31.7.2009
News

Amendment to regulatory framework (Solvency II) approved

European authorities have agreed on the compromise text of a Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). Its main objective is to strengthen the stability of the insurance sector, to deepen its integration and competitiveness. The current 13 Directives relating to insurance and reinsurance have been recast into a single act. New and more elaborate rules of capital adequacy should better reflect the risks that insurance and reinsurance carry and ensure their sufficient coverage.

The Directive establishes two types of requirements; the solvency capital requirement (SCR) will be calculated on the basis of a risk profile according to a set formula or internal model approved by the supervisory authority. It takes into account all types of risks, including operational. It must be constantly monitored and recalculated as soon as the risk profile changes significantly. For the minimum capital requirement (MCR) the Directive provides for various types of insurance and reinsurance the absolute lower limit below which sources should not fall in any circumstances.

The Directive aims to improve the supervision of the insurance sector. So-called supervisory authorities colleges will be established for the supervision of groups to ensure better coordination of procedures between the supervisory authority of the parent company and the supervisory authorities of its subsidiaries. Member States should implement this Directive by 31 October 2012.

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KŠB assisted the J&T Group with the approval of a base prospectus for a CZK 3 billion bond programme

The KŠB team (Martin Krejčí, Vlastimil Pihera, Josef Kříž) provided legal advice to the J&T Group in connection with the approval of the base prospectus for its bond programme. This marks a continuation of KŠB’s long-term advisory role in the group’s financing activities.
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KŠB assisted in financing the iconic Alchymist Grand Hotel and Spa

KŠB has been providing long-term legal advice to J&T Bank in connection with debt financing for Czech entrepreneurs. One of the most recent transactions involved granting a loan to the Alchymist Grand Hotel and Spa, one of Prague’s most renowned boutique hotels, owned by Giorgio Bonelli, a prominent figure in the Italian business community in the Czech Republic.
29.9.2025
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Legal advice on RegioJet financing

KŠB team led by Josef Kříž acted as legal advisor to Česká spořitelna and Komerční banka in connection with the issuance of RegioJet Group secured bonds, which will be admitted to trading on the Prague Stock Exchange. The expected volume is CZK 1.5 billion, but may increase to a total of CZK 4 billion. Assistance with this transaction is another successful step in strengthening our Capital Markets department led by Vlastimil Pihera.‍