Act No. 36 / 2004 Coll.
Act amending 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
Valid
Effective from 01.04.2004
36
THE LAW
of 3 December 2003
amending Act No. 42 / 1994 Coll., on supplementary pension insurance with a State contribution and amending certain laws relating to its implementation, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 42 / 1994 Coll., on the supplementary pension scheme with a State contribution and on the amendments to certain laws related to its implementation, as amended by Act No. 61 / 1996 Coll., Act No. 15 / 1998 Coll., Act No. 170 / 1999 Coll., Act No. 353 / 2001 Coll. and Act No. 309 / 2002 Coll., are amended as follows:
1. In the first sentence of Paragraph 2, the word 'only' is deleted.
2. In Article 2, the current text becomes paragraph 1 and the following paragraph 2 is added:
"(2) Furthermore, a natural person over 18 years of age residing in the territory of another Member State of the European Union may be a participant if he is a participant in pension or public health insurance in the Czech Republic, who enters into a contract with the pension fund. '
3. The following Section 2a is inserted after Section 2:
In the supplementary pension scheme, discrimination against participants shall be prohibited, in particular for reasons of sex, race, colour, language, faith and religion, political or other thinking, national or social origin, membership of a national or ethnic minority, property, genus, health or age. It shall not be regarded as discrimination on grounds of sex if, for the purposes of calculating the amount of the pension, the data shown in the death tables are used separately for men and separately for women. '
4. In § 3 (3), first sentence, § 4 (4), first sentence, § 4 (5), first sentence, § 4 (6), first sentence, § 5 (2) (b), § 5 (3) (a) and § 35 (2), the word "capital 'is replaced by" capital'.
5. In the first sentence of Article 3 (4), "name 'is replaced by" firm'.
6. In the second sentence of Article 3 (4), the words "their business name 'are replaced by the words" their business name'.
7. In Paragraph 4 (1), the words "subscription calls' are replaced by" public tenders'.
8. In Paragraph 4 (3), the word "employee 'is replaced by" shares on favourable terms for employees 1aa)'.
Footnote 1aa) reads as follows:
"1aa) § 158 of the Commercial Code. '.
9. In the second sentence of Article 4 (4), the word "capital 'is replaced by the word" capital' and the word "constituted 'is replaced by the word" formed'.
10. In Article 4 (5), the second sentence is deleted and in the last sentence, the words "public calls' are replaced by" public tenders'.
11. in Article 5 (2) (a) and Article 10 (e), the word "name" is replaced by "company."
12. in Article 7 (1), the words "this applies mutatis mutandis to the Supervisory Board of the Pension Fund" shall be replaced by "the Supervisory Board of the Pension Fund must have at least three members, the number of members of which must be divisible by three."
13. in the last sentence of Article 7 (7), the words', execution procedure under the execution order, exercise of banking supervision on a consolidated basis' shall be inserted after the words "court proceedings";
14. In Paragraph 12 (1), at the end, the sentence "The contract must not contain misused clauses to the detriment of the participant."
15. In Paragraph 12 (3), the words "residing or having its registered office in the Czech Republic" shall be deleted.
16. In Paragraph 14, the following paragraph 3 is inserted after paragraph 2:
"(3) The pension fund shall inform participants in writing of changes to the pension plan relating to claims and supplementary pension benefits. ';
Paragraph 3 shall become paragraph 4.
17. In Article 17, the following paragraph 3 is added:
"(3) The participant shall notify the pension fund in writing of all the facts that are relevant for the duration of the supplementary pension scheme and of any change to those which are a condition for the fulfilment of the pension fund's information obligation under paragraphs 14 and 26. '.
18. in Article 19 (1), the following point (g) is inserted after point (f):
"(g) the loss of residence in the territory of a Member State of the European Union or the cessation of participation in pension or public health insurance in the Czech Republic,"
Point (g) shall be renumbered as point (h).
