What is Full text of Act No. 346 / 2008 Coll.?

Full text of Act No. 346 / 2008 Coll., Act 256 / 2004 Coll., on Capital Market Business, as seen from later amendments — Full version of Act 256 / 2004 Coll., on Capital Market Business, as seen from subsequent amendments.

When it became Full text of Act No. 346 / 2008 Coll. effectiveness?

Full text of Act No. 346 / 2008 Coll. became effective date not available.

Is Full text of Act No. 346 / 2008 Coll. still valid?

Yes, Full text of Act No. 346 / 2008 Coll. is still valid and effective.

Full text of Act No. 346 / 2008 Coll.

Full version of Act 256 / 2004 Coll., on Capital Market Business, as seen from subsequent amendments

Valid Declared full text

Text versions: 19.09.2008

ČÁST PRVNÍ § 1 § 2 § 2a § 2b § 2c § 2d ČÁST DRUHÁ HLAVA I § 3 § 4 § 4a § 4b HLAVA II Díl 1 § 5 § 6 § 6a § 6b § 7 § 8 Díl 2 Oddíl 1 § 8a Oddíl 2 § 9 § 9a § 9b § 9c Oddíl 3 § 10 § 10a Oddíl 4 § 11 Díl 3 Oddíl 1 § 11a Oddíl 2 § 12 § 12a § 12b § 12c § 12d § 12e § 12f Oddíl 3 § 13 Oddíl 4 § 14 § 14a Oddíl 5 § 15 § 15a § 15b § 15c § 15d § 15e § 15f § 15g § 15h § 15i § 15j § 15k § 15l § 15m § 15n § 15o § 15p § 15q § 15r § 15s Oddíl 6 § 15t § 16 Oddíl 7 § 16a § 16b § 16c Oddíl 8 § 17 Oddíl 9 § 17a § 17b § 17c § 17d Díl 4 § 18 § 19 § 20 HLAVA III Díl 1 § 21 § 22 § 22a § 23 Díl 2 § 24 § 25 § 25a § 26 § 27 HLAVA IV § 28 HLAVA V § 29 § 30 § 31 § 32 HLAVA VI § 32a § 32b § 32c § 32d ČÁST TŘETÍ § 33 ČÁST ČTVRTÁ HLAVA I § 34 § 35 HLAVA II § 36 § 36a § 36b § 36c § 36d § 36e § 36f § 36g § 36h § 36i § 36j § 36k § 36l ČÁST PÁTÁ HLAVA I § 37 § 38 § 39 § 40 § 41 § 42 § 43 § 44 § 45 § 46 § 47 § 48 § 49 § 50 § 51 § 52 § 53 § 54 HLAVA II Díl 1 § 55 § 56 § 57 § 58 § 59 § 60 § 61 § 62 § 63 Díl 2 § 64 § 65 § 66 Díl 3 § 67 § 68 HLAVA III § 69 § 70 § 71 § 72 § 73 § 74 až 81 ČÁST ŠESTÁ § 82 § 83 § 84 § 85 § 86 § 87 § 88 § 89 § 90 ČÁST SEDMÁ HLAVA I Díl 1 § 91 Díl 2 § 92 § 93 Díl 3 § 94 § 95 § 96 § 97 § 98 § 99 § 99a HLAVA II § 100 § 101 § 102 § 103 § 104 § 104a § 104b § 105 § 106 § 107 § 107a § 108 § 109 § 110 § 111 HLAVA III § 112 § 113 § 114 HLAVA IV § 115 ČÁST OSMÁ HLAVA I § 116 § 117 § 118 § 119 § 120 § 121 § 122 § 123 § 124 § 125 § 126 § 127 HLAVA II § 128 § 129 § 129a § 130 § 131 § 132 § 133 § 134 ČÁST DEVÁTÁ HLAVA I Díl 1 § 135 § 135a Díl 2 § 136 § 137 § 138 § 139 § 140 § 141 § 142 § 143 § 144 § 145 Díl 3 § 146 Díl 4 § 147 Díl 5 § 148 § 149 HLAVA II § 150 § 151 § 152 § 152a § 153 § 154 § 155 § 155a § 156 HLAVA III § 157 § 158 § 159 § 160 § 161 § 162 § 163 § 164 § 165 § 166 § 167 § 168 až 191 § 192 ČÁST DESÁTÁ § 193 ČÁST JEDENÁCTÁ § 194 § 195 § 196 § 197 § 198 § 198a § 198b § 199 § 200 § 201 § 202 § 202a § 202b § 203 § 204 § 205 § 206

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346

PRESIDENT OF THE GOVERNMENT

Announces

The full text of Act No. 256 / 2004 Coll., on the Capital Market Business, as follows from the amendments made by Act No. 635 / 2004 Coll., Act No. 179 / 2005 Coll., Act No. 377 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll., Act No. 62 / 2006 Coll., Act No. 70 / 2006 Coll., Act No. 159 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 29 / 2008 Coll., Act No. 104 / 2008 Coll., Act No. 126 / 2008 Coll.

