Important information

Notice to investors

The fund is a qualified investor fund pursuant to Act No. 240/2013 Coll. on Investment Companies and Investment Funds and as such is open only to qualified investors in accordance with § 272 of this act. In the case of an investment of between 1,000,000 CZK and 125,000 EUR, the suitability of such an investment for the investor is assessed by the fund manager or administrator.

The fund manager warns investors that the value of an investment in the fund may both rise and fall and that the return of the original investment is not guaranteed. The performance of the fund in the past is not indicative of the same or higher performance in the future. A yield from an investment in the fund is achieved when held for the mid-term to long-term period and thus is not suitable for short-term speculation. Potential investors should namely weigh the specific risks that may arise from the fund’s investment goals as described in its statute. Investment goals are reflected in the recommended investment horizon, as are fund fees and expenses.

Detailed information can be found in the statute of a fund or subfund, which you can request in person at the AVANT headquarters or by email at info@avantfunds.cz.

Additional important information is available in the Key Information Document (KID).

The Key Information Document (KID) is available at http://www.avantfunds.cz/informacni-povinnost/, or you can request it by email at info@avantfunds.cz.

The information can also be obtained in paper form from the headquarters of AVANT investiční společnost, a.s., ROHAN BUSINESS CENTRE, Rohanské nábřeží 671/15 (reception B), 186 00 Praha 8.

In accordance with provisions of the Civil Code, the information presented herein is strictly informative in nature and constitutes neither a proposal to conclude an agreement nor a public offer.

Information on the processing of personal data relating to Act No. 110/2019 Coll. on the Processing of Personal Data can be found on the website of AVANT investiční společnost, a.s.: www.avantfunds.cz/gdpr/.

CRS and FATCA – an obligation to review, identify, and report information about investors (tax nonresidents and U.S. persons) to the specialized revenue service

Common Reporting Standard (CRS)

Directive 2014/107/EU of 9 December 2014 was adopted into Czech legislation (Act No. 164/2013 on International Cooperation in Tax Administration as amended by later regulations) effective as of 06 April 2016. The Czech law is a response to developments in the EU and OECD concerning the automatic exchange of information in the field of taxation resulting from the preparation by the EU and OECD of a common standard for reporting and due diligence rules for financial account information, which, together with the Model Competent Authority Agreement, comprises the global Common Reporting Standard (CRS).

In accordance with the aforesaid legislation, as 2016, Czech financial institutions are obligated to identify and verify the tax residency of their investors. Based on this information, financial institutions are, in the case of investors and tax residents from the majority of foreign countries, required to report to the Czech revenue service select information about these foreign investors on an annual basis for the previous calendar year (the first time in 2017 with information from 2016). Identification includes the investor’s tax identification number (TIN), account balance information, and information about deposited income (e.g. interest, dividends, and income from the sale of securities). The Czech revenue service will submit this information to the revenue services of the other participating jurisdictions.

Foreign institutions in participating jurisdictions will proceed in a similar manner, i.e. information about Czech tax residents and their accounts and income abroad will be submitted by these foreign institutions via foreign revenue services to the Czech revenue service in order to verify the correct taxation of foreign the income of Czech tax residents.

AVANT fulfils its CRS identification obligation by collecting a tax residency declaration, in which the investor confirms the jurisdiction of his or her tax residency. In case of tax nonresidents, the investor also provides his or her tax identification number.

The tax residency declaration applies primarily to investors concluding a new shares subscription agreement with AVANT; however, it may also be required of existing investors at some point. The declaration remains valid for an indefinite period and is issued only once granted there is no change in the investor’s circumstances (e.g. relocation to another country).

Foreign Account Tax Compliance Act (FATCA)

FATCA is a 2010 United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to identify and, by means of their national revenue service (in the case of the Czech Republic a specialized revenue service), inform the Internal Revenue Service (IRS) of the United States about accounts held by U.S. persons.

Like CRS, the purpose of FATCA is to detect and prevent tax evasion committed by U.S. taxpayers abroad.

CRS and FATCA – an obligation to review, identify, and report information about investors (tax nonresidents and U.S. persons) to the specialized revenue service

Pursuant to the aforesaid Act No. 164/2013 on International Cooperation in Tax Administration and the intergovernmental Agreement between the United States of America and the Czech Republic to Improve International Tax Compliance and with Respect to the United States Information and Reporting Provisions Commonly Known as the Foreign Account Tax Compliance Act, U.S. persons are identified by AVANT in the case of both new and existing investors. Existing investors who are U.S. persons must provide additional documentation required to comply with FATCA rules, i.e. mainly the confirmation of U.S. tax forms W-9 (in the case of investors – U.S. persons), W8-BEN, or W8-BEN-E. At the same time, verification of an investor’s status for the purposes of FATCA is accomplished with the tax residency declaration that is also submitted for CRS purposes.