Decree No. 603 / 2006 Coll.
Order on the information obligations of the collective investment fund and the investment company
Valid
Effective from 31.12.2006
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603
DECLARATION
of 15 December 2006
on the information obligations of the collective investment fund and the investment company
Pursuant to Article 139 (f) of Act No. 189 / 2004 Coll., on Collective Investment, as amended by Act No. 57 / 2006 Coll. and Act No. 224 / 2006 Coll., hereinafter referred to as "the Act ':
Subject matter
This decree provides
(a) the information contained in the annual report of an investment company or collective investment fund in excess of the specific legislation governing account1) and details of the structure of that report2) (Sections 3 to 6);
(b) the information contained in the half-yearly report of the investment company or collective investment fund and details of the structure of the report (2) (§ 7);
(c) information provided by the foreign standard fund and foreign special fund on its activities in the Czech Republic and details of its structure (§ 8);
(d) information containing information on the structure of the collective investment fund's assets pursuant to § 88 (1) (c) and § 2 of the Act and details of its structure (§ 9);
(e) the manner in which the reports and information referred to in points (a) to (d) (3) are published (§ 17).
Definition of certain terms
For the purposes of this decree:
(a) the relevant period of the accounting year for which the annual report is drawn up or the first six months of the accounting year for which the half-yearly report is drawn up;
(b) the descriptive part of the information not provided in the form of statements;
(c) a person of a staffed legal person whose statutory body or member of its statutory or supervisory body is a natural person who is also a member of the board of directors or supervisory board, an employee or a curator of an investment company or an investment fund which fulfils the information obligation under this decree;
(d) the portfolio of the manager of the employee responsible for managing the assets of the collective investment fund or the assets of the customer;
(e) related person
1. an investment firm managing a special real estate fund;
2. depositary of the special real estate fund,
3. any collective investment fund managed by an investment company which manages a special real estate fund;
4. an expert who has carried out or carried out a valuation of real estate held by or acquired by a special property fund or a real estate company in which he or she has acquired or acquires a participation in a special property fund;
5. holder of a special real estate fund which owns at least 10% of the total number of issued units of the special real estate fund. Shareholders' shares in the property of the head of the person (4), controlling persons (5), subsidiary and majority shareholder (6) of the shareholder, if he is a legal person, shall also be treated as units of the shareholder;
6. the managing person, the controlling person, the subsidiary and the majority shareholder of each of the persons referred to in points 1 to 4;
7. the auditor or audit firm which verifies the financial statements of the special real estate fund;
8. Member of the Committee of Experts; or
9. a person close to the person referred to in points 4 to 8, in the case of natural persons.
Annual report of the investment company
The annual report of the investment firm, in addition to the special accounting legislation, shall contain information on:
(a) changes to the facts recorded in the commercial register during the relevant period;
(b) collective investment funds which have been managed by an investment company during the relevant period;
(c) the facts having a significant influence on the performance of the investment company's activities, together with an indication of the main factors affecting the economic outcome;
(d) members of the board of directors, supervisory board, other managers and portfolio of managers of the investment company, members of committees of experts and experts valuing the property of special real estate funds managed by the investment firm during the relevant period, including a brief description of their experience and qualifications, an indication of the date on which they operate or operate, or, where appropriate, of the date on which they ceased to function or operate;
(e) persons who have had a qualifying participation in an investment company, even for a part of the relevant period, indicating the type and amount of participation in an investment company, together with the period during which they had a qualifying participation in an investment company;
(f) persons in whom the investment firm has a qualifying holding, even for part of the relevant period, with an indication of the amount and type of qualifying holding and the economic result of those persons, together with an indication of the period during which the investment company has had a qualifying holding in those persons. Where the audited economic results of such persons are not available, the investment firm shall indicate the economic results unaudited and shall indicate that fact,
(g) persons who have been staffed with the investment firm, even for a part of the relevant period, indicating the means of interconnection and the time of interconnection;
(h) persons not listed under points (e) to (g) who have acted in agreement with the investment firm during the relevant period;
(i) all depositories of collective investment funds managed by an investment company during the relevant period and the period during which the depositary's activities were carried out;
(j) all securities dealers engaged in the activities of a securities dealer for collective investment funds managed by an investment company, even for part of the period in question, together with an indication of the period during which they were engaged;
(k) all cash and non-cash transactions from an investment company that have been received by members of the board, supervisory board, other managers and portfolio managers, members of experts' committees and experts valuing the property of special real estate funds managed by the investment firm, collectively for each group of persons referred to above, on the legal basis for such transactions and on other relationships between the investment company and those persons from which the entitlement to such transactions arises, together for each group of persons,
(l) the number of securities of collective investment funds held by an investment company and shares of an investment company held by or subject to the option or other rights of such persons, in aggregate for each group of persons,
(m) judicial or arbitral disputes involving an investment company itself or on behalf of a collective investment fund where the value of the object of the dispute exceeds 5% of the value of the assets of the investment company or collective investment fund to which the dispute relates during the relevant period;
(n) the average number of employees in the relevant period.
