FINANCIAL LAW NEWS. Risk Management System in Pension Funds

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1 MAY 2012 MEASURES OF NATIONAL BANK OF SLOVAKIA page: 1 AMOUNT OF COMPENSATION FOR PAIN AND OBSTRUCTION OF SOCIAL VERSATILITY FOR 2012 page: 1 OTHER SIGNIFICANT LEGAL REGULATIONS JUDICIAL DECISIONS UNJUST ENRICHMENT MATURITY OF PURCHASE PRICE FOR GOODS PREPARED LEGISLATION page: 3 CHANGE OF BANK LEVY page: 3 INTRODUCTION OF BASIC BANK PRODUCT page: 3 SPECIAL LEVY FROM UNDERTAKING IN REGULATED INDUSTRIES page: 4 MEASURES AGAINST TAX EVASION page: 4 CHANGE IN ACT ON ELECTRONIC COMMUNICATIONS page: 5 MEASURES OF NATIONAL BANK OF SLOVAKIA (Measure of the National Bank of Slovakia No. 155/2012 Coll. on System of Risk Management, Risk Assessment and Calculation of the Overall Risk and the Counterparty Risk in the Pension Funds; Measure of the National Bank of Slovakia No. 154/2012 Coll. on Fees for the Securities Issuer and their Payment by the Pension Savings Company) Risk Management System in Pension Funds New Measure of the National Bank of Slovakia is implementing numerous provisions of Act on Retirement Pension Saving. First of all, it determines details on the risk management system, the person responsible for risk management, as well as other risks, defined for the purpose of risk management. Separate part of the measure regulates the matters of calculation of the overall risk of noble metal derivatives and noble metal index derivatives, by means of application of the obligation method and the value in risk method. of securities, defined as allotment certificate of the open unit trust and securities according to Section 81 (1) (c) and (d) of Act on Retirement Pension Saving. According to the Measure, the amount of fee for the securities issuer related to issuance of the securities is determined by the issuer, by percentage rate from the actual price of the security paper or by the fixed sum, stated in the statute, prospectus or other similar document, issue conditions, agreement on purchase of securities, or in the generally respected information system publishing official market prices of financial instruments. The fee for the issuer related to payment of securities is likewise determined by the issuer, by percentage rate from the actual price of the securities or by the fixed sum, as well as by deduction from the current price of the securities, stated in the statute, prospectus, other similar document or in the generally respected information system publishing official market prices of financial instruments. Further, the Measure determines details on further requisites of the information prospect of the pension fund and the annual report on management of assets in the pension fund, regarding risk assessment and management in the pension fund. The fees shall be transferred from the assets of the pension savings company to the current account of the pension fund held by the depository at the latest within three business days from the day of issuance or payment of the security. Štúrova Bratislava, Slovak Republic tel.: (421-2) fax: (421-2) office@cechova.sk branch: Avenue d Auderghem 36 B-1040, Brussels, Belgium Tel.: +32 (0) fax: +32 (0) brussels@cechova.sk Finally, the Measure regulates the requirements for the financial deposit, by which the counterparty risk may be decreased in trades concluded outside the regulated market, as well as rules for calculation of limits for investment of assets in the index pension fund. This Measure became effective on 1 June Fees for Securities Issuer Measure of the National Bank of Slovakia implementing several provisions of Act No. 43/2004 Coll. on Retirement Pension Saving, as amended, determines the fees for the issuer This Measure became effective on 1 June AMOUNT OF COMPENSATION FOR PAIN AND OBSTRUCTION OF SOCIAL VERSATILITY FOR 2012 (Notification of the Ministry of Health of the Slovak Republic No. 149/2012 Coll. on Issuance of Measure Determining the Amount of Compensation for Pain and Obstruction of Social Versatility for 2012) This Measure implements provision of Section 5 (4) of Act No. 437/2004 Coll. on Compensation for Pain and Obstruction of Social Versatility, as amended. The amount of the compensation for pain and for obstruction of social versatility for 2012 was determined as EUR for one point.