19. in Article 21 (1) (a), the words "the retirement pension pension or the pension scheme" shall be deleted;
20. in Paragraph 21 (4), the words "must be the same for both women and men" shall be inserted after the words "may not be" and the words "may not be" shall be replaced by the words "may not be."
21. in Paragraph 21, paragraphs 7 and 8 are added:
"(7) A participant or natural person designated in a contract which has been entitled to a supplementary pension benefit and who is not resident on the territory of the Czech Republic shall, at their request, be obliged to pay the benefit abroad within the limits set by the pension plan.
(8) The pension fund shall, at their request, pay the benefit abroad at the rate and within the limits set by the pension plan. ';
22. Paragraph 22 (2) is deleted.
Paragraph 3 shall become paragraph 2.
23. in Paragraph 26 (1):
"(1) Participants shall be informed in writing each year by the pension fund of all funds recorded by the pension fund for the benefit of their supplementary pension entitlements and the status of such entitlements, including an indication of the amount of the credited percentage of the valuations of the participant's funds. The information shall be sent by the pension fund no later than one month after the date of the general meeting to decide on the distribution of profits, and at the request of the participant. For sending the second and other information, the pension fund shall be entitled to require the participant to pay the costs effectively incurred. ';
24. in Paragraph 33 (1):
"(1) The funds collected by the pension fund must be placed with professional care to guarantee the safety, quality, liquidity and profitability of the investment composition as a whole. ';
25. In Paragraph 33, the following paragraph 2 is inserted after paragraph 1:
"(2) In particular, the funds collected by the pension fund may be placed in:
(a) bonds the issuer of which is the Member State of the Organisation for Economic Cooperation and Development or the central bank of that State, and bonds for which the Member State of the Organisation for Economic Cooperation and Development has taken over the guarantee;
(b) bonds issued by the European Investment Bank, the European Bank for Reconstruction and Development or the International Bank for Reconstruction and Development or another international financial institution of which the Czech Republic is a member;
(c) units of open units;
(d) securities traded on a regulated market by a country of the Organisation for Economic Cooperation and Development authorised by the competent authority of a Member State;
(e) movable goods constituting a guarantee of the safe deposit of funds, other than securities;
(f) real estate providing a guarantee of the reliable deposit of funds and used wholly or principally for business or housing. ';
Paragraphs 2 to 7 shall be renumbered paragraphs 3 to 8.
26. in Paragraph 33 (3):
"(3) The funds collected by the pension fund may also be deposited in deposit accounts, deposit books and deposits certified by the deposit certificate or deposit note, with a bank or branch of a foreign bank in the Czech Republic or with a bank located in the territories of the Member States of the Organisation for Economic Cooperation and Development. The amount of the funds thus deposited with one bank must not amount to more than 10% of the assets of the pension fund or CZK 20 000 000 or equivalent in foreign currency."
27. in Paragraph 33, paragraph 7, including footnote 12, is deleted;
Paragraph 8 shall become paragraph 7.
28. in Paragraph 33 (7):
"(7) Reinsurance transactions, in particular derivative and options, may be concluded by a pension fund only if they serve to reduce the risks arising from securities, interest rates and foreign exchange rates on assets in the pension fund portfolio. Where such transactions can be concluded on the public market, the pension fund shall be obliged to conclude them only on the public market and on the regulated markets of the Member States of the Organisation for Economic Cooperation and Development authorised by the competent authority of the Member State, provided that they are valued on a daily basis in a reliable and verifiable manner and the pension fund has the option of monetizing them at any time and closing them at their market value. Only a bank which is a depository of a pension fund may handle such transactions. ';
29. Paragraph 34 (1) to (4) reads as follows:
"(1) The value of securities issued by one issuer shall not be more than 10% of the assets of the pension fund. This restriction shall not apply to the bonds referred to in Article 33 (2) (a) and (b).
(2) The total value of movable and immovable property must not amount to more than 10% of the assets of the pension fund.
