Act No. 442 / 2000 Coll.
Act amending Act No. 6 / 1993 Coll., on the Czech National Bank, as amended, and Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended
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Law
Effective from 01.01.2001
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442
THE LAW
of 27 October 2000
amending Act No. 6 / 1993 Coll., on the Czech National Bank, as amended, and Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended
Parliament has decided on this law of the Czech Republic:
Amendment of the Act on the Czech National Bank
Act No. 6 / 1993 Coll., on the Czech National Bank, as amended by Act No. 60 / 1993 Coll. and Act No. 15 / 1998 Coll., is amended as follows:
1. In Article 1 (2), the words "having the status of a public body 'shall be inserted after the words" a legal person'.
2. Paragraph 1 (3), including footnote 1, reads:
"(3) The Czech National Bank is entrusted with the competence of the administrative authority to the extent provided for by this Act and by special legislation.1)
1) For example Act No. 21 / 1992 Coll., on Banks, as amended, Act No. 219 / 1995 Coll., Foreign Exchange Act. '.
3. Paragraph 1 (4) reads as follows:
"(4) The Czech National Bank operates separately with professional care with the property entrusted to it by the State."
4.
(1) The main objective of the Czech National Bank is to ensure price stability. Without prejudice to its main objective, the Czech National Bank supports the general economic policy of the government leading to sustainable economic growth. The Czech National Bank acts in accordance with the principle of an open market economy.
(2) In line with its main objective Czech National Bank
(a) determine monetary policy;
(b) issue banknotes and coins;
(c) manage the circulation, payment and settlement of banks, ensure their continuity and economy and contribute to ensuring the security, reliability and efficiency of payment systems and their development;
(d) exercise banking supervision over the activities of banks, branches of foreign banks and consolidation units, which include a bank based in the Czech Republic, and ensure the safe functioning and efficient development of the banking system in the Czech Republic,
(e) carry out other activities under this law and under specific legislation. 1)
(3) In carrying out its tasks, the Czech National Bank is cooperating with central banks of other countries, bank supervisors and financial markets of other countries, and with international financial organisations and international banks and financial markets supervisory organisations. "
5. Paragraph 3 (1) reads as follows:
"(1) The Czech National Bank is obliged to report on monetary developments to the Chamber of Deputies at least twice a year. If the Chamber of Deputies decides on this, the Czech National Bank will present an extraordinary report on monetary developments within 30 days at the latest. The resolution of the Chamber of Deputies must state what the extraordinary report should contain."
6. In Article 3, the following paragraphs 2, 3 and 4 are inserted after paragraph 1, including footnote 1a:
"(2) The report on monetary developments is presented to the Chamber of Deputies by the Governor of the Czech National Bank, who is entitled in this case to attend the meeting of the Chamber of Deputies and must be given the floor. (1a)
(3) The Chamber of Deputies will take note of the report on monetary developments or will require its completion.
(4) If the House requests a supplement to the report, the Czech National Bank is obliged to submit a report completed in accordance with the request of the Chamber of Deputies within 6 weeks.
(1a) Paragraph 52 (2) of Act No. 90 / 1990 Coll., on Rules of Procedure of the Chamber of Deputies. '
Paragraphs 2 to 5 shall be renumbered paragraphs 5 to 8.
7. in Article 5 (2) (b):
"(b) approve the budget for activities carried out in securing the main objective of the Czech National Bank and draw up a draft operating and investment budget,"
8. in Article 5 (2) (e):
"(e) exercise the rights and obligations arising from employment relations with employees of the Czech National Bank. Such acts may be entrusted to other staff members, '.
9. in Article 5 (2), point (f) is deleted;
Point (g) shall be renumbered as point (f).
10.
(1) The Bank Board is seven members. Its members are the Governor of the Czech National Bank, 2 Vice-Governors of the Czech National Bank and 4 other members of the Banking Board of the Czech National Bank.
(2) The Governor, the Vice-Governors and the other members are appointed and withdrawn by the President of the Republic.
(3) The Government proposes the Governor, the Vice-Governors and other members of the Bank Board.
(4) No one may serve as a member of the Bank Board more than twice.
(5) The members of the Banking Board are appointed for a term of 6 years.
