Initiation of an inter-ministerial comment procedure and public consultation on a draft Act amending certain laws in connection with the capital market development

On April 9, 2020, the Ministry of Finance submitted a draft Act amending certain laws in connection with the capital market development to an inter-ministerial comment procedure.

The act proposal is submitted mainly in connection with the need of implementation of legislative measures arising from the material, which is the National Strategy for the Development of Capital Market in the Czech Republic 2019 - 2023, which was approved by the Government of the Czech Republic on March 4, 2019.

These legislative measures include, for example, the introduction of an individual savings account (account for long-term investments), the introduction of an alternative participation fund or the extension of the terms of issue for bonds without a prospectus. In addition to the proposals that arise directly from the National Strategy, the act proposal also contains other proposals that resulted from consultations and market requirements, e.g. in the Act on Management Companies and Investment Funds it is reacted to practical problems identified during the seven years of its effectiveness. In the Act on Bonds, the proposal eliminates duplications in relation to the terms of issue in case of prepared prospectus, and also removes the requirement for the terms of issue of government bonds to be published in the Collection of Laws. Furthermore, it is proposed, among other things, to extend the competence of stock and commodity exchange arbitration courts.

Relevant materials in the version submitted to the external comment procedure are now submitted to the professional public for information. Any comments on the English version of draft Act can be sent until June 8, 2020 to the email address ales.kralik(at)mfcr.cz. The official inter-ministerial comment procedure ends at May 13, 2020.

Downloads

• Draft LawDOCX (70kB)
• Explanatory MemorandumDOCX (132kB)
• Marking the ChangesDOCX (201kB)
• RIADOCX (156kB)