Act No. 91 / 2022 Coll.
Law on a pan-European personal pension product and amending related laws (Act on a pan-European personal pension product)
Valid
Law
Effective from 11.05.2022
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91
THE LAW
of 7 April 2022
on a pan-European personal pension product and amending related laws (Law on a pan-European personal pension product)
Parliament has decided on this law of the Czech Republic:
_
Subject matter
(1) This Act regulates, following the directly applicable European Union regulations governing pan-European personal pension production1) the Czech National Bank's remit in the field of pan-European personal pension products and certain rights and obligations of providers, distributors and participants in pan-European personal pension products.
(2) Unless otherwise provided for by this law or directly applicable European Union provisions governing pan-European personal pension production1), the legislation governing the activities of and supervision of the activities of the providers and distributors of the pan-European personal pension product shall apply to the activities of the provider and distributor of the pan-European personal pension product in the provision or distribution of the pan-European personal pension product, depending on the financial service.
Competent authority
The powers of the competent authority under the directly applicable regulations governing pan-European personal pension production1) are exercised by the Czech National Bank.
Application for registration of pan-European personal pension product
(1) An application for registration of a pan-European personal pension product may be submitted by:
(a) the bank;
(b) savings and credit cooperatives;
(c) a domestic insurance undertaking which has been authorised to pursue an insurance activity under the life insurance sector;
(d) a securities dealer who has a specified investment service in the authorisation for the management of the client's assets, where the investment instrument is part of it, on the basis of free consideration under the contractual arrangement;
(e) an investment company which is entitled to manage standard funds or comparable foreign investment funds or which is entitled to exceed the applicable limit; or
(f) a self-governing investment fund which is a standard fund or is entitled to exceed the applicable limit.
(2) An application for registration of a pan-European personal pension product may only be submitted electronically. The application shall include, in addition to the formalities laid down in the administrative rules, information on compliance with the conditions for the registration of a pan-European personal pension product set out in Article 6 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council. The application shall be accompanied by documents certifying compliance with these conditions.
(3) The details of the particulars of the application, including the annexes certifying compliance with the conditions for registration of a pan-European personal pension product, the format of the application and its other technical details, are laid down in the implementing legislation.
Notification obligation for a distributor of a pan-European personal pension product
(1) The distributor of pan-European personal pension product, which intends to start or end the distribution of pan-European personal pension product in the Czech Republic, will notify the Czech National Bank of this fact.
(2) The notification referred to in paragraph 1 may be made only electronically. The format of the notification and its other technical details shall be laid down in implementing legislation.
Professional competence
(1) The provider and distributor of a pan-European personal pension product distribute a pan-European personal pension product only in so far as the person directly involved in or responsible for the distribution of a pan-European personal pension product fulfils the conditions of professional competence.
(2) For the purposes of this Act, professional competence means the acquisition of the expertise and skills necessary for the distribution of pan-European personal pension products, which are:
(a) knowledge of the regulation of pan-European personal pension product; and
(b) the ability to properly explain to the customer a pan-European personal pension product and to make recommendations.
(3) The scope of expertise and skills for the distribution of pan-European personal pension products is laid down in implementing legislation.
(4) Paragraphs 2 and 3 shall not apply to the professional competence of a provider or distributor of a pan-European personal pension product whose professional competence is regulated by the law governing the distribution of insurance and reinsurance or by the law governing business on the capital market.
Cancellation of registration of pan-European personal pension product
(1) The provider of a pan-European personal pension product may waive the registration of a pan-European personal pension product pursuant to Article 8 (1) (a) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council by submitting a request for the withdrawal of the registration of a pan-European personal pension product.
(2) An application for the cancellation of the registration of a pan-European personal pension product may only be submitted electronically. The format of the application and its other technical details shall be laid down in implementing legislation.
(3) An annex to the request for the withdrawal of the registration of a pan-European personal pension product is a plan to safeguard the interests of participants and beneficiaries of the pan-European personal pension product (hereinafter referred to as the "protection plan '). A provider of a pan-European personal pension product may combine the submission of an application for consent to the legal act whereby contracts for a pan-European personal pension product are to be referred to another provider.
(4) The protection plan shall contain at least a description of the procedure aimed at ensuring the duration of commitments under contracts for a pan-European personal pension product with another provider.
