Act No. 41 / 2011 Coll.
Law amending certain laws relating to the setting of capital requirements and supervisory procedures for banks, savings and credit cooperatives and securities dealers
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Effective from 28.02.2011
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41
THE LAW
of 26 January 2011
amending certain laws in connection with the setting of capital requirements and supervisory procedures for banks, savings and credit cooperatives and securities dealers
Parliament has decided on this law of the Czech Republic:
Amendment to the Banking Act
Act No. 21 / 1992 Coll., as amended by Act No. 264 / 1992 Coll., Act No. 100 / 2008 Coll., Act No. 160 / 1993 Coll., Act No. 156 / 1994 Coll., Act No. 83 / 1995 Coll., Act No. 84 / 1995 Coll., Act No. 70 / 1996 Coll., Act No. 159 / 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.
1. In Article 1 (1), the words "European Community1) 'are replaced by the words" European Union1)';
Footnote 1:
"(1) Directive 94 / 19 / EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes, as amended by Directives 2005 / 1 / EC and 2009 / 14 / EC of the European Parliament and of the Council. Directive 2001 / 24 / EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and liquidation of credit institutions. Directive 2006 / 48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), as amended by Commission Directive 2007 / 18 / EC and Directives 2007 / 44 / EC, 2007 / 64 / EC, 2008 / 24 / EC, 2009 / 83 / EC, 2009 / 110 / EC, 2009 / 111 / EC and 2010 / 16 / EU of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast), as amended by Directives 2008 / 23 / EC, 2009 / 27 / EC and 2009 / 111 / EC of the European Parliament and of the Council. Directive 2004 / 109 / EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements concerning information on issuers whose securities are admitted to trading on a regulated market and amending Directive 2001 / 34 / EC. Commission Directive 2007 / 14 / EC of 8 March 2007 laying down detailed rules for the application of certain provisions of Directive 2004 / 109 / EC on the harmonisation of transparency requirements concerning information on issuers whose securities are admitted to trading on a regulated market. Directive 2007 / 44 / EC of the European Parliament and of the Council of 5 September 2007 amending Council Directives 92 / 49 / EEC and 2002 / 83 / EC, 2004 / 39 / EC, 2005 / 68 / EC and 2006 / 48 / EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increases of holdings in the financial sector. Directive 2009 / 111 / EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2006 / 48 / EC, 2006 / 49 / EC and 2007 / 64 / EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements and crisis management. Directive 2010 / 76 / EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2006 / 48 / EC and 2006 / 49 / EC as regards capital requirements for trading book and re-securitisation and the supervision of remuneration principles. ';
2. In Paragraph 1 (1), the words "legal entities incorporated in the Czech Republic, established as a public limited liability company," and the reference to footnote 1a are replaced by the words "public limited liability companies incorporated in the Czech Republic,"
footnote 1a is deleted.
3. The following Section 4a is inserted after Section 4:
A licence may also be granted at the request of a savings and credit cooperative, provided that it also requests approval to change the legal form of the savings and credit cooperative to a public limited liability company. Both applications shall be accompanied by a joint procedure under the law governing administrative procedures. The application for registration of a change in the legal form of a savings and credit cooperative to a public limited liability company may be filed after the legal power of granting the licence has been conferred and the agreement to change the legal form of a savings and credit cooperative to a public limited liability company. The legal effects of granting the licence shall take place on the date of registration of the change in the legal form of the savings and credit cooperative to the public limited liability company. '
4. in § 5a (1) and (2), § 5c (3), § 5d (1), § 5e (1) (c), § 8b (3) and (6), § 11a (1), (2), (5) to (7) and (9) (c), § 12a (1), § 13, 14, § 16a (2) and (3), § 25a (7), § 38j (1) (b), § 41e (2) and (3) and in § 41l (1), the words "European Communities" shall be replaced by "European Union."
5. In Paragraph 5a (6), the words "Commission of the European Communities' are replaced by the words" European Commission '.
6. In Articles 5a (6) and 5k (4), the words "Commission of the European Communities' are replaced by the words" European Commission '.
7. in Articles 5k (4), 5l (2) and 38d (1) and (2), the words "the Commission of the European Communities" shall be replaced by "the European Commission."
