CZECH REPUBLIC: Response from Czech National Bank concerning implementaion of Czech Republic Acquisitions Directive

Friday August 26 2011

The Czech National Bank has provided details following a request for information concerning the requirement to disclose Czech Republic acquisitions and disposals of qualifying holdings in credit institutions.

“Directive 2007/44/EC was implemented in the Czech law. To own a qualified holding in a regulated legal entity you need consent of the Czech National Bank.

The regulation of an application for a prior consent to Czech Republic acquisition in a regulated legal entity covers for banks, investment firms, stock exchanges, central depositories, investment company and investment fund) Decree No. 233/2009 Coll., on Applications, Approval of Persons and the Manner of Proving Professional Qualifications, Trustworthiness and Experience of Persons, and on the Minimum Amount of Funds to be Provided by a Foreign Bank to its Branch (Article 18, 19 and 20) and for insurance The Insurance Act (Article 24).

For details see an annex (the current English version of Decree No. 233/2009 Coll.)“