report on activity of the ethics committee of unis čr for the period 2004

report on activity of the ethics committee of unis čr for the period 2004

REPORT FROM THE BOARD OF TRUSTEES OF UNIS ČR
ON ACTIVITIES OF THE UNION FOR THE PERIOD FROM
THE LAST GENERAL ASSEMBLY, HELD ON JUNE 29, 2004
AND THE MAIN TASKS FOR THE NEXT PERIOD
Firstly, let us summarise the past developments in the collective investment industry. The year 2003 was successful from the perspective
of an increase in assets in open-end mutual funds, although the anticipated growth rate was not achieved. The total assets in open-end
mutual funds grew from CZK 105.2 billion to CZK 109.2 billion in 2004. Net sales of shares of funds amounting to CZK 2 billion accounted
the most for this increase. The highest increase in financial means was recorded by money market funds equalling CZK 11.1 billion, equity
funds with net sales of CZK 1.1 billion and funds of funds with net sales amounting to CZK 72 million. On the other hand, balanced funds
and bond funds recorded negative net sales of CZK -7.7 billion, resp. CZK -6.6 billion. With regard to the fact that even foreign funds recorded
a significant increase in assets, it seems that the period of distrust from minor investors towards fund investment is over. It can be expected
that after learning more about the real functioning of the fund sector and the prospective boom of the capital markets, the investors will
also shift their investments to a more risky groups of funds.
During 2004, assets in open-end mutual funds of UNIS ČR members rose from CZK 105.2 billion to CZK 109.2 billion, i. e. by CZK 4 billion
■ Total sales were CZK 33.3 billion
■ Total redemption volume was CZK 35.2 billion
■ Total net sales were thus negative and equalled CZK - 2 billion.
■
The increase in fund assets has been continuing in 2004. In the first term of 2005, net sales were CZK 7.8 billion when total sales equalled
CZK 26.2 billion and the total redemption volume amounted to CZK 18.4 billion in this period.
Investors continue to pay their attention to money market funds (net sales of CZK 8.1 billion) while bond funds continue in negative net sales.
2
The overview of activities of the Union of Investment Companies of the Czech Republic in the period from July 2004 to April 2005 follows.
A. Organisational and Membership Issues
A.1. GENERAL ASSEMBLIES
The last regular General Assembly of the Union was held on June 29, 2004. It approved the change of the concept of UNIS ČR activities
concerning the law on collective investment, minor changes of the Union By-Laws and Binding Instructions and by-elected members of
the Board of Trustees and the Ethics Committee, and it elected new members of the Account Controllers. In the period from the last regular
General Assembly, one extraordinary General Assembly was held on September 21, 2004 with the only item on the agenda admitting the
Prosperita, a.s. as a regular member of UNIS ČR. Ten out of eleven regular members of UNIS ČR took part in the extraordinary General Assembly
and the proposal submitted by the Board of Trustees did not have the absolute minority of votes.
A.2. MEMBERSHIP BASE
As of the date of the last regular General Assembly, i. e. June 29, 2004, the Union had 11 regular members, 13 associate members and
one partner.
As of October 27, 2004, the copany ŽB-Trust, investiční společnost, a.s. terminated its regular membership following the merge with
Pioneer česká investiční společnost, a.s.
As of December 31, 2004, the Association of Financial Advisors and Agents terminated its associate membership following the merge
with the Association of Registered Financial Agents.
As of April 30, 2005, the Union had 10 regular members:
AKRO investiční společnost, a.s.
AIG Funds Central Europe správ.spol., a.s.
ČP Invest investiční společnost, a.s.
ČSOB Investiční společnost, a.s., člen skupiny ČSOB
Investiční kapitálová společnost KB, a s.
Investiční společnost České spořitelny, a.s.
Investiční společnost České spořitelny, a.s. – reprezentant rodiny
fondů ESPA (ERSTE Sparinvest)
J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.
Pioneer česká investiční společnost, a.s.
Pioneer česká finanční společnost, s.r.o.
The Union also has twelve associate members and one partner.
3
A.3. BOARD OF TRUSTEES
The regular General Assembly held on June 29, 2004 by-elected the following new members of the Board of Trustees:
Ing. Josef Beneš, ČSOB investiční společnost, a.s.
Pavel Bodlák, AIG Funds Central Europe správ.spol., a.s.
Ing. Pavel Veselý, ČP Invest investiční společnost, a.s.
