CZECH REPUBLIC: New law to implement AIFMD enters into force

Tuesday August 20 2013

A new Act on Investment Funds (ZISIF) has been approved and enters into force today, which replaces the existing law on collective investment schemes. ZISIF brings a major expansion of product offerings, substantial changes in fund management and cross-border movement of alternative funds. It also modifies the procedures of the Czech National Bank, in particular as regards the entry into the sector.

ZISIF transposes the UCITS Directive and AIFMD and represents a step forward to the forthcoming transposition of UCITS V, in particular as regards depositaries.

In the coming weeks, the Czech National Bank is to publish guidance on the application of the ZISIF.

Click on the above link for the Law (in Czech).