Act No. 5 / 2019 Coll.
Act amending Act No. 277 / 2013 Coll., on Currency Exchange Activities, as amended by Act No. 183 / 2017 Coll., and Act No. 370 / 2017 Coll., on Payment
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Effective from 01.04.2019
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5
THE LAW
of 20 December 2018
amending Act No. 277 / 2013 Coll., on Currency Exchange Activities, as amended by Act No. 183 / 2017 Coll., and Act No. 370 / 2017 Coll., on Payment
Parliament has decided on this law of the Czech Republic:
Amendment to the Exchange Act
Act No. 277 / 2013 Coll., on Currency Exchange Activities, as amended by Act No. 183 / 2017 Coll., is amended as follows:
1. Paragraph 2 (1) reads as follows:
"(1) Currency exchange is an exchange trade
(a) banknotes, coins or cheques denominated in a specific currency for banknotes, coins or cheques denominated in another currency; or
(b) cash-free funds or electronic money denominated in a specific currency, provided that the payer has given a payment order to transfer such cash-free funds or electronic money through the recipient of the exchange, for banknotes, coins or cheques denominated in another currency. "
2. In Article 2, the following paragraph 2 is inserted after paragraph 1:
"(2) Currency trade is not:
(a) payment of cash by the supplier of goods or services to the customer when paying for goods or services in excess of that payment;
(b) exchange of currencies offered by the payee or another person via an ATM or at the point of sale of goods or services before the start of the payment transaction. ";
Paragraph 2 shall become paragraph 3.
3. in Article 6 (1) (a), the words "undertaking or organisational component of an undertaking in the Czech Republic" shall be replaced by the words "business establishment or part thereof in the Czech Republic."
4. in Article 6 (1) (c):
"(c) the leading persons of the applicant who are actually managing the operation of the exchange operation;
1. achieve secondary education with a graduate examination and
2. they are not leaders who are actually in charge of the operation of the exchange activities of another currency exchange agent, with the exception of the exchange agent who is a member of the same group, and ';
5. in Article 6 (1) (d), the words "having full legal capacity" shall be replaced by the words "being fully competent."
6. Paragraph 6 (2) reads as follows:
"(2) For the purposes of this Act, the beneficial owner shall mean the beneficial owner under the law on certain measures against the legalisation of proceeds from crime and terrorist financing. ';
7. The heading of Part Three reads:
"CONDITIONS OF THE IMPLEMENTATION OF THE DIRECTIVE '.
8. In the second sentence of Article 10 (1), the word 'provision' is replaced by 'Unless otherwise provided for in this law, its provision'.
9. In Article 10, at the end of the text of paragraph 3, the words "and the operational time for public relations' shall be added.
10. in Paragraph 11 (2) (d), "a" is replaced by a comma.
11. in Article 11 (2), the words "and the conditions under which payment is required" shall be added at the end of the text in point (e).
12. In Article 11, at the end of paragraph 2, the dot is replaced by "a 'and the following point (f) is added:
"(f) information on the right of the person with whom the operator has conducted the exchange transaction (hereinafter referred to as" customer ") to withdraw from the exchange transaction contract."
13. In the first sentence of Paragraph 11 (3), the words "in a reasonable size of certain 'are replaced by the words" at least in the Czech and English languages, clearly, in a reasonable size, clear'.
14. In Article 11 (3), the following sentence is inserted after the first sentence: "The names of currencies referred to in paragraph 2 (c) need not be indicated in the Czech and English languages if their other designation makes it clear which currency is the currency. The exchange-rate note shall be sufficiently separated and distinguished from any other information published at the establishment. ';
15. in Article 11, the following paragraph 4 is added:
"(4) The information referred to in paragraph 2 (c) and (d) shall be given as follows:
(a) information on the direction of exchange shall be given from the operator's position in the first person of a single or multiple number;
(b) in the case of an exchange of the Czech koruna, the exchange rate by which the operator carries out the conversion at the acquisition of the foreign currency shall be indicated before the exchange rate by the operator at the disposal of the foreign currency. "
16. in Paragraph 12 (2):
"(2) Where the operator offers an exchange rate which is more favourable to the interested party than the exchange rate indicated on the exchange note, he may only publish in the establishment and its immediate vicinity general information on the offer without the publication of a specific exchange rate. ';
17. The following Section 12a is inserted after Section 12:
Payment
The operator is not entitled to payment for the execution of the exchange transaction, except for the payment for the exchange
(a) coins composed by the customer;
(b) a cheque submitted by the customer; or
(c) cash-free funds or electronic money, provided that the customer has submitted a payment order to transfer them through the operator. "
18. Sections 13 and 14, including the headings, read:
Information prior to carrying out the exchange transaction
(1) If the amount paid by the candidate for the exchange exceeds EUR 1 000, the operator shall communicate the information referred to in Article 14 (2) (a) (1) (b) (1) to (6) (c) (1) and the date and time of communication of the information to the candidate in good time before the exchange transaction is concluded.
