Capital Markets
The above Directives amend the regulation of the capital market and should be implemented in Czech law by the Act on Undertaking on Capital Markets or by an implementing legal regulation to the cited act. The new Act on Undertaking on Capital Markets should replace in particular a predominant part of the existing Securities Act and the entire Stock Exchange Act. The Act on Capital Market Business is supposed to become effective as of May 1, 2004, while the deadline for implementing the Directives into national legal order expires on 12 October 2004 or 1 July 2005, as regards Directives 2003/124/EC and 2003/125/EC, and Directive 2003/71/EC, respectively.
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