Legislators on both the European and Czech level have been active in adopting new regulations that influence several areas of the modern economy. Financial services, with consumer finance on one side and markets in financial instruments on the other, have been at the center of these efforts. Financial regulation is not, however, the only measure heavily affecting banks, investment firms, and FinTech companies by putting new compliance requirements in place. Another huge legal instrument – the General Data Protection Regulation adopted on the EU level in 2016 – imposes new requirements on all companies dealing with personal data.
Czech Market Snapshot: GDPR - Storm in the IT Cup?
In the Czech Republic, the most important buzzword in the field of legal services and IT deliveries is “GDPR-Compliance” and it has serious ramifications for organizations, businesses, and public corporations.
Basically Bullish: The Czech Revel in Good Times
Czech lawyers, not known for ebullience, are nonetheless finding it hard to keep the smiles off their faces. After a decade of disappointment and struggle, if the Managing Partners at Czech firms are to be believed, the last remnants of the global financial crisis have dissipated and business is booming. As spring rolls through Central Europe, the sunshine is both meteorological and metaphoric. Prague is basking in the warmth.
New Regulatory Framework for Payment Services in the Czech Republic
As the Directive of the European Parliament and of the Council on Payment Services in the Internal Market (PSDII) introduces a number of changes to existing Czech legislation, a completely new Payment Services Act regulating the provision of payment services will be adopted in the Czech Republic. PSDII should be implemented by January 13, 2018.
Paving the Way: Schoenherr’s Pioneering Payment Services Practice
As consumers conduct an ever-increasing amount of their shopping and banking on-line, the digitalization revolution is having a significant effect on both industries, and payment service providers – companies offering online services allowing merchants to accept electronic payments by, among other forms, credit cards or bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking – are working with both merchants and banks to facilitate their operations.
Czech Real Estate Transfer Tax After the Latest Changes: Catching Up with Regional Trends?
This past autumn brought extensive changes to the Czech Republic’s real estate acquisition tax, which, according to lawmakers, should align the country’s regulation to the European standard. Is it really the case? With the assistance of members of the Real Estate team within Taylor Wessing CEE, we compare the new regulation to those in neighboring countries.
Guest Editorial: International vs. Local – In Defense of Local Firms
I keep hearing that local offices of international firms have been dominating the CEE legal market. Journalists covering the market look at the corporate, finance, and litigation league tables for the region, notice that international firms occupy more places than would be typical in Western Europe, and report a story of global brand domination. I am almost certainly biased, but I see things differently.
Third Annual GC Summit in Warsaw the Biggest Yet
The 2017 CEE Legal Matters General Summit took place at the Intercontinental Hotel in Warsaw on June 1-2, 2017, once again bringing together well over a hundred General Counsel and Heads of Legal from across Central and Eastern Europe for two full days (and one entertaining evening) of seminars, panel discussions, best practices review, and networking. This year’s event — the third annual, following the 2015 GC Summit in Budapest and the 2016 GC Summit in Istanbul — was the biggest and most successful yet.
Elite CEE Lawyers Gather in Warsaw for Market Makers Award Ceremony
On May 31 and June 1, 2017, CEE Legal Matters was proud to host a rare event: A gathering of those senior lawyers from each Central and Eastern European country identified by peers as being most influential, most important, most uniquely responsible for having created the country’s modern commercial legal market.
Can Parties Rely on Arbitration Clauses in CEE Disputes?
In the European Union, competence of courts is harmonized and regulated by Brussels Ibis regulation No. 1215/2012 (the “Regulation”). The competence of courts determined by the Regulation is protected and applies unless the Regulation stipulates otherwise. Arbitration is not subject to EU harmonized regulations. It is governed by international treaties, most notably the New York Convention.
Expat on The Market: Thomas Hruby Partner at Hruby & Buchvaldek
Thomas Hruby was born in Montreal, Canada, where he attended McGill University, from which he received his B.A., B.C.L., and LL.B. degrees. He was admitted to the Bar of the Province of Quebec in 1983 and practiced law in Montreal. He obtained a Master’s degree in law from Charles University in Prague in 1991 and was admitted as a fully-qualified Czech advocate by the Czech Bar Association in 1992. In 1993, he opened the Prague office of the Montreal law firm Mitchell, Gattuso and he subsequently joined the Prague office of Linklaters & Alliance. In 2001 he started his own practice in Prague, and he was joined by Jiri Buchvaldek in 2006 to form Hruby & Buchvaldek.
Inside Insight: Vladimira Jicinska Head of Legal for Czech Republic at AHOLD Czech Republic
Vladimira Jicinska is the Head of Legal at AHOLD, responsible for the Czech market. She first joined the company in December 2012 after spending a little over two years in China working as the Head of Legal and Compliance of Home Credit China. Before that, she worked for AAA Auto holding for nine years, initially as an Acquisition Lawyer, and later as the Group Legal Manager of the company.
Effective Compliance Increasingly Important in the Czech Republic
The Czech Republic has implemented a number of statutory reforms aimed at tackling corruption and fraudulent business practices. These reforms have been welcomed by Transparency International, which describes the Czech Republic as making one of the greatest advances in fighting corruption worldwide in 2015. In this context, the Czech Corporate Criminal Liability Act (CCLA), applied by prosecution authorities with growing frequency, has in particular been in the limelight.
Inside Out: Baker & McKenzie Advises Worldline on Groundbreaking Agreement with Komercni Banka
The Deal:
In October 2016, CEE Legal Matters reported that Baker & McKenzie had advised European payment and transactional services provider Worldline on its agreement with Komercni Banka, a subsidiary of the Societe Generale Group, to develop products and services for Czech and Slovakian merchants. CMS advised Komercni Banka on the deal. We reached out to Baker & McKenzie Partner Libor Basl and Associate David Reiterman, both in the firm’s Prague office, for more information.
Guest Editorial: Navigating a Law Firm Through Choppy Waters: A Challenging Time in the Czech Republic
Attorneys tend to navigate their clients through stormy legal waters so that clients do not crash on the rocks of Scylla.
The Corner Office: Your First Client
In The Corner Office, we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. For this issue, we asked them to describe the first major deal or client matter they generated themselves, and how they did it.