Decree No. 52 / 2016 Coll.
Decree amending Decree No. 244 / 2013 Coll., on further modification of certain rules of the Act on Investment Companies and Investment Funds
Valid
Effective from 01.03.2016
52
DECLARATION
of 26 January 2016
amending Decree No. 244 / 2013 Coll., on the further adaptation of certain rules of the Investment Companies and Investment Funds Act
The Czech National Bank provides pursuant to § 30 (5), § 234 (6), § 238 (4), § 291 (3), § 307 (4), § 478 and § 638 (3) of Act No. 240 / 2013 Coll., on investment companies and investment funds, as amended by Act No. 336 / 2014 Coll.:
Decree No. 244 / 2013 Coll., on the further modification of certain rules of the Investment Companies and Investment Funds Act, is amended as follows:
1. in Paragraph 42 (1) (b), the word "(j)" shall be inserted after the word "(i),"
2. In Paragraph 42 (1) (c), the word "f) 'is replaced by" i)' and at the end of the paragraph, the dot is replaced by a comma.
3. In Paragraph 42 (1), the following point (d) is added:
"(d) the annual report or consolidated annual report of the investment fund manager or foreign investment fund based in the Czech Republic and the main administrator shall be as set out in Annex 4 to this decree."
4. In Paragraph 42, paragraphs 2 and 3, including footnotes 10, 11 and 12, are deleted and the designation of paragraph 1 is deleted.
5. The following Sections 42a to 42h are inserted after Section 42, including the headings and footnotes No 15 and 16:
Amendment of the Statute
(K § 457 of the Act)
When notifying a change to the Statute of the Investment Fund, which is not subject to approval by the Czech National Bank, the administrator shall submit to the Czech National Bank the current version of the Statute indicating changes and the new version of this Statute.
Endorsement of another performance of an individual activity and entrustment of another delegate
(K § 459 and 460 of the Act)
(1) The notification of an investment fund manager or a foreign investment fund authorised to exceed the applicable limit shall include:
(a) the identification details of the person to whom he intends to delegate the performance of the individual activity and the designation of that activity;
(b) the identification of the person to whom the delegate intends to delegate the performance of an act or of certain acts and the scope of that activity; and
(c) a declaration of compliance with the conditions laid down in paragraphs 23 to 26 of the Act.
(2) The notification of the chief administrator and administrator of an investment fund whose manager is entitled to exceed the applicable limit shall contain the information referred to in paragraph 1 (a) and (b) and a declaration of compliance with the conditions set out in paragraphs 50 to 53 of the Act.
Public offering of investment in the Czech Republic
(K § 461 (3) of the Act)
The notification of the investment fund manager or foreign investment fund to which the investments are publicly offered in the Czech Republic, pursuant to Article 461 (3) of the Act, shall be submitted unless it has already been made on the list kept by the Czech National Bank.
Data relating to the management of the IF and the external investment fund
[K § 463 (1) (d) of the Act]
The data referred to in Article 463 (1) (d) of the Act shall be reported by the investment fund manager or foreign investment fund authorised to exceed the applicable limit, in accordance with Article 110 (3) of Commission Delegated Regulation (EU) No 231 / 201315).
Failure to achieve the fund's own funds
(K § 465 of the Act)
The notification by the investment fund administrator that the fund's own funds have not reached at least the legal amount within the prescribed deadlines shall also include an explanation of the situation and effective remedies or decisions to abolish the collective investment fund, including a timetable.
Further information
(K § 466 (3) of the Act)
The notification under Section 466 (3) of the Act is submitted to the Czech National Bank by the manager of the collective investment fund.
Data on the Committee of Experts
(K § 469 of the Act)
The administrator of the special fund, which is a real estate fund, shall notify the Czech National Bank of the identification data of members of the Committee of Experts and of their professional experience and of their training data pursuant to § 2 (i) and (j) of the Order on applications under the Investment Companies and Funds Act (16), as well as changes in these data.
Time limits and manner of notification of data
(K § 478 of the Act)
(1) The administrator of the collective investment fund and the administrator of the qualifying investor fund whose manager is entitled to exceed the applicable limit shall provide the Czech National Bank with the annual report of the fund no later than 4 months after the end of the financial year of that fund. The administrator of the collective investment fund shall provide the Czech National Bank with a half-yearly report of the fund within 2 months after the first 6 months of the financial year of the fund.
(2) The manager of an investment fund or foreign investment fund based in the Czech Republic and the chief administrator will provide its annual report or consolidated annual report to the Czech National Bank no later than 4 months after the end of the accounting year of that person.
(3) The notification provided for in paragraphs 456 to 475 of the Act shall be submitted without undue delay after the operative event has occurred, unless otherwise provided for in this Decree or other legislation.
(4) The notification referred to in Article 466 (4) of the Act shall be submitted within 4 months of the end of the calendar year.
(5) The data and documents under this decree are submitted via the application of the Czech National Bank for the collection of information obligations and registration of entities, via the public data network to the data box or to the e-mail office of the Czech National Bank.
15) Commission Delegated Regulation (EU) No 231 / 2013 supplementing Directive 2011 / 61 / EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositories, leverage effect, transparency and supervision.
