At the end of January 2015, the Ministry of Finance of the Czech Republic submitted to the Government a draft amending Act no.256/2004 Coll., on Capital market undertakings, as amended, and other related Acts. The explanatory memorandum implies that the amendment is mostly transposing and it shall implement several European directives, in particular the so-called revised transparency directives (TD2), Omnibus II directive and UCITS V directive. Another reason is the adaptation of the Czech law system to the Regulation on improving securities settlement in the European Union and on central securities depositories, referred to as CSDR. The proposed amendment also reflects the Commission’s recommendation of corporate governance reporting.
The Ministry of Finance states that further amendments to the affected Acts are caused by the necessity to react to market development and moreover, they reflect findings from practice. The suggested changes are aiming to make the fund undertakings more attractive and to simplify the procedural issues in the area of capital market, and harmonization of administrative fees in the financial market sector. You can learn more about the proposed amendment on the following links (in Czech):