The following changes in the constitution of the Board of Trustees have taken place in the next period:
As of October 27, 2004, the membership of Ing. Jiří Brabec terminated following the liquidation of ŽB-Trust, investiční společnost, a.s.
As of January 11, 2005, Ing. Vít Vařeka resigned following the termination of his employment contract in AKRO investiční společnost, a.s.
As of February 15, 2005, Ing. Jiří Trávníček from AKRO investiční společnost, a.s. was co-opted the member of the Board.
As of May 24, 2005, Pavel Bodlák resigned following the termination of his employment contract in AIG Funds Central Europe
správ.spol., a.s.
The Union Board of Trustees steps before the General Assembly in the following constitution:
Chairman of the Board
RNDr. Petr Zapletal, Investiční společnost České spořitelny, a.s.
Vice-chairman of the Board
Ing. Pavel Pršala, Investiční kapitálová společnost KB, a.s.
4
Members of the Board
Ing. Josef Beneš, ČSOB investiční společnost, a.s., člen skupiny ČSOB
Mgr. Roman Pospíšil, Pioneer česká investiční společnost, a.s.
Ing. Jiří Trávníček, AKRO investiční společnost, a.s.
Ing. Pavel Veselý, ČP Invest investiční společnost, a.s.
Mgr. Miloslav Zábojník – J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.
A.4. ETHICS COMMITTEE
After the regular General Assembly held on June 29, 2004,
the Ethics Committee worked in the following constitution:
Chairman
Ing. Pavel Hoffman, Investiční kapitálová společnost KB, a.s.
Vice-chairmen
Ing. Jana Doucková, ČP INVEST, investiční společnost, a.s.
Ing. Vendulka Klučková, ŽB-Trust, investiční společnost, a. s.
In-house members
Ing. Martin Burda, Investiční společnost České spořitelny, a.s.
Ing. Jana Procházková, J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.
Outside members
Ing. Helena Čacká, UNIVYC, a.s.
Ing. Martin Gradavský, Asociace finančních zprostředkovatelů a finančních poradců České republiky
Ing. Miroslav Singer, Česká národní banka
Ing. Petra Wendelová, Ernst & Young, s.r.o.
The Ethics Committee appeared before the General Assembly 2004 in the following constitution:
Chairman
Ing. Pavel Hoffman, Investiční kapitálová společnost KB, a.s.
Vice-chairmen
Ing. Jana Doucková, ČP INVEST, investiční společnost, a.s.
Ing. Vendulka Klučková, ŽB-Trust, investiční společnost, a. s.
In-house members
Ing. Martin Burda, Investiční společnost České spořitelny, a.s.
Ing. Jana Procházková, J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.
Outside members
Ing. Helena Čacká, UNIVYC, a.s.
Ing. Martin Gradavský, Asociace finančních zprostředkovatelů a finančních poradců České republiky
Ing. Miroslav Singer, Česká národní banka
Ing. Petra Wendelová, Ernst & Young, s.r.o.
The term of office of all members of the Ethics Committee expires this year, except for Ing. Jana Procházková and Ing. Miroslav Singer who
were elected by the last regular General Assembly held on June 29, 2004.
5
A.5. ACCOUNT CONTROLLERS
The General Assembly held on June 29, 2004 elected Ing. Jarmila Čermáková (ČSOB investiční společnost, a.s., člen skupiny ČSOB)
and Ing. Jana Dlouhá (J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.) to be the controllers of UNIS ČR accounts for
a two-year period.
A.6. GENERAL MANAGER
Ing. Martin Hanzlík took the position of the General Manager on June 15, 2002.
B. Important Activities of the Union in the Past Period
B.1. PREPARATION OF THE STRATEGY, THE BUDGET AND MEMBERSHIP FEES
6
Union's activities continue to be negatively influenced by the current situation in the collective investment industry, i. e. high market
concentration and thus a low number of udertakings and a decrease in number of employees in membership companies. The UNIS
strategy is to struggle for an extension of invesment opportunities for public and institutional investors in colletive investment undertakings;
further, also in compliance with European trends, to encompass the representation of all funds (both domestic a and foreing) and asset
management into one association. All activities leading to higher efficiency of asset management, protection of investors,
implementation of European regulations on the basis of activities of Ing. Hanzlík in the EFAMA European association (see below) and
certainly, all activities leading to investors' eduction remain the priorities.
Following the definiction of the concept, the view of the performance of the Ethics
Committee has been adjusted and members of the management of the Ministry
of Finance of the ČR, the Commission and ČNB are to be involved in the work of
the Committee. The Committee should then focus more attention to the definition
of rules for the investment sector and to handling disputable points of view on the
regulation as an independent self-regulatory body.