2 MAY This Measure is published in issue 16/2012 of the Journal of Ministry of Health of the Slovak Republic and can be inspected at the Ministry of Health of the Slovak Republic. This Measure became effective on 31 May Other significant legal regulations published in the Collection of Laws in the month of May 2012 are as follows: - Decree of the Ministry of Environment of the Slovak Republic No. 153/2012 Coll. Amending and Supplementing Decree of Ministry of Environment of the Slovak Republic No. 125/2004 Coll. Determining Details of Processing of Old Vehicles and on Several Requirements for Manufacturing of Vehicles, as Amended, - Notification of the Telecommunications Office of the Slovak Republic No. 152/2012 Coll. on Issuance of Measure Determining Details on Maintaining Safety and Integrity of Public Electronic Communications Networks or Public Electronic Communications Services, - Notification of the Ministry of Foreign Affairs of the Slovak Republic No. 151/2012 Coll. on Conclusion of the Treaty between the Government of the Slovak Republic and the Government of Hungary on Traffic Character of Roads Crossing the Mutual National Frontier, - Notification of the Ministry of Foreign Affairs of the Slovak Republic No. 150/2012 Coll. on Conclusion of the Implementing Treaty to the Treaty between the Government of the Slovak Republic and the Government of the Polish Republic on Mutual Representation in Issuance of Visas, - Decree of the Ministry of Agriculture and Rural Development of the Slovak Republic No. 148/2012 Coll. Determining Details on Exemptions in Collection, Transport and Disposal of Animal By-products and on Usage of Animal By-products for Special Feeding Purposes, - Decree of the Ministry of Transport, Construction and Regional Development of the Slovak Republic No. 147/2012 Coll. Amending and Supplementing Decree of Ministry of Transport, Posts and Telecommunications of the Slovak Republic No. 529/2009 Coll. Determining Parts of Highways, Motorways and 1st Class Roads with Electronic Toll Collection, as Amended, - Decree of the Ministry of Labour, Social Affairs and Family of the Slovak Republic No. 146/2012 Coll. Determining Details on Calculation of the Sum Paid to the Natural Person, Obligatory Participation of Who in Retirement Pension Saving Ceased from 1 January 2008 as a Result of Award of a Disability Pension, - Regulation of the Government of the Slovak Republic No. 145/2012 Coll. Amending and Supplementing Regulation of the Government of the Slovak Republic No. 312/2007 Coll. Determining Details on the Method of Collection and Payment of the Obligatory Payment to the National Nuclear Fund for Decommissioning of Nuclear Facilities and for Handling the Spent Nuclear Fuel and Nuclear Waste, - Decree of the Ministry of Agriculture and Rural Development of the Slovak Republic No. 143/2012 Coll. on Breeding of Dangerous Animals, - Regulation of the Government of the Slovak Republic No. 139/2012 Coll. Amending and Supplementing Regulation of the Government of the Slovak Republic No. 57/2007 Coll. Determining Requirements for Releasing Grain Seeds to the Market, as Amended. JUDICIAL DECISIONS In this part are stated quotations from opinions of selected judicial decisions and statements in civil, labour and business matters: UNJUST ENRICHMENT (Resolution of the Supreme Court of the Slovak Republic of 28 September 2011 No. 4 Cdo 256/2010, published in the Collection of Opinions of the Supreme Court and Decisions of Courts of the Slovak Republic) Deposit for the purchase price, which was paid to the owner of the product based on his promise to sell the product became his unjust enrichment in the moment when he refused to sell the product, or when the impossibility to sell the product occurred. MATURITY OF PURCHASE PRICE FOR GOODS (Judgment of the Supreme Court of the Slovak Republic No. 1 M Obdo V 3/2011, published in the journal From Court Practice 2/2012, p. 72) Art. 50 (1) and Art. 59 of UN Convention on

3 MAY Contracts for the International Sale of Goods Section 730 of the Commercial Code Art. 7 and 8 of UN Convention on Contracts for the International Sale of Goods Art. 8 of Convention on the Limitation Period in the International Sale of Goods The question of limitation period of the right of the plaintiff for payment of the purchase price for goods must be determined from the moment of its maturity, which should be, in line with Art. 58 (1) of UN Convention on Contracts for the International Sale of Goods, the day when the defendant could have had the goods at his disposal. Unilateral designation of maturity of the purchase price in 180-day period on the invoices of the plaintiff does not constitute the agreement between the parties on maturity of the purchase price, nor is it a usual practice in maturity