(5) If the procedure for the withdrawal of the registration of a pan-European personal pension product is initiated ex officio, the Czech National Bank shall invite the provider of a pan-European personal pension product together with the notice of initiation to submit a protection plan within 30 days of the date of receipt of the request.
Protection of the interests of participants and recipients of transactions from a pan-European personal pension product when cancelling the registration of a pan-European personal pension product
Where a procedure for the revocation of a registration of a pan-European personal pension product is initiated, the provider of a pan-European personal pension product shall make every effort to protect the interests of participants and beneficiaries of the pan-European personal pension product if the registration is withdrawn.
Transmission of contracts for a pan-European personal pension product to another provider
(1) If a procedure is initiated to cancel the registration of a pan-European personal pension product, the provider of a pan-European personal pension product may refer the contracts for a pan-European personal pension product to another provider.
(2) The agreement of the Czech National Bank is required to ensure the effectiveness of the legal conduct by which contracts for a pan-European personal pension product are to be referred to another provider. This consent replaces the consent of participants in a pan-European personal pension product. A participant in a pan-European personal pension product shall not be a party to the procedure for giving such consent.
(3) The Czech National Bank gives consent to the legal conduct by which contracts for a pan-European personal pension product are to be referred to another provider if:
(a) the protection of the interests of participants and recipients of transactions from a pan-European personal pension product is ensured;
(b) the provider to whom the contracts are to be referred agrees to the referral; and
(c) the provider to whom contracts are to be referred has been granted the registration of a pan-European personal pension product in relation to the contracts to be referred to it.
(4) If the provider to whom contracts for a pan-European personal pension product are to be referred has submitted an application for registration of a pan-European personal pension product in relation to the contracts to be referred to it, the Czech National Bank shall suspend the procedure for the request for consent to legal proceedings during the registration procedure for a pan-European personal pension product.
(5) A request for consent to legal proceedings to be referred to another provider for a pan-European personal pension product may only be submitted electronically. The application shall include, in addition to the formalities laid down in the administrative rules, information on compliance with the conditions laid down in paragraph 3.
(6) The details of the particulars of the application, including the annexes certifying compliance with the conditions for consent, the format of the application and its other technical particulars shall be laid down in the implementing legislation.
Decision to refer contracts for a pan-European personal pension product to another provider
(1) If a procedure is initiated to cancel the registration of a pan-European personal pension product, the Czech National Bank may decide to refer the contracts for a pan-European personal pension product to another provider if:
(a) provider of pan-European personal pension product
1. does not submit a request for consent to the legal act by which contracts for a pan-European personal pension product are to be referred to another provider within 30 days of the date of the initiation of the procedure for the withdrawal of the registration of a pan-European personal pension product, or the application has been rejected or the procedure for it has been terminated; or
2. not to transfer contracts for a pan-European personal pension product to another provider within 30 days of the date of enforceability of the decision granting him consent to this legal act;
(b) the protection of the interests of participants and recipients of the benefits of a pan-European personal pension product is ensured;
(c) the provider to whom the contracts are to be referred agrees to the referral; and
(d) the provider to whom contracts are to be referred has been granted the registration of a pan-European personal pension product in relation to the contracts to be referred to it.
(2) The effectiveness of the delegation of contracts is the date of enforcement of the decision to revoke the registration of a pan-European personal pension product.
Common provisions for the assignment of contracts for a pan-European personal pension product to another provider
(1) During the procedure for the request for consent to legal proceedings to be referred to another provider for a pan-European personal pension product and the procedure for the decision to refer to a pan-European personal pension product to another provider, the deadline for the decision to withdraw the registration of a pan-European personal pension product shall not apply.
(2) The provider of a pan-European personal pension product to which contracts have been referred shall inform the participants of the pan-European personal pension product within 30 days of the date on which the decision pursuant to Article 8 (3) or Article 9 (1) becomes enforceable.
(3) Paragraphs 1 and 2, § 6 (3) to (5) and § 8 and 9 shall not apply to providers of pan-European personal pension products as referred to in Article 6 (1) (b) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council and the provisions of the Insurance Act on the transfer of the insurance portfolio shall apply mutatis mutandis.
Change of provider of pan-European personal pension product
(1) The legal conduct by which a participant in a pan-European personal pension product exercises the right to change the provider of a pan-European personal pension product requires a written form.
(2) The receiving provider of a pan-European personal pension product shall, without undue delay, provide the participant of a pan-European personal pension product with a copy of the document showing the legal conduct referred to in paragraph 1, accompanied by a confirmation that it has been obtained by that provider.