THE LAW

on capital market business

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

BASIC PROVISIONS

§ 1

Subject matter

This law incorporates the relevant regulations of the European Community1), following the directly applicable regulations of the European Community2), and regulates the provision of capital market services, the protection of the capital market and investors and the public supply of securities.

§ 2

Definition of certain terms

(1) In this Act:

(a) a lead person a member of a statutory body, a statutory body, an executive director of a legal person or a person who otherwise effectively manages the activities of a legal person;

(b) a person with management powers

1. lead person,

2. the Supervisory Board or any other Supervisory Body;

3. Member of the Supervisory Board or other Supervisory Body,

4. the person making decisions within the issuer that may affect the issuer's future development and business strategy and that has access to internal information;

1. the leading person of the securities dealer,

2. the tied agent (§ 32a) of the securities dealer and its managers,

3. the investment intermediary (§ 29) of the securities dealer,

4. an employee of a securities dealer involved in the provision of the main investment services;

5. an employee of a tied agent of a securities dealer involved in the provision of the main investment services;

6. a natural person other than those referred to in points 1 to 4 who is involved in the provision of the main investment services of the securities dealer and who carries out his business under the orders of the securities dealer,

7. a natural person who is directly involved in the activities entrusted to a third party by a securities dealer in connection with the provision of the main investment services;

8. Person who, in connection with the performance of his or her employment, profession or function, creates the material content of the analysis of investment opportunities,

(d) an indirect share held through another person or group of persons acting in agreement;

(e) by qualifying holdings, a direct or indirect holding in the capital or voting rights of a person, or their total, which represents at least 10% or which allows a significant influence on its management;

(f) close links between persons;

1. one person has a direct or indirect share of the capital or voting rights of another person, representing at least 20%;

2. one person controls another person; or

3. controlled by the same person,

(g) misleading information of information capable of giving rise to a misleading idea of the subject matter to which it relates; misleading information is also true, which may mislead the context in which it was used,

(h) the assets of the client are the funds and investment vehicles held by the securities dealer for the purpose of providing the investment service and the funds and investment vehicles acquired for those values for the client; the assets of the customer are not deposits under the law governing the activities of banks which are charged by a securities dealer who is a bank or branch of a foreign bank,

(i) initial capital sum

1. paid-up capital;

2. Paid issue accounts,

3. mandatory reserves;

4. other reserves created from profit after tax, with the exception of those assigned to them;

5. the difference between the undistributed profit from previous periods, as shown in the financial statements verified by the auditor and approved by the general meeting, the distribution of which has not been decided by the general meeting, and the outstanding losses from previous periods, including losses for previous financial years,

(j) details of the person

1. in the case of a legal person, the commercial firm or the name, registered office and identification number, if assigned;

2. in the case of a natural person, the name and surname, date of birth, birth number, if assigned, address of residence; in the case of an entrepreneur incorporated in a commercial register, the commercial firm or place of business, where applicable, and the identification number, if assigned;

(k) personal trade in an investment instrument concluded by or on behalf of a person with a special relationship with a securities dealer where a person with a special relationship with a securities dealer is acting in excess of his or her duties or the transaction is concluded on account of:

1. that person,

2. persons close to the Civil Code,

3. the person with whom it is closely linked; or

4. Other persons where a person with a special relationship with a securities dealer has a direct or indirect material interest in the outcome of a transaction which is neither a fee nor a remuneration for the execution of a transaction;

(l) a listed investment vehicle admitted to trading on a regulated market in investment vehicles (hereinafter referred to as "regulated market") located in a Member State of the European Union.

(2) The point of transfer is:

(a) a regulated market;

(b) a multilateral trading system;

(d) a market maker or other liquidity provider, in so far as it is not an activity on a regulated market or on a multilateral trading venue or for a securities dealer engaged in systematic internalisation (§ 17a (1)); or

(e) a foreign transfer point whose activity is similar to that of one of the points (a) to (d).

