Blog

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.

Investment intermediaries

Who can apply for an investment intermediaries licence?

Securities dealer/Investment broker licence

Who can apply for an investment broker licence?

GDPR and protection of personal data

The law firm Stuchlíková & Partners provides comprehensive legal advice relating to the protection of personal data and the GDPR.

EU-US Privacy Shield may soon not be a guarantee of the legal transfer of personal data to the US under the GDPR

On 5 July 2018, the European Parliament adopted Resolution 2018/2645 (RSP) on the adequacy of the EU-US Privacy Shield for the protection of European citizens when transferring their personal data to the US. This occurred in response to the Facebook-Cambridge Analytica case, when the company had abused Facebook data for more than 2.7 million European citizens in connection with the presidential campaign of Donald Trump.

Luxury goods retailers may choose their distributors

On 6 December 2017, the Court of Justice of the European Union issued a long-awaited judgement in the Coty case. The subject matter of the dispute between a supplier of luxury cosmetics, Coty Germany GmbH, and its authorised distributor, Parfümerie Akzente GmbH, was a contractual ban on using contractual products of third-party platforms for Internet sales. The court had to adjudicate whether such an established system of selective distribution breached in the specific instance the EU regulations protecting fair competition.

Representing a non-profit organisation in a copyright dispute

Stuchlíková & Partners has represented a non-profit media portal for artists Artalk z.s. (www.artalk.cz) in a copyright dispute relating to entitlement and any damages during the use of photography in the “Creative Commons” licensing regime without remuneration. Creative Commons is a non-profit organisation whose goal is to provide authors with various licensing schemes so that the public can use their works in a specific manner without obtaining the author’s consent. The newest Creative Commons licence, for example, allows the public to copy, distribute, or exhibit a work only when providing the author’s name.

PSD2 and the new Payment Systems Act

The PSD2 Directive has been implemented into Czech law by the new Act on Payment Systems, no. 370/2017 Coll., which will come into effect on 13 January 2018.

General Data Protection Regulation (GDPR)

The GDPR will come into force on 25 May 2018 and will introduce severe sanctions of up to EUR 20 million or 4% of annual global turnover for cases of breaching the obligations relating to personal data.