After budget reductions in past years, it almost remains the same; further decrease
in payments of membership companies will have to be handled on the income side
rather than from expenditures. It means focussing on acquiring new members and
involving them in the Union activities. It is also important for the internal Union
situation towards performed activities. After a strong consolidation of the sector
and changes in membership companies, it more difficult to assign the work groups
of different topics. No changes occurred as far as the calculation of membership
fees is concerned.
European Association of Funds and Asset Management (EFAMA) was established
in March 2005. It substituted former FEFSI and encompassed also the European
Asset Management. Thus a new association associating both national
associations and corporate members from important asset management
companies was established.
B.2. PREPARATION OF THE LAW ON COLLECTIVE INVESTMENT AND OTHER LEGISLATIVE ISSUES
UNIS ČR actively participated in the process of submitting the law on colletive investment into the Partliament. The law came into effect
on May 1, 2004.
After the adoption of the law, UNIS ČR started to cooperate with the Ministry of Finance and the Securities Commission on a law amendment.
The law amendment was divided into three parts, the first one was focused on technical amendments, i. e. amendment of articles which
have to be specified or modified with relation to the market performance and experience of martket players with provisions of the law.
The second part of the amendment concerned specifications and quite an extensive amendment of articles referring to property funds.
A German law using the type of an open-end mutual fund was used as a model. The third part of the amendment wanted to eliminate the
conflict in the current wording of the law. The law spaeks of investment of the public but introduces types of funds determined for a limited
number of persons from institutional investors and wealthy persons. With regard to to the fact that obligations of these funds are the
same as of public funds, it is not possible to establish such funds. The law, therefore, defines the only fund – "a special fund of qualified
investors" and keeps a special equity fund, fund of funds and the aforementioned property fund. UNIS was very active in preparation of
this amendment as a member of a work group consisting of representatives of the Ministry of Finance, Securities Commission, UNIS ČR
and the Association of Banks.
The issue of a levy of property from funds deposited at the depositary to the guarantee fund of securities traders was handled within the
framework of debating over the law amendment.
A whole range of regulations, in which the Union had participated with its comments, was prepared after the adoption of the law,.
B.3. MODIFICATION OF FUND TAXATION
The fund taxation was lowered from 15 % to 5 % in 2004. In the past period, UNIS was trying to further decrease the fund taxation to the
effective zero rate; the reason being continuous discrimination of investors investing in collective investment undertakings compared to
direct investments. Unfortunatelly, the Ministry of Finance has not responded to this proposal and thus the taxation of 5 % remains.
B.4. OTHER IMPORTANT ACTIVITIES OF UNIS ČR
The Union co-operates with other associations in handling issues common to financial market entities other than collective investment
undertakings. It concerned, for example, a united procedure in handling the possibility of using birth numbers for registration of investors
investing into collective investment products or a joint procedure with the Association of Banks in the matter of "evaluation differences"
in the income tax law.
A work group consisting of representatives of UNIS ČR, the Association of Banks and the Association of Pension Funds was established
in the past period. The result is a signature of a joint memorandum supporting the pension reform in the ČR and addressed to key political
representatives and the government of the ČR.
Introduction of a new system for gathering data from membership companies and a new web presenting the results and information represents
an important activity. It is a complex system enabling membership companies to manange funds' data directly without the need to send the
data to Union employees. The system is fully automatic and dynamic – i. e. all data are published and updated on-line. The system enables to
generate any questions for the needs of membership companies and those interested from the general public. The system has a built-in publishing
system enabling the Union employees to publish documents such as laws, press releases or other documents without the need of the software
company delivering the system to do it. The system has a built-in intranet web enabling certain groups of users (e. g. the Board of Trustees)
to share reports from boards meetings or any other documtns. The system is operated outside the UNIS headquarter and backed up every
hour. The stricktest requirements for protection and security of data provided by membership companies are thus met. The system automatically,
in prearranged time, generates several formats of documents for media and sends them to beforeanded e-mail addresses.
7
B.5. CO-OPERATION WITH THE SECURITIES COMMISSION
In the given period, co-operation with the Securities Commission mainly in the sphere of the legislation (preparation of the law on collective
investment), education (important co-operation in the field of educational programs focused on investment mediators, schools, state institutions,
etc.) and the concept (a memorandum on mutual co-operation was signed), has become significantly more active.
