What is Act No. 399 / 2012 Coll.?

Act No. 399 / 2012 Coll., on the amendment of laws in connection with the adoption of the Pension Savings Insurance Act — Law on the amendment of laws in connection with the adoption of the Act on Pension Savings Insurance.

When it became Act No. 399 / 2012 Coll. effectiveness?

Act No. 399 / 2012 Coll. became effective 01.01.2013.

Is Act No. 399 / 2012 Coll. still valid?

Yes, Act No. 399 / 2012 Coll. is still valid and effective.

How many times was it Act No. 399 / 2012 Coll. amended?

Act No. 399 / 2012 Coll. has 9 time versions of the text.

Act No. 399 / 2012 Coll. - Law on the amendment of laws in connecti...

399

THE LAW

of 7 September 2012

on the amendment of the laws relating to the adoption of the Pension Savings Insurance Act

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

Amendment of the supplementary pension savings law

Čl. I

Act No. 427 / 2011 Coll., on Supplementary Pension Savings, is amended as follows:

1. Paragraph 74, including the title, reads:

„§ 74

Persons authorised to offer and mediate supplementary pension savings

(1) In order to develop activities to enable those seeking supplementary pension savings or a participant to conclude a supplementary pension savings contract with a pension company, and to conclude, in the name and on behalf of the pension company, supplementary pension savings contracts shall be entitled only:

(a) a securities dealer who, under another legislation, is authorised to provide investment services in receipt and transmission of orders relating to investment instruments and investment advice relating to investment instruments (hereinafter referred to as the securities dealer);

(b) the investment intermediary;

(c) the tied agent of the investment intermediary;

(d) the tied agent of the securities dealer; and

(e) a tied representative of the pension company.

(2) The activities referred to in paragraph 1 shall be registered or authorised by the Czech National Bank to the securities dealer in the licence granted if the securities dealer fulfils the requirement of professional competence.

(3) The activities referred to in paragraph 1 shall be registered by the Czech National Bank to the investment intermediary if they fulfil the condition of professional competence.

(4) The activities referred to in paragraph 1 shall be entered by the Czech National Bank to a tied agent of an investment intermediary or a securities dealer in the list of tied agents, provided that the represented investment intermediary or securities dealer has registered or authorised such activities in the licence issued pursuant to paragraph 2 or 3.

(5) The activity referred to in paragraph 1 may be commenced only after the conditions set out in paragraphs 2 to 4 have been fulfilled.

(6) The rules on the incompatibility of the activities of the tied agent of the pension company referred to in Paragraph 78 (4) shall apply mutatis mutandis to the tied agent of the investment intermediary and tied agent of the securities dealer. ';

footnotes 9 and 10 are deleted.

2. In Paragraph 75 (1), the words "the investment intermediary is obliged 'are replaced by the words" The person referred to in Paragraph 74 (1) is obliged'.

3. In Article 75 (2), the words "investment intermediary 'are replaced by the words" person referred to in Article 74 (1)' and the words "paragraph 1 'are inserted after the words" referred to in Article 74'.

4. In Paragraph 75, at the end of paragraph 3, the sentence "This obligation shall apply mutatis mutandis to a securities dealer where he carries out activities under Paragraph 74 (1)."

5. In Paragraph 75 (4), the words "the intermediary shall lead 'shall be replaced by the words" the intermediary and the securities dealer shall lead';

6. In Section 75 (5) of the introductory part of the provision, the words "investment intermediary 'are replaced by the words" person mentioned there'.

7. Paragraph 75 (6) and (7) read:

"(6) The person referred to in paragraph 4 shall keep documents relating to the activities referred to in Paragraph 74 (1), including records in the register, for a period of 10 years from the time of the performance of that activity and for a period of 3 years in the case of records of communication with the participant or interested in supplementary pension savings; This obligation shall also apply to the retention of documents and records, where the tied agent has acted on its behalf. The same goes for the first sentence of Article 74 (1), the person whose authority to carry on the activity has ceased to exist or his successor in title.

