Laws and regulations

Acts and directly binding EU regulations

Act No. 190/2014 Coll. (external link), Act on Bonds – effective from 4 January 2019
Act No. 89/2012 Coll. (external link), Civil Code – effective until 29 December 2016
Act No. 90/2012 Coll. (external link), Act on Business Corporations – effective until 13 January 2017
Act No. 256/2004 Coll. (external link) Capital Market Undertakings Act – version valid since 3 January 2018
Act No. 15/1998 Coll. (pdf, 159 kB), on Supervision in the Capital Market Area – version valid until 31 July 2009, new version (pdf, 202 kB) is available in Czech only
Regulation (EU) 2022/858 (external link) of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (DLT Pilot)

Market Abuse

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation)
- Implementing regulations

Short Selling

Regulation (EU) No 236/2012 of the European Parliament and the Council (pdf, 985 kB) on short selling and certain aspects of credit default swaps
Delegated Regulation (EU) No 826/2012 – On notification and disclosure requirements with regard to net short positions, the details of the information to be provided to the European Securities and Markets Authority in relation to net short positions and the method for calculating turnover to determine exempted shares
Implementing Regulation (EU) No 827/2012 – Means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share according to Regulation (EU) No 236/2012
Delegated Regulation (EU) No 918/2012 – Definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events
Commission Delegated Regulation (EU) No 919/2012 – Method of calculation of the fall in value for liquid shares and other financial instruments

MiFID II / MIFIR

MiFID II – Directive 2014/65/EU of the European Parliament and of the Council (external link) on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
MiFIR – Regulation (EU) No 600/2014 of the European Parliament and of the Council (external link) on markets in financial instruments and amending Regulation (EU) No 648/2012
Commission Delegated Regulation (EU) 2017/587 (external link) – Transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (RTS 1)
Commission Delegated Regulation (EU) 2017/583 (external link) – Transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and Derivatives (RTS 2)
Commission Delegated Regulation (EU) 2017/577 (external link) – Volume cap mechanism and the provision of information for the purposes of transparency and other calculations (RTS 3)
Commission Delegated Regulation (EU) 2016/2020 (external link) – Criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation (RTS 4)
Commission Delegated Regulation (EU) 2017/584 (external link) – Organisational requirements of trading venues (RTS 7)
Commission Delegated Regulation (EU) 2017/578 (external link) – Requirements on market making agreements and schemes (RTS 8)
Commission Delegated Regulation (EU) 2017/566 (external link) – Ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions (RTS 9)
Commission Delegated Regulation (EU) 2017/588 (external link) – Tick size regime for shares, depositary receipts and exchange-traded funds (RTS 11)
Commission Delegated Regulation (EU) 2017/570 (external link) – Determination of a material market in terms of liquidity in relation to notifications of a temporary halt in trading (RTS 12)
Commission Delegated Regulation (EU) 2017/572 (external link) – Specification of the offering of pre-and post-trade data and the level of disaggregation of data (RTS 14)
Commission Delegated Regulation (EU) 2017/581 (external link) – Clearing access in respect of trading venues and central counterparties (RTS 15)
Commission Delegated Regulation (EU) 2017/568 (external link) – admission of financial instruments to trading on regulated markets (RTS 17)
Commission Delegated Regulation (EU) 2017/569 (external link) – suspension and removal of financial instruments from trading (RTS 18)
Commission Implementing Regulation (EU) 2016/824 (external link) – Content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU (ITS 19)
Commission Delegated Regulation (EU) 2017/591 (external link) – Application of position limits to commodity Derivatives (RTS 21)
Commission Delegated Regulation (EU) 2017/590 (external link) – Reporting of transactions to competent authorities (RTS 22)
Commission Delegated Regulation (EU) 2017/585 (external link) – Data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (RTS 23)
Commission Delegated Regulation (EU) 2017/580 (external link) – Maintenance of relevant data relating to orders in financial instruments (RTS 24)
Commission Delegated Regulation (EU) 2017/574 (external link) – Level of accuracy of business clocks (RTS 25)
Commission Delegated Regulation (EU) 2017/582 (external link) – Obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing (RTS 26)
Commission Delegated Regulation (EU) 2017/575 (external link) – Data to be published by execution venues on the quality of execution of transactions (RTS 27)
Commission Delegated Regulation (EU) 2017/2194 (external link) – Package orders
Commission Implementing Regulation (EU) 2017/1005 (external link) – Format and timing of the communications and the publication of the suspension and removal of financial instruments (ITS 2)
Commission Implementing Regulation (EU) 2017/1093 (external link) – Format of position reports by investment firms and market operators (ITS 4)
Commission Implementing Regulation (EU) 2017/953 (external link) – Format and the timing of position reports by investment firms and market operators of trading venues (ITS 5)
Commission Regulation (EC) No 1287/2006 (pdf, 162 kB) - Record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive

