Decree No 344 / 2014 Coll.
Decree amending Decree No. 247 / 2013 Coll., on Applications under the Act on Investment Companies and Investment Funds
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31.12.2014
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344
DECLARATION
of 19 December 2014
amending Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act
The Czech National Bank provides, pursuant to § 297 (4), § 316 (6), § 318 (6), § 319 (6), § 320 (3), § 322 (5), § 324 (4), § 325 (6), § 454 (1) and (2) and § 532 of Act No. 240 / 2013 Coll., on investment companies and investment funds, as amended by Act No. 336 / 2014 Coll.:
Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act, is amended as follows:
1. in Article 1 (3) (b), the words "authorised to manage a collective investment fund" shall be inserted after the words "investment company" and the words "or to control that person" shall be deleted;
2. in Article 2 (e) (3), the words "or trust fund" shall be inserted after the words "holding fund";
3. In Article 2 (h) (1), the words "or after which a person is to be controlled 'are inserted after the word" participation'.
4. In Article 2 (h) (6), the words "under a control contract 'are deleted.
5. in Articles 3 (1) (b) and 8 (1) (c), the words "initial and" and the words "own" shall be inserted after the words "amount";
6. in Article 3 (1) (c), "(b) to (d) 'is replaced by" (b) to (e)';
7. in § 3 (3) (b) (2):
"2. a CV containing data on education and data on professional practice and an overview of past and current membership of elected bodies of other legal entities,"
8. in Article 3 (4) (b):
"(b) the list of the legal persons referred to in point (a), the evidence of credibility assessment and the document issued by a foreign State on the integrity of each person referred to in that list, ';
9. in Paragraph 3 (4), the word "a" shall be deleted at the end of point (e).
10. in Article 3 (4), at the end of point (f), the dot is replaced by "a" and the following point (g) is added:
"(g) information on the staff link of a person with a qualified participation in an applicant with another legal person concerning the current and past membership of that person in the elected bodies of other legal persons over the last 10 years and containing the identification details of another legal person, the designation of the office and the term of office; where the person with a qualified participation in the applicant is a legal person, he shall indicate that information for the persons listed in point (b). ';
11. in Article 3 (5) (c) (1) and (2), the words "if the applicant intends to exceed the applicable limit," shall be deleted;
12. in Article 3 (5) (e), the words "Article 14 (1)" shall be deleted;
13. Footnote 10:
"(10) Article 14 of Regulation (EU) No 345 / 2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds. ';
14. in Article 3 (5) (f), the words "Article 15 (1)" shall be deleted;
15.
"(11) Article 15 of Regulation (EU) No 346 / 2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds. ';
16. in Articles 3 (6) (b), 4 (f), 8 (5) (b), 12 (5) (b), 31 (2) (a) and 35 (2) (e) (2), the word "professional" shall be deleted;
17. in Article 8 (2) (a), the words "to the extent laid down in the law" shall be deleted;
18. in Paragraph 8 (4) (b), the words "and the confirmation by the administrator that, in the case of an authorisation for the operation of the self-governing investment fund, this contract will be concluded," shall be added after the words "from the draft contract."
19. in Paragraph 8 (4) (c), the words "which intends to exceed the applicable limit" shall be deleted;
20. in Paragraph 8 (4) (c) (2), the words "and when providing other services" shall be deleted;
21. in Paragraph 11 (1) (c), "(b) to (d)" shall be replaced by "(b) to (e)";
22. in Paragraph 14 (1), the words "a" shall be replaced by a comma after the words "the investment company" and the words "the chief administrator" shall be inserted;
23.
Consent to perform duties under Section 515 of the Act
(1) The formalities for requesting prior consent to perform the duties under Section 515 of the Act are:
(a) the identification details of the person to whom consent is to be given, including whether it is:
1. the lead person; or
2. person under Article 21 (5) of the Act,
(b) identification details of the person to whom the function is to be performed; and
(c) the Annexes referred to in paragraphs 2 and 3.
