Capital markets - transposition of the MiFID Directive
Summary of main changes:
Extension of regulation
As a result of transfer of investment advisory from supplementary services to main investment services, it will be necessary to have a permit for provision of advisory services. Licensed activities are further extended by trading with commodity and exotic derivatives, currency derivatives and in principle trading with investment tools on one’s own account.
Provision of investment services by securities dealers
Rules for negotiations with customers have been significantly extended. Categorization of customers has been introduced (professional and non-professional) as well as rules for assessment of suitability of investment services and tools for the customer in question. Informing of customers is regulated in detail as well as handling their instructions and performance of instructions under the best conditions. The dealer must meet the requirements imposed on the managing and inspection system, in particular the system of risk management. The new rules impact outsourcing, conflict of interests, protection of customers’ assets and personnel equipment of the dealer (the broker institute has been abandoned).
Simultaneously certain existing requirements imposed on dealers have been lifted; the legal form of a limited liability company will be newly admissible and the subject of business be allowed to include other activities subject to registration thereof with the Czech National Bank. Lower limits of the initial capital are admissible in the event of provision of reduced services.
Investment tools markets
An important change consists of unification of the regime for regulated markets and their organizers, i.e. the stock exchange market and over-the-counter securities market will not be differentiated. The multilateral trading system has been newly introduced, which may be operated as a licensed activity by securities dealers and for which less strict requirements are determined in contrast to regulated market. The market transparency should be increased by publication of information on bids and demands for investment tools concerning prices and quantity and on results of realized deals.
Other articles
KŠB Assisted Sandberg Capital with a Majority Investment in HotelTime Solutions
The KŠB team provided legal advice to the investment group Sandberg Capital on the completion of a majority investment in HotelTime Solutions, one of the leading providers of cloud-based software for hotel operations management.
KŠB assisted Seyfor with the extension of its financing provided by Raiffeisenbank, Tatra banka and, newly, Slovenská sporiteľňa.
The KŠB team provided legal advice to its long-standing client Seyfor in connection with the continuation and expansion of its syndicated financing. The existing lending banks, Raiffeisenbank Czech Republic and Tatra banka, decided to continue supporting Seyfor’s growth, with Slovenská sporiteľňa joining the financing as a new lender.
Evidence skutečných majitelů: Co přinese znepřístupnění od 17. prosince 2025?
Letošní rozhodnutí Nejvyššího soudu a Nejvyššího správního soudu navázala na rozsudky Soudního dvora Evropské unie, a, s platností i pro Českou republiku, konstatovala, že zveřejňování údajů v rámci evidence skutečných majitelů představuje nepřiměřený zásah do základních práv majitelů na soukromí a ochranu osobních údajů. Důležitým aspektem těchto rozhodnutí byl závěr, že sankce, které postihují povinné subjekty jako reakce na nesplnění jejich povinnosti zápisu do evidence skutečných majitelů, není možné vymáhat, dokud je evidence veřejná. Tato situace se změní 17. prosince 2025, kdy ministerstvo znepřístupní evidenci skutečných majitelů; povinným subjektům tak budou opět hrozit závažné sankce.