(7) The person referred to in paragraph 4 and the pension company shall be liable for the damage caused to the activities referred to in Paragraph 74 (1). The damage caused by the person referred to in paragraph 4 in carrying on the activities referred to in Paragraph 74 (1) shall be borne by that person and the pension company jointly and severally. The damage caused by the operation of the activities referred to in Paragraph 74 (1) by the tied agents shall be the responsibility of the representative. This responsibility cannot be waived. If he pays for the damage caused by the tied agent, he shall have the right to be punished. ';

8. Paragraph 78 (1) (d) is deleted.

Points (e) and (f) shall be renumbered as points (d) and (e).

9. In Paragraph 78, the following paragraph 4 is added:

"(4) A tied representative of a pension company may not be:

(a) a pension company, a bank, an insurance company, a securities dealer, a person authorised by the supervisory authority of another Member State of the European Union to provide investment services where it provides investment services in the Czech Republic, a foreign person who has its registered office in a non-Member State of the European Union and who provides investment services in the Czech Republic through an organisational component, and an investment intermediary;

(b) the lead person, employee, partner or member of the person referred to in (a). "

10. In Paragraph 79 (2), the word "electronically 'shall be inserted after the word" company'.

11. in Paragraph 79 (3), the sentences of the second and third paragraphs are deleted;

12. in Article 79 (4) and (5):

"(4) The Czech National Bank shall inform the applicant electronically of the entry of the tied representative of the pension company on the list of tied agents or of the failure to register. At the request of the Czech National Bank, the Czech National Bank shall issue an electronic extract from the list of tied agents proving the status registered at the time indicated therein. The extract shall contain the identification details, the number under which the tied agent was entered, the list designation and the address where the tied agent may be verified.

(5) The Czech National Bank publishes the necessary data from the list of tied agents and their changes in a way that allows remote access. "

13. in Paragraph 79 (6), the word "where appropriate" shall be deleted;

14.Paragraph 79 (9) reads as follows:

"(9) The Czech National Bank shall remove the tied agent of the pension company from the list if it receives the notification referred to in paragraph 8 (d). The Czech National Bank shall delete the tied representative of the pension company from the list if the tied representative of the pension company requests it through the Czech National Bank in writing. If the pension company does not apply for a cancellation under the second sentence within 5 working days of the date on which the tied agent of the pension company applied for this action, the binding representative of the pension company may do that. ';

15. Paragraph 80, including the title, reads:

„§ 80

Record recovery

(1) The entry in the list of tied representatives of the pension company is valid until the end of the calendar year following the calendar year in which the registration was made.

(2) The entry in the list of tied representatives of the pension company shall be renewed after payment of the administrative fee for a further 12 months. The administrative fee for renewal of the registration in the list of tied representatives of the pension company shall be paid by the pension company for all tied representatives of the pension company concerned by the renewal of the registration at the earliest within 3 months before the expiry of the registration and no later than 30 days before the expiry of the registration. The time limit for payment of the administrative fee cannot be extended and it cannot be waived. Paragraph 79 (7) of the second sentence is not affected.

(3) At the same time as the administrative fee is paid, the pension company will notify the Czech National Bank for which the tied agent paid the administrative fee.

(4) The method of payment of the administrative fee, the content of the notification referred to in paragraph 3, its form and the method of transmission shall be published by the Czech National Bank in a manner which allows remote access. ';

16.

„§ 82

Registration of investment intermediaries and securities dealers and registration of their tied agents

(1) An application for registration of an activity referred to in Article 74 (1) shall be submitted electronically by an investment intermediary, a securities dealer, or an applicant for registration of an investment intermediary, or an authorisation of a securities dealer, on the prescribed form. A securities dealer who is a bank or an applicant for a bank licence shall submit an application for authorisation of an activity referred to in Paragraph 74 (1) on the prescribed form electronically. The model of the form and the manner in which it is sent shall be laid down in the implementing legislation.

(2) The Czech National Bank will comply with the request if the conditions laid down in this Act are fulfilled within 30 days of the date on which the request was received by the Czech National Bank. The decision shall not be drawn up in writing. The Czech National Bank shall inform the applicant electronically of the registration or permit of the operation.

