Decree No. 198/2016 Coll. amending Decree No. 347/2006 Coll. on the implementation of certain provisions of the Act on Financial Conglomerates

198

DECREE of 3 June 2016, amending Decree No. 347/2006 Coll., implementing certain provisions of the Act on Financial Conglomerates, as amended by Decree No. 250/2013 Coll.

The Czech National Bank, pursuant to Section 34 of Act No. 377/2005 Coll., on supplementary supervision over banks, savings and loan cooperatives, insurance companies and securities dealers in financial conglomerates and amending certain other laws (the Act on Financial Conglomerates), as amended by Act No. 57/2006 Coll. and Act No. 228/2013 Coll., has determined as follows:

Article I

Decree No. 347/2006 Coll., implementing certain provisions of the Act on Financial Conglomerates, as amended by Decree No. 250/2013 Coll., is amended as follows:

1. The words "electronic money institutions," are deleted from the introductory sentence.

2. Section 1, including the heading and footnotes 1 and 13, shall read:

"Section 1
Subject Matter

This Decree transposes the relevant European Union legislation1), while also building upon directly applicable European Union legislation13) and regulates:
a) criteria for excluding persons from the calculation of the supplementary capital requirement and the deadlines for preparing reports on the supplementary capital requirement, b) the basis for assessing the reliability and suitability of persons in the management of a mixed financial holding company, c) the structure and deadlines for providing information for the purposes of supplementary supervision, d) the method, structure and deadlines for publishing information on the financial conglomerate.

1. Articles 6 to 9 and Annexes I and II of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council, as amended by Directives 2010/78/EU and 2011/89/EU of the European Parliament and of the Council.

2. Commission Delegated Regulation (EU) No 342/2014 of 21 January 2014 supplementing Directive 2002/87/EC of the European Parliament and of the Council and Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards regulatory technical standards for the use of methods for calculating capital requirements for financial conglomerates.

Commission Delegated Regulation (EU) 2015/2303 of 28 July 2015 supplementing Directive 2002/87/EC of the European Parliament and of the Council as regards regulatory technical standards clarifying definitions and coordinating supplementary supervision over risk concentrations and intra-group transactions."

3. Section 2, including the heading, shall read:

"Section 2
Obligated Person

For the purposes of this Decree, the obligated person means a person who is obliged under Section 25(1) and (2) of the Act to provide information to the coordinator necessary for the implementation of supplementary supervision over compliance with the supplementary capital requirement, risk concentrations, intra-group transactions, and over compliance with supplementary requirements for internal governance and control systems, including risk management systems."

4. In Part Two, the designation of Chapter I, including the heading, is deleted.

5. Section 3 shall read:

"Section 3

The obligated person shall perform the calculation of the supplementary capital requirement and prepare a report on the supplementary capital requirement at least four times a year, namely on 31 March, 30 June, 30 September and 31 December of the calendar year. The calculation of the supplementary capital requirement shall be performed according to the rules established by directly applicable European Union legislation regulating the use of methods for calculating capital requirements for financial conglomerates13)."

6. Sections 5 to 7, including their headings and footnotes 7 to 9, are deleted.

7. In Part Two, Chapters II and III, including their headings and footnote 10, are deleted.

8. In Section 16, paragraph 2 shall read:

"(2) The method of submitting reports pursuant to paragraph 1(a) and (b) shall be agreed upon in advance by the obligated person with the coordinator. The method of submitting reports pursuant to paragraph 1(c) and (d) is regulated by directly applicable European Union legislation regulating technical standards in the area of risk concentrations and intra-group transactions13)."

9. Sections 19 and 20, including their headings, are deleted.

10. Annexes No. 4 and 5 are deleted.

Article II

Effectiveness

This Decree shall enter into force on 1 August 2016.

Governor:
prof. PhDr. Ing. Tomšík, Ph.D., in person
Vice Governor