The co-operation with the Securities Commission in the sphere of investors' education continued in 2004 and 2005. The Czech television
put on a seven-episode eductional programm on investment at the beginning of 2005. The programm is also produced on DVD for the need
of financial institutions, distribution networks and the Commission. The General Manager of UNIS Ing. Hanzlík together with Prof. Tomáš
Ježek were professional guarantors of the programm.
The General Manager and representatives of member companies regularly participate in educational programmes under the auspices of
the Commission as speakers. In order to support investor knowledge, the Union, in co-operation with the department of external relations
of the Securities Commission, has prepared a brochure entitled "The Art to Invest". On the basis of the activity of the Commission, the schoolbook
"Guide in the capital market", of which the general manager Ing. Martin Hanzlík is a co-author", was incorporated in the plan for secondary
economic schools and universities.
Ing. Hanzlík is the member of the Committee for broker certificate and the member of the Committee for preparation of the Corporate Governance
rules, both established within the Commission.
B.6. CO-OPERATION WITH THE ASSOCIATION FOR THE CAPITAL MARKET
In 2004, the Union and AKAT agreed on organising a joint press conference which presented results of funds in the ČR for 2004 both of
domestic undertakings and foreign funds operating in the ČR. This joint activity can be assumed to continue in the coming period and similar
comparisons should always be presented at the half year and at the end of the year. The press conference held in February 2005 presented
results for domestic and foreign funds for 2004.
8
B.7. INTERNATIONAL ACTIVITIES OF THE UNION
UNIS ČR continues to be an active member of the European Federation of Investment Companies and Funds and Asset Management (EFAMA)
where Ing. Martin Hanzlík replaced Ing. Jiří Brabec in the EFAMA Board of Directors following the departure of Jiří Brabec from ŽB-Trust.
The Union Board of Trustees recommended Ing. Hanzlík as the representative of the Czech Republic in the EFAMA Board of Directors for
the next term of office. His candidacy was confirmed at the EFAMA General Assembly held on March 2, 2005 in Brussels. The benefits of
this membership are unambiguously positive, not only due to the access to data and information,but also due to the know-how for discussions
on development of the domestic regulation and its standardisation with regulations of the European Union. It is an important fact that EFAMA
(former FEFSI) now encompasses both the collective investment sector and asset management activities at the European level and it is
the bigget and strongest association covering asset management.
C. Professional Commissions
The activities of professional commissions and work groups play an important role in the whole Union because a large number of experts from
our members work there and at the same time, they represent a major benefit to the solution of issues affecting all or some of our members.
Work in professional commissions and work groups is very time consuming for members already heavily committed within their mother companies.
The Board of Trustees highly appreciates their work and thanks them for it.
The Legislative Commission and the Financial and Tax Commission have taken a standing position in the activities of the Union.
C.1. LEGISLATIVE COMMISSION
Currently, the Legislative Commission works in the following constitution:
Chairman
JUDr. František Tlustoš, ČP Invest investiční společnost, a.s.
Members
Mgr. Libor Vacek, Advokátní kancelář Balcar Polanský Bortin Rose, v.o.s.
Mgr. Andrea Cejnarová, Advokátní kancelář Pokorný, Wagner & spol.
Mgr. Jakub Joska, Advokátní kancelář Vyroubal Krajhanzl Školout a spol.
Mgr. Martin Vít, ČSOB investiční společnost, a.s., člen skupiny ČSOB
JUDr. Vlasta Belicová, Investiční kapitálová společnost KB, a.s.
JUDr. Karel Choc, Investiční společnost České spořitelny, a.s.
Mgr. Ivo Enenkl, J&T Asset Management, investiční společnost a.s.
Mgr. Nina Tobiášová, Pioneer česká investiční společnost, a.s.
Ing. Jan Fořt, RM-SYSTÉM, a.s.
JUDr. Daniel Weinhold, Ph.D., Weinhold Legal v.o.s.
JUDr. Věra Filkuková, Weinhold Legal v.o.s.
Mgr. Radka Kunovská (Šmídová) Pioneer česká investiční společnost, a.s.
C.2. FINANCIAL AND TAX COMMISSION
Currently, the Financial and Tax Commission works in the following constitution:
Chairman
Ing. Jan Drápal, Investiční kapitálová společnost KB, a.s.
Vice-chairmen
Ing. Jana Dlouhá, J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.
Members
Ing. Jarmila Čermáková, ČSOB investiční společnost, a.s., člen skupiny ČSOB
Zenon Folwarczny, Pricewaterhouse Audit, s.r.o.
