CNB Licences
Participation in the Conference “Trends in Payment Systems 2021”
Stuchlíková & Partners spoke together with representatives of the Czech Banking Association, the Ministry of Finance, Mastercard, Komerční banka, and Česká spořitelna at the conference “TRENDS IN PAYMENT SYSTEM 2021”, organized by conforum s.r.o. on 16 February 2021, with a contribution entitled Experience with Obtaining a Payment Licence. In our presentation, we focused mainly on the biggest pitfalls of the licensing process at the CNB and lessons learned from them.
New Reporting Duty for Financial Services Intermediaries
The Czech National Bank (the “CNB”), in accordance with Section 41(3) of Act no. 6/1993 Coll. on the Czech National Bank, as amended, has issued, with effect from 1 January 2021, Decree no. 518/2020 Coll., on the Submission of Information on Financial Services Intermediaries to the Czech National Bank, details for fulfilling the reporting duty at the CNB for financial services intermediaries.
Revoking CNB Licence due to Non-Provision of Payment Services
Have you received a Notice of Initiation of Ex officio Proceedings, in which the Czech National Bank informs you of the initiation of administrative proceedings on revoking authorization to provide payment services or issue electronic money because it believes that you have not provided such services for more than six months?
CNB Licence for an Exchange Office
The law firm Stuchlíková & Partners has successfully represented a client in obtaining a licence for an exchange office with the Czech National Bank. The services of our law firm included company formation, preparation of all licensing documentation for obtaining an exchange office licence, and representation in the licencing procedure with the CNB.
Licences for PSD2 Payments
In the area of payments and e-money, we have provided re-licensing or new licences for 14 of our clients in the past year in accordance with the tightened PSD2 rules and the new Payment Systems Act (Act no. 370/2017 Coll.).
Insurance Intermediaries
An insurance intermediary means a natural or legal person who, on the basis of a Czech national bank (CNB) license, is authorized to provide services on the financial market.
Exchange office
In addition to banks and financial institutions, any other natural or legal person who obtains a license from the Czech National Bank may also perform the exchange activities.
Securities dealer/Investment broker licence
Who can apply for an investment broker licence?
Successful representation in licensing procedure at the CNB
Stuchlíková & Partners has provided comprehensive legal advice during the licensing procedure for a small-scale payment service provider – small payment institution at the Czech National Bank.
Licences for Non-Banking Consumer Loan Providers
At the end of March 2016, Directive 2014/17/EU of the European Parliament and of the Council should be implemented with the help of the new Consumer Loan Act. This change will create new requirements for non-banking consumer loan providers.