(3) The registration or authorisation of an activity is valid until the end of the calendar year following the calendar year in which the registration or authorisation was granted. The registration or authorisation of the activity shall be renewed after the administrative fee has been paid for another 12 months. The administrative fee shall be paid no earlier than 3 months before the expiry of the registration or permit and no later than 30 days before the expiry of the registration or permit. The time limit for payment of the administrative fee cannot be extended and it cannot be waived. At the same time, with the payment of the administrative fee, the investment agent or securities dealer shall notify the Czech National Bank for whom the administrative fee has been paid.

(4) The method of payment of the administrative fee, the content of the notification referred to in paragraph 3, its form and the method of transmission shall be published by the Czech National Bank in a way that allows remote access.

(5) The Czech National Bank publishes the necessary data from the registry and their changes in a way that allows remote access. At the request of the Czech National Bank, the Czech National Bank shall issue an electronic extract from the register proving the status registered at the time indicated therein. The extract shall contain the identification details, the number under which the person was registered, the register designation and the address where the registration may be verified.

(6) The provisions of paragraphs 78 to 81 shall apply mutatis mutandis for the entry of the activity referred to in Paragraph 74 (1) in the list of tied agents to the tied agent of the investment intermediary and the agent of securities, for the renewal of that registration and the extract from the list. An application for registration of an activity referred to in Paragraph 74 (1) to a tied agent of an investment intermediary shall be made by the investment intermediary. This shall apply mutatis mutandis to the tied agent of the securities dealer. Where the represented investment intermediary is a natural person, the identification data represented under Paragraph 79 (6) (b) shall not include its birth number. The investment intermediary and the securities dealer shall report to the Czech National Bank changes to the data entered in the lists of tied agents. "

17. Paragraph 83 (3) reads:

"(3) Paragraphs 1 and 2 shall apply mutatis mutandis to the obligation relationship between a pension company and an investment intermediary or a securities dealer and to the obligation relationship between an investment intermediary and its tied agent or dealer and its tied agent. ';

18.Paragraph 85 (1) reads as follows:

"(1) The accredited person is the person who is entitled, by permission from the Czech National Bank (hereinafter referred to as" accreditation "), to hold professional examinations aimed at demonstrating professional competence under this Act."

19. in Paragraph 85 (2), the word "organised" shall be replaced by the word "professional"; the words "according to this law" shall be inserted after the word "competence" and the second sentence shall be deleted.

20. Paragraph 86 (1) is deleted.

Paragraphs 2 to 10 shall become paragraphs 1 to 9.

21. in Paragraph 86 (1), the word "registration" is replaced by "accreditation."

22. in § 86 (3) (d) and (4) (c), the words "which provide a guarantee of proper verification of competence" shall be added at the end of the letters.

23. In Paragraph 87, the sentence "Accreditation according to the examination procedure submitted to the Czech National Bank shall be added at the end of paragraph 1."

24. In Paragraph 87, the following paragraphs 6 and 7 are added:

"(6) The accredited person shall keep documents relating to the conduct of professional examinations, records of professional examinations carried out, including documents of their conduct and results, and records of certificates of professional examination issued.

(7) The accredited person shall keep the documents and records referred to in paragraph 6 for at least 10 years from the date of the professional examination to which the records relate; This also applies to the person whose accreditation has ceased or has been withdrawn. ';

25. The following Sections 200a and 200b are inserted after Section 200:

„§ 200a

Professional knowledge and skills may be demonstrated in accordance with Section 84 (3) even before 1 June 2013.

§ 200b

The certificate of completion of the professional examination shall be issued by the accredited person on the basis of a successfully completed professional examination which has been carried out in accordance with the rules set out in Section 87, even before it is effective. ';

26. in Paragraph 201 (b), the word "a" shall be deleted;

27. in Article 201 (c), "1 January 2014" is replaced by "1 June 2013";

28. In Section 201, at the end of point (c), the dot is replaced by a comma and the following point (d) is added:

"(d) Articles 74 to 83, 84 (1), (2) and (4), 85 and 87, which take effect on 1 November 2012."

