Full text of Act No 407 / 2002 Coll.
Full text of Act No. 15 / 1998 Coll., on the Securities Commission and on the amendment and addition of other laws, as resulting from subsequent amendments
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13.09.2002
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407
PRESIDENT OF THE GOVERNMENT
Announces
full text of Act No. 15 / 1998 Coll., on the Securities Commission and on the amendment and addition of other laws, as is apparent from the amendments made by Act No. 30 / 2000 Coll., Act No. 362 / 2000 Coll., Act No. 370 / 2000 Coll. and Act No. 308 / 2002 Coll.
THE LAW
on the Securities Commission and amending and supplementing other laws
Parliament has decided on this law of the Czech Republic:
PAPER COMMISSION
STABILITY, SCOPE AND POWERS OF THE COMMISSION FOR SECURITIES
Purpose of the law
The purpose of this Act is to regulate the establishment, position, scope, competence and organisational structure of the Securities Commission (hereinafter referred to as "the Commission ') and to lay down certain rights and obligations of capital market operators.
Status of the Commission
(1) The Commission is hereby established as the Administrative Office for the Capital Market.
(2) The Commission's mission is to strengthen the confidence of investors and issuers of investment instruments in the capital market. The aim of the Commission is to contribute to the protection of investors and to the development of the capital market and to promote awareness in this area.
(3) The Commission has its seat in Prague.
Scope of the Commission
(1) Commission
(a) exercise national supervision to the extent provided for by this law and by special laws, 1)
(b) decide on the rights, rights and obligations of legal and natural persons, where provided for by this law or special laws, 1)
(c) checks the fulfilment of the information obligations of persons subject to national supervision by the Commission provided for by this law and by specific laws, 1)
(d) to check compliance with the obligations of persons resulting from the prohibition on the use of confidential information; (2) to notify a suspected criminal offence of abuse of confidential information in trade;
(e) keeps the lists referred to in Article 13;
(f) issues the Securities Commission Bulletin (hereinafter referred to as the Commission Bulletin),
(g) cooperate with other administrations and institutions.
(2) The Commission further
(a) inform the public and the participants in the capital market in particular of providers of services on the capital market, investment instruments and operations carried out on the capital market in the extent and manner laid down by this law and by specific laws;
(b) cooperate, within its scope, with international organisations and foreign authorities which supervise the capital market;
(c) promote training and education in the capital market;
(d) carry out other activities to fulfil its status and competence.
Commission information obligations
(1) The Commission processes and submits to the Government and the Chamber of Deputies a report on the situation on the Czech capital market once a year and reports twice a year on its activities and management to the Chamber of Deputies' Budget Committee.
(2) The Commission shall, on request by the Chamber of Deputies or the Senate and their bodies, prepare an opinion within the agreed deadline on draft legislation relating to the capital market.
(3) The Commission shall report on a quarterly basis to the Ministry of Finance (hereinafter "the Ministry") on the situation on the capital market and on the measures taken.
Basic concepts
(1) An institutional investor means:
(a) a bank performing own-account business with investment instruments on the capital market, an investment company, an investment fund, a pension fund and an insurance undertaking;
(b) a foreign person authorised to do business in the same fields in the territory of the Czech Republic as those referred to in (a).
(2) The provision of services on the capital market means a securities dealer, a foreign securities dealer who provides investment services on the territory of the Czech Republic through a branch, a person receiving and transmitting orders relating to investment instruments under the conditions laid down by a special law, 4a) an institutional investor, a depositary, a public market operator, a securities settlement operator, a printing works operator authorised to print securities, a securities centre (hereinafter referred to as "the Centre '), a legal person who keeps part of the register of the Centre under a special law, 5) The Czech National Bank in the scope of the bond register according to a special law. 6)
(3) Capital market participant means in particular the provider of services on the capital market, the investor on the capital market, the issuer of securities, persons bound by such securities, the owner of securities, the issuer and the owner of another investment instrument.
Procedure before the Commission
(1) Proceedings in matters governed by this law shall be governed by general law, (7) unless the individual provisions of this law or special laws provide otherwise.
