Act No. 409 / 2010 Coll.
Law on the amendment of laws in connection with the adoption of the Financial Security Act
Valid
Law
Effective from 01.01.2011
409
THE LAW
of 9 December 2010
on the amendment of the laws relating to the adoption of the Financial Security Act
Parliament has decided on this law of the Czech Republic:
Amendment of the Civil Code
Act No. 2000 / 2000 Coll., Act No. 99 / 1963 Coll., as amended by Act No. 36 / 1967 Coll., Act No. 158 / 1969 Coll., Act No. 49 / 1973 Coll., Act No. 20 / 1975 Coll., Act No. 133 / 1982 Coll., Act No. 180 / 1990 Coll., Act No. 117 / 1991 Coll., Act No. 152 / 1994 Coll., Act No. 216 / 1995 Coll., Act No. 84 / 1995 Coll., Act No. 118 / 1995 Coll., Act No. 160 / 1995 Coll., Act No. 110 / 1995 Coll. Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 2006, Act No. 100 / 2006, Act No. 100 / 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, Act No. 2006, No. 2006, No. 2006, No. 2006, No. 2006, No. 2006, No. 2006, No. 2006, No. 2006, Act No. 2006, Act No. 2006,
1. In Article 9 (3) (p), the words "from financial collateral and disputes' shall be inserted after the words" disputes'.
2. Paragraph 317 (3), including footnote 85a, reads as follows:
"(3) The provisions of this law governing the enforcement of decisions shall not affect the exercise of rights and the fulfilment of obligations arising from financial collateral arrangements under the conditions laid down by the law governing financial collateral 85a) or comparable conditions of foreign law, provided that the financial collateral has been agreed and has been established before the application for enforcement. This is the case even if the financial collateral was agreed or arose on the date of the application for enforcement, but only after that fact occurred, unless the recipient of the financial collateral knew or should have known or could have known about that fact.
85a) Act No. 408 / 2010 Coll., on financial collateral. '.
footnote 85b is deleted, including the footnote references.
3. In Paragraph 328a (3), the words "collateral 85a) under special legislation 'are replaced by the words" collateral under the law governing financial collateral 85a)'.
Amendment to the Banking Act
Act No. 21 / 1992 Coll., as amended by Act No. 264 / 1992 Coll., Act No. 230 / 1993 Coll., Act No. 156 / 1994 Coll., Act No. 83 / 1995 Coll., Act No. 84 / 1995 Coll., Act No. 70 / 1996 Coll., Act No. 309 / 1997 Coll., Act No. 16 / 1998 Coll., Act No. 126 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll., Act No. 71 / 2004 Coll., Act No. 239 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 126 / 2002 Coll.
1. In Article 29 (3), the second and third sentences, including footnotes 6f and 6g, are deleted.
2. The following Section 33a is inserted after Section 33, including footnotes 15 and 16:
The provisions of this Act governing the introduction of forced management of a bank do not affect the exercise of the rights and fulfilment of the obligations arising from financial collateral arrangements under the conditions laid down by the law governing financial collateral (15) or comparable conditions of foreign law, provided that the financial collateral was agreed and established before the introduction of the forced administration. This is the case even if the financial collateral was agreed or created on the date of the imposition of the forced administration, but only after that fact occurred, unless the financial collateral recipient knew or should have known or could have known about such a fact. The provisions of this law governing the introduction of forced management of the bank also have no effect on the fulfilment of the final compensation under the law governing the capital market, 16) if the final compensation was concluded before the introduction of the forced administration.
15) Act No. 408 / 2010 Coll., on Financial Security.
16) § 193 of Act No. 256 / 2004 Coll., on Capital Market Enterprise, as amended by Act No. 409 / 2010 Coll. '.
Amendment to the Pension Insurance Act with a State contribution
In Article 43 of Act No. 42 / 1994 Coll., on the supplementary pension scheme with a State contribution and on amendments to certain laws relating to its implementation, as amended by Act No. 377 / 2005 Coll., paragraph 3, including footnotes 13c to 13e, is deleted.