(2) The information referred to in paragraph 1 must be communicated to interested parties in a text form, at least in the Czech and English language, in an appropriate size, in a clear and comprehensible manner. The figures are given in Arabic numerals. The text form shall be retained if the information is communicated in such a way that the interested party can retain it and repeatedly display it.
Proof of the execution of the exchange transaction
(1) An operator shall issue to the customer without undue delay proof of the execution of the exchange transaction. The document must be issued to the customer in text form. The information on the document shall be given at least in the Czech and English languages, clearly, in appropriate size, in a clear and understandable manner. The figures are given in Arabic numerals. The text form is retained if the document is issued in such a way that the customer can retain it and repeatedly display it.
(2) The operator shall indicate on the document referred to in paragraph 1:
(a) operators:
1. name and identification number of person,
2. the address of the registered office and the address of the establishment where the exchange transaction was made and, where appropriate, another address, including an electronic address, which is relevant for the communication of the customer with the operator, and, in the case of exchange transactions concluded through the exchange machine, the address of the nearest establishment which is not an exchange machine,
3. the operating time for public contact at the establishment where the exchange transaction was made,
(b) the exchange transactions which are:
1. the names or other names of the currencies between which the exchange was made;
2. the amount that the customer has lodged for the exchange;
3. Exchange rate,
4. an amount corresponding to the amount paid by the customer to carry out the shift after conversion at the exchange rate;
5. the remuneration for the execution of the exchange transaction,
6. the amount paid to the customer after the shift, if different from the amount referred to in point 4;
7. date and time of the transaction;
(c) the rights of the customer, which are:
1. information on the right of the customer to withdraw from the exchange agreement and a description of how to withdraw from the exchange agreement;
2. information on the right of the client to lodge a complaint with the supervisory authority and the name and address of the supervisory authority, including the address of its website containing information on the rights of the client;
3. Information on the right of the client to submit a proposal to an out-of-court dispute resolution body between the customer and the operator and the name and address of the seat of that authority.
(3) The Czech National Bank will publish the address of the website referred to in paragraph 2 (c) (2) by means of an official communication from the Czech National Bank in the Bulletin of the Czech National Bank.
(4) The operator shall comply with the obligation to issue the document referred to in paragraph 1 under the Consumer Protection Act.
(5) Where an operator sells or provides a supplementary goods or service (hereinafter referred to as "ancillary service ') to a customer in the context of an exchange transaction, it shall, without undue delay, issue to it a document under the Consumer Protection Act. The operator shall also indicate on the document referred to in paragraph 1 the right of the customer to withdraw from the supplementary service contract referred to in Article 16c (2). Paragraph 1, second to last, shall apply mutatis mutandis.';
19. Paragraph 16, including the title, reads:
Documents and records
(1) In the course of the exchange operation, the operator shall obtain documents or other records to the extent necessary to certify compliance with his obligations under this Act.
(2) An operator shall keep a record of the exchange transactions in which it records:
(a) the serial number of the record in an uninterrupted series, at least per establishment;
(b) information on the exchange transaction on the document referred to in Article 14 (2) (b);
(c) information on the possible withdrawal from the Exchange Trade Agreement pursuant to Article 16a, including information on how the parties returned, what they gained from the cancelled obligation of the Exchange Trade Agreement.
(3) The operator shall record the exchange transaction records without undue delay after the exchange transaction but no later than the end of the day on which the transaction took place.
(4) The operator shall keep the documents and records referred to in paragraphs 1 and 2 by the end of the sixth calendar year from the date on which the documents and records were issued. This is without prejudice to the obligation to keep such documents and records under other legislation.
(5) The obligation referred to in paragraph 4 shall also be the legal successor of the operator and of the operator whose authorisation to operate the exchange operation has ceased or has been revoked. ';
20. In Part Three, the following Sections 16a to 16h are inserted after Section 16:
"Withdrawal from the Exchange Trade Agreement
(1) The customer may withdraw from the exchange transaction contract within 3 hours of the execution of the exchange transaction at the establishment in which the exchange transaction was made; the withdrawal must cover the full scope of the exchange agreement.
(2) If the amount paid by the customer for the exchange exceeds EUR 1 000, the customer may withdraw from the contract referred to in paragraph 1 in so far as the amount paid by the customer for the exchange amounts to EUR 1 000.
(3) The period referred to in paragraph 1 shall run only during the operational period for public contact at the establishment where the customer made the exchange transaction. An operator may not object to a client who is calling the operating time indicated on the exchange transaction document that the period referred to in paragraph 1 has expired. If the time limit referred to in paragraph 1 is interrupted, it shall not end until 30 minutes after it has started running again.