(2) The Commission will consider, prior to the initiation of the procedure, whether the imposition of remedies or penalties for the alleged breach of obligations under this or special law will initiate proceedings. In particular, the Commission is based on the nature, gravity, duration and consequences of the infringement. If the Commission does not initiate the procedure, it shall make a note thereof and postpone the case. No decision to postpone the case shall be taken.
(3) Decomposition may be brought against the Commission's decision, unless otherwise specified. Decomposition is decided by the Securities Commission Presidium ("the Presidium '). The Commission shall implement its decisions.
(4) No appeal shall be admissible against a presidium decision at first instance.
(5) Documents may be served in proceedings involving persons in excess of 50 by hanging on the Commission's official record. At the time of the publication on the official record, the Commission shall publish the decision in a way that allows remote access and in the Commission Bulletin. A decision against which the appeal does not have suspensory effect shall be served at the time of the publication on the Commission's official record.
Subject matter of state supervision
(1) The Commission exercises State control under this Law and under specific laws. 1)
(2) State supervision by the Commission is subject to:
(a) the fulfilment of the obligations laid down by this law to natural or legal persons;
(b) fulfilment of obligations laid down by special laws, (1), (8), (9), where that law so provides;
(c) the fulfilment of the obligations and conditions laid down in enforceable Commission decisions.
(1) State supervision of the Commission is subject to the fulfilment of the obligations laid down in the Commercial Code
(a) when adjusting the takeover offer and in cases where the provisions relating to the takeover offer apply mutatis mutandis or mutatis mutandis;
(b) when acquiring or reducing a share of the voting rights of companies whose shares are registered;
(c) in connection with the acquisition by or controlled by a public limited liability company of its own shares;
(d) the public offer of subscription of shares.
(2) The Commission shall act in accordance with this Law in the exercise of the State control provided for in paragraph 1 and shall be entitled to impose the remedies and penalties provided for by this Act and the Commercial Code.
(3) The Commission is entitled, on its own motion, to suspend the exercise of voting rights to a person who has not properly and in a timely manner fulfilled the obligation to notify a share of voting rights or to make a takeover offer, even though the law imposes such an obligation on him for a period of up to one year from the date on which the decision becomes final, if that is necessary to protect the interests of other shareholders, creditors or employees of the company. An appeal against this Decision shall not have suspensory effect. An enforceable decision suspending the exercise of voting rights shall also be sent by the Commission to the company in which the exercise of the voting rights of the obliged entity has been suspended and to the Securities Centre which shall publish it in the manner laid down in the Commercial Code for the publication of information on the share of voting rights of companies whose shares are registered.
(4
Inspection authorisation
(1) In the exercise of State supervision by means of an on-the-spot check, the relations between the Commission and the persons subject to State supervision shall be governed by a specific law, (10) unless otherwise provided for by that law.
(2) The persons subject to national supervision shall be obliged to provide the Commission with the necessary synergies with the exercise of control.
(3) The refusal of requested information and documents or of delay upon their transmission or refusal of entry into premises or delay in allowing entry shall constitute the right of the Commission to impose on a person subject to State control, pursuant to Article 7, corrective measures or penalties under this law.
(4) Where there is a risk of delay, the Commission may, in relation to persons subject to national supervision under Article 7, initiate control by carrying out at the same time the first act of control at the time of the notification of initiation. The notification of the initiation of an inspection may be served by analogy with Article 10 (2) and (3).
(5) Persons for whom it is reasonable to suspect that, without the relevant authorisation or approval of the Commission, they are carrying out an activity for which the authorisation or approval of the Commission is required, are entitled to control the Commission to the extent necessary to establish the facts relating to such an activity.
Corrections and penalties
(1) If, in the exercise of national supervision, the Commission finds that there is a breach of legal obligations by persons subject to national supervision, consisting in the infringement or breach of their obligations as defined in Article 7, it is entitled to impose remedies or penalties under special laws (1) and, in specified cases, under this law.
(2) In the event that the Commission exercises State control under this law, it shall be entitled to take the following measures to remedy:
(a) require the person checked to make a correction within the time limit laid down in the measure and report on the measures taken within the time limit set;
(b) determine the manner in which the person subject to State control is obliged to eliminate the deficiency.