Annual report of the IF
The annual report of the IF, in addition to the special accounting legislation, shall include:
(a) changes to the facts recorded in the commercial register during the relevant period;
(b) any investment company which has managed the assets of the investment fund, even for part of the relevant period, the date of conclusion of the management contract and, where appropriate, the date of termination of the management of the investment firms;
(c) the facts having a significant influence on the performance of the IF's activities, together with an indication of the main factors affecting the economic outcome;
(d) members of the Board of Directors, the Supervisory Board, other managers and the portfolio of managers during the relevant period, including a brief description of their experience and qualifications, an indication of the date on which they have performed their duties or activities or, where appropriate, the date on which they ceased to function or operate;
(e) persons who have had a qualifying holding in the IF, even for part of the period concerned, indicating the amount and type of participation and the period during which they had a qualifying holding;
(f) persons in whom the IF has had a qualifying holding, even for part of the relevant period, with an indication of the amount and type of participation and economic result of those persons, together with an indication of the period during which the IF has had a qualifying holding in those persons. Where the audited economic results of those persons are not available, the IF shall indicate the economic results unaudited and shall indicate that fact,
(g) persons who have been staffed with the Investment Fund, even for part of the relevant period, indicating the means of interconnection and the time of interconnection;
(h) persons not referred to in points (e) to (g) who have acted in agreement with the IF during the relevant period;
(i) any depositary of the IF during the relevant period and the period during which the depositary's activities were carried out;
(j) a person who provides for the safekeeping or other custody of the assets of the investment fund, provided that more than 1% of the assets of the investment fund are otherwise held by that person or otherwise by that person;
(k) all securities dealers engaged in the activities of a securities dealer for an investment fund, even for part of the relevant period, and the period during which they were engaged;
(l) the date on which the investment fund expires;
(m) all cash and non-cash transactions received during the relevant period by members of the board, supervisory board, other managers and portfolio managers from the investment fund or from persons controlled by the investment fund, collectively for each group of persons referred to above, on the legal basis for such transactions and on other relationships between the investment fund or persons controlled by the investment fund that give rise to the entitlement to the performance of the investment fund and the persons referred to above, together for each group of those persons,
(n) the number of shares of the IF held by or subject to the option or other rights of the persons referred to in (m), in aggregate for each group of persons;
(o) judicial or arbitral disputes involving the investment fund, where the value of the object of the dispute exceeds 5% of the value of the assets of the investment fund in the relevant period;
(p) the assets of the IF burdened with third party rights;
(r) the evolution of the value of the investment fund's share in the relevant period, expressed in graphic form and the development of a fixed index (benchmark) expressed in graphic form, where the investment fund monitors such an index according to its investment objective;
(s) assets where their value exceeds 1% of the value of the fund's assets on the date on which the valuation was made for the purposes of this report, indicating the total cost and fair value at the end of the relevant period.
