EU Banking and Finance Regulatory Newsletter - February 2020 - Key regulatory developments in the Czech Republic

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Chamber of Deputies, Parliament of the Czech Republic

12/02/2020

Bill number 554 amending the Act on Banks and AML Act in respect of identification and banking identity relating to eIDAS Regulation no. 910/2014 has been approved by the president

Bill number 554 enables banks and branch offices of foreign banks to electronically identify clients from the public and private sector. Such Bill shall also make the AML identification process easier. On February 12, 2020, the Bill was approved by the president, therefore it comes into force on January 1, 2021.

History of the Bill in the Chamber of Deputies (in Czech only): click here.

The legislative procedure in the Senate (in Czech only): click here.

Ministry of Finance of the Czech Republic

11/02/2020

Public consultation – Czech framework of fintech, consumer protection and innovation

The MF commenced public consultation to tap into the views of financial market stakeholders whether any regulation of DLT, big data and fintech innovations should be introduced on a national level, and whether the current consumer protection framework is sufficient. Although its potential outcome is solely for the information purposes of the MF, its results may have an impact on the Czech government´s approach towards any new regulation.

Any comments, suggestions on the issue of fintech and innovation raised in the consultation material are to be submitted by March 11, 2020.

Consultation material (only available in Czech): click here.

Ministry of Finance of the Czech Republic

28/01/2020

Public consultation on national options and discretions ̶ EU regulation

The Ministry of Finance of the Czech Republic (MF) issued a press release regarding final public consultations in connection with the national discretion available under respective EU law in the following areas:

  1. new capital requirements on investment firms (Regulation EU/2019/2033 and EU/2019/2034;
  2. sustainable finance (Regulation EU/2019/2088 and EU/2019/2089);
  3. SME growth support framework (Regulation EU/2019/2115);
  4. covered bonds (Regulation 2019/1156 and EU/2019/1160); and
  5. facilitation of cross-border distribution regarding collective investment undertakings (Regulation 2019/1156 and EU/2019/1160).

Although the consultations have been going on for the past few months, this should be the last call of the MF before commencement of any formal legislative process.

Any comments, suggestions on the issues raised are to be submitted by February 26, 2020.

Consultation material (only in Czech): click here.

Czech National Bank

16/01/2020

The Czech National Bank (CNB) publishes the English translation of its Q&A on the PRIIPS KID

The Czech National Bank has provided the English translation of its questions and answers regarding the key information document under Regulation (EU) No. 1286/2014 of the European Parliament and the Council of November 26, 2014 on key information documents for packaged retail and insurance-based investment products. Such guidance of the CNB sheds more light into this regulation and should help stakeholders of the financial market to abide by this regulation.

To view the Q&A, please click here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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