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2017-01-01

Decree No. 476/2017 Coll. amending certain decrees in connection with the termination of pension savings

The Czech National Bank issued Decree No. 476/2017 Coll. to amend multiple regulations in conjunction with the termination of pension savings. The decree systematically removes all references to pension funds and pension savings from the statutes of participant funds, the operational rules of pension companies, professional competence requirements, depositary activities, reporting obligations, and liquidator remuneration. These textual deletions and renumbering adjustments ensure that the legal framework accurately reflects the cessation of the pension savings sector effective January 1, 2018.

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476

DECREED of 21 December 2017, amending certain decrees in connection with the termination of pension savings

The Czech National Bank, pursuant to Section 110(1) of Act No. 426/2011 Coll., on Pension Savings, for the implementation of Section 39(3), Section 41(6), Section 45(8)(a) and (b), Section 52(6), Section 63(5), Section 68(3), Section 69(4), Section 79(3), Section 82(3) and Section 99(5) of the Pension Savings Act, and pursuant to Section 170(1) of Act No. 427/2011 Coll., on Supplementary Pension Savings, for the implementation of Section 84(4) of the Supplementary Pension Savings Act, decrees:

PART ONE Amendment of the Decree on the Minimum Requirements for the Statute of a Participant Fund and the Statute of a Pension Fund

Article I Decree No. 57/2012 Coll., on the Minimum Requirements for the Statute of a Participant Fund and the Statute of a Pension Fund, is amended as follows:

  1. In the title of the Decree, the words "and the Statute of a Pension Fund" are deleted.
  2. In Section 1, the words "and the Statute of a Pension Fund" and the words "and the Pension Savings Act" are deleted, and the word "their" is replaced by the word "its".
  3. In Section 5(a)(i), the words "and pension funds" are deleted.
  4. Section 15, including its heading and footnotes 16 and 17, is deleted.

PART TWO Amendment of the Decree on the Detailed Regulation of the Activities of a Pension Company, a Pension Fund and a Participant Fund

Article II Decree No. 117/2012 Coll., on the Detailed Regulation of the Activities of a Pension Company, a Pension Fund and a Participant Fund, as amended by Decree No. 145/2014 Coll., is amended as follows:

  1. In the title of the Decree, the words ", pension fund" are deleted.
  2. In Section 1(d), the words "in Section 79(3) of the Pension Savings Act and" are deleted.
  3. In Section 1(e), the words "in Section 82(1) of the Pension Savings Act and" are deleted.
  4. In Section 1(f), the words "which a pension fund may use for the efficient management of assets pursuant to Section 52(6)(a) of the Pension Savings Act and" are deleted.
  5. In Section 1(g), the words "pursuant to Section 52(6)(b) of the Pension Savings Act and" are deleted.
  6. In Section 1(h), the words "method of determining the fair value of assets and liabilities of a pension fund pursuant to Section 63(5) of the Pension Savings Act and" are deleted.
  7. In Section 1(j), the words "pursuant to Section 68(1) of the Pension Savings Act and" are deleted.
  8. In Section 6(2)(a), the words "pension units of a pension fund and" are deleted.
  9. In Section 19(2), the words "Section 31(2) of the Pension Savings Act and" are deleted.
  10. In Section 22(1)(d), the words "pension savings or" are deleted.
  11. In the heading of Part Three, Chapter II, the words "IN A PENSION FUND AND" are deleted.
  12. In the text under the heading of Chapter II in Part Three, the words "Section 52 of the Pension Savings Act and" are deleted.
  13. In Section 30(1), the words "in a pension fund and" are deleted.
  14. In Section 30(2)(a) and (b), Section 32(1), Section 37 and Section 38(4), the words "pension fund and" are deleted.
  15. In Section 30(2)(c), Section 31(1)(a) and (b), Section 32(1), the introductory part of Section 34, Section 35(1)(c) and Section 41(1)(b), the words "pension fund and" are deleted.
  16. In Section 30(2)(c), the word "their" is replaced by the word "its".
  17. In the introductory part of Section 31(1) and (2), Section 32(2) and (5), the introductory part of Section 35(1), (2) and (3), Section 36 and Section 38(6), the words "Pension fund and participant" are replaced by the word "Participant".
  18. In the introductory part of Section 34, the words "Section 53(3) of the Pension Savings Act and" are deleted.
  19. In Section 36, the words "Section 53(1) and (5) of the Pension Savings Act or pursuant to" are deleted.
  20. In the heading of Chapter III in Part Three, the words "OF A PENSION FUND AND" are deleted.
  21. In the text under the heading of Chapter III in Part Three, the words "Section 63 of the Pension Savings Act and" are deleted.
  22. In Section 38(4) and (6), the words "or pension fund" are deleted.
  23. In the text under the heading of Part Four, the words "Sections 79 and 82 of the Pension Savings Act and" are deleted.
  24. In Section 39, paragraph 1 is deleted. The existing paragraphs 2 to 4 are designated as paragraphs 1 to 3.
  25. In the introductory part of Section 39(1), the words ", investment policy of pension funds" and the words "on pension savings or" are deleted.
  26. In the introductory part of Section 39(2), the words "pension savings or" are deleted.
  27. In Section 39(2)(c), the words "pension fund or" are deleted.
  28. In Section 40, paragraph 1 is deleted. The existing paragraphs 2 to 4 are designated as paragraphs 1 to 3.
  29. In Section 40(2), the words "in Section 82(1)(a) to (h) of the Pension Savings Act and" are deleted.
  30. In Section 40(3), the words "pursuant to Section 82(1)(j) to (l) of the Pension Savings Act and" are deleted.
  31. In the text under the heading of Part Five, the words "Sections 67 and 68 of the Pension Savings Act and" are deleted.
  32. In Section 42(1) and (2), the words ", pension fund" are deleted.
  33. In Section 43(1), the words "pursuant to Section 68(1)(c) of the Pension Savings Act and" are deleted.
  34. In Section 43(2), the words "pursuant to Section 68(1)(d) of the Pension Savings Act and" are deleted.
  35. In Section 43(3), the words "pursuant to Section 68(1)(e) of the Pension Savings Act and" are deleted.
  36. In Section 44(2), the words "or pursuant to the Pension Savings Act" are deleted.
  37. In the heading of Annex No. 1, the words ", pension fund" are deleted.
  38. In the text under the heading of Annex No. 1, the words "Section 67 of the Pension Savings Act and" are deleted.
  39. In Annex No. 1, point 1(a)(b), the words "in pension funds or" are deleted.
  40. In Annex No. 1, point 1(a)(e), the words ", pension fund" and the words "pension fund or" are deleted.
  41. In Annex No. 1, point 1(a)(j), the words "to pension funds or" are deleted.
  42. In Annex No. 1, point 1(a)(k), the words "of a pension fund or" and the words "in a pension fund or" are deleted.
  43. In Annex No. 1, point 1(a)(k), the comma after the word "company" is replaced by the word "or".
  44. In the introductory part of Annex No. 1, point 2, the words "or of a pension fund" are deleted.
  45. In Annex No. 1, point 2(a)(c) to (h) and (k), the words "of a pension fund or" are deleted.
  46. In Annex No. 1, point 2(b), the words "pension fund or" are deleted.
  47. In Annex No. 1, point 2(g), the words "in a pension fund or" are deleted.
  48. In Annex No. 1, point 2(h), the words "pension unit or" are deleted.
  49. In Annex No. 1, point 2(i), the words "pension units or" are deleted.
  50. In Annex No. 1, point 2(l), the words "or in a pension fund" are deleted.
  51. In the heading of Annex No. 2, the words ", pension fund" are deleted.
  52. In the text under the heading of Annex No. 2, the words "Section 67 of the Pension Savings Act and" are deleted.
  53. In Annex No. 2, point 1(a)(a), the words "in pension funds or" are deleted.
  54. In Annex No. 2, point 1(a)(c), the words "to pension funds or" are deleted.
  55. In the introductory part of Annex No. 2, point 2, and in letters (a), (c) to (g) and (i), the words "of a pension fund or" are deleted.
  56. In Annex No. 2, point 2(b), the words "pension or" and the words "pension fund or" are deleted.
  57. In Annex No. 2, point 2(h), the words "in a pension fund or" are deleted.
  58. In Annex No. 2, point 2(i), the words "pension unit or" are deleted.
  59. In footnote 2, the words "Section 3(l) of Act No. 426/2011 Coll., on Pension Savings." are deleted.
  60. In footnote 3, the words "Section 82(4) of Act No. 426/2011 Coll." are deleted.