8. The following Sections 5n and 5o are inserted after Section 5m:
(1) The branch of a bank or a foreign bank located in the territory of a Member State may be designated as significant by the supervisory authority of the Member State in whose territory the branch operates (hereinafter referred to as "significant branch") in accordance with European Union law.
(2) The Czech National Bank will inform the supervisory authority of the home state of the foreign bank of its intention to designate a branch of a foreign bank operating in the Czech Republic. If such a branch of a foreign bank is a member of a group of European controlling banks [§ 26d (1) (l)], a member of a group of European financial holding company [§ 26d (1) (n)] or a member of a group of European controlling securities dealers under the law governing the capital market business, the Czech National Bank shall inform the Czech National Bank of its intention to designate such a branch as an important consolidating supervisor. At the same time, the Czech National Bank shall inform the Authority of the reasons for its intention to designate the branch as significant in the light of the criteria set out in paragraph 3.
(3) In particular, the Czech National Bank will take into account the intention to designate the branch as significant
(a) the market share of the branch in deposits in the Czech Republic and whether that share exceeds 2%;
(b) the likely impact of the suspension or termination of the activities of a foreign bank whose branch could be identified as significant on market liquidity or on the activities of payment or settlement systems in the Czech Republic;
c) the size of the branch and its importance for the financial system of the Czech Republic in terms of the number of its clients.
(4) The Czech National Bank shall endeavour to ensure that its decision on the designation of a branch of a foreign bank as significant is reached in agreement with the supervisory authority referred to in paragraph 2 within a period of 2 months from the date on which the Czech National Bank informed that authority of its intention under paragraph 2.
(5) If no agreement has been reached pursuant to paragraph 4, the Czech National Bank shall decide on the designation of the branch of a foreign bank as significant within 4 months of the date on which it informed the supervisory authority referred to in paragraph 2, or within the same time limit, to notify that authority of its withdrawal. It shall take account of the opinion delivered by that authority.
(6) If the Czech National Bank decides to designate a branch of a foreign bank as significant, it shall inform the supervisory authority referred to in paragraph 2 in writing without undue delay. At the same time, the Czech National Bank shall inform the Authority of the reasons for the designation of this branch as significant.
(1) The Czech National Bank is responsible for the agreement on the designation of a branch of a bank as significant if it carries on business in another Member State through that branch and the supervisory authority of the host State has informed the Czech National Bank of the intention to designate that branch as significant and has given it the reasons for that intention in accordance with European Union law. Paragraph 5n (4) shall apply mutatis mutandis.
(2) Where a bank operates on the territory of another Member State through a significant branch, the Czech National Bank shall communicate to the supervisory authorities of that Member State the data referred to in § 38h (3) (c) and (d) and, in cooperation with the supervisory authorities of that Member State, perform the tasks referred to in § 26i (c).
(3) If the Czech National Bank finds adverse developments in a bank operating through a significant branch in the territory of another Member State, it shall inform the relevant central banks of the European System of Central Banks without undue delay, under the conditions set out in Section 25a (4) (j) and public authorities pursuant to Section 25a (4) (l) of the Member States concerned by this development.
(4) Where a bank operates on the territory of another Member State through an important branch, the Czech National Bank shall establish a college of supervisors (hereinafter referred to as "the College ') to carry out the tasks referred to in paragraphs 2 and 3 and in Paragraph 38h. The establishment and operation of the College shall be based on written arrangements pursuant to Article 26c (8), which the Czech National Bank shall prepare after consultation with the supervisory authorities referred to in paragraph 2. The members of the College are the Czech National Bank and the supervisory authorities of the host States in which the Bank operates through a significant branch. Paragraph 26l (4) and (5) shall apply mutatis mutandis.
(5) The obligations referred to in paragraphs 2 to 4 shall be exercised by the Czech National Bank after it has agreed to designate the branch as significant in accordance with paragraph 1 or after it has been informed of the designation of the branch as significant by the competent supervisory authority of the host State. ';
9. In Section 8b (1) of the introductory part of the provision, the words "and a branch of a foreign bank which does not enjoy the benefits of a single licence under the law of the European Communities' shall be deleted.