(6) Members of the legislature, member of the government and members of management, supervisory and supervisory bodies of other banks and business entities and self-employed activities are incompatible with membership of the banking board.
(7) A citizen of the Czech Republic may be appointed as a member of the Banking Board, who
(a) is fully eligible for legal action;
(b) has completed a university education;
(c) be fair and comply with the conditions laid down in specific legislation;
(d) is recognised and experienced in monetary and banking matters.
(8) For the purposes of this law, a natural person who has not been convicted of a criminal offence shall be entitled to the right of defence.
(9) The members of the Bank Board are employees of the Czech National Bank.
(10) Members of the Bank Board shall not hold any other paid office or engage in other gainful activities, except in the management of their own assets and the activities of scientific, literary, publicist, artistic and pedagogical. In such activities and in non-profit-making activities, members shall be obliged to ensure that there is no conflict of interest or use of information obtained in the performance of their duties as a member of the Banking Board. Paragraph 2 (3) is without prejudice to this.
(11) The term of office of a member of the Banking Board shall end:
(a) the expiry of his term of office;
(b) on the day immediately following the date of service of the written appeal from the office or the written resignation of the post, or at a later date specified in the notice of revocation or resignation.
(12) The President of the Republic shall withdraw a member of the Banking Board
(a) in breach of paragraph 6 or paragraph 7 (c);
(b) on the date on which he became legally competent in a judgment which deprived him of legal capacity or limited his legal capacity.
(13) The President of the Republic may withdraw a member of the Banking Board if he does not perform his duties for more than 6 months. ';
11. In the title of Part Three, the words "AND OTHER INSTITUTIONS 'shall be added at the end.
12.
(1) In carrying out its tasks, the Czech National Bank and the Banking Board are independent of the guidelines of the Government, the President of the Republic, Parliament, other administrative or local authorities.
(2) The Czech National Bank consults the government and reports on these issues at its request. '
13.
(1) The Minister of Finance or any other authorised member of the Government shall be entitled to attend the advisory meeting of the Banking Board with the vote and may submit proposals to it for consideration.
(2) The Governor of the Czech National Bank or the Vice-Governor designated by him is entitled to take part in an advisory meeting of the Government. "
14. In the introductory part of Section 22, the words "legislation 'are replaced by the words" decrees'.
(15) Paragraph 23 (2) and (3), including footnote 2, shall be deleted and the designation of paragraph 1 shall be deleted.
16.
Czech National Bank
(a) the measures published in the Czech National Bank Bulletin by the rules of prudent business of banks;
(b) by a decree on the prudential conduct of other persons on the money market and the conditions under which the money market may be traded. ";
17. in Paragraph 25 (1), the term 'not normally interest' shall be replaced by 'not interest'.
18. In Paragraph 25 (2), the comma is replaced by a comma after the word "banks' and the words" except in the cases referred to in paragraph 3 'are deleted.
19. Paragraph 25 (3) is deleted.
20. In Paragraph 26 (1), the words "to three times' are replaced by the words" twice '.
21. In Paragraph 29, the following sentence is added at the end of paragraph 2: "When granting this loan, the Czech National Bank requires adequate collateral."
22.
(1) The Czech National Bank maintains accounts according to the Act on budgetary rules and amending certain related laws.
(2) The Czech National Bank must not grant repayable funds or any other financial support to the Czech Republic or its bodies, local authorities, public bodies and legal entities under the control of the State, a local authority or a public body, with the exception of banks, even the purchase of bonds from such entities, if those entities are their issuers. Similarly, they may not conduct transactions with such entities that could result in claims by the Czech National Bank against them. "
23.
The Czech National Bank may buy and sell securities to direct the money market, unless otherwise provided for in this Act. '
24. In Paragraph 34 (1), the words "under the conditions usual in the banking sector 'shall be inserted after the words" The Czech National Bank may'.
25. In Paragraph 34, the following sentence is added at the end of paragraph 1: "The list of these legal entities is published by the Czech National Bank in the Annual Financial Report. '.
26. in Paragraph 35, the following point (a) is added:
"(a) in agreement with the government, the inflation objective and regime set the course of the Czech currency to foreign currencies,"
Points (a) to (c) shall be renumbered (b) to (d).