of the purchase price. PREPARED LEGISLATION This part contains current bills of selected legal regulations that are in legislative process at the time of closure of this edition. CHANGE OF BANK LEVY 384/2011 Coll. on Special Levy of Selected Financial Institutions, Amending and Supplementing Certain Acts and Amending and Supplementing Act of the National Council of the Slovak Republic No. 118/1996 Coll. on Protection of Deposits, Amending and Supplementing Certain Acts, as Amended) The purpose of the governmental proposal of the amendment to the Act on Special Levy of Selected Financial Institutions is the adjustment of the basis for calculation of the levy in a way that the basis for calculation of the levy will not be reduced by the amount of deposits accepted on the territory of the Slovak Republic and protected according to the Act on Protection of Deposits and the amount of deposits accepted on the territory of the Slovak Republic and protected in another EU Member State or other state, being party to the Agreement on European Economic Area. At the same time, it is proposed to oblige the banks and branches of foreign banks to pay the extraordinary levy for the 4th quarter of 2012 in the amount of 0.1% from the basis for calculation of the levy, calculated from the data contained in the individual financial statement of the bank prepared according to accounting standards as to 31 December 2011, and certified by the auditor. INTRODUCTION OF BASIC BANK PRODUCT 483/2001 Coll. on Banks, and Amending and Supplementing Certain Acts, as Amended) Government of the Slovak Republic approved and submitted to the Slovak Parliament the proposal of the amendment to the Act on Banks, the main purpose of which is to introduce the basic bank product, thus to provide access to current account and basic payment services to the consumers. The basic bank product should consist of the following bank services: (i) opening, holding and cancellation of the current account in euro currency, (ii) execution of payment operations: deposit of cash in euro currency to the current account, extraction of cash in the euro currency from the current account, cashless transfers of financial means from the current account or to the payment account held by the payment services provider in euro currency including the standing order, collection order and the standing collection order, and (iii) issuance of the international debit card. It is proposed to enact the obligation of banks to provide the basic bank product to the client, which is a consumer, and which achieved the age of 18 years, filed the written request for provision of the product, does not hold the current account, deposit account or financial deposit confirmed by the deposit book, and does not achieve a monthly income higher than the amount of the monthly minimum salary. The implementing Decree should determine the maximum amount of the fee for the basic bank product.

4 MAY This Act also envisages the creation of the common registry of consumers, to whom the basic bank product is provided, by means of which the banks and branches of foreign banks will be able to disclose and provide the information on the provided basic bank product to consumers in the extent and under the conditions determined by law. SPECIAL LEVY FROM UNDERTAKING IN REGULATED INDUSTRIES (Proposal of Act on Special Levy from Undertaking in Regulated Industries and Amending and Supplementing Certain Acts) It is proposed to introduce the obligation to pay the special levy from undertaking in regulated industries by the regulated person, being the legal entity authorized to conduct business in the sector of energy, insurance and reinsurance, public health insurance, electronic communications, pharmacy, postal services, rail transport, public sewage, air transport and public water supply, and which assumes that its revenues from the regulated activity for the accounting period in which it gained its license amounted to at least 50% of its overall revenue in this accounting period. The basis of the levy should be the economic result, generated in the accounting period, in which the regulated person holds the license for the regulated activity. The proposed rate is , while the levy should be calculated as the product of the base and the rate of the levy. Last period of the levy should be December The paid levy should constitute a tax expense. MEASURES AGAINST TAX EVASION 222/2004 Coll. on Value Added Tax, as Amended, and Amending and Supplementing Certain Acts) Proposed Changes in Value Added Tax Act The purpose of the proposed amendment to the Act on Value Added Tax is to facilitate fight against tax evasion. In VAT regulation, it is proposed to make the conditions for tax registration stricter for risk entities, which currently own