10. in Article 8b (1) (a), the following point 4 is added:
"4. a remuneration scheme for persons whose activities in the course of the performance of their employment, occupation or function have a significant impact on and at the level of the bank, including the principles for determining and conditions for the payment of the fixed and variable remuneration components, the procedures for taking remuneration decisions and the way in which performance is assessed, so that the remuneration system contributes to and is consistent with sound and effective risk management, ';
11. at the end of paragraph 10, the sentence "The Bank and the branch of a foreign bank which does not enjoy the benefits of a single licence under European Union law shall also establish internal procedures and principles for assessing whether the information disclosed to it provides a complete and true picture of all risks and their extent. Where the information disclosed does not provide such an image, the bank or branch of a foreign bank shall be required to disclose all other information necessary to achieve that objective, except for the information referred to in paragraph 6. ';
12. in Article 12a (1), the sentence "The Bank shall continue to comply with the risk transfer rules" shall be inserted after the first sentence of Article 12a (1).
13. in Article 12a (8), the words "and rules on risk transfer" shall be added at the end of the text of point (a);
14. in Article 12b (1), the words "Regulation of the European Parliament and of the Council" shall be replaced by the words "the directly applicable regulation of the European Union";
15. in Article 12b (8) (b):
"(b) requirements for independence, impartiality, ongoing updating and transparency of evaluation methods and requirements for the credibility and transparency of credit assessments of the person to be included in the list of credit assessment agencies.";
16. in Article 17a (2), the words "or carry out" shall be replaced by the words "or, as its principal or essential activity, carry out";
17. In Article 25, paragraphs 4 and 5 are added, including footnote 7b:
"(4) The Czech National Bank participates in the work of the European Committee of Banking Supervisors (7b) (hereinafter referred to as the Committee).
(5) The Czech National Bank, in exercising its competence under this Act and the Act governing the activities of savings and credit cooperatives, takes into account the convergence of the instruments and procedures of banking supervision used in the Member States; be based on guidelines, recommendations, standards and other measures adopted by the Committee, unless it gives reasons for not doing so.
7b) Commission Decision of 23 January 2009 establishing the Committee of European Banking Supervisors (2009 / 78 / EC). ';
18. in Paragraph 25a (4) (j):
"(j) the central banks of the European System of Central Banks, where such information is relevant for the performance of its legal tasks, including the conduct of monetary policy and the related liquidity provision, the supervision of payment, settlement and securities settlement systems and the protection of the stability of the financial system,";
19. in Article 25a (4), at the end of point (k), the dot is replaced by a comma and the following point (l) is added:
"(l) a public authority within the competence of which the preparation of legislation relating to the supervision of banks and financial institutions, as well as the persons authorised by those authorities to carry out control activities, is to be carried out.";
20. in Article 25a (4) of the final part of the provision, "(g) and (h)" shall be replaced by "(g), (h), (j) and (l)."
21.
If the Czech National Bank finds an emergency situation in the exercise of its supervision of the Bank, including adverse developments in financial markets, which could put at risk the liquidity of the market and the stability of the financial system ("emergency situation ') in the Czech Republic, it shall inform without undue delay of this fact.
(a) the central bank of the European System of Central Banks in the Member States concerned by this situation under the conditions set out in Article 25a (4) (j); and
(b) the public authorities referred to in Article 25a (4) (l) in the Member States concerned by this situation, where such information is relevant to them. "
22. in Paragraph 26 (1) (a), the word "or" shall be deleted at the end of point 10.