Annual report of the mutual fund
(1) The annual report of the holding fund, in addition to the specific accounting legislation, contains:
(a) the name of the holding fund and the identification mark according to the international numbering system (ISIN) or any other numbering system (SIN) of the holding sheet, if assigned;
(b) information on the investment company managing the holding fund and on all the investment companies managing the holding fund during the relevant period, together with an indication of the period during which each investment company has managed the holding fund;
(c) the portfolio details of the managers of the mutual fund during the relevant period, including a brief description of their experience and qualifications, an indication of the date from which they operate for the mutual fund and, where applicable, the date from which they ceased to carry on such activities;
(d) details of all depositories of the mutual fund during the relevant period and the period during which the depositary's activities were carried out;
(e) details of the person who provides for the safekeeping or other custody of the mutual fund's assets, provided that more than 1% of the mutual fund's assets are deposited with or otherwise maintained by that person;
(f) details of all securities dealers who have been engaged in the business of a securities dealer in respect of the assets of the mutual fund, even for part of the period in question, and an indication of the period during which they were engaged;
(g) the identification of the assets where their value exceeds 1% of the value of the assets of the Fund on the date on which the valuation was made for the purposes of this report, indicating the total cost and fair value at the end of the relevant period;
(h) the development of the value of the unit sheet in the relevant period in graphic form; where the investment strategy of the mutual fund is linked to a fixed index (benchmark), the development of that fixed index in the relevant period shall also be reported in graphical form;
(i) an indication of the judicial or arbitral disputes relating to the assets or rights of the shareholders of the holding fund where the value of the object of the dispute exceeds 5% of the value of the assets of the holding fund in the relevant period.
(2) In the case of a closed holding fund, the annual report shall also include an indication of the date on which the fund expires and of whether it will then enter liquidation or be converted into an open holding fund.
Annual report of the Special Property Fund
(1) In addition to the information provided for in Section 5 of the Annual Report of the Special Property Fund, the following information on the property held by it shall be included:
(a) the designation of the property;
1. type of real estate 7),
2. address and, if there is no address, other similar indication of its location,
(b) the age of the building, the state of wear and wear;
(c) the purpose for which the special property fund acquired the property and, in the event of a change of purpose, shall indicate the reason for the change and the impact of the change on the special property fund;
(d) the method and description of the use of the property and, if the property is not used, the reason why the property is not used and the intention that the special property fund has with it;
(e) a description of the progress of the construction, maintenance or construction operations, including the cost of such activities, the duration and the description of the suppliers whose supply for such activities exceeds 5% of the total cost;
(f) the designation of the person who manages the property;
(g) the characteristics of the property accessories, including the proportion of the value of the property in the total value of the property;
(h) a description of the pre-purchase rights, liens, burdens in kind, third party exploitation rights, with the exception of rental rights and other restrictions or obligations relating to or related to immovable property;
(i) the date on which the valuation was made for the purposes of the annual report;
(j) information on experts who have carried out the evaluation of the property and, where appropriate, comments by the expert committee on the expert report as regards the first annual report following the acquisition of the property;
(k) an indication of the method used for the valuation of the property;
(l) a description of the criteria on the basis of which the price of the property was determined where the property was valued using a comparative method.
(2) The Annual Report of the Special Property Fund contains information on participation in the real estate company, namely:
(a) real estate data;
(b) a list of the managers of the real estate company;
(c) the number of properties of the real estate company;
(d) an indication of whether the real estate company fulfils the conditions under which the special property fund may acquire and hold a participation in the real estate company;
(e) information on a significant change in the way the real estate company accounts are kept, a change in the auditor or the audit firm of the real estate company;
(f) information on the property held by it; paragraph 1 shall apply mutatis mutandis to the scope of information.
(3) The Annual Report of the Special Property Fund also contains:
(a) the list of members of the Committee of Experts;
(b) details of a material change in the forecast of cash flows associated with the holding of the property or with the participation of the real estate company;
(c) details of all contracts concluded or filled in the relevant period between the special property fund and related persons, if the performance of the contract exceeds CZK 5 million;
(d) a summary of the contracts not referred to in (c) where the performance of the contract exceeds 15% of the aggregate value of the assets of the special property fund;
(e) details of contracts not referred to in (c) on services relating to immovable property, where the value of the performance of the contract exceeds CZK 1 million over a period not exceeding 3 years;
(f) information on the intended sale of the property or participation in the real estate company within a period up to 2 years of its acquisition or before the investment horizon expires;
(g) information on the intention to change investment objectives or investment strategy;
(h) a description of the reasons for the breach of credit or investment limits, if any;
(i) other relevant information concerning real estate held by a special property fund or a real estate company or concerning a participation in a real estate company.
