The creation and operation of qualified investor funds are subject to numerous rules and regulations. This section includes an overview of the most important ones.
The single European regulatory system for alternative funds has been governed by the Alternative Investment Fund Managers Directive (AIFMD).
This Directive applies to all platforms intended to pool capital and invest it if these are not subject to the UCITS Directive, regulating standard funds for the public.
Under the AIFMD, the fund manager can use the European passport and operate across all Member States of the EU.
A less restrictive regime applies to managers whose funds do not exceed €100 million (or €500 million for funds that do not use financial leverage and do not guarantee buy-back of units within 5 years). The funds of these ‘below-threshold’ managers are subject to the ‘national’ regime in the Czech Republic, which is very similar to the full regulation regime under AIFMD.
The related European legislation includes in particular:
- The Commission Regulation, which gives a closer specification of certain provisions of AIFMD
- Regulation (EU) No 345/2013 of the European Parliament and of the Council, on European venture capital funds
The Czech legal system governs investment funds by Act No :240/2013 Coll., on Investment Companies and Investment Funds, effective from 19 August 2013, and by other legislation, including in particular:
- Government Regulation No 243/2013 Coll., on Investment by Investment Funds and on Techniques to Manage Them
- Decree No 249/2013 Coll., on Notification of Data by the Manager and Administrator of an Investment Fund and of a Foreign Investment Fund to the Czech National Bank
- Decree No 244/2013 Coll., Detailing Certain Rules of the Act on Investment Companies and Investment Funds
Other selected and related legislation includes:
- Act No 256/2004 Coll., on Capital Market Undertakings
- Act No 591/1992 Coll., on Securities
- Act No 253/2008 Coll., On Selected Measures against Legitimising the Proceeds of Crime and Financing Terrorism
- Act No 101/2000 Coll., on Personal Data Protection
Other Information Sources
Please contact us or use the following information sources for further information on the management of investment funds:
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