(3) In this law,

(a) commodity commodity in accordance with the directly applicable regulation of the European Communities implementing Directive of the European Parliament and of the Council regulating markets in financial instruments (2a),

(b) portfolio trading portfolio trading according to the directly applicable regulation of the European Communities implementing Directive of the European Parliament and of the Council regulating markets in financial instruments (2b).

§ 2a

Professional customer

(1) Professional customer is understood in this Act as

(a) electronic money bank and institution;

(b) savings and credit cooperatives;

(d) the insurance undertaking;

(e) the reinsurance undertaking;

(f) an investment company;

(g) the investment fund;

(h) the pension fund;

(i) the person performing the securitisation as a decisive activity;

(j) a person who trades on his own account in investment vehicles for the purpose of hedging from transactions in investment vehicles referred to in § 3 (1) (d) to (k) and that activity is one of its decisive activities;

(k) a person who trades on his own account in the investment vehicles referred to in § 3 (1) (g) to (i) or commodities and that activity is among its decisive activities;

(l) a legal person responsible for the management of State property in the provision of the purchase, sale or management of its claims or other assets, or in the restructuring of commercial companies or other legal entities having the State's holding;

(m) a foreign person with similar activities as one of the persons referred to in points (a) to (l);

(n) the State or Member State of the Federation;

(o) the Czech National Bank, the Foreign Central Bank or the European Central Bank; and

(p) The World Bank, the International Monetary Fund, the European Investment Bank or other international financial institutions.

(2) The professional customer is further understood in this Act as

(a) a legal entity set up for business purposes which, according to the last financial statements, meets at least 2 of the 3 criteria which are:

1. the total amount of assets corresponding to at least EUR 20 000 000;

2. an annual net turnover of at least EUR 40 000 000;

3. equity equivalent to at least EUR 2 000 000;

(b) a foreign person established for the purposes of business which fulfils the conditions laid down in (a).

(3) The customer referred to in paragraphs 1 and 2 shall be considered not to be a professional client within the scope of the investment instrument or investment services transactions agreed with the securities dealer. The agreement shall make it clear which transaction or transaction in an investment instrument or which investment service it relates to. In the event that this agreement has not been concluded in writing, the securities dealer shall, at his request, issue a certificate of the facts referred to in the second sentence.

(4) The customer referred to in paragraphs 1 and 2 shall be considered not to be a professional customer also where the securities dealer informs him, without his request, that he considers him to be such customer. The communication to the customer shall make it clear which transaction or transaction of the investment instrument or which investment services it relates to.

§ 2b

Professional customer upon request

(1) A professional customer is also a person in this law,

(a) which requests a securities dealer to treat it as a professional customer and which agrees with the request; and

(b) which meets at least 2 of the following 3 criteria:

1. for each of the last 4 consecutive quarters, on the relevant regulated market located in a Member State of the European Union or in the relevant multilateral trading venue operated by a person established in a Member State of the European Union, transactions in the investment instrument to which the application relates in significant volumes and in an average number of at least 10 transactions per quarter,

2. the amount of its assets constituted by funds and investment instruments shall be at least EUR 500 000;

3. carry out, for at least one year, or carry out activities in the field of the financial market which require knowledge of the transactions or services to which the application relates in connection with the performance of his or her employment, profession or function.

(2) The request referred to in paragraph 1 (a) must be in writing and make it clear which transaction or transaction in an investment instrument or what investment service it relates to. The application shall be accompanied by a written declaration by the applicant that he is aware that:

(a) this change may result in a loss of entitlement to compensation from a foreign guarantee scheme for the purposes of a similar system secured by the Guarantee Fund of securities dealers;

(b) the obligations laid down in paragraphs 15 to 15r in relation to a professional client are carried out by a securities dealer on a more narrow scale than in relation to a non-professional customer; such information shall be explicitly notified by the securities dealer to the applicant.

(3) The securities dealer may grant the consent referred to in paragraph 1 (a) if he is satisfied that the applicant meets the criteria referred to in paragraph 1 (b) and has the necessary experience and expertise with respect to the transaction or transaction of the investment instrument or the investment services to which the application relates, is able to make his own investment decisions and understands the related risks.

(4) The professional customer referred to in paragraph 1 shall be considered not to be a professional customer if the securities dealer so requests. The request shall make it clear which transaction or transaction in an investment instrument or which investment services it relates to. This request will be accepted by the securities dealer.

