The pandemic has impacted our lives in many ways, but for many of us, one of the most affected areas has certainly been work. COVID-19 has indeed led to an unprecedented need and demand for remote working. In recent months, many people have been forced or have chosen to work…
The Czech parliament is adopting a new regulation with respect to the registration of ultimate beneficial owners (i.e. persons with ultimate decisive influence on or with ultimate economic benefit from the company) (“UBO”). Although the obligation of companies to register their UBOs has already existed for some time under the Czech regulatory regime, it has shown to be insufficient in practice as the absence of any penalties or sanctions has led to the vast majority of business corporations still neglecting this obligation to register their UBOs.
The new regulation will maintain the obligation to evidence the UBO in the register, but it will also impose a variety of sanctions on companies not compliant with the new UBO regime. We expect such changes to be adopted in the next few months.
Please find below a summary of measures adopted by the Czech government in order to prevent the spread of the COVID-19Â in the Czech Republic, with effect from 22nd October 2020.
Welcome to the âBM for Startupsâ project by Baker McKenzie Prague The program is intended for startups in the area of IT and online services or new technologies â generally, for IT and technology startups. The purpose of this project is to give you, as the founders and operators of…
In light of the global pandemic, governments across the globe are faced with urgent needs whose immediate coverage is a matter of life and death. Hence, these unusual and uncertain times call for rare and exceptional measures, and without much ado, governments around the globe have provided them. Common to all approaches is the will to enable public contractors to procure the urgently needed supplies to save lives and contain the pandemic without major bureaucratic hurdles.
In early March 2020, after COVID-19 had already begun its journey of destruction around the world, the European…
On 17Â May 2020, after more than 2 months, the state of emergency declared due to the COVID-19 outbreak in the Czech Republic on 12Â March 2020, finally ended. This alert summarizes the most important consequences for your employees.
In brief Corporate Law Measures Due to COVID-19 As the COVID-19 pandemic develops, so do the legal measures…
In brief The current situation around the COVID-19 crisis requires a significant level of flexibility in contractual relationships,…
The financial markets are experiencing a significant amount of disruption for which there is no precedent. However, in these difficult times it is important that originators, sponsors and securitisation special purpose entities (SSPEs) do not lose sight of their regulatory obligations under Regulation (EU) 2017/2402 (Securitisation Regulation). This short briefing…