We continuously focus on advice for international and domestic financial institutions. We have a comprehensive understanding of the complex financial regulation and we understand its interrelationship with individual legislation. Among our attorneys we have leading experts in financial regulation, who not only provide the interpretation of the regulatory requirements but have also been architects of some of the cornerstone legislation of the financial market. This is one of the reasons we offer and provide lectures for selected regulatory and state institutions on various topics of the financial law. Within our work we are in daily contact with the Czech National Bank and other institutions and we know what path the regulation is currently taking.

Our detailed knowledge of business models of providers of investments services and financial services and the knowledge of trade standards applied in the Czech Republic gives us the possibility to provide legal services that surpass the usual limits of a law firm.

Along with providing legal services on the regulation based on legislation such as MAD II, MIFID II, MIFIR, EMIR, PSD II, SRD or the directive on prospectus, we provide services such as external compliance and internal auditing.

Because we work with leading international law firms and have at our disposal a network of cooperating advisors in key European states, we are able to provide advice taking into account international overlap which enables our clients to gain ground on the international financial market.

 
 
 

Typical areas:

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CNB licencing

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Our services encompass preparation of applications and any and all relevant documents for the needs of acquiring a licence of an investment firm (OCP), investment intermediary (IZ), payment institution (PI), small payment institution (SPI) and other providers of payment services (such as EMI, SEMI and AISP), licences on non-banking providers or intermediaries of consumer credits. We actively communicate with the Czech National Bank to ensure that the licencing procedure is as effective as possible.

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Compliance and internal processes

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We provide external compliance to financial institutions and other accompanying services including setting up internal processes, product policy and determining goal markets, preparation of internal regulation, monitoring of legislation and its changes, implementation of new regulation (like MiFID II/ MiFIR or GDPR) and it revision, setting of AML/CFT procedure and DPO services to financial institutions. We also provide training for employees of the client in the regulatory area. These services are provided on a regular basis to a range of clients.

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AML/CFT

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We are one of a few law firms that specialize in the issues relating to money laundering (AML and CFT). We help develop processes in the onboarding of our client in connection with their AML identification and due diligence. We prepare internal AML regulation based on the current requirements of the Czech National Bank and Financial Analytic Office (FAÚ). We also provide standard regulatory AML training to the extent required by the applicable laws.

 
 
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Contracts and client documentation

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We prepare all the required client contracts and non-contractual documents regarding financial services, including investment questionnaires, terms and conditions, loan agreements and mandate and commission agreements. We also propose agreements with business partners and intermediaries, taking in account the Czech National Bank requirements. We also assist with the revision of contractual documentation in respect of the new regulation (for instance MiFID II, MiFIR, IDD, GDPR etc.).

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Financial arbitrator and sanction proceedings of the CNB

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We represent providers of financial services in proceedings before the financial arbitrator and in any sanction proceeding led by the Czech National Bank. We represent the client in court proceedings, whether in administrative justice or in civil hearings.

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Foreign licences and European passports

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Our law firm provides all relevant services in connection with notification for the purpose of cross border services on the basis of a European passport. We are ready to help our clients with acquiring licences for providing financial services in other member states of the EU (as are Luxembourg, Lithuania or Estonia).

 
 
 

Selected references

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ARETE Capital

We helped acquire a licence as an investment intermediary in a record time after the MiFID II regulation came into force, when the regulatory requirements for this licence were very similar to the requirements of a licence for investment firms.

AMUNDI

The business group AMUNDI operating in the Czech Republic were assisted by our law firm with a partial revision of the regulatory basis relating to providing investment services as well as the setting up of the evaluation of target markets in case of instruments included in the Fundoo platform.

 
 
 
 

Key contact

 

JAN ŠOVAR
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PETRA ŠIMŮNKOVÁ

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