Ing. Ondřej Janeček, Ernst & Young, k.s.
RNDr. Richard Scholle, Investiční společnost České spořitelny, a.s.
Ing. Martin Švalbach, Deloitte s.r.o.
RNDr. František Vencl, Pioneer česká investiční společnost, a.s.
9
D. Aims of the Union for the Future
At its meeting held in November 2002, the Board of Trustees approved a Union long-term mission and subsequent target spheres for
a long-term period (three years and more).
MISSION:
TO SUPPORT THE COLLECTIVE INVESTMENT ENTERPRISE AND TO CONTRIBUTE TO ITS DEVELOPMENT,
GROWTH AND PROTECTION OF INVESTORS.
OBJECTIVES:
1) To officially represent the industry to civil service entities, regulatory bodies and other undertakings of the financial market.
(To encompass the whole collective investment industry, i. e. to organise most market participants who operate on the basis of the law
regulating the collective investment)
2) To be active in determining the strategy of a further development of the industry in compliance with European trends. (Active
relationships with EFAMA and other European organisations, accession of the ČR to the EU).
3) To unify conditions for domestic and foreign collective investment undertakings and to expand the potential for collective investment
instruments in the economy. (Taxes, the degree of regulation, the use of funds in the pension system, etc.)
4) To increase the industry status and the protection of investors by active influencing on its members and the sector as a leading
self-regulatory organisation. (Transfer of a part of the performance of the regulatory body to the Union.)
10
It is clear that UNIS ČR continues to be a very successful organisation associating investment companies and other collective investment
undertakings.
Co-operation with EFAMA (FEFSI) proved to be beneficial. This organisation has been changing its concept in relation to the world development
of the industry and its experience may be useful alongside other experience and information which we have already acquired through this
co-operation.
SHORT-TERM OBJECTIVES:
1) To be active in finalising the amendment of the Law on collective investment with the aim of adopting the amendment as of
January 1, 2006. Mainly to focus on extension of the market potential by funds of qualified investors, property funds, etc.
2) To improve the general public and professional public awareness of the development in the mutual fund industry. To have a more
quality overview of sales and performance developments, and of other information on all funds distributed in the Czech market. To extend
the co-operation with membership companies, foreign managers and representatives of foreign funds, managers of asset management
and AKAT. UNIS has a modern information system enabling to gather and publish data on domestic and foreign funds.
3) To become involved in the discussion on the tax reform after the election in 2006. Despite the ongoing effort to lower the fund tax
rate, it becomes a higher priority to take care of an appropriate tax regime for mutual funds in the tax reform. A neutral impact of an
individual or a corporation on investing directly or through mutual funds is the objective.
4) To be active in influencing prospective reformatory steps in the market of financial products. The increasing interest of clients
in financial products has been leading to the need to adjust motivational conditions for clients choosing the products. It is our objective
to take care of an appropriate position of mutual funds among other types of products such as the pension insurance, life insurance
or building society.
Prague, May 24, 2005
On behalf of the Board of Trustees of UNIS ČR:
11
RNDr. Petr Zapletal
Chairman of the Board of Trustees
REPORT ON ACTIVITY OF THE ETHICS COMMITTEE OF UNIS
ČR FOR THE PERIOD 2004 – 2005
In the period from the last General Assembly, held on June 29, 2004, the Ethics Committee undertook a minimum of submissions and
complaints, none of them was found to be a serious breach of the Union Ethical rules. No sanction was applied. It is regarded by the Ethics
Committee as a very positive situation and a confirmation that UNIS ČR's attempt to create a transparent and trustworthy collective investment
sector in the Czech Republic is being successfully pursued.
The Ethics Committee also dealt with a whole range of topics in relation to the activity of Union members. These concerned the fund
classification, corporate governance issues, etc. The Ethics Committee also appealed for UNIS ČR to continue in the effort to unify the regulation
against other products, such as pension or life insurance.
Following the changes in the UNIS ČR strategy, the Ethics Committee started to pay more attention to, and to co-operate with, the whole
collective investment sector, i. e. mainly with regard to foreign funds associated in AKAT ČR.
With regard to the limited number of complaints from clients and further market stabilisation, future activities and the concept of the Ethics
Committee should be re-considered so that the Committee does not become only a formal Union body and contines to fulfill its tasks.
