New duties of listed companies

An amendment to the Capital Market Undertaking Act stipulates new duties applicable to companies listed on a regulated European market, primarily concerning a more detailed regulation of remuneration provided to management and supervisory body…

Excess compensation monitoring rules submitted to government

The Ministry of Industry and Trade published a draft amendment to the Act on Renewable Energy Sources. One of its main objectives is the introduction of a system of monitoring the provision of excess aid/support for the production of energy from…

What to remember when delegating powers of statutory body?

In practice, we may often encounter the functional distribution of the powers of a statutory body among its individual members, especially where business management is concerned. Statutory body members may thus independently make decisions regarding…

AML regulation: risk of penalties of up to CZK 130 million

Obliged persons under the AML Act will be subject to new duties whose violation may result in severe penalties that could be potentially destructive for smaller companies. The legal regulation of sanctions relating to anti-money laundering measures…

Access to workplace with fingerprint or face recognition? Office for Personal Data…

Technologies processing the biometric data of employees are spreading. The use of fingerprints or face recognition to check workplace attendance is becoming increasingly frequent. The GDPR, however, only allows for very limited processing of…

E-vignettes coming into force in the Czech Republic

Mid-August, the Senate passed a bill introducing e-vignettes in the Czech Republic from 2021. Drivers will thus be able to pay for the use of some roads online or via a mobile application. Payments linked to a car’s registration number will be…

Draft amendment introducing changes to assignment of workers

In June, the Ministry of Labour and Social Affairs submitted to the government a draft amendment to the Labour Code and the Employment Act in connection with the transposition of an amended EU directive concerning the posting of workers in the…

New regulation of beneficial ownership

The Ministry of Justice has recently prepared a bill on the register of beneficial owners, which should replace and enhance the transparency of the existing beneficial ownership regulation contained in the Act on Public Registers and the AML Act …

Simpler liquidation of corporations?

The government approved a draft decree aiming to simplify the liquidation process for legal entities from an administrative and financial viewpoint. Some entities will be entirely released from their duty to publish the date of their entering into…

Personal Data Protection Office imposes first fines for GDPR breaches

With the adoption of the General Data Protection Regulation (GDPR) has come considerable uncertainty among personal data controllers and processors as to the amount of penalties to be imposed by the Personal Data Protection Office for its breaches.…

Amendment to Asset Valuation Act to define market value

Draft amendment to the Asset Valuation Act submitted by the government to parliament aims to introduce a definition of market value as an alternative valuation method into Czech law. If passed, the new law should enter into effect on 1 January 2021.

Parliament passes extensive amendment to Foreign Nationals’ Residence Act

The amendment underwent significant changes in the course of the legislative process. The approved wording includes the government’s authorisation to set economic migration quotas and to activate extraordinary work visas. The amendment will also…