ČÁST DRUHÁ

Amendment of the Administrative Charges Act

Čl. II

Act No. 100 / 2009, 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 / 2008, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2011, Act No. 100 / 2008, Act No. 100 / 2008, Act No. 100 / 2008, Act No. 2011, Act No. 100 / 2008, Act No. 100, Act No. 2011, Act No. 100, Act No. 2011, Act No. 100, Act No. 2011, Act No. 100, Act No. 2011, Act No. 2011, Act No. 2011, Act No. 2011, Act No. 2011, Act No. 2011, No. 2011, No. 2011, No. 2011, No. 2011, No. 2011, No. 2011, Act No. 2011, Act No. 2011, Act No. 2011, No. 2011, Act No. 2011, No. 2011,, Act No. 37 / 2012 Coll., Act No. 53 / 2012 Coll. and Act No. 119 / 2012 Coll., is amended as follows:

1. in heading 65 (9) (a) and (b) and in heading 65 (10) (a) and (c), the words "or a securities dealer" shall be inserted after the word "intermediary."

2. in entry 65, the following point (f) is added at the end of point 9:

"(f) the authorisation of activities in the field of brokering supplementary pension savings according to the Act governing supplementary pension savings to a securities trader who is a bank CZK 10,000."

3. in entry 65, the following point (d) is added at the end of point 10:

"(d) authorisation of activities in the field of brokering supplementary pension savings according to the Act governing supplementary pension savings to a securities dealer who is a bank CZK 5,000."

ČÁST ČTVRTÁ

Amendment of the supplementary pension savings law

Čl. IV

Act No. 427 / 2011 Coll., on Supplementary Pension Savings, is amended as follows:

1. In Article 3 (c), the words "shares in the profit or loss of the participating fund 'are replaced by" their appreciation and impairment'.

2. In the second sentence of Paragraph 6 (1), "2 'is replaced by" 1' and "months' is replaced by" month '.

3. In Article 14 (1), the words "paragraph 1 'shall be inserted after the words" paragraph 13' and at the end of the paragraph the sentence "If a participant in the calendar month in which the supplementary pension savings are generated or destroyed, at least one of the conditions laid down in paragraph 13 (1) for the duration of the supplementary pension savings and has paid a contribution of at least CZK 300 within the period referred to in paragraph 9 (2), it shall be entitled to a State contribution '.

4. In Paragraph 15 (1) of the Introductory Part of the provision, the word "pension 'is replaced by" pension'.

5. In Paragraph 15 (7), the words "necessarily necessary 'are replaced by the words" the duration of the supplementary pension savings of the participant and 10 years after its demise'.

6. In Article 16 (3) (c) (5), the words "which must not be consistent with the number of another supplementary pension scheme contract or supplementary pension insurance contract under another legislation shall be inserted after the words" saving, "'.

7. In Paragraph 18 (1), the words "Participating Fund 'are replaced by the words" Participating Funds for the acceptance and transfer of funds of a Participant, the payment of benefits in the event of non-participating fund accounts and the repayment of a State contribution'.

8. In Paragraph 18 (2), the words "45 days' are replaced by the words" end of the calendar month in which 1 month expires'.

9. in Article 18 (3) (a) and (b), the words "the end of the calendar month in which it expires" shall be inserted after the words "to";

10. in Article 18 (4) and (5), the word "return" shall be replaced by "return."

11. in Article 18 (5) (c) (5), the words "which must not be consistent with the number of another supplementary pension saving contract or supplementary pension insurance contract under another legislation, the date of its conclusion and its effectiveness" shall be inserted after the words "savings";

12. In Article 18, paragraphs 6 and 7 are added:

"(6) The Ministry is required to prepare a report on the return of the State contribution and the return of the State aid transferred and to transmit the result of the processing of the pension company in electronic form by the 20th day of the calendar month in which the pension company submitted the report.

(7) The pension company is obliged to repay the State contribution to the Ministry and the transferred State aid in accordance with the result of the processing of the State contribution return report and of the State aid transferred by the end of the calendar month in which the Ministry transmitted the result of the report to it. The pension company shall report on the repayment of the State contribution and the recovery of the State aid transferred in such a way as to repay the State contribution and the State aid transferred to the Ministry within the period referred to in paragraph 2 or 3. ';

13. in Paragraph 20 (2), the word "confession" shall be replaced by "recruitment."

