On 24th August 2020 the Government discussed and approved a bill amending certain laws in connection with the capital market development
On 24th August 2020 the Government discussed and approved a bill amending certain laws in connection with the capital market development. The bill was then submitted to the Chamber of Deputies and is registered as parliamentary file No 993 (available in Czech language only).
The bill is proposed mainly in connection with the need to implement legislative measures contained in the National Strategy for the Development of Capital Market in the Czech Republic 2019 - 2023, which was approved by the Government on 4th March 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 measures that arise directly from the National Strategy, the bill also contains other measures that result from consultations with industry, e.g. the proposed amendments to the Act on Management Companies and Investment Funds react to practical problems identified during the seven years of its effectiveness. In the Act on Bonds, the bill eliminates duplications in relation to the terms of issue in case of prepared prospectus, and also removes requirement for the terms of issue of government bonds to be published in the Collection of Laws.
Relevant materials in the version submitted to the Chamber of Deputies are now introduced to the interested experts for information in English language on the website of Ministry of Finance: https://www.mfcr.cz/en/themes/capital-market/capital-market-in-the-czech-republic/draft-act-amending-certain-laws-in-conne-41475