23. in Article 26 (1) (a), the following points 12 to 14 are inserted after point 11, including footnote 7c:
"12. limit the variable remuneration of persons referred to in Article 8b (1) (a) (4) if it does not comply with the maintenance of capital pursuant to § 12a and 12c; in that case, the bank or branch of the foreign bank shall determine the amount of the variable component by a percentage of the net profit or from another indicator determined by the Czech National Bank;
13. adjust the capital composition by replacing an instrument which, in accordance with the Order of the Czech National Bank issued pursuant to § 12a (87c), can be included in the secondary original capital, a similar instrument or a proportional increase in capital; or
14. they do not pay accessories, profit participation or similar transactions resulting from an instrument which, in accordance with the Czech National Bank decree issued pursuant to § 12a (87c), can be included in the secondary original capital;
7c) Decree No. 123 / 2007 Coll., on the rules of prudent business of banks, savings and credit cooperatives and securities dealers, as amended. '
24. in § 26 (1) (h):
"(h) require an increase in capital above the level laid down in Article 12a, following the results of the review and evaluation carried out pursuant to Article 25 (3), in particular where it finds deficiencies in the arrangements, strategies, procedures or other mechanisms of the management and control system provided for in Article 8b, or shortcomings in the strategies or procedures provided for in Article 12c (1), or in the application and imposition of the measures provided for in points (a) to (g), it appears insufficient to achieve redress within a reasonable time; This applies mutatis mutandis to a foreign bank which is a member of a group of European controlling banks [§ 26d (1) (l)], a member of a group of European financial holding companies [§ 26d (1) (n)] or a member of a group of European controlling securities dealers under the law governing the capital market business over which the Czech National Bank exercises supervision on a consolidated basis, in which case capital increases may be required above the level laid down by foreign law. '
25. in Article 26 (3) (h), the words "(Article 12 (1))" shall be replaced by the words "set out in Article 4 (1),"
26. in Paragraph 26c (7):
"(7) The exercise of banking supervision by the Czech National Bank over a member of a group of European controlling banks [§ 26d (1) (l)] or a member of a group of European financial holding companies [§ 26d (1) (n)] is based on written arrangements for coordination and cooperation with the consolidating supervisor. Such supervisory authorities may be entrusted by such arrangements with tasks relating to such coordination and cooperation. ';
27. in Article 26c, paragraphs 8 to 10 are added, including footnotes 17 and 18:
"(8) If the Czech National Bank exercises banking supervision on a consolidated basis over a group of European controlling banks or a group of European financial holding companies, it must have written arrangements for coordination and cooperation with the supervisory authorities of the members of that group. The Czech National Bank can be entrusted with these arrangements with tasks relating to this coordination and cooperation.
(9) Instead of the Czech National Bank, the supervisory authority of another Member State exercising supervision on a consolidated basis over a group of European controlling banks or European financial holding persons responsible for banking supervision in accordance with European Union17) is a member of this group based in the Czech Republic, to the extent and under the conditions laid down by the international treaty. This international agreement shall always lay down the conditions under which the Czech Republic is entitled to a regression payment against the supervisory authority of another Member State or against the Member State in whose territory that authority is established, if it has replaced the damage or non-property damage caused by that authority in the exercise of its supervision by an unlawful decision or by an incorrect official procedure. The Czech National Bank shall inform the European Commission of this Treaty. The law of the Czech Republic shall apply in the exercise of banking supervision by the supervisory authority of another Member State. The liability for damage caused by the supervisory authority of another Member State by its decision or by an incorrect official procedure in the exercise of banking supervision shall be assessed in accordance with the law governing liability for damage caused by the exercise of public power (18).
(10) Instead of the supervisory authority of another Member State exercising supervision on a consolidated basis over a group of European controlling banks, the Czech National Bank, exercising supervision on a consolidated basis over a group of European controlling banks or a group of European financial holding companies, is competent to exercise supervision in accordance with European Union17) over a member of that group based in another Member State, to the extent and under the conditions laid down by the international treaty. The Czech National Bank shall inform the European Commission of this Treaty.
17) Article 131 of Directive 2006 / 48 / EC relating to the taking up and pursuit of the business of credit institutions.
18) Act No. 82 / 1998 Coll., on liability for damage caused in the exercise of public authority by decision or incorrect official procedure and amending Act No. 358 / 1992 Coll., on notaries and their activities (notarial order), as amended. "
28. in Article 26e (5), the words' the Commission of the European Communities' shall be replaced by 'the European Commission';
29. in Article 26i (a), the words "in both normal and emergency situations" shall be deleted;
30. In Article 26i (b), the words "in both normal and emergency situations, including the exercise of supervision in accordance with Article 25 (3)," shall be replaced by the words "this activity shall include coordination and planning of the exercise of supervision over the activities of banks covered by § 8b (1) (b), (11a) and (12c), the exercise of supervision pursuant to § 25 (3) and the imposition of measures pursuant to Article 26 (1), including the coordination of supervisory activities within the meaning of similar provisions of other Member States';
31. in Article 26i, the following point (c) is inserted after point (b):
"(c) in cooperation with the competent supervisory authorities and, where necessary, with the central banks of other Member States, plans and coordinates the progress of those authorities in preparing for adverse developments in the bank and emergency situations and the progress of those authorities in the course of adverse developments in the bank and in emergency situations; In addition, it shall plan and coordinate the preparation of joint assessments, the implementation of emergency plans, information to the public and the imposition of measures to remedy exceptional importance within the meaning of Article 38i (1) (b) and similar provisions of foreign law, ';
Points (c) and (d) shall be renumbered points (d) and (e).
