What is Act No 353 / 2021 Coll.?

Act No. 353 / 2021 Coll., amending Act No. 21 / 1992 Coll., on Banks, as amended, and certain other laws — Act amending Act No. 21 / 1992 Coll., on Banks, as amended, and certain other laws.

When it became Act No 353 / 2021 Coll. effectiveness?

Act No 353 / 2021 Coll. became effective 01.10.2021.

Is Act No 353 / 2021 Coll. still valid?

Yes, Act No 353 / 2021 Coll. is still valid and effective.

How many times was it Act No 353 / 2021 Coll. amended?

Act No 353 / 2021 Coll. has 4 time versions of the text.

Act No 353 / 2021 Coll.

Act amending Act No. 21 / 1992 Coll., on Banks, as amended, and certain other laws

Valid Effective from 01.10.2021

Text versions: 01.01.2022 01.10.2021 30.09.2021

ČÁST PRVNÍ Čl. I „§ 3b § 3c „§ 11a „§ 12n „§ 12s § 12t „§ 12y § 25f § 25g § 25h § 25i § 25j „ČÁST OSMÁ § 26c § 26d § 26e § 26f § 26g § 26h § 26i § 26j § 26k § 26l § 26m § 26n § 26o „ČÁST DEVÁTÁ § 27 § 28 § 29 § 30 § 31 § 32 „§ 36da § 36db „§ 36f „§ 38hb Čl. II ČÁST DRUHÁ Čl. III „§ 1a „§ 8ak „§ 8ap § 8aq § 21d § 21e § 21f § 21g ČÁST TŘETÍ Čl. IV „§ 9ak „§ 9ap § 9aq „§ 9b § 135f § 135g § 135h § 135i ČÁST ČTVRTÁ Čl. V ČÁST PÁTÁ Čl. VI ČÁST ŠESTÁ Čl. VII ČÁST SEDMÁ Čl. VIII ČÁST OSMÁ Čl. IX ČÁST DEVÁTÁ Čl. X ČÁST DESÁTÁ Čl. XI ČÁST JEDENÁCTÁ Čl. XII Čl. XIII ČÁST DVANÁCTÁ Čl. XIV

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353

THE LAW

of 14 September 2021

amending Act No. 21 / 1992 Coll., on Banks, as amended, and certain other laws

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

Amendment to the Banking Act

Čl. I

Act No. 100 / 2010, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100, Act No. 100, Act No. 100, Act No. 100 / 2011, Act No. 100, Act No. 2011, Act No. 100, No 2011, Act No. 100, Act No. 2011, Act No. 100, No. 2011, No. 2011, No. 2011, No. 2011, No. 2011, No.

1. footnote 1 shall read:

"(1) Directive 2001 / 24 / EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and liquidation of credit institutions. Directive 2004 / 109 / EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements concerning information on issuers whose securities are admitted to trading on a regulated market and amending Directive 2001 / 34 / EC, as amended by Directives 2008 / 22 / EC, 2010 / 73 / EU, 2010 / 78 / EU and 2013 / 50 / EU of the European Parliament and of the Council. Commission Directive 2007 / 14 / EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004 / 109 / EC on the harmonisation of transparency requirements concerning information on issuers whose securities are admitted to trading on a regulated market, as amended by Directive 2013 / 50 / EU of the European Parliament and of the Council. Directive 2009 / 111 / EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2006 / 48 / EC, 2006 / 49 / EC and 2007 / 64 / EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements and crisis management. Directive 2013 / 36 / EU of the European Parliament and of the Council of 26 June 2013 on the taking up and prudential supervision of credit institutions and investment firms, amending Directive 2002 / 87 / EC and repealing Directives 2006 / 48 / EC and 2006 / 49 / EC, as amended by Directives 2014 / 17 / EU, 2014 / 59 / EU, (EU) 2015 / 2366, (EU) 2018 / 843 and (EU) 2019 / 878 of the European Parliament and of the Council. Directive 2014 / 49 / EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes. Directive (EU) 2019 / 879 of the European Parliament and of the Council of 20 May 2019 amending Directive 2014 / 59 / EU as regards the capacity of credit institutions and investment firms to absorb losses and the capacity to recapitalisation and Directive 98 / 26 / EC. ';

