Capital Markets08/03/04 / cata_european-union-news
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest Official Journal of the EU L 339 of 24 December 2003 and L 345 of 31 December 2003
The above Directives amend the regulation of the capital market and should be implemented in Czech law by the Act on Undertaking on Capital Markets or by an implementing legal regulation to the cited act. The new Act on Undertaking on Capital Markets should replace in particular a predominant part of the existing Securities Act and the entire Stock Exchange Act. The Act on Capital Market Business is supposed to become effective as of May 1, 2004, while the deadline for implementing the Directives into national legal order expires on 12 October 2004 or 1 July 2005, as regards Directives 2003/124/EC and 2003/125/EC, and Directive 2003/71/EC, respectively.