(2) The Annexes to the application for the person referred to in paragraph 1 (a) are:
(a) evidence of credibility assessment;
(b) a CV containing educational and professional experience data and an overview of past and present membership of elected bodies of other legal entities;
(c) a document issued by a foreign State of integrity; and
(d) a declaration of independence.
(3) The other Annexes relating to the application referred to in paragraph 1 shall be:
(a) a description of the function to be performed by the person referred to in paragraph 1 (a), including the powers and responsibilities associated with that function and the expected date of the provision to the post; for a person who is otherwise intended to effectively manage the person referred to in paragraph 1 (b), the justification on the basis of which the person is managed shall also be given;
(b) the identification details and functions of the person to whom the person referred to in paragraph 1 (a) is replaced; and
(c) the organisational structure of the person referred to in paragraph 1 (b), where it is changed in the context of a change in the management. ';
24.
[K § 520 (1) (a) to (c) of the Act]
(1) The requirements of a request for approval to acquire or increase a qualifying holding in an investment company, a self-governing investment fund or a senior administrator (hereinafter referred to as a regulated legal entity) or to control such persons are:
(a) identification details of the applicant;
(b) the identification data of the regulated legal person in which the qualifying participation is to be acquired or increased or controlled;
(c) existing, newly acquired and resulting total amount of qualifying holdings in capital or voting rights expressed as a percentage or other form of application of significant influence on the management of the applicant;
(d) information relating to the exercise of voting rights, the content of which is to be communicated whether:
1. participation shall be acquired in its own name and on its own account;
2. voting rights shall be exercised for the benefit of a third party;
3. voting rights will be transferred to another person under an arrangement or contract;
4. the applicant is a person controlled;
5. The applicant shall act in agreement with the person in whom the exercise of the voting rights has been transferred or who may exercise a significant influence on a regulated legal person; and
(e) the Annexes referred to in paragraphs 2 to 4.
(2) Annexes containing information on the applicant and his or her intention to acquire or exercise qualified participation in a regulated legal person
(a) proof of a business authorisation if it is a legal person or a natural person of an entrepreneur;
(b) proof of origin of the financial resources from which the acquisition or increase of a qualifying holding in a regulated legal person or another person through which a qualifying holding is acquired;
(c) a description of the facts on the basis of which the regulated legal person is controlled and of the proof of origin of the financial resources to be used for the purchase of the non-controlling shareholder's share;
(d) the strategic plan referred to in Article 2 (h) relating to qualifying holdings in a regulated legal person or to its control;
(e) financial statements;
(f) a document assessing the applicant's credibility and a document issued by a foreign State on the integrity of the applicant;
(g) information on persons closely linked to the applicant;
(h) a description of the relationship between the applicant and the regulated legal person in which the applicant intends to acquire or increase qualified participation or control it, and of the relationship of the applicant with persons with a special relationship with that regulated legal person, at least to persons who are the heads or members of the supervisory authority of the regulated legal person;
(i) a list of persons who, acting in agreement with the applicant, have, acquire or increase qualified participation in, or control, a regulated legal person, indicating their identification details, the amount of the share or other form of participation in, and a description of the facts on the basis of which the compliance practice takes place;
(j) the list and identification data of the applicant's managers, the evidence of credibility assessment and the document issued by a foreign State on the integrity of each person included in that list, if the applicant is a legal person;
(k) information on the personnel link between the applicant and another legal person concerning the current and past membership of the applicant in the elected bodies of other legal persons over the last 10 years and containing the identification data of another legal person, the designation of the office and the term of office; where the applicant is a legal person, he shall indicate that information for the persons listed in point (j); and
(l) the opinion of the authority supervising the applicant in the country of his registered office on the intention of that person to participate in or control the business of a regulated legal person in the Czech Republic if the applicant is a person having its registered office outside the territory of a Member State.