(1) If the customer enters into an exchange transaction through an exchange machine, he may withdraw from the exchange transaction contract within 3 working days of the date of the exchange transaction; the withdrawal must cover the full scope of the exchange agreement.
(2) If the amount paid by the customer for the exchange exceeds EUR 1 000, the customer may withdraw from the contract referred to in paragraph 1 in so far as the amount paid by the customer for the exchange amounts to EUR 1 000.
(1) If the customer has withdrawn from the exchange agreement pursuant to § 16a or 16b, the operator may pay the customer the difference between the amount that would have been paid to the customer after the exchange rate of the Czech currency to the foreign currency declared by the Czech National Bank for the day preceding the date of the exchange transaction and the amount that would have actually been paid to the customer after the exchange. In this case, the customer does not return the money received.
(2) Where an operator provides a supplementary service to a customer in connection with an exchange transaction, the customer may, together with the withdrawal from the exchange transaction contract, withdraw from the ancillary service contract.
(1) If the customer cannot withdraw from the exchange agreement because the operator is prevented from doing so, the customer may withdraw from the contract within a period of 6 months from the date of the exchange transaction, including elsewhere than in the establishment where the exchange transaction was made.
(2) Paragraph 1 shall apply mutatis mutandis if the customer does not withdraw from the contract because the operator has been misled or has not been informed by the operator of the right to withdraw from the contract under Article 11 (2) (f) or Article 14 (2) (c) (1).
The withdrawal period provided for in Articles 16b (1) and 16d (1) shall be maintained if the customer removes the withdrawal from the contract to the operator in its course through the postal service operator.
(1) If the customer withdraws from the exchange agreement pursuant to § 16a or 16b, the operator shall not be obliged to repay the funds received before
(a) the funds received are returned by the customer; or
(b) the return of the funds received shall be offered by the customer and not accepted by the operator.
(2) Paragraph 1 shall apply mutatis mutandis for the repayment of the performance of an obligation under the ancillary service contract from which the customer has withdrawn pursuant to Paragraph 16c (2).
(1) An operator shall issue to the customer, without undue delay, proof of withdrawal from the exchange agreement. The document must be issued to the customer in text form. The information on the document shall be given at least in the Czech and English languages, clearly, in appropriate size, in a clear and understandable manner. The figures are given in Arabic numerals. The text form is retained if the document is issued in such a way that the customer can retain it and repeatedly display it.
(2) The operator shall indicate on the document referred to in paragraph 1:
(a) operators:
1. name and identification number of person,
2. the address of the registered office and the address of the establishment where the withdrawal from the exchange agreement took place;
(b) the exchange transaction contract from which the customer withdrew;
(c) the amounts returned by the parties, including the name or other designation of currencies; and
(d) the date and time of withdrawal from the exchange agreement.
Arrangements derogating from § 16a to 16g to the detriment of the customer shall not be taken into account. "
21. in Paragraph 18 (2), the word "customers" is replaced by the word "customers" and the word "performance" is replaced by "currency exchange operations."
22. in Article 20 (1) (b), the words "3 does not keep documents or records" shall be replaced by "5 does not keep document or record."
23. in Article 20 (1) (d), the words "breach of the obligation to provide the required information or the necessary information" shall be replaced by the words "do not provide the required information or the necessary information."
24. in Paragraph 21 (2), the amount "CZK 1 000 000" is replaced by "CZK 500 000";
25. Paragraph 22, including the title, reads:
Operator transfers
(1) An operator commits an infringement by:
(a) in contravention of Paragraph 10 (2), operates an exchange activity outside the establishment;
(b) operate an exchange activity in an establishment which has not been notified in accordance with the first sentence of Article 10 (4);
(c) infringes the notification obligation under Paragraph 10 (4) second sentence;
(d) not to publish the exchange-rate note referred to in Article 11;
(e) infringes the prohibition laid down in Article 12 (1);
(f) infringes the prohibition laid down in Article 12 (2);
(g) requires payment for the execution of the exchange transaction, even if the payment is not due under § 12a;
(h) not disclose information to interested parties pursuant to Article 13;
(i) it shall not issue to the customer a document in accordance with § 14 or 16g;
(j) fails to comply with the information obligation under Article 15;
(k) not produce a document or record pursuant to Paragraph 16 (1);
(l) it does not keep a register of exchange transactions pursuant to Article 16 (2);
(m) not make an entry in the exchange records referred to in Article 16 (3);
(n) in contravention of Paragraph 16 (4), it shall not retain a document or record for a specified period;
(o) return to the customer the funds received or the performance of the obligation of the ancillary service contract without undue delay after the customer has returned the funds received or the performance of the obligation of the ancillary service contract, or the customer has offered to repay them and the operator has not accepted them pursuant to § 16f;
(p) a natural person whose conduct is deliberately hindered by the customer from withdrawing from the exchange agreement for the purpose of assessing liability for an offence attributable to the operator;
(q) does not provide the required information or the necessary explanation in the exercise of supervision pursuant to Article 17 (2);
(r) fails to implement, within the prescribed time limit, the remedies provided for in Paragraph 18 (1) (b); or
(s) operate an exchange activity in breach of Paragraph 18 (2).