32. § 26j reads:
(1) Where the Czech National Bank exercises banking supervision over a group of European controlling banks or a group of European financial holding companies and sets out an emergency situation in the Member State in which a member of that group is established or operates through a significant branch, a significant branch under a law governing the activities of savings and credit cooperatives or significant organisational elements under the law governing the capital market business, the Czech National Bank shall communicate without undue delay:
(a) the central banks of the European System of Central Banks in the Member States concerned by this situation, under the conditions set out in Section 25a (4) (j); and
(b) the public authorities referred to in Article 25a (4) (l) in the Member States concerned by this situation, all the information relevant to them.
(2) If the Czech National Bank finds an emergency situation which may have an impact in a Member State, the Authority exercising banking supervision on a consolidated basis shall, without undue delay, inform the European Supervisory Bank Group or a group of European financial holding company whose member has its registered office in the Member State concerned, through a significant branch, a significant branch under the law governing the activities of savings and credit cooperatives or a significant organisational component under the law governing the capital market business. ';
33. The following Sections 26k and 26l are inserted after Section 26j:
(1) Where the Czech National Bank exercises banking supervision on a consolidated basis over a group of European controlling banks or a group of European financial holding company, it is competent, in agreement with the other supervisory authorities of the members of such groups, to impose on a member of that group:
(a) the remedies provided for in Article 26 (1) (h), if it is a bank or a foreign bank;
(b) a correction measure consisting of an increase in capital above the minimum level under the Act governing the activities of savings and credit cooperatives, in the case of savings and credit cooperatives; or
(c) a correction measure consisting of an increase in capital above the minimum level under the law governing the capital market business, if it is a non-bank trader or a foreign securities dealer under the law governing the capital market business.
(2) The Czech National Bank shall inform the other supervisory authorities of the members of the group concerned in advance of the intention to impose the corrective measures referred to in paragraph 1 and, at the same time, submit to them a report on the risk assessment of that group. The Czech National Bank shall endeavour to reach an agreement under paragraph 1.
(3) If the agreement referred to in paragraph 1 has not been reached within 4 months of the date on which the Czech National Bank submitted a report to the other supervisory authorities of the group concerned pursuant to paragraph 2, the Czech National Bank shall be responsible for imposing the corrective measures referred to in paragraph 1 on the members of the group in question, even without agreement with the other supervisory authorities of the group concerned. In so doing, the Czech National Bank shall take into account the risk assessment of the members of this group, expressed in the opinion of the other supervisory authorities of that group, and shall send a copy of the draft decision to those authorities.
(4) A bank that is a member of a group of European controlling banks, a member of a group of European financial holding company or a member of a group of European controlling securities dealers under the law governing the capital market business is responsible for imposing the remedies provided for in Article 26 (1) (h) separately if, within 4 months of the date on which the consolidating supervisor submitted a report to the Czech National Bank on the risk assessment of that group, no agreement will be reached between the consolidating supervisor of the group concerned and the other supervisory authorities of that group. The Czech National Bank will take into account the opinion of the consolidating supervisor on the group concerned.
(5) Before taking a decision under paragraph 3, the Czech National Bank may request the opinion of the Committee. The Czech National Bank shall seek this opinion whenever one of the other authorities supervising the members of the group concerned so requests. Where an opinion of the Committee has been requested before a decision has been taken pursuant to paragraph 3 or 4, the Czech National Bank shall rely on it, unless it indicates in the reasons for the decision the reasons for which it deviates from that opinion.