2. footnote 27 reads:

"(27) Regulation (EU) No 575 / 2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648 / 2012, as amended. ';

3. The following Sections 3b and 3c are inserted after Section 3a, including the title:

„§ 3b

Definition of terms

(1) For the purposes of this Act:

(a) institutions of an institution as referred to in point (3) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(b) credit institution credit institution as referred to in point (1) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(c) an investment firm's investment firm as referred to in Article 4 (1) (2) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(d) financial institution of a financial institution as referred to in point (26) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(e) the subsidiary undertaking referred to in Article 4 (1) (18) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(f) the asset management company of the asset management company referred to in Article 4 (1) (19) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(g) the controlling person of the parent undertaking referred to in Article 4 (1) (15) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(h) controlled by a subsidiary pursuant to Article 4 (1) (16) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(i) the domestic controlling bank person referred to in Article 4 (1) (29c) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council, based in the Czech Republic,

(j) a European controlling credit institution, the person referred to in Article 4 (1) (29d) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(k) a financial holding person as referred to in point (20) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(l) a domestic financial holding person as referred to in Article 4 (1) (30) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council, based in the Czech Republic,

(m) a European financial holding person as referred to in Article 4 (1) (31) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(n) a mixed financial holding person, as referred to in Article 4 (1) (21) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(o) a domestic mixed financial holding person as referred to in Article 4 (1) (32) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council based in the Czech Republic,

(p) a European mixed financial holding person as referred to in Article 4 (1) (33) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(q) a mixed holding person as referred to in Article 4 (1) (22) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(r) the person referred to in Article 4 (1) (29a) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council by the domestic controlling securities dealer;

(s) the European controlling investment firm is the person referred to in Article 4 (1) (29b) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(t) the insurance person referred to in point (5) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(u) the hedging entity referred to in point (6) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council.

(2) For the purposes of this Act:

(a) participation in the participation referred to in Article 4 (1) (35) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(b) qualifying holdings in accordance with Article 4 (1) (36) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(c) control of the control referred to in Article 4 (1) (37) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(d) close interconnection of close links as referred to in Article 4 (1) (38) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(e) the consolidated situation of the consolidated situation referred to in Article 4 (1) (47) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(f) the consolidated basis of the consolidated basis referred to in point 48 of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(g) a sub-consolidated sub-consolidated basis, as referred to in Article 4 (1) (49) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(h) the authority designated to exercise supervision on a consolidated basis by the authority referred to in Article 4 (1) (41) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(i) the resolution authority pursuant to Article 2 (1) (p) of Act No. 374 / 2015 Coll., on financial market recovery and resolution procedures, as amended,

(j) group group referred to in Article 4 (1) (138) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(k) a group from a Member State other than that of which the controlling party has its registered office or residence in a non-Member State;

(l) a resolution group and controlled persons who are not persons

1. subject to resolution;

2. controlled by another person subject to resolution; or

3. with head office in a Member State other than a Member State which is not part of a group subject to resolution under the resolution plan and controlled by them,

(m) a person subject to resolution who is a legal person established in a Member State against which a group resolution plan envisages the application of resolution measures or an institution which is not part of a group subject to supervision on a consolidated basis, against which the resolution plan envisages the application of resolution measures;

(n) credit transactions of credit and guarantee activities;

(o) financial instrument financial instrument as referred to in Article 4 (1) (50) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(p) Common Equity Tier 1 capital of Common Equity Tier 1 according to Article 50 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(q) Tier 1 capital of Tier 1 capital pursuant to Article 25 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council;

(r) the central bank of the European System of Central Banks, as referred to in point 45 of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council.