(3) In the event that the Commission exercises state supervision under this law, it is entitled to impose a penalty in the form of a fine for an established breach of obligations up to CZK 100 million. In determining the amount of the fine, the Commission shall proceed in accordance with Article 10 (4). Where the Commission carries out an activity for which authorisation, approval or registration of the Commission is required and is entitled to impose measures and penalties under both specific legislation and under this law, it shall be entitled to impose a penalty in the form of a fine only under this law.
(4) The imposition of remedies and fines under this law is without prejudice to liability under other legislation.
(5) Where the Commission finds that the person referred to in Article 8 (5) has carried out or carries out an activity for which the authorisation or consent of the Commission is required, without such authorisation or consent, it shall be entitled to impose a fine on him and prohibit the further execution of that activity. The provisions of paragraph 3 shall apply in determining the amount of the fine.
(6) The provisions of paragraph 5 shall be without prejudice to the relevant provisions of special laws (1) governing the authorisation of the Commission to impose remedies and penalties on persons who, without its authorisation or consent, carry out an activity for which such authorisation or consent is required.
(7) The Commission may impose a public warning instead of a fine. At the same time, the Commission shall decide on the scope, form and manner of publication of the warning, as appropriate, at the expense of the person to whom the public notice is sought.
Procedure for remedies and penalties
(1) Administrative proceedings imposing remedies and penalties under this Act may be initiated within one year of the date on which the Commission became aware of the facts relevant to their imposition, but no later than 10 years after the date on which the obligation for which they are last imposed was infringed.
(2) Where there is a risk of default or of irremovable interference in the rights of other persons, the procedure in which the Commission imposes remedies and penalties under this law or special laws may also be initiated by the service of the Commission's decision on interim measures.
(3) The Commission is empowered to initiate both administrative proceedings and service by means of a public order, provided that at least one of the conditions laid down in paragraph 2 is met and that the decision has not been delivered and the circumstances further suggest that the person concerned will avoid the notification of the decision and that the delay in the legal effects of the notification could significantly make it more difficult or impossible to implement corrective or penalty measures. The Commission's decision in this case is served on the moment of the publication of the order on the Commission's official record.
(4) The Commission, when imposing remedies and penalties under this law, shall base itself in particular on the nature, gravity, manner, duration and consequences of the infringement. When deciding on the selection of remedies or penalties under this law, the Commission shall also take into account the nature of the business and other gainful activity carried out by the person to whom the remedies or penalties are imposed and shall base itself on the proportionality of the imposition of a fine in respect of the property of the person.
(5) When collecting and enforcing fines imposed under this law or specific legislation, the Commission shall act in accordance with specific legislation. 10a)
(6) The Centre and the person authorised to keep part of the Centre's records and to carry out other activities, 10b) are bound by a Commission decision as regards the records kept by them as soon as they have been received, unless otherwise specified in the Decision. The public market organiser (10c) and the securities settlement officer (10d) shall be bound by a Commission decision suspending the trading of registered securities (10e) or prohibiting the trading and performance of obligations arising from such transactions (10f) and by a Commission decision on interim measures to be taken on such matters as soon as they have been served, unless otherwise specified in the decision.
Provisional measures
(1) Except where interim measures may be imposed under general administrative rules, the Commission is entitled to impose interim measures in the exercise of national supervision under this law or special laws where this is necessary to ensure the protection of the rights and the rights of the protected interests of persons who are not parties to the administrative procedure, or where the execution of the final decision would be thwarted or seriously jeopardised.
(2) The Commission may impose a provisional measure on:
(a) not to make any registration of the transfer of securities from that account to any other account of the same or other person or the registration of a contract lien for a person against whom corrective or penalty measures are taken;
(b) to any person holding an account of securities in order not to carry out any action to transfer securities from that account to any other account of the same or other person, or to register a contract lien, if it is an account to which they have been transferred by a person against whom corrective or penalty measures are taken or by another party to proceedings, securities from their accounts;
(c) to any person who has, in custody or administration of the securities, persons against whom corrective or penalty measures are taken, or to any other party to proceedings, in order not to carry out any action to transfer such securities to another person;
(d) a bank which holds, for a person against whom corrective or penalty measures are taken or for another party to proceedings, a normal, deposit or other account in order not to pay the funds from that account, not to charge them or otherwise to charge them;
(e) to a bank which maintains a normal, deposit or other account in order not to pay the funds from that account, does not carry out or otherwise dispose of any funds from their accounts, if it is an account to which they have been transferred by a person against whom corrective or penalty measures are taken or by another party to proceedings.