PART THREE Amendment of the Decree on Professional Competence for the Distribution of Certain Products on the Financial Market

Article III Decree No. 215/2012 Coll., on Professional Competence for the Distribution of Certain Products on the Financial Market, is amended as follows:

  1. In Section 3(1), letter (b) is deleted. The existing letters (c) to (f) are designated as letters (b) to (e).
  2. In Section 4(1) and Section 4(2)(a) to (c), the words "pension savings and" are deleted.
  3. In Section 4(2)(d), the words "pension savings and" are deleted.
  4. In Annex No. 1, letter (b) is deleted. The existing letters (c) to (f) are designated as letters (b) to (e).

PART FOUR Amendment of the Decree on the Scope of Activities of the Depositary of a Pension Fund and the Depositary of a Participant Fund

Article IV Decree No. 341/2012 Coll., on the Scope of Activities of the Depositary of a Pension Fund and the Depositary of a Participant Fund, is amended as follows:

  1. In the title of the Decree, the words "of the Depositary of a Pension Fund and" are deleted.
  2. In the introductory part of Section 1(1), the words "of the Depositary of a Pension Fund and" are deleted.
  3. In Section 1(1)(a) to (c), (f) to (h) and (j) and the introductory part of Section 2, the words "in a pension fund and" are deleted.
  4. In Section 1(1)(d), the words "pension units of a pension fund (hereinafter referred to as 'pension unit') and" are deleted.
  5. In Section 1(1)(e), the words "pension units and" are deleted.
  6. In the headings of Sections 2 and 3, the words "in a pension fund and" are deleted.
  7. In the text under the heading of Section 2, the words "Section 39(1)(a) of the Pension Savings Act and" are deleted.
  8. In the text under the heading of Section 3, the words "Section 39(1)(a) and (b) of the Pension Savings Act and" are deleted.
  9. In the heading of Section 4, the words ", pension fund" are deleted.
  10. In the text under the heading of Section 4, the words "Section 39(1)(b) of the Pension Savings Act and" are deleted.
  11. In the introductory part of Section 4, the words "monetary funds of a pension fund on accounts referred to in Section 39(1)(b) of the Pension Savings Act and" are deleted.
  12. In Section 4, letter (a) is deleted and simultaneously the designation of letter (b) is deleted.
  13. In the heading of Section 5, the words "pension units and" are deleted.
  14. In the text under the heading of Section 5, the words "Section 39(1)(c) and (j) of the Pension Savings Act and" are deleted.
  15. In Section 5(1), the words "pension units and", the words "pension unit and" and the words "account of a pension fund and" are deleted.
  16. In Section 5(2), the words "pension units and", the words "to participants in pension savings and" and the words "account of a pension fund and" are deleted.
  17. In Section 5(3), the words "pension units and" and the words "statute of a pension fund and" are deleted.
  18. In the heading of Section 6, the words "pension units and" are deleted.
  19. In the text under the heading of Section 6, the words "Section 39(1)(d) and (i) of the Pension Savings Act and" are deleted.
  20. In Section 6, the words "pension units and" are deleted.
  21. In the heading of Section 7, the words "in a pension fund and" are deleted.
  22. In the text under the heading of Section 7, the words "Section 39(1)(f) of the Pension Savings Act and" are deleted.
  23. In the introductory part of Section 7, Section 8(1), (2) and (5), the words "in a pension fund and" are deleted.
  24. In Section 7(a), the words "in a pension fund or" are deleted.
  25. In the heading above the designation of Section 8, the words "in a pension fund and" are deleted.
  26. In the text under the designation of Section 8, the words "Section 39(1)(h) and (j) of the Pension Savings Act and" are deleted.
  27. In Section 8(2) and Section 9(1)(b) point 2, the words "of the Pension Savings Act," are deleted.
  28. In Section 8(3), the words "in Section 48(2)(b) of the Pension Savings Act or" are deleted.
  29. In Section 8(5), the words "of the Pension Savings Act," are deleted.
  30. In Section 8(6), the words "in a pension fund or" are deleted.
  31. In the text under the designation of Section 9, the words "Section 39(1)(h) and (j) of the Pension Savings Act and" are deleted.
  32. In Section 9(1)(a) and (b) point 2, the words "in a pension fund or" are deleted.
  33. In the introductory part of Section 9(1)(b), the words "assets referred to in Section 46(1), Section 47(1)(a), (b) and (c) and Section 48(1)(b) and (c) of the Pension Savings Act or" are deleted.
  34. In Section 9(1)(b) point 1, the words "in Section 48(2)(b) of the Pension Savings Act or" are deleted.
  35. In the text under the designation of Section 10, the words "Section 39(1)(h) of the Pension Savings Act and" are deleted.
  36. In Section 10(1), the words "and pension" and the words "pension funds and" are deleted.
  37. In the text under the designation of Section 11, the words "Section 39(1)(h) of the Pension Savings Act and" are deleted.
  38. In Section 11(a), the words "in a pension fund and" are deleted.
  39. In Section 11(b), the words "in a pension fund and participant" are replaced by the word "participant".
  40. In Section 11(c), the words "of the Pension Savings Act," are deleted.
  41. In the heading of Section 12, the words "in a pension fund and" are deleted.
  42. In the text under the heading of Section 12, the words "Section 39(1)(k) of the Pension Savings Act and" are deleted.
  43. In Section 12, the words "in a pension fund and" are deleted.
  44. In the text under the heading of Section 13 and in the introductory part of Section 13, the words "Section 41(6) of the Pension Savings Act and" are deleted.
  45. In Section 13(b), the words "by the Pension Savings Act," and the words "in a pension fund or" are deleted.
  46. In the text under the heading of Section 14, the words "Section 39(3) of the Pension Savings Act and" are deleted.
  47. In Section 14(1)(b) point 1, the words "in a pension fund and" are deleted.
  48. In Section 14(1)(b) point 3, the words "of a pension fund and" are deleted.
  49. In footnote 3, the words "Section 68 of Act No. 426/2011 Coll., on Pension Savings." are deleted.
  50. In footnote 5, the words "Sections 51 and 52 of Act No. 426/2011 Coll." and the words ", pension fund" are deleted.
  51. In footnote 6, the words "Sections 53 and 54 of Act No. 426/2011 Coll." are deleted.
  52. In footnote 7, the words "Section 55 of Act No. 426/2011 Coll." are deleted.

