method of drawing or repayment of a financial loan accepted from an alien, including changes in the person of the creditor or debtor, within 15 calendar days of the date on which the change in the credit agreement occurred or the date on which the tuner became aware of this fact.
(3) The method of fulfilling the reporting obligation for collection and payment of the financial loan is set out in Sections 9 and 10.
(1) The facts concerning the financial loan, which is the nature of the direct investment of a domestic person abroad, are notified in accordance with Section 3. The facts relating to the financial loan, which is the nature of a direct investment by a foreign national, are notified in accordance with Section 4.
(2) The notification obligation provided for in Article 6 shall not apply to a financial loan received by a domestic person from a foreign company located within the country by an undertaking or an organisational component of an undertaking.
Foreign securities
(1) Tuzemík, who by contract or other legal facts is a person authorised from foreign securities, with the exception of direct investment abroad (§ 3), shall notify the Czech National Bank within 15 calendar days of the end of the quarter in which the transfer or transfer of securities took place or when the suspect of the transfer or transfer became aware or could have known.
(2) The notification obligation referred to in paragraph 1 shall not apply to persons authorised to provide investment services, (6) insurance undertakings, (7) pension funds, (8) investment companies and investment funds. 9) Furthermore, the notification obligation does not apply to transfers of foreign securities carried out through persons whose business is in the Czech Republic the provision of investment services 6) or collective investment. 9)
Time limits for notification of issuance of bond issues
(1) Tuzemík who issues bonds abroad will deliver a notification to the Czech National Bank within 15 calendar days of the last day of the issue period indicating the place of issue, the volume of the issue, the yield and the maturity of the bonds.
(2) The Tuzemík, which provides for the issuance of domestic bonds for foreign persons and who procures the issue of an issue or has a contractual obligation to become the first acquirer of the issue or part thereof, will deliver to the Czech National Bank within 15 calendar days of the last day of the period of issue a notification indicating the volume of the issue, yield and maturity of the bonds.
(3) Where bond issues are issued in instalments, the reporting obligation referred to in paragraphs 1 and 2 shall be fulfilled by the pencil within 15 calendar days of the issue of the relevant part of the issue.
(4) If the issue of the bond issue continues after the end of the issue period, the boogeyman will notify the Czech National Bank of the amount of the issue without undue delay.
(5) Where the issuance of bonds referred to in paragraph 2 ensures more than one person, the notification obligation shall be fulfilled by the delivery of a notification from any person involved in the security of the issuance of bonds.
Recovery and remuneration related to the creation or change of direct investment and acceptance of a financial loan
(1) The notification of the reimbursement abroad and for the benefit of a stranger is completed by the delivery of the relevant completed form (Sections 3, 4 and 6). Czech National Bank within 15 calendar days after the execution of the payment order or after the execution of the remuneration by another form.
(2) Notification of the remuneration abroad and for the benefit of a stranger carried out through a domestic bank may also be completed by submitting the completed form to the bank in agreement with the bank when submitting the recovery order. The Bank shall acknowledge receipt of the form to the notifier on request. The Bank shall forward the completed forms to the Czech National Bank within 15 calendar days of the end of each month.
Notification of direct debit from abroad or abroad is completed by delivery of the relevant completed form (Sections 3, 4 and 6) Within 15 calendar days of the date on which the Czech National Bank was credited to the domestic account or the date on which the insurer knew or could have learned about the crediting of the funds, or on receipt of the direct debit.
The notification obligation provided for in Articles 9 and 10 shall apply to direct debits and payments made through banks in the domestic or abroad or in cash.
Common provisions
The forms used to fulfil the notification requirement are issued by the Czech National Bank and are available on request at the Czech National Bank branches. The forms shall also be published in a way that allows remote access.
(1) The notification obligation shall be fulfilled in due time if a postal consignment containing the completed form is submitted within the time limit.
(2) The notification obligation can be fulfilled in agreement with the Czech National Bank on technical data media or by electronic means.
(3) The Czech National Bank will confirm to the notifier on request the receipt of the completed form.
Forms with information on the fulfilment of the reporting obligation under this decree completed by domestic residents over which the foreign exchange authority is exercised by the Ministry of Finance shall be transmitted by the Czech National Bank to the Ministry of Finance within 30 calendar days of the end of each month.
Repeal
The following shall be deleted:
1. Decree No. 261 / 1995 Coll., setting out the time limits and methods for fulfilling the notification requirement.
2. Decree No. 295 / 1998 Coll., amending Decree No. 261 / 1995 Coll., setting out the deadlines and methods for the fulfilment of the notification requirement.
3. Decree No. 160 / 2000 Coll., amending Decree No. 261 / 1995 Coll., setting out the time limits and methods for fulfilling the notification obligation, as amended by Decree No. 295 / 1998 Coll.
Efficacy
This Decree shall take effect on 1 March 2003.
Governor:
v RNDr. Niedermayer v. r.
Vice-Governor
6) Act No. 591 / 1992 Coll., on Securities, as amended.
7) Act No. 363 / 1999 Coll., on Insurance and on the amendment of certain related laws (Insurance Act), as amended.
8) Act No. 42 / 1994 Coll., on supplementary pension insurance with a State contribution and on amendments to certain laws related to its implementation, as amended.
9) Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended.
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Regulation Information
| Citation | Decree No. 34 / 2003 Coll., determining the scope, period, time and manner of compliance with the reporting obligation under the Foreign Exchange Act |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 10.02.2003 |
|---|---|
| Effective from | 01.03.2003 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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