§ 3c

This Act shall not apply to securities dealers not listed in § 8a (1) to (3) of the Capital Market Act. '

4. In Article 4 (3), "banks, securities dealers' is replaced by" credit institutions, investment firms'.

5. in Article 4 (5) (d), the text "(Article 17a (3))" shall be deleted;

6. In Article 4 (5), the words "at the end of the text of point (e) shall be added; for the purposes of this Act, the statutory body, the management board and the supervisory board shall also be understood to be another body to which a similar competence falls, depending on the legal form of that person '.

7. In Article 4 (5) (f), the word "functional 'is replaced by" effective', and at the end of the text in point (f), the words "and the organisation of the bank, including data on the controlling entities and financial holding persons and mixed financial holding persons in the group 'are added.

8. In Article 4 (5) (g), the words "is' shall be inserted after the words" is' and the words "and the activities which the bank intends to operate 'shall be inserted after the words" calculations'.

9. in § 4 (5) (i) and (j), § 5 (2), § 5 (4) (g) and (h), § 25 (5), § 25a (2), § 36h (3) (l), § 38c (1), § 38d (2), introductory part of the provision, § 25a (5) and (6), § 25a (11), § 36c (3) (b), § 36h (3) (l), § 38c (1), § 38d (2), introductory part of the provision, § 38f (1), § 38f (1) and § 38j (2), the word "banking" shall be deleted. "

10. Paragraph 4 (6) is deleted.

Paragraphs 7 and 8 shall be renumbered paragraphs 6 and 7.

11. in Article 5 (2) and Article 25a (1), the word "banking" shall be deleted;

12. in Article 5 (4) (d), the word "functional" shall be replaced by the word "effective" and the words "organisational arrangements of the branch, including data on controlling persons and financial holding persons and mixed financial holding persons in the group" shall be added at the end of the text of the letter.

13. in Article 5 (4) (e), the word 'is' shall be inserted after the word 'branch' and at the end of the text of the letter the words' and clearly the activities which the branch intends to operate 'shall be added.

14. in Article 5 (4) (j), the word "banking" shall be deleted;

15. in Article 5a (7), the words "forming a consolidation unit, whose" shall be replaced by "in a group of which" shall be replaced by ";

16. in Paragraph 5n (2):

"(2) The Czech National Bank shall inform the competent supervisory authority of the home country of the credit institution that operates in the Czech Republic through the branch of its intention to designate a branch of a bank from a Member State that operates in the Czech Republic as significant. If it is controlled by a European controlling credit institution, a European financial holding company, a European mixed financial holding company or a European controlling investment firm, the Czech National Bank shall inform the Czech National Bank of its intention to designate the branch of that credit institution as an important body for the exercise of supervision on a consolidated basis. At the same time, the Czech National Bank shall inform the Authority of the reasons for its intention to designate a branch of a bank from a Member State as significant in the light of the criteria set out in paragraph 3. ';

17. in Article 5n (6) (a), the words "in accordance with paragraph 2" shall be inserted after the words "the home State."

18. In the second sentence of Paragraph 5o (4), "§ 26c (7) 'is replaced by" § 26e (1)' and in the last sentence, "4 and 5 'is replaced by" 5 and 6'.

19. in Paragraph 8 (3), at the end of point (b), the word "a" is replaced by a comma, at the end of point (c) is replaced by "a" and the following point (d) is added:

"(d) credit transactions with a member of its statutory body, board of directors and supervisory board or a person related to such a member have been recorded in such a way that such data can be provided to the Czech National Bank without undue delay upon request; for the purposes of this Act, a related person means a spouse, a registered partner, a child or a parent of a member of a statutory body, an administrative or supervisory board or a legal person in which a member of a statutory body, a management board or a supervisory board or his spouse, a registered partner, a child or a parent who is qualified to participate or may exercise a significant influence in it or holds an executive management function or is a member of its statutory authority, board or supervisory board. ';

20. in § 8 (6) (a):

"(a) groups,"

21. in Paragraph 8, the following paragraph 10 is inserted after paragraph 9:

"(10) Paragraphs 3 to 9 shall apply mutatis mutandis to the financial holding person or mixed financial holding person. ';

Paragraph 10 shall become paragraph 11.

