Communication from the Ministry of Finance No 596 / 2004 Coll.
Communication from the Ministry of Finance determining the terms and conditions of the national treasury bills
Valid
Communication
Text versions:
03.12.2004
596
COMMUNICATION
Ministry of Finance
of 2 November 2004
determining the terms and conditions of the national treasury bills
Issuing: Czech Republic represented by the Ministry of Finance, Letenská 15, Prague 1
Name: Treasury voucher (SPP)
Nominal value: CZK 1 000 000
1. SPP are discounted government bonds denominated in bearer issued in a book-entry form. The register of owners is managed by the Czech National Bank Registration Centre.
2. The maturity of the SPP shall not exceed 12 months.
3. The issue price shall be determined by the issuer in advance or on the basis of the auction results.
4. The interest income of the SPP is determined as the difference between the nominal value and the emission price. The year-to-maturity calculation is based on 360 days and the actual calendar number of days (act / 360).
5. Interest income from SPP is taxed according to Czech legislation.
6. The SPP may acquire issuers and legal and natural persons with their registered office or residence in the Czech Republic and abroad, which have an asset account opened in the Czech National Bank Registry Centre.
7. The SPP is not listed securities within the meaning of § 44 of Act No. 256 / 2004 Coll., on the Capital Market business, but are transferable at the time and under the conditions laid down by the Rules of the Short-Term Bond System (hereinafter "SKD").
8. The primary sale of SPP is usually carried out in the form of an auction organised by the Czech National Bank for a group of direct participants in SPP auctions ("direct participants"). The heading of direct participants is determined by the Ministry of Finance in cooperation with the Czech National Bank. The procedures and rules for the primary sale of SPP are governed by the Rules for the primary sale of short-term bonds organised by the Czech National Bank.
9. The SPP is sold on the primary market exclusively to direct participants who are entitled to order SPP in their name. Other candidates may only participate indirectly in the primary market through direct participants who include their request in their order.
10. The SPP emissions programme is filled with repeated SPP emissions, each emission being differentiated by the emission code and ISIN. The terms of the individual SPP emissions, in particular the date of issue, the date and maturity and the volume of the issue at nominal value shall be determined by the issuer and published at the latest on the issue date. In addition, in the case of auction sales, the issuer shall determine, in particular, the volume of the issue offered for auction at nominal value, the maximum yield, the day and the method of the auction and publish these data at the latest on the auction date. The issuer also publishes the SPP price at maturity at the latest on the issue date. Each issue may be reopened under the same conditions.
11. Payment for SPP purchased on the primary market shall be made in accordance with the rules of the SKD system.
12. The issuer carries out operations with SPP on the secondary market.
13. The issuer is entitled to reduce the nominal amount of outstanding SPP emissions by cancelling the SPP that are in the issuer's property account. Information on the reduction of the nominal volume of the issuer's issue shall be published in advance.
14. The issuer declares that, at the due date, it owes each SPP owner their nominal value.
15. The rights deriving from the SPP shall be limited to 10 years from the date on which they could be applied for the first time (Section 42 of Act No. 190 / 2004 Coll., on Bonds).
16. The issuer undertakes to repay the nominal value of the SPP to the owners on the specified maturity date. The paying place is the Czech National Bank.
17. The nominal value shall be paid in accordance with the rules of the SKD. If the due date is due on the day of the post of employment or on the day of work, the payment shall be made on the following working day without any interest or other compensation for deferral.
18. The SPP is the issuer's direct, unconditional and unsubordinated liabilities which are at the same level as all other existing and future direct, unconditional and unsubordinated liabilities of the issuer.
19. The rights and obligations arising from the SPP are governed by the legislation of the Czech Republic.
20. These emission conditions may be translated into foreign languages. If there is a conflict between different language versions of emission conditions, the Czech version will be decisive.
21. Notifications concerning the SPP will be published in the Economic Newspapers or any similar journal commonly available in the Czech Republic. Information about SPP is also published via Reuters, Telerate and the Ministry of Finance website.
22. The supplements and amendments to these emission conditions shall apply only to emissions issued after publication of those supplements and amendments.
23. These emission conditions shall take effect on the date of publication and shall apply to emissions issued after that date.
Minister:
Sobotka v. r.
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Regulation Information
| Citation | Communication from the Ministry of Finance No 596 / 2004 Coll., determining the terms and conditions of the national treasuries |
|---|---|
| Regulation Type | Communication |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 03.12.2004 |
|---|---|
| Effective from | - |
| Effective until | - |
| Status | Valid |
Legal Areas:
Securities
Finance
The regulation text is for informational purposes only.
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