14. In Article 22, at the end of paragraph 2, the sentence "The pension company shall commence payment of the instalments no later than the end of the calendar month immediately following the calendar month in which the payment application was submitted, unless otherwise agreed between the participant and the pension company. '

15. in Article 23 (1), "up to 3" is replaced by "no later than 7."

16. In Paragraph 23 (4), the following sentence is inserted after the first sentence: "Where the insurance contract submitted does not meet the conditions laid down in paragraph 2 or 3, the pension company shall notify the participant within 5 working days of the date of its submission."

17. In Article 23, the following paragraph 6 is added:

"(6) The pension company shall, together with the payment of the one-off premium referred to in paragraph 4, provide the insurance undertaking with information on the aggregate amount of the participant's contributions and the State contribution. ';

18. in Article 24 (1) (b), the words "(a) to (c), (e) or (f)" shall be inserted after the words "19."

19. the words "(a) to (c), (e) or (f)" shall be inserted after the number "19."

20. In Paragraph 35 (2), the words "at least the proposal for changes to the performance of factual, personnel and organisational assumptions' are deleted.

21. in Article 35, the following paragraphs 6 and 7 are added:

"(6) The application for registration of further activities referred to in paragraph 1 (a) or (c) of the pension company

(a) accompany an application for registration pursuant to another legislation7) or an application for accreditation pursuant to § 86 (1); or

(b) demonstrate that a registration has been carried out under another legislation7) or that accreditation has been granted under Paragraph 86 (2).

(7) The Czech National Bank shall decide on the application referred to in paragraph 1 before issuing a decision authorising the activity of a pension company, together with a decision authorising the activity of a pension company. In assessing the assumptions for the registration of a further activity, it shall be based on the grounds for a decision to authorise the activity of a pension company. ';

22. In Paragraph 38 (1), the word "own 'is inserted after the word" maintain'.

23. In Paragraph 38 (2) of the Introductory Part of the provision, the word "own funds' is replaced by" own funds'.

24. in Paragraph 38 (2) (c), the word "own" shall be inserted after the word "supplementary" and the words "return of the participant's contributions, employer's contributions, state contributions and funds of the participant transferred from another participating fund or from a transformed fund" shall be replaced by the words "transfer of the participant's funds, payment of benefits in the absence of a participant's account, and repayment of the State contribution."

25. in Paragraph 51 (6), the words "and pensions" shall be inserted after the words "participating."

26. in Article 55 (1), the word "a" shall be deleted at the end of the text of point (b), the dot shall be replaced by a comma and the following point (c) shall be added:

"(c) the documents and records referred to in points (a) and (b), where the tied representative of the pension company has acted on its behalf."

27. in Article 60 (2), the words "and managing supplementary pension savings contracts and related activities" shall be added at the end of the text in point (c).

28. in Paragraph 60 (4):

"(4) The amount of the remuneration referred to in paragraph 1 (b) shall not exceed 10% of the difference between the average value of the pension unit in the relevant period and the highest average annual value of the pension unit in the years preceding the relevant period since the inception of the participating fund multiplied by the average number of pension units in the relevant period. ';

29. in Article 60 (6) and (7):

"(6) The average value of a participating fund pension unit shall be determined on the last day of the relevant period as a simple arithmetic mean of the value of the participating fund pension units for each day of the relevant period.

(7) For the purposes of determining the remuneration referred to in paragraph 3, the cost of holding securities issued by a collective investment fund shall in particular be the share of the total amount of the costs borne by the collective investment fund corresponding to the investment in that collective investment fund. ';

30. in Article 61 (1), point (f) is deleted;

Point (g) shall be renumbered as point (f).

31. in Article 61 (5), "(g)" is replaced by "(f)";

32. in Article 62 (3), the word "paragraph" is replaced by the word "paragraph 61";

33.In Paragraph 62 (4):

"(4) Where a change in the savings strategy is made only once per calendar year, it shall be free of charge. ';

34. In Paragraph 88 (1), the words "contributions of participants, state contributions and employer contributions before they are allocated to participating funds' are replaced by the words" funds in the account for the receipt and transfer of the participant's funds, payment of benefits in the event of non-payment of the participant's fund account and repayment of the State contribution '.