27. in Article 36, point (b) is deleted;
Points (c) to (e) shall be renumbered (b) to (d).
28. in Paragraph 36 (b):
"(b) by decree, the terms and conditions for trade in gold and other foreign exchange values and the performance of exchange activities carried out by banks and other persons under special legislation, 5) '.
29. In Paragraph 38, the following paragraph 1 is added:
"(1) The Czech National Bank is entitled to operate interbank payment systems."
The current text becomes paragraph 2.
30. In Paragraph 38 (2), the words "legislation 'are replaced by the words" decree'.
31. in Paragraph 41 (2), including footnote 8) and (9), the following shall be added:
"(2) The Czech National Bank requires the necessary information and documentation to ensure its tasks from:
(a) banks and branches of foreign banks;
(b) other persons who are financial institutions8) or where the bank has a qualified participant 9) or who have the information necessary to establish the balance of payments of the Czech Republic.
8) Article 17a (3) of Act No. 21 / 1992 Coll., as amended by Act No. 16 / 1998 Coll.
9) Article 17a (4) of Act No. 21 / 1992 Coll., as amended by Act No. 16 / 1998 Coll. '
32. In Paragraph 41, paragraphs 3 to 5 are added:
"(3) The Czech National Bank shall determine by decree the range of other persons referred to in paragraph 2 (b) and the content, form, dates and manner of submission of the information and supporting documents required thereof. The Czech National Bank sets out the content, form, dates and manner of submission of the information and supporting documents required from banks and branches of foreign banks and the binding methodology for the compilation and organisational and communication conditions for the transmission of all information and supporting documents.
(4) Where the information and supporting documents submitted do not comply with the rules laid down in paragraph 3, or where reasonable doubts arise as to their accuracy or completeness, the Czech National Bank shall be entitled to request appropriate clarification or clarification. Where a bank, branch of a foreign bank, or other person referred to in paragraph 2 (a) (ii) (ii) (ii) (iii) (iv) (iv) (iv) (iv) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (v) (b) the required information and supporting documents shall not be submitted, or the information and supporting documents shall be repeatedly incomplete or incorrect, the Czech National Bank shall, in accordance with the special legislature (4), apply to banks and branches of foreign banks and to other persons included in the consolidation unit in the case of the obligation to provide information for the purposes of banking supervision on a consolidated basis to other persons under Paragraph 46.
(5) The Czech National Bank sets out by decree the conditions for determining the purpose of the payments needed for the compilation of the balance of payments of the Czech Republic. "
33. The title of Part Nine is "SURVEILLANCE."
34. § 44, including footnote 9a, reads:
(1) The Czech National Bank shall supervise:
(a) the activities of banks, branches of foreign banks and consolidation units of which the bank is established in the Czech Republic and of the safe functioning of the banking system (banking supervision) pursuant to § 2 (2) (d);
(b) activities of persons other than banks authorised under specific legislation, 5)
(c) safe, reliable and efficient functioning of payment systems.
(2) Supervision includes:
(a) examination of applications for licences and authorisations under specific legislation, 9a)
(b) supervision of compliance with the conditions laid down by the licences and authorisations granted;
(c) checking compliance with the laws if the Czech National Bank is empowered to do so by this Act or by special legislation1) and checking compliance with the regulations and measures issued by the Czech National Bank;
(d) the imposition of remedies and fines in the detection of deficiencies under this law or under specific legislation.
9a) For example, Act No. 21 / 1992 Coll., as amended, Act No. 219 / 1995 Coll., Act No. 455 / 1991 Coll., as amended. '
35. in Article 45, the word "banking" shall be deleted;
36. in Paragraph 46 (3) (b):
"(b) persons who have infringed the obligations under Paragraph 41 (2) to (4);"
37.
(1) The budget concerning the activities carried out in securing the main objective of the Czech National Bank is approved by the Banking Board.
(2) In part of the operating and investment expenses, the Czech National Bank operates under the budget approved by the Chamber of Deputies. The draft budget shall be drawn up by the Banking Board of the Czech National Bank and submitted to the President of the Chamber of Deputies no later than 3 months before the beginning of the financial year.
(3) If the Chamber of Deputies rejects the draft budget of the Czech National Bank, the Bank Board is required to submit a proposal completed and refined within 6 weeks as required by the Chamber of Deputies.