Half-yearly report of the investment company and collective investment fund
(1) The half-yearly report of the investment company contains:
(a) data on collective investment funds that have been managed by an investment company during the relevant period;
(b) details of the facts having a significant impact on the performance of the investment company's activities, together with an indication of the main factors affecting the economic outcome;
(c) information on members of the board, supervisory board, other managers and portfolio of managers, members of committees of experts and experts valuing real estate in special real estate funds managed by the investment firm during the relevant period, including a brief description of their experience and qualifications, an indication of the date on which they have performed their duties or activities, or, where appropriate, of the date on which they ceased to function or operate;
(d) details of all depositories of collective investment funds managed by the investment firm during the relevant period and the period during which the depositary's activities were carried out;
(e) details of all securities dealers who have been engaged in the activities of a securities dealer for collective investment funds managed by an investment company, even for part of the relevant period, together with an indication of the period during which they were engaged;
(f) particulars of judicial or arbitral disputes involving the investment company itself or on behalf of a collective investment fund where the value of the object of the dispute exceeds 5% of the value of the assets of the investment company or collective investment fund to which the dispute relates during the relevant period;
(g) aggregated data on the average number of employees over the relevant period.
(2) The IF half-yearly report shall contain:
(a) data on each investment company which has managed the assets of the IF, even for part of the relevant period, and the date of conclusion of the management contract and the date of termination of the investment company's management;
(b) details of the facts having a significant influence on the performance of the IF's activities, together with an indication of the main factors affecting the economic outcome;
(c) details of members of the board, supervisory board, other managers and portfolio of managers during the relevant period, including a brief description of their experience and qualifications, an indication of the date on which they are engaged or engaged, or, where appropriate, of the date on which they ceased to function or operate;
(d) details of all the depositories of the IF during the relevant period and the period during which the depositary's activities were carried out;
(e) details of the person who provides for the safekeeping or other custody of the assets of the investment fund, where more than 1% of the assets of the investment fund is deposited with or otherwise protected by that person;
(f) details of all securities dealers who have engaged in the activities of a securities dealer for the IF, even for part of the period in question, together with an indication of the period during which the securities dealer has been engaged in the activities of the IF;
(g) details of any judicial or arbitral disputes involving the investment fund, if the value of the object of the dispute exceeds 5% of the value of the assets of the investment fund in the relevant period;
(h) information on the assets of the IF burdened with third party rights;
(i) information on assets, where its value exceeds 1% of the value of the assets of the Fund on the date on which the valuation was made for the purposes of this report, indicating the total cost and fair value at the end of the relevant period.
(3) The half-yearly report of the mutual fund contains:
(a) the name of the holding fund and the identification mark according to the international numbering system (ISIN) or other numbering system (SIN) of the holding sheet, if assigned;
(b) information on the investment company managing the holding fund and on all the investment companies managing the holding fund during the relevant period, together with an indication of the period during which each investment company has managed the holding fund;
(c) portfolio data and a brief description of their experience and qualifications;
(d) details of all depositories of the mutual fund during the relevant period and the period during which the depositary's activities were carried out;
(e) details of the person who provides for the safekeeping or other custody of the mutual fund's assets, provided that more than 1% of the mutual fund's assets are deposited with or otherwise maintained by that person;
(f) details of all securities dealers engaged in the activities of a securities dealer for an investment company and for a collective investment fund managed by an investment company, even for part of the period in question, together with an indication of the period during which they were engaged;
(g) identification of assets whose value exceeds 1% of the value of the assets of the Fund on the date on which the valuation was carried out for the purposes of this report, indicating the total cost and fair value at the end of the relevant period;
(h) an indication of the legal disputes involving the investment company on behalf of the mutual fund where the value of the object of the dispute exceeds 5% of the value of the mutual fund's assets during the relevant period.