22. in Paragraph 8b (1) (a), point 4 is deleted;

23. in Article 8b (1), at the end of point (d), the word "a" is replaced by a comma, at the end of point (e) is replaced by the word "a"; and the following point (f) is added:

"(f) a remuneration system which always covers the principles and procedures of remuneration which:

1. contribute to and comply with sound and effective risk management;

2. are based on the same remuneration of men and women for the same work or work of the same value; and

3. in the case of a member of the statutory body, a member of the board of directors, a member of the supervisory board and another worker whose work has a significant impact on the bank's risk profile (hereinafter referred to as "the person at risk"), they shall also include specific rules on the determination and conditions for the payment of the fixed and variable remuneration of the person at risk and for the taking of decisions on remuneration. ';

24. in Paragraph 8b (4):

"(4) The Bank has an obligation to establish and maintain a management and control system on an individual basis, unless it has been granted a derogation by the Czech National Bank under Article 7 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council; the obligation to implement and maintain the management and control system on a consolidated or sub-consolidated basis shall:

(a) a European controlling credit institution;

(b) the domestic controlling bank,

(d) a designated credit institution pursuant to Article 29 (1) (c); or

(e) a person temporarily identified in accordance with Article 31 (2). ';

25. Paragraph 8b (5) reads:

"(5) A European controlling credit institution, a European financial holding person or a European mixed financial holding person which, pursuant to paragraph 4, has an obligation to establish and maintain a management and control system on a consolidated basis shall ensure that the controlled person, other than an institution, establishes on an individual basis the principles, procedures, arrangements and mechanisms necessary to fulfil the obligations referred to in paragraph 4. The Czech National Bank may, upon request, grant them an exemption to the extent necessary from the obligation laid down in the previous sentence, provided that the controlling party demonstrates that the introduction of such principles, procedures, arrangements and mechanisms does not comply with the legislation of the country of residence of the controlled person in a Member State other than the Member State. ';

26. In Article 8b, the following paragraphs 6 and 7 are inserted after paragraph 5:

"(6) The requirements referred to in paragraph 1 (f) (3) and Article 8c (1) (c) shall not apply on a consolidated or sub-consolidated basis to a person controlled by a person under paragraph 4, where the head office has:

(a) a Member State and subject to specific remuneration requirements under European Union law; or

(b) other than a Member State and would be subject to specific remuneration requirements under European Union law if it were established in a Member State.

(7) Paragraph 6 shall not apply to a person controlled worker when that person is a company managing assets or providing investment services pursuant to § 4 (2) (b) to (d), (h) and (i) of the Capital Market Business Act or a person providing investment services under the law of another Member State and the activities carried out by the worker have an impact on the risk profile or activities of the institutions in the group. ';

Paragraphs 6 to 8 shall be renumbered paragraphs 8 to 10.

27. in Paragraph 8b (8):

(8) The person required under paragraph 4 to establish and maintain a management and control system on a consolidated or sub-consolidated basis shall also ensure that the principles, procedures, arrangements and mechanisms used by controlled persons pursuant to paragraph 1 are consistent and interconnected and that all information necessary for the exercise of supervision is derived therefrom. "

28. in Article 8b (9), the words "banks" and the words "banks" shall be deleted and the words "or sub-consolidated" shall be inserted after the words "consolidated."

29. in Article 8d (a), the words "published" shall be inserted after the words "remuneration policies" and the words "No 575 / 2013" shall be inserted after the words "as well as the information provided by the Bank on gender pay differences,"

30. In Article 8d (b), the words "which, for the purposes of this Act, means the financial instrument referred to in Article 4 (1) (50) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council" shall be deleted.

31. In Article 8d (c), the words "operational risk for the purposes of this Act means operational risk as referred to in Article 4 (1) (52) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council" shall be deleted.

32. in Paragraph 9a (1):

"(1) The amount of variable remuneration shall not exceed the amount of the fixed remuneration component for a person at risk, unless the general meeting of the Bank decides in accordance with paragraph 2. ';

footnote 34 is deleted.

