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
30th Advent Concert for the Committee of Good Will – Olga Havlová Foundation
The Advent Concert of Good Will, organised since 1995 by the law firm Kocián Šolc Balaštík for the benefit of the Committee of Good Will – Olga Havlová Foundation, will this year take place on Sunday, 7 December, from 7:00 p.m., traditionally in the concert hall of the Church of Sts. Simon and Jude in the Old Town of Prague. The concert is held under the auspices of the First Lady of the Czech Republic, Mrs Eva Pavlová.
Kyberbezpečnost nově: tisíce firem čekají nové povinnosti. Iniciativa je plně na podnikateli.
Od 1. listopadu 2025 čeká tisíce firem v České republice napříč různými odvětvími zásadní změna v oblasti kybernetické regulace. Nový zákon o kybernetické bezpečnosti spolu s řadou doprovodných právních předpisů totiž výrazně rozšiřuje okruh subjektů, na které bude dopadat. Cílem regulace je zvýšit odolnost technické infrastruktury vůči kybernetickým hrozbám. Místo úzkého okruhu pouze klíčových institucí se nová pravidla budou vztahovat na široké spektrum firem a organizací, které poskytují tzv. regulované služby. Jde o služby zásadní pro fungování společnosti a státu, jejichž narušení či výpadek by mohly mít negativní dopady na bezpečnost státu, ekonomickou stabilitu a každodenní chod společnosti.
KŠB assisted with the financing of the MOSAIQ Beroun project
KŠB provided legal advice to Avisum Beroun, a member of the Go4Home Group, in connection with the financing of the construction of the residential project MOSAIQ Beroun, secured by Trinity Bank.