(3) The decision on the interim measure shall be served on the parties to the proceedings and on the persons who, by decision on the interim measure, are required to comply with points (a) to (e) of paragraph 2; the decomposition brought against this Decision does not have suspensory effect. A party to the interim measure procedure referred to in paragraph 2 shall not be obliged under paragraph 2 (a) to (e).
(4) The provisional measure shall expire five days after its regulation. If the reasons for which it has been ordered are not omitted, the Commission shall bring an action against the parties before the court in order to impose the obligations referred to in paragraph 2 set out in the decision on interim measures. The application must be lodged before the court within five days of the order for interim action; in that case, the provisional measure shall expire only on the date of enforcement of the order of the court which decided on the application.
(5) The decision on interim measures shall also include an indication of when and under which conditions the interim measures cease to exist. If the Commission makes an application before a court pursuant to paragraph 4, third sentence, it shall send the parties concerned the same day of notification.
(6) The same obligation as may be imposed in a decision on interim measures under this Act may be imposed by the Commission as a remedy under this or a special law. The decomposition against a decision under the first sentence shall not have suspensory effect. The Commission may indicate in the decision the duration of the obligation imposed or the condition whose application ceases to be effective. This condition may be that the Commission's communication on the withdrawal of the measures to remedy the person concerned be served.
State surveillance of the Commission in specific cases
(1) Unless otherwise provided for by this law, the Commission's State supervision shall be subject to the activities of banks and branches of foreign banks to the extent that:
(a) carry out the activities of a securities dealer;
(b) carry out activities under Section 70a of the Securities Act;
(c) carry out the activities of the depositary of investment firms, investment funds and pension funds;
(d) carry out an activity involving the issue of investment instruments.
(2) The Commission is entitled to exercise, in respect of the activities of a securities dealer carried out by a bank or branch of a foreign bank, the powers of state supervision to the same extent as those powers it may exercise in respect of the activities of a securities dealer which is not a bank or branch of a foreign bank, unless this is without prejudice to the powers of the Czech National Bank in exercising banking supervision under the Czech National Bank and the Banking Act. In relation to the activities of the depositary carried out by a bank or branch of a foreign bank, the Commission is entitled to exercise the powers of state supervision both under the Investment Companies and Investment Funds Act and the Pension Supplementary Insurance Act with a State Contribution and under this Act. In relation to the activities of the Bank consisting of the issuance of investment instruments, the Commission is entitled to exercise the powers of state supervision both under the bond law, the Commercial Code and the Securities Act and under this law.
(3) The State supervision of the Commission is subject to the activities of pension funds and insurance undertakings within the scope of their obligations to invest in investment instruments and to trade in investment instruments for their own account.
(4) In exercising State control over pension funds and insurance undertakings pursuant to paragraph 2, the Commission shall act in such a way as not to undermine the powers of the Ministry in exercising State supervision under the Act on supplementary pension insurance with a State contribution and under the Insurance Act.
(5) If the activities of the institutional investor are subject to the State supervision of the Commission and the supervision of the Czech National Bank or to the State supervision of the Ministry, only one fine may be imposed on him for the same real infringement. The penalty may be imposed only by the authority which initiated the infringement first. This is without prejudice to the power of the other institutions to impose measures to remedy or withdraw authorisations under the law. If the proceedings were initiated on the same day, the fine shall be imposed:
(a) the Czech National Bank as regards the imposition of a fine on the Bank;
(b) the Ministry as regards the imposition of a fine on the pension fund or insurance undertaking.
Lists and documentation management and publication
(1) The Commission shall keep lists:
(a) securities dealers, 11)
(b) brokers, 12)
(c) organisers of over-the-counter markets, 13)
(d) securities settlement officers, 14)
(e) printers authorised to print securities, 15)
(f) investment companies, mutual funds and investment funds, 16)
(g) forced managers and liquidators of investment companies and investment funds, 17)
(h) depositories of investment companies, investment funds and pension funds, 18)
(i) pension funds, 19)
(j) insurance undertaking, 20)
(k) legal persons under Section 70a (1) of the Securities Act;
(l) persons under Section 45a (1) of the Securities Act.