33. Paragraph 11a, including the title, reads:

„§ 11a

Disclosure by branches of banks from a non-Member State

(1) In order to provide a complete and true picture of all risks taken and their extent, a branch of a bank from a non-Member State shall disclose information on:

(a) to themselves and their activities;

(b) the bank of which it is a branch and its activities; and

(2) The branch of a bank other than a Member State does not need to disclose information on compliance with prudential business rules if the conditions laid down in Article 432 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council are met.

(3) The branch of a bank from a non-Member State publishes annually information on the setting of internal management principles, arrangements and other procedures and mechanisms pursuant to Article 8b (1).

(4) The Czech National Bank provides for a decree

(a) the content of the data intended for publication in accordance with paragraph 1, as well as the form, manner, structure, periodicity and time limits for publication of the data;

(b) the form, manner and time limits for the publication of the data referred to in paragraph 3.

(5) The branch of a bank other than a Member State shall establish, maintain and apply internal procedures and principles for:

(a) compliance with the disclosure requirements laid down by or on the basis of this law;

(b) an assessment of the adequacy of the published data, their verification and frequency of publication; and

(c) an assessment of whether the information disclosed to it provides a complete and true picture of all risks taken and their extent. ';

34. The heading of Paragraph 11b reads: "Disclosure of information by banks and other persons."

35. in Article 11b (1), the words "consolidation unit" shall be replaced by the words "group of which."

36. in Article 11b (2) of the Introductory Part of the provision, the words "The Bank which provides for obligations on a consolidated basis" shall be replaced by the words "The Person who is required to comply with the corporate governance requirements, the statutory body, the Management Board and the Supervisory Board as a whole and the individual members of the statutory body, the Management Board and the Supervisory Board and the remuneration scheme on a consolidated or sub-consolidated basis," and the words "the information" shall be inserted after the word "the consolidated basis."

37. in Paragraph 11b (2) (a), the words "between members of the consolidation unit" shall be replaced by "within the group."

38. in Article 11b (2) (b), the words "the management and control system" shall be replaced by the words "setting up internal management principles, arrangements and other procedures and mechanisms" and the text "(e)," shall be replaced by the words "(f) and"

39. in Paragraph 11b (2) (c):

"(c) compliance with the requirements to be notified under points (a) and (b) by controlled persons in a group not covered by this law.";

40. in Article 11b (3), the words "the Bank shall fulfil the obligation" shall be replaced by the words "the obligation" and the words "the obligation" shall be inserted after the words "paragraph 2";

41. in Article 11b (4), the words "than annual" shall be deleted and the words "than laid down" shall be inserted after the words "information by banks."

42. In Article 11b (6), the word "annual" and the words "remote access management and control system" shall be replaced by the words "corporate governance, statutory body, board of directors and supervisory board as a whole and individual members of the statutory body, board of directors and supervisory board, remuneration system, appointment committee and committee for remuneration, disclosure of information by country pursuant to Article 11c and disclosure of information on return on assets referred to in paragraph 5."

43. In Paragraph 11b (7) (a), "range" is replaced by "content" and "paragraphs 1 to 3" is replaced by "paragraph 1."

44. in Article 11b (7) (c), the words "the scope of the publication data referred to in paragraph 6," and "the words" the structure, periodicity "shall be deleted and the words" paragraphs 2 and 6 "shall be added at the end of the text of the letter.

45. in Paragraph 12a, the following paragraph 4 is inserted after paragraph 3:

"(4) The branch of a bank other than a Member State shall maintain a leverage ratio of at least 3% on an ongoing basis. Leverage ratio means the percentage of own funds in the total exposure measure. ';

Paragraph 4 shall become paragraph 5.

46. in Article 12a, at the end of paragraph 5, the dot is replaced by a comma and the following point (d) is added:

"(d) rules for the calculation of the leverage ratio which include procedures applied by a branch of a bank other than a Member State, rules for the determination of own funds for the purposes of the leverage ratio and rules for the determination of the total exposure ratio."