(4) The half-yearly report of the special property fund also contains:
(a) information on immovable property held by him:
1. the denomination of the property in the manner referred to in Article 6 (1) (a);
2. the age of the building, the condition and the degree of wear;
3. the purpose for which the special property fund acquired the property and, in the event of a change of purpose, shall indicate the reason for the change and the impact of the change on the special property fund;
4. the method and description of the use of the property and, if the property is not used, the reason why it is not used and the intention that the special property fund has with it;
5. the designation of the person who manages the property;
6. an indication of the method used for the valuation of the property,
(b) details of the real estate companies in which the real estate fund is participating;
(c) a list of managers of real estate companies;
(d) data on a substantial change in the forecast of cash flows associated with property ownership or participation in real estate companies;
(e) other relevant information concerning real estate held by a special property fund or real estate company.
(5) The description of the half-yearly report referred to in paragraphs 2 and 3 shall include, to the extent necessary for a precise and correct assessment of the development of the activity of the collective investment fund, a description of:
(a) the state and past trends of the activity of the collective investment fund during the relevant period;
(b) important factors affecting the economic performance of the collective investment fund during the relevant period.
Foreign Fund
The information that the foreign standard fund and foreign special fund publish about their activities in the Czech Republic in a way that allows remote access 8), contains:
(a) data on the foreign fund;
(b) whether the foreign fund is publicly offering its securities in the Czech Republic;
(c) an indication of the number of securities issued and repurchased by the foreign fund during the relevant period, together with an indication of the number of securities issued and repurchased in the Czech Republic;
(c) the total price accepted for securities purchased and paid during the relevant period, together with an indication of the proportion of securities issued and repurchased in the Czech Republic.
Monthly information of the collective investment fund
The monthly information on the structure of the assets referred to in § 88 (1) (c) and paragraph 2 of the Act shall contain data on the structure of the assets to the extent of the specific legislation governing the accounts of the units which are banks or other financial institutions9).
Sending information by e-mail
(1) The reporting body sends the Czech National Bank a descriptive part of the data referred to in § 1 (a) and (b) in electronic form in the form of a data message by e-mail to the e-mail address of the e-mail office with a clear identification of the information requirement. The data report shall be accompanied by a guaranteed electronic signature (12) of the authorised person with a role enabling the transmission of messages.
(2) The data referred to in § 1 (c) are sent by the foreign fund to the Czech National Bank in the manner specified in paragraph 1.
Method of publication of reports and information
The information and reports that an investment company, an investment fund or similar foreign person must publish under the law in a manner that allows remote access, shall be published by an investment company, an investment fund or similar foreign person in the Czech language in a manner that allows remote access in full (internet address) by which capital market entrepreneurs usually publish information about their services or products; ensure in particular that:
(a) the internet address has been accessible to the public without restriction via the Internet data network and can be easily searched by the investment firm's or investment fund's trading company in a readily normal way and the content of the internet address is provided free of charge by the securities dealer;
(b) the published information takes the form of a data file suitable for download in a commonly used format;
(c) the information disclosed has been made available continuously and has not been amended by the IF or the investment firm.
Common provision
Where a decree requires the disclosure of information on a legal or natural person, it shall be understood as provided for in Paragraph 2 (1) (j) of the Act, unless otherwise provided for in the Decree.
Transitional provisions
(1) The monthly information requirement for December 2006 will be fulfilled by the reporting entity without undue delay, no later than 31 January 2007, under this Decree.
(2) The annual report for 2006 will be carried out by the reporting entity under this Decree.
Repeal
Decree No. 271 / 2004 Coll., on the information obligations of the investment company and the collective investment fund, is hereby repealed.
Efficacy
This Decree shall take effect on 31 December 2006.
Governor:
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Regulation Information
| Citation | Decree No. 603 / 2006 Coll., on the information obligation of the collective investment fund and the investment company |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 28.12.2006 |
|---|---|
| Effective from | 31.12.2006 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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