Decree No. 431 / 2006 Coll.
Decree amending Decree No. 270 / 2004 Coll., on how to measure the fair value of the assets and liabilities of a collective investment fund and on how to determine the actual value of a share or share certificate of a collective investment fund
Valid
Order
Effective from 15.09.2006
Text versions:
15.09.2006
31.08.2006
431
DECLARATION
of 22 August 2006
amending Decree No. 270 / 2004 Coll., on how to measure the fair value of the assets and liabilities of the collective investment fund and on how to determine the actual value of the share or share certificate of the collective investment fund
The Czech National Bank provides pursuant to § 139 (a) of Act No. 189 / 2004 Coll., on Collective Investment, as amended by Act No. 57 / 2006 Coll., (hereinafter "the Act '):
Decree No 270 / 2004 Coll., on how to measure the fair value of the assets and liabilities of the collective investment fund and on how to determine the actual value of the share or units of the collective investment fund, is amended as follows:
1. In the introductory sentence, the words "Securities Commission 'are replaced by the words" Czech National Bank' and the words "in conjunction with Paragraph 82 (4) 'are deleted.
2. In Section 1, the words "(the Fund) 'are deleted.
3. In Article 1, the words "(hereinafter referred to as" the Fund ") shall be inserted after the words" and the obligations of the collective investment fund "in cases not covered by specific accounting legislation."
4. In the first sentence of Paragraph 2 (1), the words "specific legislation 'are replaced by the words" specific legislation governing accounting'.
5. In the third sentence of Article 2 (2), the words "shall apply 'shall be replaced by the words" shall apply'.
6. Paragraph 2 (4), including footnotes 2 and 2a, reads as follows:
"(4) The provisions of paragraphs 1 to 3 shall not apply to the Fund where an unconditional and unrestricted public proposal for a contract for the purchase of participating securities has been made 2) (hereinafter referred to as the" public proposal ') or the right to purchase participating securities 2a) (hereinafter referred to as the "right of redemption') under a special law and the price of the share in a public proposal or in a resolution of the general meeting referred to above is higher than the fair value of the share determined in accordance with paragraphs 1 to 3. The Fund shall, for the duration of the public proposal for the determination of the fair value of the share, use the price indicated in that public proposal and for the time before the transfer of ownership to the share, if applicable, of the right of redemption, the price indicated in the resolution of the general meeting.
2) Sections 183a, 183b, 183h and 186a of Act No. 513 / 1991 Coll., Commercial Code, as amended.
2a) Sections 183i to 183n of the Commercial Code, as amended by Act No. 216 / 2005 Coll. and Act No. 377 / 2005 Coll. '.
7. In Paragraph 2 (5), "a 'is replaced by" to'.
8. In Section 5, the words "under Section 27 (2) of the Act 'are deleted.
9. In Article 5 (1), the words "or § 49b (3) 'shall be inserted after the words" pursuant to § 27 (2)'.
10. in Article 7, "§ 49 (3)" is replaced by "§ 49a (1)";
11. in § 7, § 11 (1), the words "collective investment" shall be deleted.
12. in Article 7, the words "after deduction of the adjustment items if they have been created" shall be inserted after the words "on the date on which the fair value is determined."
13. in Article 7, the word "underlying" is replaced by "inserted."
14. in Article 8 (2), the words "or in Article 2" shall be inserted after the words "paragraph 1";
15.
Real estate
(1) The real value of the real estate held by the special property fund for the purposes set out in § 53 (3) (a) of the Act is determined by the yield method set out in § 2 (1) (m) of the Act.
(2) The real value of the property owned by the special property fund for the purpose of Article 53 (3) (b) of the Act is determined by a comparison method. The fair value must not deviate substantially from the average price of real estate sold in the period since the last fair value measurement on the site and whose significant characteristics are comparable to those of real estate whose value is determined. The characteristics relevant to the valuation of the property (5) and the definition of the location shall be determined in accordance with the valuation standards and with the agreement of the depositary.
(3) Until the first measurement of the fair value of the property referred to in paragraph 1 or 2, the fair value shall be determined as the cost of the property.
5) § 53e (2) (c), (e), (g) to (i) and § 53e (3) of Act No. 189 / 2004 Coll., as amended by Act No. 224 / 2006 Coll. '
16. Paragraph 14, including the title and footnotes 6, 7 and 8, reads as follows:
Equity interests in real estate
(1) The fair value of the equity in the real estate company (6) is determined by a qualified estimate (7) with the agreement of the depositary. It is based on the real value of real estate held by the real estate company established by the expert committee (8), which is treated mutatis mutandis in accordance with Paragraph 9, unless it is the first measurement of the real value of real estate based on its purchase price.
(2) If shares of a real estate company are admitted to trading on the market referred to in Section 26 (1) (a) of the Act, the fair value of the equity in the real estate company shall be determined as the fair value of the investment securities referred to in Section 2.
6) § 53c of Act No. 189 / 2004 Coll., as amended by Act No. 224 / 2006 Coll.
7) § 53f (2) (d) of Act No. 189 / 2004 Coll., as amended by Act No. 224 / 2006 Coll.
8) § 53f (2) (c) of Act No. 189 / 2004 Coll., as amended by Act No. 224 / 2006 Coll. '.
17. in Article 16 (5), "§ 3" is replaced by "§ 3 (2)," "§ 9 (1)" is replaced by "§ 9 (2)" and "or § 14" is replaced by "or § 14 (1)."
18. In Article 16 (5), the words "the Securities Commission 'are replaced by the words" the Czech National Bank'.
19. In Paragraph 16, the following paragraph 6 is inserted after paragraph 5:
"(6) For the purposes of this decree, own capital means the difference between the value of the assets and the value of the liabilities. The value of the assets and liabilities shall be calculated as the sum of the fair value of the assets and liabilities related to the investment activity and the value of the other assets and liabilities determined under the special accounting legislation. ';
Efficacy
This Decree shall take effect on 15 September 2006.
Governor:
Doc. Ing. Tůma, CSc.
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Regulation Information
| Citation | Decree No. 431 / 2006 Coll., amending Decree No. 270 / 2004 Coll., on how to measure the fair value of the assets and liabilities of the collective investment fund and on how to determine the actual value of the share or share certificate of the collective investment fund |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.08.2006 |
|---|---|
| Effective from | 15.09.2006 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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