Prague May 16, 2005
12
Ing. Pavel Hoffman
Chairman of the Ethics Committee
Full members
Management Company
Address
E-mail
Website
Management Company
Address
AIG Funds Central Europe správ.spol., a.s.
Hviezdoslavovo nám. 20, 811 02 Bratislava
[email protected]
www.aaf.sk
AKRO investiční společnost, a.s.
Slunná 25, 162 00 Praha 6
E-mail
[email protected]
Website
www.akro.cz
Management Company
Address
ČP INVEST investiční společnost, a. s.
Purkyňova 74/2, 110 00 Praha 1
E-mail
[email protected]
Website
www.cp-invest.cz
Infoline
Management Company
Address
E-mail
844 111 121
ČSOB investiční společnost, a.s.
Perlová 371/5, 110 00 Praha 1
[email protected]
Website
www.csob.cz
Infoline
800 100 030
Management Company
Address
Investiční kapitálová společnost KB, a.s.
Dlouhá 34, 110 15 Praha 1
E-mail
[email protected]
Website
www.iks-kb.cz
Infoline
800 111 166
13
Full members
Management Company
Address
Na Perštýně 342/1, 110 00 Praha 1
E-mail
[email protected]
Website
www.iscs.cz
Infoline
Management Company
Address
800 207 207; 800 194 586
J&T ASSET MANAGEMENT, INVESTIČNÍ SPOLEČNOST, a.s.
Pobřežní 14, 186 00 Praha 8
E-mail
[email protected]
Website
www.jtam.cz
Infoline
800 149 172
Management Company
14
Investiční společnost České spořitelny, a.s.
Address
E-mail
Website
Infoline
Management Company
Address
E-mail
Website
Infoline
Pioneer česká finanční, s.r.o.
Karolinská 650/1, 186 00 Praha 8
[email protected]
www.pioneerinvestments.cz
800 160 160
Pioneer investiční společnost, a.s.
Karolinská 650/1, 186 00 Praha 8
[email protected]
www.pioneerinvestments.cz
800 160 160
Associate members
Company
Address
E-mail
Website
Company
Address
E-mail
Website
Company
Advokátní kancelář Balcar Polanský Norton Rose, v. o. s.
Elišky Peškové 735/15, 151 31 Praha 5
[email protected]
www.nortonrose.com
Advokátní kancelář Vyroubal Krajhanzl Školout a spol.
Lazarská 5, 110 00 Praha 1
[email protected]
www.akvks.cz
Asociace finančních zprostředkovatelů
a finančních poradců České republiky
Address
Vinohradská 938/37, 120 00 Praha 2
E-mail
[email protected]
Website
www.afizcr.cz
Company
Address
E-mail
Website
Company
Address
E-mail
Website
CRA RATING AGENCY, a. s.
Washingtonova 17, 110 00 Praha 1
[email protected]
www.crarating.cz
Česká kapitálová informační agentura, a. s.
Opletalova 5, 110 00 Praha 1
[email protected]
www.cekia.cz
15
Associate members
Company
Deloitte&Touche CR, s.r.o.
Address
Týn 641/1, 110 00 Praha 1
E-mail
Website
www.deloitteCE.com
Company
Ernst & Young, s.r.o.
Address
E-mail
Website
Company
16
[email protected]
Address
E-mail
Website
Company
Address
E-mail
Website
Company
Address
E-mail
Website
Karlovo náměstí 10, 120 00 Praha 2
[email protected]
www.ey.cz
Pražská softwarová, s.r.o.
Veletržní 24/200, 170 00 Praha 7
[email protected]
www.praguesoft.cz
PricewaterhouseCoopers Audit, s.r.o.
Kateřinská 40/466, 120 00 Praha 2
[email protected]
www.pwcglobal.com/cz
RM-SYSTÉM, a. s.
Podvinný mlýn 6, 180 18 Praha 9
[email protected]
www.rmsystem.cz
Associate members
Company
Středisko cenných papírů
Address
Rybná 14, 110 05 Praha 1
E-mail
scp_is@scp
Website
www.scp.cz
Company
UNIVYC, a.s.
Address
Rybná 14, 110 05 Praha 1
E-mail
[email protected]
Website
www.univyc.cz
Company
Address
E-mail
Website
Weinhold Legal, v. o. s.
Karlovo nám. 10, 120 00 Praha 2
[email protected]
www.weinholdlegal.com
Partner
Company
Address
E-mail
Website
Mgr. Andrea Cejnarová
Karolíny Světlé 301/8, 110 00 Praha 1
[email protected]
www.p-w.cz
17