(4) Unless the Chamber of Deputies has given its assent to the budget of the Czech National Bank for the financial year before the first day of the financial year, the budget management shall, from the first day of the financial year to the date of approval of the budget for that financial year, be governed by the volume of revenue and expenditure of the Czech National Bank's budget approved for the previous financial year.
(5) The Czech National Bank pays the necessary costs for its activities from its revenues. The profit generated is used to complement the reserve fund and other funds generated by the profit and other uses at the budgeted level. It transfers the remaining profits to the state budget.
(6) The annual report on the outcome of its management is submitted by the Czech National Bank to the Chamber of Deputies no later than 3 months after the end of the calendar year.
(7) The Chamber of Deputies can report on the outcome of the Czech National Bank's management
(a) approve,
(b) acknowledge; or
(c) refuse.
(8) If the Chamber of Deputies rejects the report on the outcome of the Czech National Bank's management, the Czech National Bank is obliged to submit a report in 6 weeks' time to be updated and supplemented according to the requirements of the Chamber of Deputies. "
38. Paragraph 48 (1) and (2), including footnote 12a, read:
"(1) The Czech National Bank shall keep accounts in accordance with a specific law. 12a)
(2) The accounts of the Czech National Bank are audited by one or more auditors designated by the Bank Board in agreement with the Minister of Finance.
12a) Act No. 563 / 1991 Coll., on Accounting, as amended. '
39. in Paragraph 48, the following paragraph 3 is inserted after paragraph 2:
"(3) Once the accounts have been approved and audited, the Bank Board shall forward them to the Chamber of Deputies and publish them. ';
Paragraphs 3 and 4 shall be renumbered paragraphs 4 and 5.
40. The following Paragraph 49a is inserted after Paragraph 49, including footnotes 24) and 25):
Salaries, benefits and allowances
(1) The Governor of the Czech National Bank is entitled to a salary, additional salary, reimbursement of expenses, in kind and severance as Prime Minister under a special legislation.
(2) The Vice-Governor of the Czech National Bank is entitled to a salary, additional salary, reimbursement of expenses, in kind and severance payment as a Deputy Prime Minister under a special legislation.
(3) Other members of the Banking Board of the Czech National Bank are entitled to salary, additional salary, reimbursement of expenses, in kind and severance payments as Minister of Government under special legislation. 24)
(4) The pay ratios of the other employees of the Czech National Bank are determined by the Banking Board, taking into account the pay ratios of the employees of the public authorities, 25) if the activity is comparable.
24) Act No. 236 / 1995 Coll., on the salary and other formalities connected with the performance of the duties of representatives of state authority and of certain state bodies and judges, as amended.
25) Act No. 143 / 1992 Coll., on the salary and remuneration for on-call duty in Budget and in certain other organisations and bodies, as amended. '
Amendment to the Supreme Audit Office Act
Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended by Act No. 331 / 1993 Coll., Act No. 117 / 1994 Coll., Act No. 224 / 1994 Coll., Act No. 58 / 1995 Coll., Act No. 236 / 1995 Coll., Act No. 296 / 1995 Coll., Act No. 148 / 1998 Coll., Act No. 132 / 2000 Coll. and Act No. 220 / 2000 Coll., are amended as follows:
1. Paragraph 3 (3), including footnote (1c), reads:
"(3) The Office exercises control over the management of the Czech National Bank, unless the activities carried out in securing the main purpose of the Czech National Bank are covered by a special legislation. 1c)
1c) § 2 of Act No. 6 / 1993 Coll., on the Czech National Bank, as amended by Act No. 442 / 2000 Coll. '.
2. In Paragraph 30, the following sentence is added at the end of paragraph 1: "The approved audit conclusion shall be sent without delay by the President of the Office to the Czech National Bank, if it is a controlled person."
EFFECTIVE
This Act shall take effect on 1 January 2001, with the exception of Article II, which shall take effect on the date of accession of the Czech Republic to the European Union.
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Regulation Information
| Citation | Act No. 442 / 2000 Coll., amending Act No. 6 / 1993 Coll., on the Czech National Bank, as amended, and Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 22.12.2000 |
|---|---|
| Effective from | 01.01.2001 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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