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Mifid implementation

September 2008 - Finance. Legal Developments by Wolf Theiss.

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Effective as of July 1 2008, the Czech Republic has transposed into its national legislation Directive 2004/39/EC on markets in financial instruments (Mifid) and Directive 2006/73/EC, implementing Mifid as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of Mifid. The transposition has been effected mainly by way of a complex amendment of the Capital Markets Act. The amendment was promulgated on June 30 2008 (only one day before its effective date), with a delay against the deadline of January 31 2007 for the transposition of Mifid into national legislation. The respective provisions of the national legislation should have been applicable as of November 1 2007.

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