(5) The securities dealer shall continuously verify and regularly assess whether the professional client referred to in paragraph 1 has ceased to comply with the conditions set out in paragraph 3.

(6) The customer referred to in paragraph 1 shall be considered not to be a professional client also where the securities dealer informs him, without his request, that he considers him to be such customer. The communication to the customer shall make it clear which transaction or transaction of the investment instrument or which investment services it relates to.

§ 2c

(1) For the purposes of requiring information by a securities dealer from a customer when providing an investment service (§ 15h to 15k), a professional client shall be considered to have the expertise and experience in the field of investment in order to make his own investment decisions and assess the risks he takes in connection with the investment service or business of the investment instrument for which he is a professional client.

(2) For the purposes of providing investment advice, the professional customer referred to in Article 2a (1) and (2) shall be considered to have the financial background to undertake related investment risks corresponding to its investment objectives.

§ 2d

(1) A securities dealer shall not be obliged to fulfil the obligations laid down in paragraphs 15 to 15 in respect of the professional client referred to in paragraph 2a (1) when providing the main investment services referred to in paragraph 4 (2) (a), (b) or (c). A professional client in respect of which a securities dealer is not obliged to comply with the obligations set out in paragraphs 15 to 15r in respect of the provision of the main investment services referred to in paragraph 4 (2) (a), (b) or (c) of Article 4 (2) of the European Union in respect of which, under the law of that Member State, a foreign person authorised by that Member State to provide investment services is not required to fulfil obligations similar to those laid down in paragraphs 15 to 15r without his request when providing the main investment services referred to in paragraph 4 (2) (a), (b) or (c). The consent shall make it clear which transaction or transaction in an investment instrument or which investment service it relates to.

(2) A securities dealer shall not be obliged to fulfil the obligations laid down in paragraphs 15 to 15r in the provision of the main investment services referred to in Article 4 (2) (a), (b) or (c) in relation to a professional client referred to in paragraphs 2a (2) and 2b (1) where such a professional client so requests in writing. The request shall make it clear which transaction or transaction in an investment instrument or what investment service it relates to.

(3) When providing the main investment services referred to in Article 4 (2) (a), (b) or (c), a securities dealer shall comply with the obligations set out in paragraphs 15 to 15r in relation to a professional client in respect of which he does not comply within the meaning of paragraph 1 or 2, provided that that customer requests the securities dealer in writing. Such a request shall make it clear which transaction or transaction in an investment instrument or which investment service it relates to.

(4) The obligations laid down in paragraphs 15 to 15r are the responsibility of the securities dealer to perform the obligations laid down in paragraphs 4 (2) (a), (b) or (c) in respect of the customer in respect of whom he is not otherwise obliged to comply within the meaning of paragraph 1 or 2. In doing so, it must be clear which transaction or transaction in an investment instrument or what investment services this procedure applies to a securities dealer.

(5) A professional client in respect of which a securities dealer is not obliged to fulfil, in the provision of the main investment services referred to in Article 4 (2) (a), (b) or (c) within the meaning of paragraph 1 or 2, the obligations laid down in paragraphs 15 to 15r are also deemed to be non-professional customers when the securities dealer informs him, without his request, that he considers him to be such a customer. In doing so, it must be clear which transaction or transaction in an investment instrument or what investment services this procedure applies to a securities dealer.

ČÁST DRUHÁ

INVESTMENT INSTRUMENTS AND INVESTMENTS

HLAVA I

BASIC PROVISIONS

§ 3

Investment instruments

(1) Investment instruments are:

(a) investment securities;

(b) collective investment securities;

(d) options, futures, swaps, forwards and other instruments the value of which relates to the rate or value of securities, foreign exchange rates, interest rates or interest rates, as well as to other derivatives, financial indices or financial quantitatively expressed indicators, giving rise to the right to settlement in cash or to the right to supply the property value to which they relate;

(e) instruments enabling the transfer of credit risk;

(f) financial differences,

(g) options, futures, swaps, forwards and other instruments the value of which relates to commodities and which imply the right to settle in cash or the right of at least one party to choose whether it wishes to settle in money, unless the use of that right is dependent on insolvency or other similar impossibility of performance;

(h) options, futures, swaps and other instruments the value of which relates to commodities and which give rise to the right to supply such commodities and which are traded on a regulated market located in a Member State of the European Union or on a multilateral trading venue operated by a person established in a Member State of the European Union;