(3) If, in the context of the acquisition of a qualifying holding or control, a change in the management of a regulated legal person is to take place, the application shall also include an annex containing information on the newly proposed management person:
(a) identification data, including indication of the function;
(b) information as to whether it is a change in the number of managers or an exchange of existing managers, in the event of a change in the number of managers, shall be given as to whether and to what extent it is linked to a change in the competences and competences and, in the case of an exchange of existing managers, the lead person replaced shall be indicated;
(c) information to assess credibility;
(d) a CV containing data on education and professional practice and an overview of past and current membership of elected bodies of other legal entities; and
(e) a document issued by a foreign State of integrity.
(4) Where the applicant is a person seeking approval solely for the purpose of the administration, management and custody of the customer, the applicant shall not be obliged to attach the documents referred to in paragraph 2 (b). ';
25. Article 17 shall be deleted;
26. in Paragraph 18 (1) (a) read:
"(a) the opinion referred to in Article 16 (2) (l), the documents and documents referred to in Article 16 (2) and (3), which have undergone a change compared to the situation in which it was previously authorised to acquire or increase a qualifying holding in a regulated legal entity or to control it, and";
27. in Paragraph 18 (1), point (b) is deleted;
Point (c) shall be renumbered (b).
28. in Paragraph 18 (2) (d):
"(d) a description of the fact on the basis of which the applicant becomes a person controlling a regulated legal person and of the proof of origin of the financial resources to be used to buy up the share of a non-controlling member."
29. in § 19 the title reads:
"Qualified participation of an investment company authorised to manage a collective investment fund in another legal entity
(K § 509 of the Act) '.
30. Paragraph 19 (1) reads as follows:
"(1) The requirements of the application for approval of an investment company authorised to manage a collective investment fund to acquire or increase a qualifying holding in another legal person (hereinafter referred to as" the target person ') are:
(a) the identification data of the applicant and the target person in which participation is to be acquired or increased;
(b) existing, newly acquired and resulting total participation in the target person, expressed as a percentage; and
(c) the Annexes referred to in paragraph 2. ';
31. in Article 19, paragraphs 3 and 4 are deleted;
32. in Section 23, the title reads:
"Entry into the list of foreign investment funds in which investments may be offered in the Czech Republic
[Paragraph 597 (d) or (e) of the Act in conjunction with § 316 (6), § 318 (6), § 319 (6), § 320 (3), § 322 (5), § 324 (4) and § 325 (6) of the Act] '.
33. In Article 23 (2) (a), the words "proving the right of the manager to exceed the applicable limit" shall be inserted after the words "the management of this fund."
34. in Article 24 (2) (c), the words "in the case of a standard subordinated fund, also" and the word "a" at the end of point (c) shall be deleted;
35. in Article 24 (2), at the end of point (d), the dot is replaced by a comma and the word "a" is added.
36. in § 24 (2) (e):
"(e) the Annexes referred to in Article 3 (5) and (6), which are affected by changes in connection with the management of the standard fund for which registration is requested.";
37.
Registration of an investment fund that is not an autonomous investment fund
[K § 513 (1) and § 514 in conjunction with § 597 (a) of the Law]
(1) The requirements of the application for registration of an investment fund which is not a self-governing investment fund in the list of investment funds under Section 597 (a) of the Act are:
(a) identification data
1. the applicant,
2. persons registered under § 596 (f) of the Act, who, at the time of the application, manages the applicant's assets if the applicant is already a legal person,
3. the individual statutory authority of the applicant,
4. the depositary; and
5. an administrator, unless the administration of an investment fund is carried out by an individual statutory body of the applicant in accordance with point 3, which is or is to be a person authorised to manage the investment fund; and
(b) the Annexes referred to in paragraph 2.