(3) The assets of the pension fund shall not be more than 20% of the total nominal value of securities issued by one issuer. This restriction shall not apply to the bonds referred to in Article 33 (2) (a) and (b).
(4) At least 70% of the pension fund's assets must be placed or deposited in the currency-denominated assets in which the pension fund's liabilities vis-à-vis participants are expressed. A maximum of 70% of the pension fund's assets may be placed in accordance with § 33 (2) (c) to (f). A maximum of 5% of the assets of the pension fund may be placed in a different manner than those referred to in Sections 33 (2) (a) to (f) and 33 (3). '
30. in Paragraph 39 (2), "Article 43 (1) (e)" is replaced by "Article 43 (1) (d)";
31. In the first sentence of Paragraph 39 (3), the words ", merger or merger 'are replaced by the words" or merger'.
32. in Article 43 (1), point (b) is deleted;
Points (c) to (e) shall be renumbered (b) to (d).
33.In Article 43 (2), "to (e)" is replaced by "to (d)";
34. after Paragraph 43, the following paragraphs 43a to 43e are inserted:
"Transfers and other administrative offences
(1) A member of a pension fund body commits an offence by buying from the assets of the pension fund an item whose value exceeds CZK 5,000 or the pension fund an item whose value exceeds CZK 5,000; when determining the value of the case, it shall be based on the price at which the item bought or sold is sold at the time and place of the purchase or sale, and, failing that, the value of the item is not ascertained, the cost of procuring the same or similar item shall be based on the cost effectively incurred.
(2) A member of a pension fund body or an employee of a pension fund commits an offence by violating the obligation to remain silent pursuant to Article 7 (7) or by violating the obligation to cooperate in the exercise of State supervision pursuant to Article 42 (5).
(3) A fine of up to 100 000 CZK may be imposed for the offence referred to in paragraphs 1 and 2.
A natural person commits an offence and a legal person commits another administrative offence by carrying out supplementary pension insurance without authorisation (§ 5). A fine of up to CZK 20 000 000 may be imposed for this offence or other administrative offence.
A pension fund which:
(a) conclude a contract with a natural person who cannot be a participant pursuant to Article 2;
(b) use shares representing the shareholders of the pension fund to ensure the liabilities of the pension fund (Section 4 (8));
(c) it has a current account with a bank other than the depositary, contrary to Paragraph 8 (5);
(d) it does not identify the participants with the status and pension plan before the contract is concluded (Section 13);
(e) does not inform participants in writing of changes to the pension plan relating to supplementary pension entitlements and benefits (Section 14 (3)),
(f) they do not pay the participant the supplementary pension benefit within the time limits and in a manner specified by the pension plan or agreed with the recipient of the pension (§ 20 (2));
(g) not transfer the funds of the participant to the supplementary pension scheme of another pension fund within the period referred to in § 24 (2);
(h) does not inform participants in accordance with Article 26 (1) or publish or disclose to participants a report pursuant to Article 26 (2) or make available a list of members of pension fund bodies and a list of shareholders of the pension fund in accordance with Article 26 (3);
(i) not submit a request for a State contribution within the time limits and in accordance with Article 30 (1);
j) does not return to the State budget the State contributions unduly paid within the time limits laid down in Article 30 (3) or return to the State budget the amounts of the State contribution pursuant to Article 30 (4);
(k) treat its property in a manner contrary to the interests of the participants (§ 31 (3));
(l) inform the Ministry without delay that it is unable to cover supplementary pension benefits or that it does not take corrective measures pursuant to Article 31 (2);
(m) carry out an activity which is not directly related to the pension scheme (§ 32);
n) places pension fund funds in breach of Paragraph 33;
(o) place the funds of the pension fund in breach of the limits referred to in Article 34 (1) to (4) or not immediately notify the Ministry or the Securities Commission of the excess of those limits;
(p) purchase shares of another pension fund or issue bonds contrary to § 34 (7);
(q) not publish an economic report or information on the management in the cases referred to in Paragraph 36 (1);
(r) shall not deposit or maintain documents relating to the supplementary pension of a participant for the period referred to in Paragraph 37 (5);
(s) provide information relating to an individual participant contrary to the provisions of Paragraph 38 (2);
(t) not submit to the Ministry or the Securities Commission a list of shareholders pursuant to § 42 (6) (a) or inform the Ministry or the Securities Commission of a change to the list of shareholders pursuant to § 42 (6) (b);
(u) does not remove the deficiencies identified in the exercise of State control within the time limit set or inform the Ministry of the implementation of the measures taken;
(v) shall not replace the members of the pension fund bodies within a specified period;
can be fined up to 5 000 000 CZK.