Supervision
Supervision of compliance with the obligations of the provider and distributor of a pan-European personal pension product and depository provided for by this law and the directly applicable European Union regulations governing pan-European personal pension product1) is carried out by the Czech National Bank.
Information obligation
(1) Provider and distributor of pan-European personal pension product and depository provide the Czech National Bank with the information needed to exercise its competence under this Act.
(2) The scope, form, period and manner of provision of information referred to in paragraph 1 are laid down in the directly applicable European Union rules governing pan-European personal pension production1) and implementing legislation.
(3) The provider and distributor of pan-European personal pension product, the depositary and their cooperating person, in particular the auditor and actuary, will provide the Czech National Bank with further information and explanations necessary for the exercise of its powers under this Act at its request.
(4) The obligation referred to in paragraph 3 shall also apply mutatis mutandis to those who are reasonably suspected of violating the conditions for the use of the designation referred to in Article 9 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council.
Measures to remedy
(1) If the activity of a provider or distributor of a pan-European personal pension product or depository does not comply with this law or with the directly applicable European Union regulation governing a pan-European personal pension product1), the Czech National Bank may, depending on the nature and gravity of the deficiency found, impose on them measures to remedy the obligation within the prescribed time limit.
(a) remove the deficiency found; or
(b) replace:
1. a member of the governing body of a legal person whose members are elected, appointed or otherwise called upon to determine the strategy, objectives and overall direction of that person,
2. a member of the supervisory authority of a legal person whose members are elected, appointed or otherwise called upon to supervise and monitor decision-making processes at management level; or
3. another person in charge.
(2) The provider and distributor of pan-European personal pension product and the depositary to which the Czech National Bank has imposed the remedies provided for in paragraph 1 shall inform the Czech National Bank without undue delay of the way in which the remedies are implemented.
Transfers of a provider of a pan-European personal pension product
(1) The provider of a pan-European personal pension product commits an offence by:
(a) fails to fulfil any of the obligations relating to the portability service pursuant to Article 18 to 20 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(b) not comply with any of the notification obligations referred to in Article 21 (1), (2) or (6) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(c) fails to fulfil the obligation under Article 22 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(d) fails to fulfil any of the information obligations referred to in the last sentence of Article 24, Article 33 (1), Article 35 (6), Article 38 or 39 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(e) fails to fulfil any of the obligations relating to the supervision and management of the product pursuant to Article 25 (1) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(f) fails to fulfil any of the obligations relating to the key information document referred to in Articles 26, 27, 28 (1) to (4), 29, 30 (1) or 33 (1) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(g) fails to fulfil any of the obligations relating to the specification of requirements and needs or the provision of advice pursuant to Article 34 (1) to (4) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(h) fails to comply with any of the obligations relating to the inventory of benefits of a pan-European personal pension product pursuant to Article 35 (1) to (5), Article 36 (1) or Article 37 (1) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(i) it does not have a system, structure or written concept pursuant to Article 40 (6) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(j) infringes one of the investment rules referred to in Article 41 (1) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(k) it shall not offer to a participant in a pan-European personal pension product investment opportunities involving a basic pan-European personal pension product pursuant to Article 42 (2) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(l) fails to comply with any of the obligations relating to the modification of the investment option under Article 44 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(m) not fulfil any of the obligations relating to the basic pan-European personal pension product pursuant to Article 45 (1) or (2) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(n) fails to fulfil any of the obligations relating to risk mitigation techniques referred to in Article 46 (1) or (2) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(o) fails to comply with any of the complaint handling obligations under Article 50 (1) to (5) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(p) fails to fulfil any of the obligations relating to the service of the change of the provider of pan-European personal pension product pursuant to Article 52 to 56 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(q) fails to fulfil any of the obligations relating to the change in the form of payment of benefits under Article 59 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(r) fails to fulfil any of the obligations relating to the personal retirement plan referred to in Article 60 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
s) distributes a pan-European personal pension product contrary to § 5 (1);
(t) fails to comply with any of the information obligations under Articles 10 (2), 13 or 14 (2); or
(u) fails to comply with the remedies imposed under Paragraph 14 (1).
(2) The provider of a pan-European personal pension product as referred to in Article 6 (1) (c), (d), (e) or (f) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council shall commit an offence by offering a pan-European personal pension product with a guarantee without complying with the conditions laid down in Article 42 (5) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council.