(2) The lists shall be published by the Commission at least once during each calendar quarter in the Commission Bulletin and shall ensure that they are publicly available for consultation on a site specified in the Commission Bulletin.
Commission Bulletin
(1) The Commission issues a Bulletin of the Commission.
(2) The Commission shall publish in the Commission Bulletin in particular:
(a) the lists referred to in Article 13 (1) (a) within the time limits referred to in Article 13 (2);
(b) final decisions of the Commission, with the exception of those containing facts covered by a special law; 21)
(c) the opinions of the Commission;
(d) other communications or notifications relevant to the capital market.
(3) The Commission shall, in the Bulletin of the Commission, determine the place at which they shall be made publicly available for consultation.
(a) approved prospectuses of registered securities, including investment and mutual funds, pension fund and insurance policies and bond emission conditions;
(b) information on the management of issuers of registered securities under a special law. 13, 16, 17, 22)
Notification of closed transactions in investment instruments
(1) A securities dealer who has concluded or has procured outside the public market trade in investment instruments admitted to trading on the public market on his own or on a foreign account shall be obliged to report to the Commission on that transaction. The same applies to an institutional investor who has concluded trade in investment instruments admitted to trading on the public market outside the public market.
(2) The public market operator is obliged to report to the Commission on any trade concluded in its organised public market. Where a public market operator reports trade, the obligation referred to in paragraph 1 shall not apply.
(3) The Commission shall, by law, determine which transactions in investment instruments are subject to the obligation referred to in paragraph 1 and shall specify the time limit within which the reporting referred to in paragraphs 1 and 2 is to be made, its particulars, scope, structure and form.
(4) The Commission is entitled to publish the reporting data, but it must ensure that specific business participants are kept confidential in relation to a particular transaction. However, this is without prejudice to the right of the Commission to publish data on participants in the capital market in the context of final decisions by the Commission to impose remedies or penalties.
(5) If the obligation referred to in paragraph 1 or 2 is not fulfilled, the Commission shall decide to impose the remedies or penalties provided for in Article 9.
(1) Commission, Czech National Bank and Ministry
(a) provide each other with all information and findings which may be relevant to the exercise of their powers, unless the special law provides that certain information may not be provided or only subject to certain conditions, 23)
(b) coordinate the activities carried out within their defined scope, in particular in relation to persons who are subject at the same time to the supervision or supervision of the Commission, the Ministry or the Czech National Bank, and to persons included in the consolidation unit under a specific law;
(c) inform each other without undue delay of the initiation of the procedure and of the course of the proceedings, the purpose of which is to impose corrective measures or penalties to be imposed under their jurisdiction in the exercise of national supervision or supervision and which may be of relevance to the other Party in the exercise of its jurisdiction. Those authorities shall be immediately informed of the adoption of corrective measures and penalties.
(2) The Czech National Bank and the Ministry shall send to the Commission a copy or a copy of the decision which has been decided to impose remedies or penalties in respect of the activities of persons who are also subject to national supervision by the Commission, without undue delay from the date on which the decision is taken. Within the same period, the Commission shall send to the Czech National Bank or the Ministry a copy or a copy of the decision which has been decided to impose corrective measures or penalties in respect of the activities of persons who are also subject to State supervision of the Ministry or supervision of the Czech National Bank.
(3) The Commission or the Ministry will carry out an on-the-spot check on a person covered by a specific law in a consolidation unit subject to their supervision, if requested by the Czech National Bank for the purpose of exercising banking supervision on a consolidated basis, and report on the outcome of the check to the Czech National Bank.
Cooperation with the Czech National Bank
(1) If, in the exercise of banking supervision, the Czech National Bank becomes aware of transactions in investment instruments or other conduct of banks, branches of foreign banks or other persons which may be relevant to the performance of the Commission's tasks in the exercise of State supervision, it shall immediately inform the Commission thereof, unless specific legislation provides that certain information may not be provided or only subject to certain conditions. 23) If the Commission asks the Czech National Bank to carry out a check on the transactions linked to these transactions, the Czech National Bank is obliged to carry out the check and report on its outcome to the Commission.
