Legislation
The establishment and operation of these funds must comply with many legislative rules.
Czech legislation
QIFs are governed by Act No. 240/2013 Coll., on Investment Companies and Investment Funds, effective as of 19th August 2013 and modified by the following regulations:
- Government Decree No. 243/2013 Coll., on Investment Fund Investments and Techniques and Instruments Used for the Purpose of Portfolio Management;
- Decree No. 267/2020 Coll., on Reporting by a Manager and an Administrator of an Investment Fund or Foreign Fund to the Czech National Bank;
- Decree No. 244/2013 Coll., on More Detailed Regulation of Certain Rules Set out by the Act on Management Companies and Investment Funds;
- Decree No. 247/2013 Coll., on Applications According to the Act on Management Companies and Investment Funds;
- Act No. 256/2004 Coll., Capital Market Undertakings Act
- Act No. 256/2004 Coll., on Capital Market Business;
- Act No. 253/2008 Coll., on Selected Measures Against Legitimisation of Proceeds of Crime and Financing of Terrorism;
- Act No. 101/2000 Coll., on Data Protection
European legislation
- Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”)
AIFMD introduced a unified European regulation system for alternative investment funds. This directive covers all platforms for capital and investments in pooled funds that are not operated under the UCITS directive. UCITS (Undertakings for Collective Investment in Transferable Securities) is a framework that regulates mutual funds.
The directive has been supplemented by other regulations: - Commission regulation supplementing Directive 2011/61/EU (AIFMD);
- Regulation (EU) No 345/2013 of the European Parliament and of the Council, on European Venture Capital Funds
Other information sources:
- ESMA (European Securities and Markets Authority);
- CNB – supervision of the financial market
- Czech Capital Market Association (AKAT)