(3) The provider of a pan-European personal pension product as referred to in Article 6 (1) (c), (e) or (f) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council commits an infringement by not appointing a depositary pursuant to Article 48 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council.
(4) A provider of a pan-European personal pension product as referred to in Article 6 (1) (a), (c), (d), (e) or (f) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council shall commit an infringement by offering a pan-European personal pension product with the possibility of ensuring the coverage of biometric risks without complying with the conditions laid down in Article 49 (3) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council.
(5) A provider of pan-European personal pension product as referred to in Article 6 (1) (a) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council commits an offence by failing to fulfil one of the obligations or by violating one of the prohibitions referred to in Article 3 to 13 of Regulation (EU) 2019 / 20882 of the European Parliament and of the Council, as amended.
(6) The recipient provider of a pan-European personal pension product shall commit an offence by not providing a copy of the document showing the legal conduct referred to in Article 11 (2) to a participant of a pan-European personal pension product.
(7) A fine may be imposed on the offence referred to in paragraph 1 (a) to (p) or (s) or paragraph 2 or 3 until:
(a) CZK 129 420 000,
(b) 10% of the total annual turnover of the provider in accordance with its most recent available financial statements or consolidated financial statements in the case of its compulsory establishment, where the amount thus determined exceeds the amount referred to in (a); or
(c) twice the amount of unlawful benefit obtained by committing an offence where the amount of undue benefit can be ascertained and exceeds the amount specified in (a) or the amount determined in (b).
(8) A fine of up to CZK 10 000 000 may be imposed for the offence referred to in paragraph 1 (q), (r), (t) or (u) or paragraph 4, 5 or 6.
Transfers of a distributor of a pan-European personal pension product
(1) The distributor of a pan-European personal pension product is committed an offence by:
(a) fails to fulfil any of the information obligations referred to in Article 18 (2), Article 24, last sentence, Article 33 (1), Article 35 (6), Article 38 or 39 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(b) shall not act pursuant to Article 22 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(c) not introduce the measures referred to in the last sentence of Article 25 (1) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(d) fails to fulfil any of the obligations relating to the key information document referred to in Articles 26, 27, 28 (1) to (4), 29, 30 (1) or 33 (1) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(e) fails to fulfil any of the obligations relating to the specification of requirements and needs or the provision of advice pursuant to Article 34 (1) to (4) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(f) fails to comply with any of the complaints obligations under Article 50 (1) to (4) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council;
(g) fails to comply with the notification requirement under Article 4;
h) distributes a pan-European personal pension product contrary to § 5 (1);
(i) fails to comply with any of the information obligations under Article 13 or Article 14 (2); or
(j) fail to comply with the remedies imposed pursuant to Paragraph 14 (1).
(2) A fine of up to CZK 10 000 000 may be imposed for the offence referred to in paragraph 1.
(3) A prohibition on the distribution of pan-European personal pension products up to 5 years may be imposed for the offence referred to in paragraph 1.
Depositary transfers
(1) The depositary commits an offence by:
(a) it does not act under Article 62 (1) of the Investment Companies and Investment Funds Act;
(b) provide an investment instrument contrary to Section 63 of the Investment Companies and Investment Funds Act;
(c) it does not establish, maintain or apply procedures under Article 64 (1) of the Investment Companies and Investment Funds Act;
(d) not to notify the facts under Section 64 (2) of the Investment Companies and Investment Funds Act;
(e) carry out an activity the exercise of which may result in a conflict of interest, without the establishment of organisational conditions under Article 65 (2) of the Investment Companies and Investment Funds Act;
(f) does not have the conditions laid down in Section 69 (2) of the Investment Companies and Investment Funds Act;
(g) it does not have a fungible investment instrument in its custody under Article 71 (1) (a) of the Investment Companies and Investment Funds Act;
(h) it does not have in custody assets the nature of which makes this possible, pursuant to Article 71 (1) (b) of the Investment Companies and Investment Funds Act;
(i) does not ensure the registration of assets pursuant to § 71 (1) (c) of the Investment Companies and Investment Funds Act;
j) does not establish, maintain or register cash accounts, impose funds or control the movement of funds under Section 72 of the Investment Companies and Investment Funds Act;
k) does not carry out an inspection pursuant to § 73 (1) or (3) of the Investment Companies and Investment Funds Act;
(l) does not execute an order under Paragraph 73 (2) of the Investment Companies and Investment Funds Act;
m) entrust a different activity, which includes activities under Section 71 (1) of the Investment Companies and Investment Funds Act, contrary to any of the assumptions set out in Section 77 or 78 of the Investment Companies and Investment Funds Act;
(n) fails to fulfil any of the information obligations under Article 13 or Article 14 (2); or
(o) fails to comply with the remedies imposed pursuant to Article 14 (1).