47. In Article 12c, the words "and potential losses resulting from stress scenarios, including those identified by stress tests pursuant to Article 25d (2), shall be added at the end of paragraph 1."

48. in Article 12c (3) and (4):

"(3) The obligations referred to in paragraphs 1 and 2 shall be exercised on an individual basis by a bank which:

(a) it is not controlled by a domestic controlling bank, a domestic financial holding company or a domestic mixed financial holding company;

(b) does not control an institution, financial institution or ancillary services undertaking; or

(c) not included in the consolidation pursuant to Article 19 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council.

(4) The obligations referred to in paragraphs 1 and 2 on a consolidated basis to the extent and in the manner referred to in Part One, Chapter 2, Sections 2 and 3 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council shall be exercised by the national controlling bank, the European controlling credit institution and the financial holding person or the mixed financial holding person approved in accordance with Article 27 (1), the designated credit institution referred to in Article 29 (2) (c) or the temporarily designated person referred to in Article 31 (2). ';

49. In Section 12c, the following paragraph 5 is added:

"(5) The obligations referred to in paragraphs 1 and 2 shall be exercised on a sub-consolidated basis by the bank which is the controlling party, the financial holding person or the mixed financial holding person, if it controls or holds a participation in a person other than a Member State which is an asset management institution or company within the meaning of Article 2 (5) of Directive 2002 / 87 / EC.

38) Directive 2002 / 87 / EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73 / 239 / EEC, 79 / 267 / EEC, 92 / 49 / EEC, 92 / 96 / EEC, 93 / 6 / EEC and 93 / 22 / EEC and Directives 98 / 78 / EC and 2000 / 12 / EC of the European Parliament and of the Council, as amended by Directives 2005 / 1 / EC, 2006 / 48 / EC, 2008 / 25 / EC, 2009 / 138 / EC, 2010 / 78 / EU, 2011 / 89 / EU and 2013 / 36 / EU. '

50. in Article 12m (1):

"(1) A bank, a domestic controlling bank, a European controlling credit institution, a financial holding person or a mixed financial holding person approved in accordance with Article 27 (1), a designated credit institution pursuant to Article 29 (2) (c), or a person temporarily designated in accordance with Article 31 (2) shall maintain Common Equity Tier 1 capital at a level corresponding to the combined buffer."

51. in Article 12m, the following paragraph 2 is inserted after paragraph 1:

"(2) the following paragraph is inserted:

Paragraphs 2 to 6 shall become paragraphs 3 to 7.

52.Paragraph 12m (4) is deleted.

Paragraphs 5 to 7 shall be renumbered paragraphs 4 to 6.

(53) In Article 12m, the sentence "Unless otherwise provided for in specific legislation, the person referred to in paragraph 1 may not distribute Common Equity Tier 1 capital to the extent that it would result in a breach of the obligation to maintain the combined capital buffer as required."

54. in the second sentence of Article 12m (4), the word "bank" shall be replaced by the words "person referred to in paragraph 1" and the words "may not distribute a proportion of profits after tax" shall be replaced by the words "complies with the rules limiting the distribution of Common Equity Tier 1 capital."

55. in Article 12m (5), the words "plan bank" shall be replaced by the words "plan person referred to in paragraph 1."

56. in Article 12m (6) (a), "1" is replaced by "1 and 2" and "2" is replaced by "3."

57. in Article 12m (6) (b):

"(b) restrictions on non-compliance with the combined buffer requirement and the rules for calculating the maximum amount for the possible allocation referred to in paragraph 4;"

58. § 12n, including the title reads:

„§ 12n

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Regulation Information

Citation	Act No. 353 / 2021 Coll., amending Act No. 21 / 1992 Coll., on Banks, as amended, and certain other laws
Regulation Type	-
Author	-
Collection	Code of Laws

Date of Promulgation	30.09.2021
Effective from	01.10.2021
Effective until	-
Status	Valid

The regulation text is for informational purposes only.