Transparency

Commission Delegated Regulation (EU) 2019/815 (external link) of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format
- Commission Delegated Regulation (EU) 2019/2100 (external link) of 30 September 2019 amending Delegated Regulation (EU) 2019/815 with regard to updates of the taxonomy to be used for the single electronic reporting format
- Commission Delegated Regulation (EU) 2020/1989 (external link) of 6 November 2020 amending Delegated Regulation (EU) 2019/815 as regards the 2020 update of the taxonomy laid down in the regulatory technical standards for the single electronic reporting format
- Commission Delegated Regulation (EU) 2022/352 (external link) of 29 November 2021 amending Delegated Regulation (EU) 2019/815 as regards the 2021 update of the taxonomy laid down in the regulatory technical standards on the single electronic reporting format
- Commission Delegated Regulation (EU) 2022/2553 (external link) of 21 September 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2019/815 as regards the 2022 update of the taxonomy for the single electronic reporting format
Commission Delegated Regulation (EU) 2016/1437 (external link) – Access to regulated information at Union level

Settlement, registration of securities

Commission Regulation (EC) No. 909/2014 (external link) on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012
Commission Delegated Regulation (EU) 2018/1229 (external link) – Settlement discipline
- Commission Delegated Regulation (EU) 2022/1930 (external link) amending Delegated Regulation (EU) 2018/1229 as regards the date of application of the provisions related to the buy-in regime
Commission Delegated Regulation (EU) 2017/389 (external link) – Parameters for the calculation of cash penalties for settlement fails and the operations of CSDs in host Member States
Commission Delegated Regulation (EU) 2017/390 (external link) – Prudential requirements for central securities depositories and designated credit institutions offering banking-type ancillary Services
Commission Delegated Regulation (EU) 2017/391 (external link) – Content of the reporting on internalised settlements
Commission Delegated Regulation (EU) 2017/392 (external link) – Authorisation, supervisory and operational requirements for central securities depositories
Commission Implementing Regulation (EU) 2017/393 (external link) – Templates and procedures for the reporting and transmission of information on internalised settlements
Commission Implementing Regulation (EU) 2017/394 (external link) – Standard forms, templates and procedures for authorisation, review and evaluation of central securities depositories, for the cooperation between authorities of the home Member State and the host Member State, for the consultation of authorities involved in the authorisation to provide banking-type ancillary services, for access involving central securities depositories, and with regard to the format of the records to be maintained by central securities depositories

Decrees

Decree No. 309/2017 Coll. (pdf, 182 kB) on applications and notifications under the Capital Market Undertakings Act
Decree No. 2/2019 Coll. (pdf, 100 kB) on records of covered blocks
Decree No. 424/2017 Coll. (pdf, 208 kB) on reporting duties of some entities operating on the capital market
Decree No. 474/2013 Coll. (pdf, 74 kB) on the remuneration of liquidators, forced administrators and insolvency administrators of some service providers on the capital market and on the reimbursement of their cash expenditures
Decree No. 234/2009 Coll. of 21 July 2009 (pdf, 721 kB) on the Protection against Market Abuse and on Transparency
Decree No. 58/2006 Coll. of 23 February 2006 (pdf, 9 kB) on the manner of keeping separate records of investment instruments and records based on separate records of investment instruments, as amended by Decree No. 238/2008 Coll. – effective from 1 July 2008

Note:
The above-mentioned legal rules are for information only. The sole authentic wording of legal rules is the printed version published in the Collection of Laws or in the CNB Bulletin.