(2) A fine may be imposed for the offence referred to in paragraph 1 until:
(a) 100 000 CZK if the offence referred to in (c) is committed;
(b) 1 000 000 CZK if the offence referred to in (a), (b), (g) to (k), (m), (n) or (q) to (s) is committed;
(c) 5 000 000 CZK if the offence referred to in (d) to (f), (l), (o) or (p) is committed. "
26. Paragraph 25, including the title, reads:
Currency conversion
For the purposes of § 13 (1), § 16a (2) and § 16b (2), the amount of the customer to make the exchange shall be converted into foreign currency by the exchange rate of the Czech currency declared by the Czech National Bank for the day preceding the date of the exchange transaction. "
Transitional provision
The person who is not a person referred to in Article 3 of Act No. 277 / 2013 Coll., as effective from the date of entry into force of this Act, but who has been authorised by Act No. 370 / 2017 Coll., on payment, as effective before the date of entry into force of this Act, to provide services which are an exchange activity under Act No. 277 / 2013 Coll., as effective from the date of entry into force of the Act, may provide such services on the date of entry into force of this Act within 60 days of the date of entry into force of this Act. If, within that period, an application is made for an authorisation to operate as an exchange agent, such services may continue to be provided on the basis of their prior authorisation until the date on which the decision on the application becomes final. At this time he is obliged to comply with Act No. 370 / 2017 Coll., as effective before the date of entry into force of this Act.
Amendment to the Payment Act
Act No 370 / 2017 Coll., on payment, is amended as follows:
1. In Article 3, at the end of the text of paragraph 2, the words "with the exception of the exchange of currencies referred to in Article 254 (3) and the purchase by the payer of a payment order through the payee for which the funds are paid in cash 'shall be added.
2. In § 91 (1) of the introductory part of the provision, § 91 (2) of the introductory part of the provision, § 92 (1) of the first sentence, § 92 (5) and § 93 (1), the words "or the distribution of electronic money 'shall be inserted after the word" services'.
3. in Articles 91 (1) (b) and 91 (2) (b), the words "or the distribution of electronic money" shall be inserted after the word "services."
4. In Paragraph 92, the words "and whether consent applies to the distribution of electronic money 'shall be added at the end of the text of paragraph 4.
5. The following Section 93a is inserted after Paragraph 93 above the heading placed above Section 94:
Where an electronic money institution applies for the extension of the scope of payment services covered by the consent to provide payment services in the host Member State through a branch or for the extension of the consent to distribute electronic money, Sections 91 to 93, 94 and 95 shall apply mutatis mutandis. ';
6. In Article 140 (2) (m), the words "information on a payment account 'are replaced by" indirect issuance of a payment order'.
7. Article 148 shall be deleted, including the title.
8. In Article 161 (5), the words "(a) to (c) 'shall be inserted after the words" 3'.
9. in § 192 (e), the words "from the user" shall be deleted;
10. In Article 221 (1), the words "the Czech National Bank 'are replaced by the words" the supervisory authority of the home Member State'.
11. in the second sentence of Paragraph 221 (5), the words "and other technical requirements" shall be replaced by the words "other technical requirements and the method of transmission."
12. In Paragraph 222 (1), the words "every year by 30 June 'are deleted.
13. in Article 222 (3), the word "time limits" shall be inserted after the word "form."
14. In Article 225, the word "progress' is deleted and the words" in accordance with the directly applicable European Union Regulation implementing Article 98 of Directive (EU) 2015 / 23661 of the European Parliament and of the Council 'are replaced by the words "communicate with users and persons entitled to provide payment services in accordance with the requirements of the directly applicable European Union Regulation supplementing Directive (EU) 2015 / 2366 of the European Parliament and of the Council and adapting common and safe open standards of communication (8)'.
footnote 8:
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Regulation Information
| Citation | Act No. 5 / 2019 Coll., amending Act No. 277 / 2013 Coll., on Currency Exchange Activities, as amended by Act No. 183 / 2017 Coll., and Act No. 370 / 2017 Coll., on Payment |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 10.01.2019 |
|---|---|
| Effective from | 01.04.2019 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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