We are pleased to announce the successful completion of our “Breakfast with FINREG” workshop where we discussed the impact of the CJEU decision C-695/22 on the Czech capital market.
We would like to extend our sincere thanks to all the guests from investment intermediaries, securities dealers, and other financial institutions, as well as the compliance and legal departments of capital markets firms, and law students interested in European financial law, who attended our June breakfast workshop at the ARA Palace in Prague 1.
During the event, attendees gained valuable insights into the recent landmark CJEU capital market decision and its implications, including how this decision may affect their business models and future plans.
The programme also featured an engaging discussion on other potential conflicts with MiFID II and explored practical solutions. Participants had the opportunity to consult directly with experts from our law firm—Jan Šovar, Ondřej Mikula, and Denis Tichánek.
As a reminder, our FINREG PARTNERS office successfully represented a client Fondee in a case before the Court of Justice of the European Union (CJEU). The decision concerns the interpretation of the European MiFID II Directive (Directive 2014/65/EU) and has significant implications for Czech capital markets legislation, particularly regarding the transmission of instructions by investment intermediaries abroad. Beyond this specific issue, the case underscores a broader concern: the maximum or full harmonisation of MiFID II.
The June workshop was divided into two parts.
We conducted a detailed analysis of the case that led to the CJEU decision, focusing on its impact on investment intermediaries and the Czech capital market. Attendees were informed about the specific changes and adjustments that will be necessary for Czech investment intermediaries, with practical examples provided.
The second part of the workshop featured a discussion on the compliance of the Czech Capital Markets Act (CCMA) with MiFID II. We examined potential inconsistencies between the CCMA and MiFID II that could have practical implications, and offered practical recommendations and procedures on how to adapt to the new requirements and ensure compliance with the legislation.
If you are interested in learning more about these significant changes in capital market law and how to prepare for them, we would be happy to provide you with further expert support and advice tailored to your specific needs.