or manage or owned or managed in the past the companies, which have or had VAT debts, and extension of powers of the tax office to cancel the registration for the taxpayer in legitimate cases in order to exclude the risk persons from the registry of taxpayers and the VAT system. It is further proposed to transfer the obligation to pay the tax to the recipient of the performance in order to eliminate tax evasion, in particular in cases of forced sale of real estate (execution proceedings and bankruptcy) and in cases of sale of goods during the execution of pledge and the execution of the security transfer of ownership, i.e. in cases where the unenforceability of the tax at output on the side of the seller is the most common. It is proposed to regulate the institute of guarantee for payment of tax at output in order to eliminate the taxable trades, the sole purpose of which is the abuse of right and achieving payment of the unlawful extensive tax deduction. Further, it is proposed to introduce the new obligation to electronically maintain and deliver to the tax office the evidence of purchases of used motor vehicles from other EU Member States, and the reduction of limit, until which the bill generated by the electronic cash register is considered a proper invoice. Proposed Changes in Commercial Code This Amendment further proposed to add new provisions to the Commercial Code, based on which it will be prohibited for the person with tax debt to establish a limited liability company. The obligation to submit the approval of the tax office with transfer or division of the majority business interest is proposed. Proposed Changes in Criminal Code Further proposed measures are changes in the Criminal Code in the area of tax offences, in particular the obligatory imposition of the punishment of prohibition of activity in the upper half of the penal rate for tax offences, in case the unlawful conduct amounted to the aggravated tax offence, introduction of new

5 MAY subject-matters criminal offences of tax fraud and obstruction of tax administration, and regulation of expiry of culpability in case of several tax offences (active repentance), exclusively in case of the non-aggravated offence. This Act is proposed to become effective on 1 October 2012, save for several provisions, which should become effective later. CHANGE IN ACT ON ELECTRONIC COMMUNICATIONS 351/2011 Coll. on Electronic Communications) This partial amendment to the Act on Electronic Communications intends to introduce the possibility to allocate the individual rights for usage of frequencies by Telecommunications Office of the Slovak Republic by electronic auction. At the same time, it is proposed to introduce the provision, based on which the Telecommunications Office, in order to prevent the obstruction of the purpose of the tender, will not provide any information regarding the tender until its completion.

6 MAY The information contained in this publication is not a legal advice. For any questions regarding the contained information, please consult the contact person for the respective topic. The Financial Law News is not a printed periodical and is avai lable in electronic format only as a marketing product distributed to a selected group of addressees. If you do not wish to receive the Financial Law News, or wish to be inclu ded in our mailing list, please notify the editor at the below address. You can find more information on our website: where the online versions of Financial Law News are available. For information on European Union and European Community law, you may obtain the European Community Law News, available under the same conditions as the Slovak Financial Law News. Editor Financial Law News: Mgr. Zuzana Gaálová, zuzana.gaalova@cechova.sk Čechová & Partners. Unauthorised copying not permitted Advokátska kancelária Čechová & Partners Združenie advokátov: JUDr. Katarína Čechová (evidenčné číslo v zozname advokátov vedenom Slovenskou advokátskou komorou: 0339/ ) poverená vedením úč tovníctva združenia pod IČ DPH SK , JUDr. Simona Haláková (5503/ ), Mgr. Ing. Michaela Jurková (4286/ ), Mgr. Tomáš Maretta (1601/ ), Mgr. Tomáš Rybár (3988/ ). Členovia združenia advokátov Čechová & Partners sú zapísaní v zozname advokátov ve denom Slovenskou advokátskou komorou (SAK) so sídlom Kolárska 4, Bratis lava a advokátske povolanie vykonávajú v zmysle príslušných advokátskych predpisov dostupných na internetovej stránke umožňujúcej trvalý prístup k infor máciám o tejto stavovskej organizácii. Členovia združenia advokátov nadobudli akademic ké tituly v Slovenskej republike. Štúrova 4, Bratislava Slovak Republic tel: +421 (2) , fax: +421 (2) office@cechova.sk, Branch Office: Avenue d Auderghem 36 B-1040 Brussels, Belgium tel.: +32 (0) , fax: +32 (0) brussels@cechova.sk,