(i) options, futures, swaps, forwards and other instruments the value of which relates to commodities and which give rise to the right to supply such commodities other than those referred to in point (h) are not intended for commercial purposes and have the characteristics of other derivative investment instruments; in particular those that are settled and settled through a settlement system or are part of an agreement on a call for additional collateral;

(j) options, futures, swaps, forwards and other instruments the value of which relates to climate indicators, transport tariffs, emission allowances or inflation rates and other economic indicators published on the official statistics section, indicating the right to settle in cash or the right of at least one party to choose whether it wishes to settle in money, unless the use of this right is dependent on insolvency or other similar impossibility of performance;

(k) instruments the value of which relates to assets, rights, liabilities, indices or quantified indicators other than those referred to in (j) are not intended for commercial purposes and have the characteristics of other derivative investment vehicles; in particular, those traded on a regulated market located in a Member State of the European Union or in a multilateral trading venue operated by a person established in a Member State of the European Union shall be settled and settled through a settlement system or shall form part of a call for additional collateral.

(2) Investment securities are securities that are negotiable on the capital market. Investment securities shall in particular:

(a) shares or similar securities representing an interest in a company or other legal person;

(b) bonds or similar securities representing the right to repayment of the amount due;

(d) securities authorising the acquisition or disposal of the investment securities referred to in points (a) and (b);

(e) securities showing a right to cash settlement, the value of which is determined by the value of investment securities, exchange rates, interest rates, interest rates, commodities or financial indices or other quantitative indicators.

(3) Investment instruments are not payment instruments.

(4) A single investment instrument may, according to its characteristics, show characters of several types of investment instruments.

(5) In cases where an investment instrument referred to in paragraph 1 (i) and (k) is not intended for commercial purposes and where it has the characteristics of other derivative investment vehicles, the directly applicable regulation of the European Communities implementing Directive 2c of the European Parliament and of the Council on markets in financial instruments defines (c).

§ 4

Investment services

(1) Investment services are the main investment services and activities ("main investment services") and additional investment services provided by business.

(2) The main investment services are:

(a) the adoption and transmission of orders concerning investment instruments;

(b) the execution of orders relating to investment vehicles on behalf of the customer;

(d) the management of the client's assets, if the investment instrument is part of the client's assets, on the basis of free consideration under the contractual arrangement;

(e) investment advice on investment instruments;

(f) the operation of a multilateral trading venue;

(g) subscription or placement of investment vehicles with a commitment to subscription;

(h) the placing of investment instruments without a commitment to sign them.

(3) Additional investment services are:

(a) custody and management of investment vehicles, including related services;

(b) the provision of a loan or loan to a customer in order to enable trade in the investment instrument in which the loan provider is involved;

(c) advisory activities concerning the structure of capital, industrial strategy and related issues, as well as the provision of advice and services concerning the transformation of companies or the transfer of undertakings;

(d) the provision of investment recommendations and analysis of investment opportunities or similar general recommendations relating to the trading of investment vehicles;

(e) the conduct of foreign exchange operations related to the provision of investment services;

(f) services related to the subscription or placement of investment vehicles;

(g) a service similar to an investment service relating to the asset value to which the value of the investment instrument referred to in Article 3 (1) (g) to (k) is related and relating to the provision of investment services.

(4) The investment service for receiving and transmitting orders relating to investment vehicles also includes the brokering of transactions in investment vehicles.

(5) Investment advice relating to investment vehicles shall be the provision of individualised advice, directly or indirectly, for the purchase, sale, subscription, location, payment, possession or other treatment of a particular investment instrument or instrument, or for the exercise of the right to such disposal, whether provided at the initiative of a client or potential client or dealer.

(6) The custody and management of investment vehicles, including related services, also includes the keeping of records relating to central securities records (§ 92), the keeping of separate records of investment vehicles or the keeping of records relating to separate records of investment instruments (§ 93).

(7) Investment opportunities analysis means information,

(a) which recommends, directly or indirectly, an investment strategy or an investment opportunity relating to a specific investment instrument or issuer of an investment instrument; and

(b) which the addressee may, in view of the circumstances, consider to be an objective and independent recommendation of such an investment strategy or investment opportunity.

(8) An analysis of the investment opportunities which are intended for the public or the publication of which can reasonably be expected shall include an opinion on the present or future value or price of such investment instruments.

(9) Analysis of investment opportunities can also be an investment recommendation.

§ 4a

The main investment services and ancillary investment services referred to in Section 4 (3) (a) shall not be provided by anyone without permission from the Czech National Bank, unless otherwise provided for in this Act or other legislation.