Amendment of the Act on savings and credit cooperatives
Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and on the addition of Act No. 586 / 1992 Coll., on Income Taxes, as amended, as amended by Act No. 100 / 2000 Coll., Act No. 406 / 2001 Coll., Act No. 212 / 2002 Coll., Act No. 257 / 2004 Coll., Act No. 280 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 296 / 2005 Coll., Act No. 126 / 2008 Coll., Act No. 254 / 2008 Coll., Act No. 70 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 296 / 2007 Coll.
1. In the last sentence of Article 3 (3), the words "the hedge transfer of financial instruments 3g) under the Commercial Code 'are replaced by the words" the transfer of financial collateral for the benefit of the recipient of financial collateral under the law governing financial collateral 3g)'.
Footnote 3g:
"3g) Act No. 408 / 2010 Coll., on Financial Security. '.
2. Paragraph 28 (3), including footnotes 18b and 18d, is deleted.
Paragraphs 4 to 12 shall become paragraphs 3 to 11.
Amendment of the Enforcement Order
Act No. 120 / 2001 Coll., on Judicial Executives and Enforcement Activities (Enforcement Order) and on the amendment of other Acts, as amended by Act No. 6 / 2002 Coll., Act No. 279 / 2003 Coll., Act No. 360 / 2003 Coll., Act No. 53 / 2004 Coll., Act No. 257 / 2004 Coll., Act No. 284 / 2004 Coll., Act No. 499 / 2004 Coll., Act No. 133 / 2006 Coll., Act No. 253 / 2006 Coll., Act No. 296 / 2007 Coll., Act No. 347 / 2007 Coll., Act No. 70 / 2008 Coll., Act No. 79 / 2006 Coll., Act No. 133 / 2006 Coll.
1. After Paragraph 59, the following Section 59a is inserted:
The provisions of this Title governing the way in which the enforcement proceedings are carried out shall not affect the exercise of the rights and fulfilment of the obligations arising from financial collateral arrangements under the conditions laid down by the law governing financial collateral (24) or comparable conditions of foreign law, provided that the financial collateral has been agreed and has been established before the application for the opening of the enforcement proceedings. This is the case even if the financial collateral was agreed or arose on the day of the application to initiate the execution procedure, but only after that fact occurred, unless the recipient of the financial collateral knew or should have known or could have known about that fact.
24) Act No. 408 / 2010 Coll., on Financial Security. '.
(2) Paragraph 67, including footnotes 18a and 18b, shall be deleted.
Amendment to the Capital Market Enterprise Act
Act No. 256 / 2004 Coll., on Capital Market Enterprise, as amended by Act No. 635 / 2004 Coll., Act No. 179 / 2005 Coll., Act No. 377 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll., Act No. 62 / 2006 Coll., Act No. 70 / 2006 Coll., Act No. 159 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 420 / 2009 Coll., Act No. 296 / 2007 Coll., Act No. 29 / 2008 Coll., Act No. 223 / 2009 Coll., Act No. 227 / 2009 Coll., Act No. 230 / 2009 Coll., Act No. 216 / 2008 Coll., Act No. 230 / 2008 Coll., Act No. 420 / 2009 Coll.
1. In Section 1, paragraph 3 is added, including footnote 24:
"(3) This law also incorporates the relevant European Union provisions on final compensation and regulates the legal regime for final offsetting (24).
24) Article 23 of Directive 2001 / 24 / EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and liquidation of credit institutions. Article 7 and 8 of Directive 2002 / 47 / EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements. ';
2. in Article 3 (1) (k), the words "not intended for commercial purposes" shall be deleted;
3. In Paragraph 94 (1), the breakdown into subparagraphs is deleted and the sentence "For one person, more than one property account may be maintained is added."
4. In Article 104 (1), at the end of the text in point (b), the words "including the way in which multiple property accounts are opened for the same person," shall be added.