(2) If, in its activities, the Commission becomes aware of transactions in investment instruments or other activities of banks, branches of foreign banks or other persons that may be relevant to the performance of the tasks of the Czech National Bank in the exercise of banking supervision, it shall immediately inform the Czech National Bank thereof. If the Czech National Bank requests the Commission to carry out a check on transactions in investment instruments, the Commission is obliged to carry out a check and report on its outcome to the Czech National Bank.
Cooperation with the Ministry
(1) Commission
(a) monitor consistently the functioning of the capital market laws and other legislation and inform the Ministry of the need for legal adjustments in the capital market;
(b) make proposals for the development of legislation governing the Commission's activities under this law and specific laws. 1)
(2) In the event that the Ministry becomes aware in its activities of transactions in investment instruments which may be relevant to the Commission in the performance of its tasks in the exercise of State supervision, it shall immediately inform the Commission thereof. If the Commission asks the Ministry to carry out a check on these transactions, the Ministry shall be required to carry out the check and report on its outcome to the Commission.
(3) In the event that the Commission becomes aware of transactions in investment instruments which may be relevant to the Ministry in carrying out its supervisory tasks, the Commission shall immediately inform the Ministry thereof. Where the Ministry requests the Commission to carry out a check on such transactions, the Commission shall carry out the check and report on its outcome to the Ministry.
Cooperation with the Chamber of Auditors of the Czech Republic
The Commission is working with the Chamber of Auditors of the Czech Republic, in particular in the implementation of internationally recognised audit procedures in relation to service providers on the capital market and issuers and in directing the audit activities in the application of these procedures.
repealed
COMMISSION ORGANISATION STRUCTURE
(1) The presidium is headed by the Commission. The Presidium shall consist of the President of the Commission and four other members. The President of the Commission and the members of the Presidium shall be appointed by the President of the Republic on a proposal from the Government.
(2) The presidium shall in particular decide:
(a) the Commission's action plan;
(b) the draft budget of the Commission and the Commission's final account,
(c) on draft laws and implementing legislation;
(d) the internal rules of the Commission, in particular the rules of organisation, the rules of procedure of the presidium, the rules of procedure, the rules of signature and the rules of professional ethics for the presidium and the staff of the Commission;
(e) on reports to the Government, the Chamber of Deputies and the Committee of Budgets of the Chamber of Deputies pursuant to Article 4 (1) and to the Ministry pursuant to Article 4 (3),
(f) initiatives by the Government;
(g) breakdown,
(h) in insolvency proceedings, (24a) suspension of trade in a registered security, (24b) prohibition of trade in a particular registered security and fulfilment of obligations arising from trade in a particular registered security, (24c) early repayment of the nominal value of a bond or an issue rate, including a proportional return (24d) and suspension or withdrawal of a permit to operate under a special legal provision (24c); and
(i) an appeal against a decision of a public market operator or an exchange chamber under a special law. 24e)
(3) The Presidium shall decide by vote. The presidium decision shall be taken if the majority of the members appointed vote for them. In the event of a tie, the vote of the President shall be decided by the Commission. Where only one member of the presidium is appointed, that member shall exercise the scope of the presidium. For the purposes of this paragraph and Article 23 (3), a Presidium member shall also mean the President of the Commission.
(1) The presidium shall be headed by the President of the Commission, who shall direct its activities. If the President of the Commission is not appointed, the senior member of the presidium shall exercise the authority of the President of the Commission.
(2) If the Government, the Chamber of Deputies, the Senate or their bodies request the presence of the President of the Commission at their hearing, the President of the Commission shall be obliged to attend the hearing.
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Regulation Information
| Citation | Full text of Act No. 407 / 2002 Coll., Act No. 15 / 1998 Coll., on the Securities Commission and on the amendment and addition of other laws, as resulting from subsequent amendments |
|---|---|
| Regulation Type | Declared full text |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 13.09.2002 |
|---|---|
| Effective from | - |
| Effective until | - |
| Status | Valid |
Legal Areas:
Banking, Money
Securities
Social security benefits
Finance
Competition
Economic (State)
Information, Data, Data
Wages, salaries, wages, compensation
Civil law
Civil law of procedure
Commercial law
Commercial companies
Labour law
Social security law
Administrative authorities
Administrative law
State (official) control
Business
Eligibility for the pursuit of certain professions (activities)
The regulation text is for informational purposes only.
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