Act No. 240/2013 Coll.
§ 272
(1) A share in a qualified investor fund may only be acquired by contract and, in the case of a trust fund, by the founder of the qualified investor fund or by the person who increases the assets of the qualified investor fund by contract, as well as by a silent partner of the qualified investor fund,
a) a person referred to in Section 2a(1) of the Act regulating business on the capital market,
(b) the person referred to in Article 2a(2) of the Act regulating business on the capital market,
(c) a fund manager or comparable foreign person on behalf of an investment fund or a foreign investment fund which it manages,
(d) a pension company on behalf of a participating fund or a transformed fund it manages,
(e) a person carrying on an activity referred to in Section 2(b),
(f) a legal person subordinate to a central government body,
(g) a person who, under the law regulating capital market business or the law of another Member State, is considered to be a professional client in relation to investments in that qualifying fund,
(h) a person who has made a declaration that he or she is aware of the risks associated with investing in that qualified investor fund if he or she is a shareholder, founder or partner in another investment fund or foreign investment fund managed by the same manager as that fund and administered by the same administrator as that fund, and if the amount of the paid-up deposit or the paid-up investment in those funds, as well as the assets managed pursuant to Article 11(1)(a) of Directive 2009/65/EC, corresponds to the amount of the investment in those funds. 1(c), where it is managed by the same manager as that fund, in aggregate amounts to at least
1. EUR 125 000, or
2. EUR 1000000, if the manager or administrator of that qualified investor fund, or a person authorised by him, confirms in writing that, on the basis of information obtained from the investing person in a manner similar to the provision of the main investment service referred to in Section 4(2)(d) or (e) of the Capital Market Undertakings Act, he reasonably believes that the investment is consistent with the financial background, investment objectives and investment expertise and experience of the investing person; or
(i) a person who has made a declaration that he or she is aware of the risks associated with investing in that qualifying investor fund and whose paid-up deposit or paid-up investment in that fund is equivalent to an amount of at least
1. EUR 125 000, or
2. CZK 1000000, if the manager or administrator of this Qualified Investor Fund, or a person authorised by him, confirms in writing that, on the basis of information obtained from the investing person, similarly to the provision of the main investment service referred to in Section 4(2)(d) or (e) of the Capital Market Undertakings Act, he reasonably believes that this investment corresponds to the financial background, investment objectives and investment expertise and experience of the investing person.
(2) A person referred to in paragraph 1 is a qualified investor. The restriction under paragraph 1 shall not apply to the manager of the qualified investor fund concerned and to the founder shares.
(3) If a person has acquired shares in a qualified investor fund in violation of paragraph (1) or if a person has become a founder or silent partner of a qualified investor fund or one who increases the assets of a qualified investor fund by contract in violation of paragraph (1), this shall be disregarded.
(4) The declaration referred to in paragraph (1)(h) and (i) shall be made in writing and separately and not as part of the terms and conditions governing the contract between the parties.
(5) It shall be prohibited for the amount of the deposit or investment to fall below the minimum amount specified in paragraph (1)(h) or (i) as a result of the qualified investor's conduct. The possibility of the qualified investor to cease to be a qualified investor in a qualified investor fund shall not be affected.
(6) The court shall, on the application of the Czech National Bank or of a person who has a legitimate interest therein, dissolve a qualified investor fund and order its liquidation if it does not meet the prerequisite required under paragraph 1. The court shall give the qualified investor fund a reasonable period of time to remedy the situation before making its decision.
§ 273
(1) The provisions of Section 272 (1) and (6) shall not apply to a qualifying investor fund which is a qualifying venture capital fund pursuant to Article 3 (b) of Regulation (EU) No 345/2013 of the European Parliament and of the Council, as amended, a qualifying social entrepreneurship fund pursuant to Article 3 (b) of Regulation (EU) No 346/2013 of the European Parliament and of the Council, as amended, or a European long-term investment fund.
(2) The court shall, on the proposal of the Czech National Bank or of the person who has a legitimate interest therein, dissolve a qualified investor fund which is a qualified venture capital fund pursuant to Article 3(b) of Regulation (EU) No. 345/2013, as amended, and order its liquidation if its shareholder, founder, partner or silent partner and, in the case of a trust fund, also the person who increased its assets by contract, does not meet the prerequisite required under Article 6 of Regulation (EU) No 345/2013 of the European Parliament and of the Council, as amended. The court shall give the qualifying fund a reasonable period of time to seek redress before making a decision.
(3) The court shall, on the application of the Czech National Bank or of the person who has a legitimate interest therein, dissolve a qualified investor fund which is a qualified social entrepreneurship fund pursuant to Article 3(b) of the directly applicable regulation of the European Union governing European Social Entrepreneurship Funds and order its liquidation if its shareholder, founder, partner or silent partner and, in the case of a trust fund, also the person who increased its assets by contract, does not meet the prerequisite required pursuant to Article 6 of Regulation (EU) No 346/2013 of the European Parliament and of the Council, as amended. The court shall give the qualifying fund a reasonable period of time to seek redress before making a decision.
(4) The court shall, on the application of the Czech National Bank or of the person who has a legitimate interest therein, dissolve a qualifying investor fund which is a European long-term investment fund and order its liquidation if its shareholder, settlor, member or silent partner and, in the case of a trust fund, also the person who increased its assets by contract, does not meet the prerequisite required under Article 30(3) of Regulation (EU) 2015/760 of the European Parliament and of the Council. The court shall give the qualifying investor fund a reasonable period of time to seek redress before making a decision.