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“Right for Payment Account” as an Instrument to Strengthen Consumers’ Protection

With effect from 1 March 2017, Czech Act No. 284/2009 Coll. on Payment System (the Act) has been amended in accordance with the Directive No. 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (the Directive). One of the purposes of the Directive … Continue Reading

New Obligations for Large Companies in the Czech Republic

Large companies in the Czech Republic will have to comply with new corporate and social responsibility obligations. First, starting January 14, 2017, employees in joint-stock companies with more than 500 employees in an employment relationship will have the right to elect and recall at least one-third of members of the supervisory board, unless articles of … Continue Reading

Czech Republic: License needed for consumer loans

Significant changes affecting consumer loans regulation in the Czech Republic are coming. The new consumer loans law (Act No. 257/2016 Coll., on consumer loan) was approved during the summer and will be effective as of 1 December 2016. It implements current European Directives into Czech laws, in particular the Directive on credit agreements for consumers … Continue Reading
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