Vladimír Urbánek (Kurzy.cz)
Mutual Funds  |  December 17, 2012 10:54:33

CCMA: New Opportunities Funds in the Czech Republic


On 19 December 2012 the Government of the Czech Republic at its meeting discussed the draft law on investment companies and investment funds. The law has come into effect in July next year. Following intense negotiations Capital Market Association (CCMA) with the Ministry of Finance was able to enforce the new law a number of useful changes and innovations that contribute to the development fund in the country.

"Together with the Ministry of Finance to agree on the fact that it is necessary to create a system in the Czech Republic, the conditions for the management of investment funds and their administration so as to maintain appropriate and proportionate measure to protect investors," says Josef Benes, Chairman of the Executive Committee CCMA and added: "I am pleased that our negotiations with the ministry was successful in terms of accepting our recommendations and I believe that the new legislative proposal this week to the government a chance to succeed."

The third comprehensive legislative adjustment fund business since 1992 based on the legacy of the Collective Investment. It presents many new and useful changes in legislation regulating funds, together with the implementation of European directives concerning the activities of standard funds, special funds and qualified investors.

The Czech Republic ranks this step alongside Luxembourg, Switzerland and Ireland, as well as these states went beyond mere implementation of European regulations and choose the path of major legislative changes in order to attract these jurisdictions for investors.

"Despite the fact that the collective investment occurred in the last decade to a large development, which also contributed to various amendments to the Act on Collective Investment, Czech funded business needs better legislative base. And the new law undoubtedly is, "says Josef Beneš. "When will be complemented quality tax treatment, which can be found in all Fonda developed countries, we can look forward to a significant development in this area of business, which will benefit managers, investors and the state itself," he adds.

 

The main benefits of the new Law on Investment Companies and Investment Funds:

• distinction between the activities of investment companies and accordingly set the responsibility for these activities - management vs. administration of investment funds;

• reducing the administrative burden associated with managing funds;

• graduation supervision by the Czech National Bank and regulations according to the type of fund Management Company, and in particular

• extension of the legal forms of investment funds.

 

For more information contact:

John Michalíková, executive director CCMA (info@akatcr.cz)

www.akatcr.cz

 

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