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Czech Republic: financial markets regulators to be integrated

Czech Republic
17/08/2005
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The integration of financial markets regulators is to be accelerated under new plans announced by the Ministry of Finance and the Czech National Bank. The plan is expected to be approved by the Government on 24 August 2005.

The changes are intended to concentrate responsibility for the supervision of financial markets, harmonise regulatory standards and bring about the more efficient exchange and use of information on financial markets.

At present, financial markets are regulated by the Czech National Bank, Czech Securities Commission, Office of State Supervision for Insurance and Pension Additional Insurance and Office for Supervision of Co-operative Savings Unions. Under the new plan, the functions of the four regulators should be merged and transferred to the Czech National Bank as a single regulator during the first half of 2006.

By 2008, a single act is likely to replace several current laws regulating the supervision of financial markets and the Act on Czech National Bank will also need to be amended.

Other changes expected to accompany the integration of regulators include a new law on consumer protection law for financial markets and the creation of a Financial Ombudsman by 2008.

For more information about the planned integration of financial market regulators, contact Michal Smrek at [email protected] or on +420 296 798 850 or Helena Hailichova at [email protected] or on +420 296 798 887.

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