(2) The Annexes to the application are:
(a) the applicant's social contract;
(b) the IF Statute; and
(c) proof of the business authorisation if the applicant is a legal person already established. ';
38. Paragraph 27, including the title, reads:
Entry into the list of investment funds having legal form of trust fund
[K § 597 (c) of the Act]
The requirements of the application for inclusion in the list of investment funds having the legal form of a trust fund shall be:
(a) identification data
1. the applicant,
2. the depositary; and
3. an investment fund having the legal form of a trust fund; and
(b) Annexes which are:
1. the Statute of the Trust Fund; and
2. a contract for the creation of a trust fund pursuant to § 148 (1) of the Act. '
39.
Entry into the lists of investment funds pursuant to Section 597 of the Act
(1) The formalities for applying for registration in the lists provided for in Section 597 of the Act in cases not covered by Sections 23 to 27 are:
(a) the designation of the subject-matter of the registration pursuant to § 597 (a) to (d) of the Act;
(b) identification details of the applicant,
(c) identification data
1. the operator, if not the person referred to in point (b),
2. the registered investment fund, if not the person referred to in point (b),
3. the depositary; and
4. Administrator, if the manager does not manage the investment fund,
(d) the type and type of entity and the legal form of the investment fund, if this is not apparent from the identification data of the recorded investment fund; and
(e) the Annexes referred to in paragraph 2.
(2) The Annexes to the application are:
(a) a document showing that the manager is entitled to manage the fund for which registration is sought;
(b) a permit to operate or a similar document from which it is clear whether or not the manager of the registered investment fund is entitled to exceed the applicable limit, if not the manager authorised by the Czech National Bank,
(c) the IF Statute or a similar document;
(d) a document similar to an extract from a business register or similar records relating to a foreign investment fund;
(e) a document containing information for investors established in the Czech Republic within the meaning of Section 296 of the Act; and
(f) the annexes referred to in Article 312 (2) of the Act, if they are to offer investment in a foreign investment fund pursuant to Article 309 of the Act. "
40. Paragraph 29 (2) reads as follows:
"(2) The Annexes to the application are:
(a) proof of a business authorisation;
(b) an authorisation for an activity which implies that the applicant is entitled to carry out the activities of the depositary or to provide investment services for the custody and management of investment vehicles, including related services, unless this is derived from the document referred to in (a);
(c) the intention of the applicant in relation to the performance of the activities of the depositary and, if the applicant is a person subject to the supervision of the Czech National Bank, the expected effects of the performance of the activities of the depositary in the applicant's business plan;
(d) the material and organisational assumptions of the applicant to ensure the activities of the depositary, in particular the obligations relating to the provision of individual services to be provided by the applicant as depositary;
(e) CV containing information on education and professional practice
1. the head of the organisation body whose competence falls within the functions of the depositary, where the applicant is a legal person; or
2. the applicant, if he is a natural person, and
3. other persons to ensure the activities of the depositary;
(f) internal rules governing procedures for the management and limitation of conflicts of interest under Section 64 of the Act and the separation of other activities from the activities of the depositary under Section 65 of the Act;
(g) a draft contract of delegation for another person to carry out activities where an applicant to be a depositary of an investment fund intends to entrust another person to carry out the activities referred to in Article 71 (1) of the Act and the procedures for monitoring the performance of the activities to be entrusted to that person; and
(h) other documents proving compliance with the conditions for the fulfilment of the depositary's obligations under the law and directly applicable provisions of the European Union where those provisions apply to the depositary. ';
41. Paragraph 30, including the title, reads:
Entry into the list of persons managing assets comparable to management
[K § 596 (f) of the Act]
(1) The elements of the application for registration in the list of persons managing assets comparable to the management under Section 15 of the Act which are required to be included in the list under Section 596 (f) of the Act are:
(a) identification details of the applicant;
(b) information on the value of the assets for each trust fund or similar facility managed or intended to be managed by the applicant;
(c) the basic information on the strategy defined under Section 598 (2) of the Act; and
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Regulation Information
| Citation | Decree No. 344 / 2014 Coll., amending Decree No. 247 / 2013 Coll., on Applications under the Act on Investment Companies and Investment Funds |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.12.2014 |
|---|---|
| Effective from | 01.01.2015 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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