16) Decree No. 247 / 2013 Coll., on Applications under the Investment Companies and Investment Funds Act, as amended. '
6. In Section 46, the word "standard 'is replaced by" investment' and "standard 'by" investment'.
7. In Paragraph 46 (3), "2 and 3 'is replaced by" 1 and 2';
8. Paragraph 47, including the title and footnote 13, reads:
Rules for determining the amount of capital of an investment company
(Paragraph 30 (5) of the Law)
The capital of an investment company consists of:
(a) Common Equity Tier 1 items determined in accordance with Article 26 to 30 of Regulation (EU) No 575 / 201313 of the European Parliament and of the Council, adjusted in accordance with Article 32, 33 and 35 of this Regulation; and
(b) deductions determined in accordance with Article 36 of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council, adjusted in accordance with Articles 37, 38 and 42 to 47 of this Regulation and applying the derogation in accordance with Article 48 of this Regulation.
13) Regulation (EU) No 575 / 2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648 / 2012. ';
9. In Annex 2 (a), the words "or external administrator, as the case may be, 'shall be inserted after the words" (portfolio manager)'.
10. In Annex 2 (c), the words "entrusted by the depositary 'are replaced by the words" authorised'.
11. In Annex 2 (j), the words "a description of derivatives risks," and after the words "technicians," shall be inserted at the beginning of the text, "and information on investment limits in relation to derivatives agreed on behalf of this Fund,";
12. the following Annex 4 is added:
"Annex No 4 to Decree No 244 / 2013 Coll.
Annual report of the investment fund manager or foreign investment fund based in the Czech Republic and the main administrator
I. The annual report of the investment fund manager or foreign investment fund based in the Czech Republic also contains information on:
(a) changes to the facts recorded with respect to his or her person in the Commercial Register during the relevant period;
(b) investment funds and foreign investment funds which have been managed or administered by the manager during the relevant period;
(c) the facts having a significant influence on the performance of that operator's activities, together with an indication of the main factors affecting its economic outcome during the relevant period;
(d) members of the statutory body, the board of directors, the supervisory board and the portfolio of managers of that manager, including a brief description of their experience and qualifications, and an indication of the period during which they have performed this function or activities;
(e) persons in whom the manager of the collective investment fund had a qualifying holding, even for part of the relevant period, with an indication of their identification details, the amount and type of qualifying holding and the economic result of those persons, together with an indication of the period during which the manager had a qualifying holding in those persons; where the economic results of those persons verified by the auditor are not available, the operator shall indicate the economic results not verified by the auditor and indicate that fact;
(f) persons who are not listed in accordance with (e) and who have acted in agreement with that operator during the relevant period with their identification details;
(g) judicial or arbitral disputes involving a participant in the relevant period in his or her account or account of the investment fund or foreign investment fund that he or she has maintained, where the value of the object of the dispute exceeds 5% of the value of the property of that manager or investment fund or of the foreign investment fund to which the dispute relates; and
(h) persons who, during the period in question, have been entrusted by that manager to carry out an individual activity involving the management of an IF or a foreign investment fund, indicating their identification data and the individual activities to which they have been entrusted.
II. The senior administrator's annual report shall also include information on:
(a) changes to the facts recorded with respect to his or her person in the Commercial Register during the relevant period;
(b) investment funds and foreign investment funds the administration of which it carried out during the relevant period;
(c) the facts having a significant influence on the performance of its activities, together with an indication of the main factors affecting the economic outcome during the relevant period;
(d) members of the statutory body, the board of directors, the supervisory board of the chief administrator, including a brief description of their experience and qualifications, and an indication of the period during which they have performed this function or activities;
(e) persons who have had a qualifying participation in it, even for part of the relevant period, with an indication of their identification details, the amount and type of participation in that senior administrator and the period during which they had a qualifying participation in that senior administrator;
(f) persons in whom the primary administrator has had a qualified participation, even for part of the period concerned, with an indication of their identification details, the amount and type of qualifying participation and the economic outcome of those persons and the period during which the primary administrator has had a qualified participation in those persons; where the economic results of those persons verified by the auditor are not available, the lead administrator shall indicate the economic results unverified by the auditor and indicate that fact;
(g) persons who are not listed in accordance with points (e) and (f) and who have acted in agreement with that primary administrator during the relevant period with their identification details;
(h) judicial or arbitral disputes involving a participant or a senior administrator on his or her behalf or on the account of an AIFM or a foreign investment fund, where the value of the object of the dispute exceeds 5% of the value of the property of that administrator or of the investment fund or of the foreign investment fund to which the dispute relates during the relevant period; and
(i) persons entrusted with it during the relevant period to carry out an individual activity involving the administration of an investment fund or a foreign investment fund, specifying their identification data and the individual activities to which they have been entrusted. "
Efficacy
This Decision shall enter into force on 1 March 2016.
Governor:
Ing. Singer, Ph.D., v. r.
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Regulation Information
| Citation | Decree No. 52 / 2016 Coll., amending Decree No. 244 / 2013 Coll., on further modification of certain rules of the Act on Investment Companies and Investment Funds |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 08.02.2016 |
|---|---|
| Effective from | 01.03.2016 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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