5. In Article 104 (1) (c), the words "the entry into and the termination of the lien on securities and on the securities account and the method 'shall be inserted after the words" the method'.
6. Paragraph 127d (1) reads as follows:
"(1) The Czech National Bank shall allow an exemption from the obligations set out in Sections 118 to 119a, 120a (1) (a), 120c (1) or 122 (15) or 16 to an issuer who is established in a State which is not a Member State of the European Union and which, under the law of that State, fulfils comparable obligations if the obliged person of the Czech National Bank proves that the obligation under the law of a State which is not a Member State of the European Union is comparable to that laid down in Sections 118 to 119a, 120a (1), 120c (1) or 122 (15) or 16. Cases where an obligation under the rule of law of a State which is not a Member State of the European Union is comparable to that laid down in Articles 118 to 119a, 120a (1) (a), 120c (1) or 122 (15) or (16) shall provide for an implementing act following European Union law. '.
7. In Section 138, the following paragraph 3 is added:
"(3) The provisions of this law governing the introduction of forced administration of a non-bank dealer shall not affect the exercise of rights and the fulfilment of obligations arising from financial collateral arrangements under the conditions laid down by the law governing financial collateral (25) or comparable conditions of foreign law, where the financial collateral has been agreed and established before the introduction of forced administration. This is the case even if the financial collateral was agreed or created on the date of the imposition of the forced administration, but only after that fact occurred, unless the financial collateral recipient knew or should have known or could have known about such a fact. The provisions of this Act governing the introduction of the forced administration of a securities dealer, which is not a bank, also have no bearing on the fulfilment of the final settlement (§ 193) if the final settlement was concluded before the introduction of the forced administration.
25) Act No. 408 / 2010 Coll., on Financial Security. '.
8. The following Part 11 is inserted after Part 10, including the title and footnotes 26 and 27:
FINAL EQUIPMENT
(1) Final settlement is an arrangement of a contract negotiated under Czech or foreign law,
(a) which may be documented in writing and, where appropriate, by an entry which allows reproduction in unchanged form;
(b) which applies to the claims of the Contracting Parties, including the accessories of such claims that can be secured by financial collateral under the law governing financial collateral (26), and to the claims, including those relating to such claims, from financial collateral or from a similar legal relationship under foreign law; and
(c) according to which, in the event of an agreed event, the obligations corresponding to the claims referred to in (b) shall be terminated and replaced or set off, as the case may be, the claims referred to in (b), in such a way as to result in a single claim from one Contracting Party and a corresponding commitment from the other Contracting Party to pay the resulting amount.
(2) The method of valuation of the claims referred to in paragraph 1 (b), the moment at which the valuation must be carried out and the manner and time of execution of the resulting single claim shall be the content of the final compensation and shall not be contrary to the practice of the relevant financial market.
(3) A decision or other act of a court or administrative authority which affects the rights of third parties and has been taken in order to maintain or restore the financial situation of one of the Contracting Parties or, where appropriate, to prohibit or restrict the execution of certain transactions or the transfer of funds by one of the Contracting Parties (27) shall not affect the final settlement if the final settlement has been concluded before a decision or other act has been taken.
(4) Paragraph 3 shall not apply to the effects of acts relating to the initiation of insolvency proceedings, entry into liquidation or the introduction of forced administration; the exclusion of these effects is governed by other laws.
26) Sections 2 (a) and 6 (1) of Act No. 408 / 2010 Coll., on Financial Security.
27) For example, Article 28 (1) (a) to (c) of Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and on the addition of Act No. 586 / 1992 Coll., on Income Taxes, as amended, as amended, as amended, as amended by Act No. 100 / 2000 Coll., Act No. 280 / 2004 Coll., Act No. 57 / 2006 Coll. and Act No. 120 / 2007 Coll., § 43 (1) of Act No. 42 / 1994 Coll., on Pension Allowances and amendments to certain laws related to its implementation, Act No. 170 / 1999 Coll., Act No. 36 / 2004 Coll. and Act No. 57 / 2006 Coll. '
Part 11 shall be renumbered as part 12.
