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The Tale of Standardization: The Use of LMA Standard Forms in CEE

If there is a holy book for finance lawyers, at least on this side of the Atlantic Ocean, it would be the Loan Market Association (LMA) standard form. Aimed to improve liquidity and efficiency in the syndicated loan markets in EMEA, the recommended standard forms developed by the LMA are here to stay. Although intended … Continue Reading

EU Action Plan for the European FinTech Sector and its Polish Context

On 8 March 2018, the European Commission (EC) published its long-awaited new FinTech Action Plan. The EC understands FinTech to be technology-enabled innovation in financial services, and the strategy covers developments related to new technologies which are changing the financial industry and the way consumers and firms access services. At the same time, the action … Continue Reading

Squire Patton Boggs step closer to crown its efforts

Increasingly in recent years, businesses and other organizations have sought to understand the complex nature of the legal relationships between the European Commission, EU member states and the European Parliament, and to engage more effectively with “government,” whether at local, national or European levels. Some governments across Europe have been stepping up to address this … Continue Reading

Recent Supreme Court Decision Threatens Effective Enforcement of Foreign Arbitral Awards

The Czech Supreme Court held that foreign arbitral awards falling within the scope of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards can only be enforced by Czech courts (through procedures available under the Czech Civil Procedure Code) rather than by private bailiffs under the Czech Enforcement Code. The decision, available … Continue Reading

“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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