(6) The Czech National Bank shall review the decisions referred to in paragraphs 1, 3 or 4 at least once a year in accordance with the procedure referred to in paragraphs 1 to 5. The Czech National Bank may review these decisions on a reasoned written proposal from the supervisory authority of the group concerned. In such a case, the decision referred to in paragraph 1, 3 or 4 may also be reviewed only to the extent of this proposal.
(7) The Bank is required to maintain own funds on an individual or consolidated basis above the minimum level laid down in Article 12a, where this obligation is imposed on it by a decision given, in agreement with the Czech National Bank, by an authority of another Member State supervising on a consolidated basis.
(1) When the Czech National Bank exercises banking supervision on a consolidated basis over a group of European controlling banks or a group of European financial holding companies, it establishes a college for the performance of the tasks referred to in Sections 26i and 26j. The establishment and operation of the College shall be based on written arrangements pursuant to Article 26c (8), which the Czech National Bank shall prepare after consultation with the supervisory authorities concerned. If appropriate, the Czech National Bank, while respecting the obligation of confidentiality and other requirements laid down by European Union law, shall coordinate cooperation with supervisory authorities other than Member States. The establishment and activities of colleges shall be without prejudice to the powers and powers of the supervisory authorities provided for by European Union law.
(2) The College creates the preconditions for cooperation between the Czech National Bank and the other supervisory authorities concerned
(a) exchange of information;
(b) the application of the arrangements and international agreements provided for in Article 26c (7) to (10), where appropriate;
(c) establishing control plans based on the risk assessment of the group concerned pursuant to Article 25 (3);
(d) improving the effectiveness of supervision by limiting double supervisory requirements, including the requirement to provide information under § 26c (6), § 38h (4) second sentence and similar provisions of foreign law;
(e) the uniform application of prudential rules within the group concerned, without prejudice to the powers of the supervisory authorities provided for by European Union law;
(f) planning and coordination of the activities referred to in Article 26i (c) and similar provisions of foreign law, taking into account the activities of other bodies, if they are set up for this purpose.
(3) The members of the College are:
(a) Czech National Bank,
(b) the authorities supervising the members of the group concerned,
(c) the supervisory authorities of host States where a member of the group concerned carries out business through a significant branch, a significant branch under the law governing the activities of savings and credit cooperatives or a significant organisational component under the law governing the business on the capital market;
(d) central banks, where appropriate;
(e) supervisory authorities other than Member States, where appropriate and where, in the opinion of all the supervisory authorities concerned, they protect information to the minimum required by European Union law.
(4) The Czech National Bank manages the meetings of the College and determines which members take part in the meetings or other activities of the College. In doing so, it shall take into account the importance of these activities for the performance of its obligations under Article 5o (2) and (3) as well as their importance for the members of the college. On the basis of the information available, it shall in particular take account of the possible impact on the stability of the financial system in the Member States concerned, in particular in emergency situations.
(5) The Czech National Bank is making an effort to cooperate closely with the members of the College. The Czech National Bank shall inform the members of the College sufficiently in advance of the meetings of the College, the agenda and the planned activities and shall inform them without undue delay of the conclusions reached at the meeting or of any other agreed action.
(6) The Czech National Bank shall inform the Committee of the activities of the College, even if an emergency situation occurs, and shall provide it with any information relevant to the convergence of banking supervision instruments and procedures. Paragraph 25a is not affected. '
34. In Article 29, at the end of paragraph 1, the sentence "The administrator shall submit to the person entitled to appeal against the imposition of the compulsory administration, upon his written request, to the extent necessary, copies of the bank's available documentation, and shall make it possible to obtain copies and extracts thereof. '.
35. in the last sentence of Paragraph 38a (2), the words "other bank or branch of a foreign bank" shall be deleted.
36. In § 38a, the sentence "Data from the information databases obtained by the Czech National Bank on the basis of reciprocity are added at the end of paragraph 3."