The depositary, which does not remove the deficiencies identified in the performance of state supervision or inform the Ministry of the implementation of the measures taken, may be fined up to CZK 5 000 000.
Common provisions on infringements and other administrative delicacies
(1) The general conditions of liability for infringements shall be assessed and infringement proceedings shall be carried out in accordance with a specific law. (c)
(2) The measure of the fine shall take into account the gravity and duration of the infringement and the extent of the consequences. The amount of the fine imposed on the pension fund shall be reduced by the part of the profit distributed in accordance with Article 35 on the basis of the decision of the general meeting.
(3) The fine may be imposed on a legal person within three years of the date on which the infringement was found, but not more than five years after the infringement occurred.
(4) Transfers and other administrative offences are discussed by the Ministry. Other administrative offences referred to in § 43c (n) and § 43d are dealt with by the Securities Commission.
(5) Fines for offences and other administrative offences are collected and enforced locally by the competent financial authority in accordance with specific legislation. 13d) Fines imposed under this law are the income of the state budget.
13c) Act No. 200 / 1990 Coll., on Infringements, as amended.
13d) § 4 (15) of Act No. 337 / 1992 Coll., on the Administration of Taxes and Fees, as amended. '
Article 35 (44) and (45) are deleted.
36. the second sentence of Paragraph 45a (1) reads: "Paragraphs 42 (2), (4) and (5), 43 (1) (a) and (b), 43c (o), (p), (t), (u) and (v) and 43e shall apply mutatis mutandis to the procedure for the exercise of official supervision by the Securities Commission."
37. in the last sentence of Paragraph 45a (1), "(c)" shall be replaced by "(b)";
38. the second sentence of Paragraph 45a (2) reads: "The provisions of Paragraph 43 (1) (a) shall apply mutatis mutandis to the procedure for the exercise of public oversight by the Securities Commission."
39. Paragraph 46 (3) is deleted.
Transitional provisions
1. The location and deposit of funds is required within 6 months of the date of the entry into force of this Act to bring the pension fund into line with § 33 and 34 of 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 by this Act.
2. The draft amendments to pension plans and statuses which must be implemented as a result of the amendments referred to in Article I of this Act shall be submitted by the pension fund within 2 months of the date of entry into force of this Act for approval by the Ministry of Finance (hereinafter referred to as "the Ministry '). If, by reason of the pension fund, the Ministry does not approve the changes to the pension plan and the Statute within 6 months of the date of entry into force of this Act, those provisions of the pension plan and the Statute which are contrary to the provisions of Article I of this Act shall cease to apply.
3. This Act also applies only to supplementary pension insurance contracts between a member of the supplementary pension scheme and a pension fund concluded after approval by the Ministry after the date of entry into force of this Act.
Efficacy
This Act shall take effect on 1 April 2004, with the exception of the provisions of § 2 (2), § 19 (1) (g), § 21 (1) (a) and § 21 (8) of Act No. 42 / 1994 Coll., on supplementary pension insurance with a State contribution and on amendments to certain laws relating to its implementation, as amended by this Act, which take effect on the date of entry into force of the Treaty of Accession of the Czech Republic to the European Union.
Zaoralek v. r.
Klaus v. r.
Spindles v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 36 / 2004 Coll., amending 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 |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 05.02.2004 |
|---|---|
| Effective from | 01.04.2004 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0