For the purpose of this Memorandum :Ī) "credit institution" means a legal entity with its registered office in Belgium which has been granted an authorisation pursuant to the Belgian Banking Law ī) "bank" means a legal entity founded as a joint-stock company with its registered office in the Czech Republic which has been granted a banking license pursuant to the Czech Act on Banks Ĭ) "branch" means an organisational unit of a credit institution or a bank (head office) incorporated in Belgium (the Czech Republic) which has been granted a banking license (an authorisation) in the Czech Republic (Belgium) ĭ) "subsidiary" means a bank (credit institution) incorporated in the Czech Republic (Belgium) which is controlled by a (parent) credit institution (bank) incorporated in Belgium (the Czech Republic) Į) "cross-border establishment" means an establishment of a branch or a subsidiary of a credit institution (bank) incorporated in Belgium (the Czech Republic) which has been granted a banking license (an authorisation) in the Czech Republic (Belgium) į) "supervised institution" means a credit institution (bank) or any other institution subject to the supervision or control of the CBF (CNB) pursuant to the relevant laws The Commission Bancaire et Financiere in Belgium is entrusted with the supervision of compliance with the provisions of these Laws.ģ) The Authorities intend to co-operate in the supervision of cross-border establishments of banks incorporated in the other country and within their jurisdiction upon the conditions set forth in the Memorandum to the extent allowed under the law. The CNB is not authorised to supervise on individual basis investment firms and other financial institutions, including credit unions, established in the Czech Republic.Ģ) The Belgian Law of 22 March 1993 on the legal status and supervision of credit institutions and the Law of 2 August 2002 and the Law of 11 January 1993 on the prevention of the use of the financial system for purposes of money-laundering are the basic legal texts which apply to all credit institutions. 21/1992 Sb., o bankách"), as amended, (hereinafter the "Act on Banks"), the Czech National Bank as the central bank of the Czech Republic is entrusted with the supervision of banks in the Czech Republic, including licensing, off-site surveillance and on-site inspections. 6/1993 Sb., o České národni bance"), as amended, (hereinafter the "CNB Act"), and Act No. 6/1993 Coll., on the Czech National Bank (" zákon č.
The Czech National Bank ("CNB") and the Commission Bancaire et Financiere ("CBF"), hereinafter referred to jointly as "the Authorities", express their willingness to co-operate on the basis of mutual trust and understanding and agree to base their co-operation in the field of banking supervision on the principles and procedures outlined in this Memorandum.
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