(2) A fine may be imposed for the offence referred to in paragraph 1 (a) to (m) until:
(a) CZK 129 420 000,
(b) 10% of the total annual turnover of the depositary according to its most recent available financial statements or consolidated financial statements in the case of its compulsory establishment, if the amount thus determined exceeds the amount referred to in (a); or
(c) twice the amount of unlawful benefit obtained by committing an offence where the amount of undue benefit can be ascertained and exceeds the amount specified in (a) or the amount determined in (b).
(3) A fine of up to 10 000 000 CZK may be imposed for the offence referred to in paragraph 1 (n) or (o).
Other offences
(1) The legal person commits an offence by giving an incorrect indication or concealing a fact in the application for registration of a pan-European personal pension product.
(2) A natural person who is a legal or commercial person shall commit an offence by violating the conditions for the use of the designation referred to in Article 9 of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council.
(3) A legal, physical or business natural person who is neither a provider nor a distributor of a pan-European personal pension product nor a depository shall commit an offence by failing to fulfil an information obligation under paragraphs 3 and 4 of Article 13.
(4) A fine may be imposed on the offence of a legal person referred to in paragraph 1 or 2 until:
(a) CZK 129 420 000,
(b) 10% of the total annual turnover of that legal person according to its most recent available financial statements or consolidated accounts in the case of its compulsory establishment, if the amount thus determined exceeds the amount referred to in (a); or
(c) twice the amount of unlawful benefit obtained by committing an offence where the amount of undue benefit can be ascertained and exceeds the amount specified in (a) or the amount determined in (b).
(5) A fine may be imposed in respect of an offence committed by a natural person under paragraph 2 until:
(a) 18 120 000 CZK, or
(b) twice the amount of unlawful benefit obtained by committing an offence where the amount of undue benefit can be ascertained and exceeds the amount specified in (a).
(6) A fine of up to 10 000 000 CZK may be imposed for the offence referred to in paragraph 3.
Common provisions on infringements
The transfers under this law are discussed by the Czech National Bank.
Publication of decisions
(1) The Czech National Bank shall, without undue delay, publish on its website a final decision on an infringement or the imposition of remedies which it has issued under this Act and an indication that an action has been brought against that decision under the law governing the administrative judiciary or that a complaint has been lodged against the court's decision on that action, and an indication of how that action or appeal has been decided.
(2) The Czech National Bank shall publish the decision on the infringement or the imposition of the remedies provided for in paragraph 1 for a period of time which is strictly necessary without indicating the identification details of the person recognised by the offence or of the person who was the subject of the remedy measure if the disclosure of such information would be
(a) jeopardise the stability of the financial market;
(b) has jeopardised ongoing criminal or administrative proceedings; or
(c) cause this person disproportionate harm.
(3) A decision on an infringement or the imposition of corrective measures pursuant to paragraph 1 shall be published for at least 5 years. The personal data of a person recognised as guilty of an offence or of a person who has been placed under a remedy measure shall be published only for the necessary period of time in accordance with the directly applicable European Union law governing the protection of personal data (3) and the law governing the processing of personal data.
Lists
(1) The Czech National Bank keeps a list in electronic form
(a) providers of pan-European personal pension products to which they have granted marketing authorisations for pan-European personal pension products;
(b) providers of a pan-European personal pension product based in another Member State of the European Union or another Contracting State of the Agreement on the European Economic Area who are entitled to provide a pan-European personal pension product in the Czech Republic; and
(c) distributors of pan-European personal pension products who have notified the Czech National Bank of the start of distribution of pan-European personal pension products in the Czech Republic pursuant to § 4.
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Regulation Information
| Citation | Act No. 91 / 2022 Coll., on pan-European personal pension product and on the amendment of related laws (Act on pan-European personal pension product) |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 26.04.2022 |
|---|---|
| Effective from | 11.05.2022 |
| Effective until | - |
| Status | Valid |
Legal Areas:
Banking, Money
Finance
Parliamentary Paper:
Paper No. 61
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