PART FIVE Amendment of the Decree on the Submission of Information by a Pension Company to the Czech National Bank

Article V Decree No. 425/2012 Coll., on the Submission of Information by a Pension Company to the Czech National Bank, is amended as follows:

  1. In Section 2(a), the words "pension fund," are deleted.
  2. In Section 3(1)(a) point 3, the word "pension/" is deleted.
  3. In the first and second paragraphs of the text of the Annex, the word "pension," is deleted.
  4. In the second paragraph of the text of the Annex, the words "laws regulating pension and" are replaced by the words "law regulating".
  5. In the third paragraph of the text of the Annex, the words "pension/", "pension and" and "pension/" are deleted.
  6. In the fifth paragraph of the text of the Annex, the words "pension and" are deleted.
  7. In the sixth paragraph of the text of the Annex, the words "Section 29 of Act No. 426/2011 Coll. and" are deleted.

PART SIX Amendment of the Decree on the Remuneration of a Liquidator, Compulsory Administrator and Insolvency Administrator of Certain Capital Market Service Providers and on the Reimbursement of Their Cash Expenses

Article VI Decree No. 474/2013 Coll., on the Remuneration of a Liquidator, Compulsory Administrator and Insolvency Administrator of Certain Capital Market Service Providers and on the Reimbursement of Their Cash Expenses, is amended as follows:

  1. In the introductory part of Section 3(2), the words "pension funds," are deleted.
  2. In Section 3(2)(a) and Section 9(1)(a), the words "of pension funds and" are deleted.
  3. In Section 3(6) and Section 5(4)(c), the words "of a pension fund and" are deleted.
  4. In Section 4(3)(c), the words "managed pension funds," are replaced by the word "managed".
  5. In Section 5(2), the words "pension funds," and the words "of pension funds," are deleted.
  6. In the introductory part of Section 9(1), the words "pension funds," are deleted.
  7. In Section 9(5), the words "of a pension fund and" are deleted.
  8. In Section 10(1) and (2), the words "of the Pension Savings Act," are deleted.
  9. In Section 10(3)(c), the words "of pension funds," are deleted.
  10. In Section 10(3)(e), the words "of a pension fund," are deleted.
  11. In Section 13(1)(c), the words "Section 99(5) of the Pension Savings Act," are deleted.
  12. In footnote 2, the words "Section 99(4) of Act No. 426/2011 Coll., on Pension Savings, as amended by Act No. 241/2013 Coll." are deleted.

PART SEVEN EFFECTIVENESS

Article VII This Decree shall enter into force on 1 January 2018.

Governor: Ing. Rusnok in. r.

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