9. Article 197 is deleted.
Transitional provision
The CSD shall comply with Section 104 (1) of Act No. 256 / 2004 Coll., on Capital Market Business, as effective from the date of entry into force of this Act, by 31 March 2011 at the latest.
Amendment of insolvency law
Act No. 182 / 2006 Coll., on the bankruptcy and methods of its resolution (Insolvency Act), as amended by Act No. 312 / 2006 Coll., Act No. 108 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 362 / 2007 Coll., Act No. 301 / 2008 Coll., Act No. 458 / 2008 Coll., Act No. 7 / 2009 Coll., Act No. 163 / 2009 Coll., Act No. 217 / 2009 Coll., Act No. 227 / 2009 Coll., and Act No. 285 / 2009 Coll., is amended as follows:
1. In Article 366 (1) (d), the words "special law or similar legal relationship under foreign law 'are replaced by the words" law governing financial collateral or comparable foreign law if the financial collateral has been agreed and has been established before the initiation of insolvency proceedings, even if the financial collateral has been agreed or arose on the date of the opening of insolvency proceedings, but only after that fact has occurred, unless the recipient of the financial collateral has known or had knowledge of such a fact; the fact that the opening of insolvency proceedings was published in the insolvency register does not in itself imply that the opening of insolvency proceedings by the beneficiary of financial collateral knew or knew and could'.
2. In Article 366 (2), the words "special legislation 50) 'are replaced by the words" law governing the capital market business 50), where the final compensation was concluded before the insolvency proceedings began'.
Footnote 50 reads:
"50) § 193 of Act No. 256 / 2004 Coll., on Capital Market Enterprise, as amended by Act No. 409 / 2010 Coll. '.
3. In Paragraph 366, the following paragraph 3 is added:
"(3) Paragraph 1 (d) and paragraph 2 shall be without prejudice to the provisions of this Law on the nullity of legal acts and the ineffectiveness of legal acts without reasonable remuneration, legal acts intentionally shortening, legal acts favouring and legal acts of the debtor which it has made contrary to the limits laid down as a result of the effects associated with the opening of insolvency proceedings."
Amendment of the Insurance Act
Act No. 277 / 2009 Coll., on Insurance, is amended as follows:
1. Paragraph 99 (5), including footnotes 8 and 38, reads:
"(5) The provisions of this Act governing the introduction of compulsory management of insurance undertakings shall not affect the exercise of rights and compliance with the obligations arising from financial collateral arrangements under the conditions laid down by the law governing financial collateral (38) or comparable conditions of foreign law, provided that the financial collateral has been agreed and established before the introduction of forced administration. This is the case even if the financial collateral was agreed or created on the date of the imposition of the forced administration, but only after that fact occurred, unless the financial collateral recipient knew or should have known or could have known about such a fact. The provisions of this Act governing the introduction of compulsory insurance management also do not affect the fulfilment of the final compensation under the law governing the capital market (8) if the final compensation was concluded before the introduction of the compulsory administration.
8) § 193 of Act No. 256 / 2004 Coll., on Capital Market Enterprise, as amended by Act No. 409 / 2010 Coll.
38) Act No. 408 / 2010 Coll., on Financial Security. '.
20. in Paragraph 112 (3), the sentence third and fourth are deleted;
EFFECTIVE
This Act shall take effect on 1 January 2011.
Germany
Klaus v. r.
Nausea v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 409 / 2010 Coll., on the amendment of laws in connection with the adoption of the Financial Security Act |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.12.2010 |
|---|---|
| Effective from | 01.01.2011 |
| Effective until | - |
| Status | Valid |
Legal Areas:
Banking, Money
Securities
Taxes
Social security benefits
Finance
International law
International private law
Civil law
Civil law substantive
Civil law of procedure
Commercial law
Commercial liabilities
Businessman, Company
Social security law
Judicial and Public Prosecutor's Office
Constitutional (state) law
The regulation text is for informational purposes only.
Comments 0