NEWS & PUBLICATIONS
Ultimate Beneficial Owners Shrouded in Mystery
In November 2022 the Court of Justice of the EU adopted a groundbreaking ruling, invalidating a provision of the AML Directive allowing general public to access information on beneficial ownership of companies.
Attention, Investors! Foreign Investments Screening
Selected foreign investments from non-EU countries are subject to screening and approval by the Czech Ministry of Industry and Trade. The purpose is to protect the security of the Czech Republic and its internal or public order.
You´ve Got Mail
A data box is a secure electronic portal by the Czech state, which is used for electronic communication with public authorities. Recently, the range of mandatory users of data boxes was expanded to more than two million entities.
Slovak Labour Law News
The Slovak parliament has recently adopted numerous changes to various aspects of the Labour Code and we are glad to introduce you to the most important ones.
Team News: Michael Mack New Junior Lawyer in the Team
Michael joined our Prague team as paralegal in 2020 and became junior lawyer after having graduated from the School of Law at Charles University in Prague in January 2023.
Bankruptcy of Czech Sberbank: Loan Portfolio for Sale
The Czech branch of Sberbank has been in liquidation since early May 2022. Its banking license was revoked by the Czech National Bank in April after the bank collapsed in the aftermath of the Russian invasion of Ukraine.
Another Tax Package for Smaller Businesses
The Czech government has decided on the next tax package aimed at smaller enterprises. The respective government bill deals, inter alia, with the obligatory registration for VAT and the so-called lump-sum tax.
Expected Changes to the Labour Code
Even though the Czech Republic's deadline for adopting two EU directives on labour law has expired, the Ministry of Labour and Social Affairs, it is still working on drafts of the necessary amendments to the Labour Code. But what changes can we actually expect?
Good News for Credit Card Holders: Stricter Rules for Dynamic Currency Conversion
An amendment to the Act on payment systems aims at clients’ protection against unfavourable exchange rates through a significant increase in regulation of Dynamic Currency Conversion - DCC.
New Regulation of Beneficiary Owners
The new Czech law on the registration of beneficial owners had to be substantially amended just about a year after its adoption. This was due to pressure from the European Commission, which criticized some parts of the Czech legislation for being inconsistent with the regulation and objectives of the European Anti-Money-Laundry (AML) Directive.
Judicial Protection and Fair Trial
An appeal is considered to be timely if it was filed after the expiry of the 15-day period it the appellant followed the incorrect instructions of the court on the appeal. This is the case, if the decision does not contain any indication of the appeal, the time limit for appeal, the court before which the appeal is to be lodged, or if it contains an incorrect indication that the appeal is not admissible in these cases, an appeal may be lodged within three months.
Debtors in Default, Be Aware to File a Petition for Bankruptcy
In general, debtors are obliged to prevent bankruptcy at all times. Unfortunately, this is not always the case. The Slovak parliament has therefore recently adopted a new legislation, which has extended the obligations of a debtor in financial default.