37. in Paragraph 38d, the following paragraph 3 is added:
"(3) The Czech National Bank shall transmit to the Committee the information collected to compare remuneration systems and procedures established by other banks on:
(a) the number of persons whose income amounts to at least EUR 1 000 000 broken down by area of activity of the Bank;
(b) the main components of wages, premiums, performance-based remuneration for a longer period of time and the special pension benefits of persons referred to in (a). ";
38. in Article 38j (1), the words "and information on the change of the competent supervisory authority to a member of a group of European controlling banks or of a member of a group of European financial holding persons referred to in Article 26c (9) and (10)," shall be added at the end of the text of point (f);
39. In Paragraph 38j, at the end of paragraph 1, the dot is replaced by a comma and the following points (g) and (h) are added:
"(g) information on the access and methods of the Czech National Bank used in the exercise of supervision of compliance with the rules on risk transfer pursuant to § 12a;
(h) an annual report on the outcome of the supervision of compliance with the risk transfer rules referred to in Article 12a, including the measures imposed. ';
40. in Paragraph 38j (2):
"(2) The information referred to in paragraph 1 shall be published by the Czech National Bank in such a way as to enable remote access to be compared with information of the same type published by the banking supervisory authorities in other Member States and regularly updated."
Transitional provisions
1. If the deadline laid down in § 26k (3) of Act No. 21 / 1992 Coll., on banks, as effective from the date of entry into force of the Act, starts to run until 31 December 2012, it shall be 6 months.
2. As from the date of entry into force of this Act, Article 10 (1) of the Act was in accordance with the provisions of that Act governing the remuneration system.
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.
1. In Article 1 (1), the words "European Community1) 'are replaced by the words" European Union1)';
Footnote 1:
"(1) Directive 94 / 19 / EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes, as amended by Directives 2005 / 1 / EC and 2009 / 14 / EC of the European Parliament and of the Council. Directive 2001 / 24 / EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and liquidation of credit institutions. Directive 2004 / 109 / EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements concerning information on issuers whose securities are admitted to trading on a regulated market and amending Directive 2001 / 34 / EC. Directive 2006 / 48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), as amended by Commission Directive 2007 / 18 / EC and Directives 2007 / 44 / EC, 2007 / 64 / EC, 2008 / 24 / EC, 2009 / 83 / EC, 2009 / 110 / EC, 2009 / 111 / EC and 2010 / 16 / EU of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast), as amended by Directives 2008 / 23 / EC, 2009 / 27 / EC and 2009 / 111 / EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92 / 49 / EEC and Directive 2002 / 83 / EC, 2004 / 39 / EC, 2005 / 68 / EC and 2006 / 48 / EC, as regards the procedural rules and the assessment criteria for the prudential assessment of acquisition and the participation in the financial sector. Directive 2009 / 111 / EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2006 / 48 / EC, 2006 / 49 / EC and 2007 / 64 / EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements and crisis management. Directive 2010 / 76 / EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2006 / 48 / EC and 2006 / 49 / EC as regards capital requirements for trading book and re-securitisation and the supervision of remuneration principles. ';
2. In Article 4 (6), the words "amending the legal form of the cooperative reserve (§ 13 (5))," shall be inserted after the words "on other material assets,"
3. In Paragraph 4c, the sentence "The settlement share of the member who has left the cooperative reserve because he did not agree to a change in the legal form of the cooperative reserve shall be determined from the final and, where appropriate, interim accounts in accordance with the law governing the conversion of companies and cooperatives. '
4. in Article 7a (1) (a), the following point 4 is added:
'4. the remuneration system of persons whose activities in the performance of their employment, occupation or function have a significant impact on and at the level of cooperative reserve risks, including the principles for determining and conditions for the payment of fixed and variable remuneration components, the procedures for taking remuneration decisions and the way in which performance is assessed, so that the remuneration system contributes to and is consistent with sound and effective risk management, ';
5. In Article 7b, at the end of paragraph 10, the sentence "The cooperative guarantee shall also establish internal procedures and principles for assessing whether the information disclosed to it provides a complete and true picture of all risks and their extent. Where the information disclosed does not provide such an image, the cooperative shall be required to disclose all other information necessary to achieve this objective, except for the information referred to in paragraph 6. ';
6. In Article 8 (2), the sentence "The Cooperative Reserve shall continue to comply with the risk transfer rules' is inserted after the first sentence.