§ 4b

Exemptions from authorisation to provide investment services

(1) No authorisation under this Law is required for the provision of an investment service,

(a) if the main investment service or ancillary investment service referred to in Article 4 (3) (a) and these services are provided:

1. solely persons who control the person providing the investment service, persons who are controlled by the person providing the investment service or persons controlled by the same person as the person providing the investment service; or

2. only occasionally, in the context of another professional or business activity, where other legislation governing such activities does not prohibit the provision of such an investment service;

(b) if the main investment service or ancillary investment service referred to in Article 4 (3) (a) relates to investment vehicles referred to in points (g) to (k) of Article 3 (1), where such services are provided in connection with the critical activity of the provider;

1. the principal activity of the provider is not to provide the main investment service; and

2. the provision of the main investment service or ancillary investment service referred to in Article 4 (3) (a) is not among the decisive activities of the person who controls the provider, the person who is controlled by the provider or the person controlled by the same person as the provider;

(c) if it is for trading on its own account in investment vehicles if it is carried out by a person who does not provide another main investment service;

(d) if the trading on own account of the investment vehicles referred to in points (g) to (i) of Article 3 (1) is carried out or traded on its own account of the commodities is one of the decisive activities of the person carrying them out and where that person does not provide another main investment service; This shall not apply where the person trading on his own account in the investment instruments referred to in points (g) to (i) of Article 3 (1) or in commodities controls the person providing the main investment service, is controlled by the person providing the main investment service or provides persons controlled by the same person as the person trading on his own account in the investment instruments referred to in points (g) to (i) of Article 3 (1) or in commodities, the main investment services; or

(e) where the collection of funds from the public is for the purpose of joint investment or the activities and services of the depositary relating to such gathering2d).

(2) An authorisation under this law is required for trading on its own account in investment vehicles when it is carried out by a market maker (paragraph 3); This does not apply if the market maker trades in investment vehicles

(a) on its own account, in the context of its decisive activity and trading on its own account, it is not one of the decisive activities of the person who controls the market maker, the person who is controlled by the market maker or the person controlled by the same person as the market maker;

(b) on own account solely for the purpose of reducing the risk of transactions concluded on the market in investment vehicles referred to in § 3 (1) (d) to (k);

(c) for its own account, only participants in the relevant investment instrument market and settlement of transactions in such investment instruments shall be guaranteed by participants in the settlement system of such a market; or

(d) for the account of other market participants in investment vehicles referred to in Article 3 (1) (d) to (k), or creates prices for them and the settlement of such transactions is guaranteed by participants in the settlement system of such a market.

(3) A market maker in this Act means a person who trades on the financial market on his own account in investment instruments by offering the participants of the relevant market or part of it the opportunity to enter into a transaction with it in respect of the investment instrument at a specified price. The market maker referred to in paragraph 2 shall at all times be the person who, on a regular and systematic basis outside a regulated market located in a Member State of the European Union or outside a multilateral trading venue operated by a person established in a Member State of the European Union, offers third parties the opportunity to enter into trade with it in respect of an investment instrument.

HLAVA II

TRADER WITH PRICE PAPERS

Díl 1

Basic provisions

§ 5

A securities dealer is a legal person who provides investment services on the basis of the permission of the Czech National Bank to operate a securities dealer.

§ 6

(1) Only public limited liability companies or limited liability companies will be authorised by the Czech National Bank to operate a securities dealer,

(a) which, in the case of a public limited liability company, only issues paper shares in the name or in the name of the book-entry stock; This is without prejudice to the provisions of another legislation on the form of priority shares issued by the Bank or, in the case of a limited liability company, to be set up by the Supervisory Board and the Supervisory Board has powers such as those of the Supervisory Board of a public limited company under the Commercial Code,

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Regulation Information

Citation	Full text of Act No. 346 / 2008 Coll., Act 256 / 2004 Coll., on Capital Market Business, as seen from later amendments
Regulation Type	Declared full text
Author	-
Collection	Code of Laws

Date of Promulgation	19.09.2008
Effective from	-
Effective until	-
Status	Valid

Legal Areas: Banking, Money Securities Finance International law International public law Wages, salaries, wages, compensation Civil law Civil law substantive Commercial law Commercial companies Businessman, Company Labour law Administrative offences Administrative law State (official) control Constitutional (state) law Water, Water management Fundamental human rights

The regulation text is for informational purposes only.