25.7.2008
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News
Directive on cross-border mergers in banking, insurance and securities adopted in first reading
In March European Parliament (“Parliament”) gave a first reading of a directive to change European rules on how mergers of banks and other financial institutions are approved. Since the text adopted has already been agreed in informal negotiations with the Council, the proposals should enter force without further changes.
The text adopted includes the following provisions, among others:
- where the European Commission (“Commission”) proposed that supervisory authorities decide within 30 working days of being notified of a proposed acquisition, the new text sets the limit at 60 working days;
- the relevant supervisory authority may interrupt this period to ask for necessary additional information from the proposed acquirer, as long as it does so no more than 50 days into the period; the interruption can be for up to 20 working days (or 30 in the case of non-EU acquirers or those not already subject to financial supervision under EU directives);
- it is made clear that Member States may not impose more stringent requirements than those set out in the directives as amended.
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7.4.2025
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News
KŠB is the official partner of the Smetanova Litomyšl Festival
We are delighted to announce that we have become an official partner of one of the most important cultural projects in the Czech Republic – the Smetanova Litomyšl music festival. With the title “ the law firm of the festival", we are proud to be part of this long-standing social event that blends music with a unique historical setting.