35. in Paragraph 89 (1) (b):

"(b) records the movement of all assets in the participating fund, the funds of the participating fund and the funds in the account for the receipt and transfer of the participant's funds, the payment of benefits in the event of non-payment of the participant's account and the repayment of the State contribution;"

36. in Paragraph 89 (1) (c), the words "paragraphs 2 and 3" shall be deleted;

37. in Paragraph 90 (a), the words "contributions of a participant, employer's contributions, state contributions and funds of a participant transferred from another participating fund or from a transformed fund" shall be replaced by the words "and transfer of funds of a participant, payment of benefits in the absence of a participant's account and repayment of the State contribution."

38. in Article 90 (g), the words "contributions of a participant, employer's contributions, state contributions and funds of a participant transferred from another participating fund or from a transformed fund" shall be replaced by the words "in the account for receipt and transfer of funds of a participant, payment of benefits in the event of non-payment of the participant fund's account and repayment of the State contribution."

39. In Paragraph 93, at the end of paragraph 6, the dot is replaced by a comma and the following point (i) is added:

"(i) property for the purposes of calculating the limit set for the investment of the participating asset fund.";

40. In Paragraph 100 (2) (d), at the end of the text in point 2, the words "securities issued by him are publicly offered in the Czech Republic under the collective investment law."

41. in Article 103 (1) and (5), the word "eminent" shall be replaced by "issuer."

42. In Article 108, at the end of the text of paragraph 1, the words "and this shall be without prejudice to paragraphs 100 to 102 'shall be added.

43. Paragraph 119 (1) shall be replaced by a dot at the end of point (c) and point (d) shall be deleted.

44. in § 121 (2) (d) to (j):

"(d) the value of the participant's funds transferred from the participating funds to another pension company and the date of their acceptance to the depositary account;

(e) the value of the funds transferred from the transformed fund and the date of their transfer;

(f) the value of the funds of the participant for which pension units have not yet been credited;

(g) the value of the funds of the participant which are to be transferred to another pension company pursuant to Paragraph 27;

(h) the value of the funds of a participant which have not yet been paid in the form of a benefit or a instalment of a benefit under Paragraph 19;

(i) the value of the funds of the participant which have been paid in the form of a benefit or a instalment of the benefit referred to in Article 19 and the date of their payment; and

(j) the value of the participant's funds transferred to another pension company pursuant to Paragraph 27 and the date of their transfer. ';

45. in Paragraph 122 (1), the word "smallest" shall be deleted;

46. Paragraph 124 (1) is deleted.

Paragraphs 2 and 3 shall be renumbered paragraphs 1 and 2.

47. in Article 124 (1), the words "to a cash sub-account" shall be replaced by the words "to a participant in the account of a participating fund."

48. in Article 125 (2) (d), the words "and the transformed fund" shall be inserted after the word "Fund."

49. in Article 125 (2) (g), the words "and its value, in proportion to the remuneration for the management of the property and the remuneration for the valuation of the property," shall be inserted after the words "percentages."

50. In Paragraph 130, at the end of paragraph 1, the sentence "This is without prejudice to the obligations laid down by the law governing consumer protection."

51. in Article 130 (2), at the end of the text in point (a), the words "at least a commercial firm, the address of the registered office and the identification number of the person shall be added."

52. In Article 134 (1), the words "the concise basic characteristics of the supplementary pension savings scheme," shall be inserted after the words "containing."

53. In Paragraph 135 (2), the word "free of charge 'is deleted.

Citation	Act No. 399 / 2012 Coll., on the amendment of laws in connection with the adoption of the Pension Savings Insurance Act
Regulation Type	Law
Author	-
Collection	Code of Laws

Date of Promulgation	27.11.2012
Effective from	01.01.2013
Effective until	-
Status	Valid

Act No. 399 / 2012 Coll.

Law on the amendment of laws in connection with the adoption of the Act on Pension Savings Insurance

Contents