Regulatory Alerts2012-01-01
Decree No. 341/2012 Coll. on the Scope of Activities of the Depositary of a Pension Fund and the Depositary of a Participant Fund
The Czech National Bank issued Decree No. 341/2012 Coll. to define the precise scope of activities and verification duties of fund depositaries overseeing pension funds and participant funds. The decree mandates daily and periodic checks on asset safekeeping, cash flow reconciliation, unit crediting and debiting accuracy, current value calculations, and compliance with investment limits and transaction instructions. It further establishes strict conditions for outsourcing depositary functions, grounds for refusing to execute pension company instructions, and sets the entry into force date to 1 January 2013.
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