7. In Article 8 (9), the words "and rules on risk transfer 'shall be added at the end of the text in point (a).
8. In Paragraph 13, the following sentence is added at the end of paragraph 5: "This does not apply in the event of a change in legal form to a public limited company, provided that the Czech National Bank has given its consent to such a transformation and has at the same time decided to grant a bank licence. The project to change the legal form of the cooperative reserve may not contain the number, form, type, form and nominal value of shares intended for each shareholder after the change in the legal form has been registered in the commercial register if it contains the method of determining them. ';
9. In Article 22 (4) and (6), the words "the Commission of the European Communities' are replaced by the words" the European Commission '.
10. In Article 22, the following paragraph 9 is added:
"(9) The Czech National Bank shall transmit to the Committee of European Banking Supervisors the information collected for the purpose of comparing remuneration systems and procedures established by other cooperative backups of:
(a) the number of persons whose income amounts to at least EUR 1 000 000 broken down by area of activity of the cooperative reserve;
(b) the main components of wages, premiums, performance-based remuneration for a longer period of time and the special pension benefits of persons referred to in (a). ";
11. the following Article 22b is inserted after Article 22a:
(1) The branch of the cooperative reserve through which the cooperative reserve operates in the territory of the host State may be designated as significant by the supervisory authority of that State in accordance with European Union law (hereinafter referred to as "significant branch").
(2) The Czech National Bank is responsible for the agreement on the designation of the branch of the cooperative reserve as significant if the cooperative reserve operates in another Member State through that branch and the supervisory authority of the host State has informed the Czech National Bank of the intention to designate the branch as significant and has communicated to it the reasons for that intention in accordance with European Union law. The Czech National Bank shall endeavour to ensure that this agreement takes place within 2 months of the date on which it was informed of its intention to designate the branch as significant.
(3) Where a cooperative reserve operates in the territory of a host State through a significant branch, the Czech National Bank shall communicate to the supervisory authorities of that State the information referred to in § 22a (3) (c) and (d) and, in cooperation with the supervisory authorities of that Member State, carry out the tasks referred to in § 25g (1) (c).
(4) If the Czech National Bank finds adverse developments in a cooperative advance office which operates through a significant branch in the territory of the host State, it shall inform the relevant central banks of the European System of Central Banks without undue delay under the conditions set out in Section 25a (4) (i) and public authorities pursuant to Section 25a (4) (k) of the Member States concerned by this development.
(5) Where a cooperative reserve operates in the territory of the host State through an important branch, the Czech National Bank shall establish a college of supervisors (hereinafter referred to as the College) to carry out the tasks referred to in paragraphs 3 and 4 and in Paragraph 22a. The establishment and operation of the College shall be based on written arrangements pursuant to Article 25d (8), which the Czech National Bank shall prepare after consultation with the supervisory authorities referred to in paragraph 3. The members of the College are the Czech National Bank and the supervisory authorities of the host States in which the cooperative reserve operates through a significant branch. Paragraph 25l (4) and (5) shall apply mutatis mutandis.
(6) The obligations referred to in paragraphs 3 to 5 shall be exercised by the Czech National Bank after it has agreed to designate the branch as significant in accordance with paragraph 2 or after it has been informed by the competent supervisory authority of the host State of the designation of the branch of the cooperative reserve as significant. ';
12. in Article 25a (3) and Article 25e (5), the words "the Commission of the European Communities" shall be replaced by the words "the European Commission."
13. in Article 25a (4) (i):
"(i) the central banks of the European System of Central Banks, where such information is relevant to the performance of its legal tasks, including the conduct of monetary policy and the related liquidity provision, the supervision of payment, settlement and securities settlement systems and the protection of the stability of the financial system,";
14. in Paragraph 25a, at the end of paragraph 4, the dot is replaced by a comma and the following point (k) is added:
"(k) a public authority under whose jurisdiction the preparation of legislation relating to the supervision of credit institutions and financial institutions, as well as the persons authorised by those authorities to carry out control activities, falls within the scope of this Regulation.";
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Regulation Information
| Citation | Act No. 41 / 2011 Coll., amending certain laws relating to the setting of capital requirements and supervisory procedures for banks, savings and credit cooperatives and securities dealers |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 28.02.2011 |
|---|---|
| Effective from | 28.02.2011 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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