Act No. 259 / 2025 Coll.
Act amending Act No. 256 / 2004 Coll., on Capital Market Business, as amended
Valid
Law
Effective from 29.09.2025
Text versions:
29.09.2025
29.07.2025
259
THE LAW
of 3 July 2025
amending Act No. 256 / 2004 Coll., on Capital Market Business, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act, Act No. 20 / 2011, Act No. 20 / 2011, Act, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011, Act No. 20 / 2011,
1. In footnote 1, the seventh sentence is replaced by the following: "Directive 2014 / 65 / EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002 / 92 / EC and 2011 / 61 / EU, as amended by Regulation (EU) No 909 / 2014 of the European Parliament and of the Council, 2019 / 2115 and 2022 / 858 of the European Parliament and of the Council and Directives (EU) 2016 / 97, 2016 / 1034, 2019 / 2034, 2019 / 2177, 2020 / 1504, 2021 / 338, 2022 / 2556 and 2024 / 790 of the European Parliament and of the Council. '.
2. In Article 2, at the end of paragraph 2, the dot is replaced by a comma and the following point (e) is added:
"(e) the multilateral system market for investment instruments referred to in Article 2 (1) (11) of Regulation (EU) 600 / 201453 of the European Parliament and of the Council.";
3. in Article 4b (1) (d), point 3 shall be deleted;
Points 4 and 5 shall become points 3 and 4.
4. In the first sentence of Article 12h (2), the words "not later than 4 months after the end of the accounting year 'shall be deleted.
5. the second sentence of Article 12h (2) shall be deleted;
6. In Article 15c (6), the words "for remuneration as referred to in paragraph 3, Article 27 of Commission Delegated Regulation (EU) 2017 / 56578 and requirements' are inserted after the words" requirements'.
7. In Paragraph 15d (7), "52 'is replaced by" 53, 61 and 65'.
8. In Article 15l (5), the part of the sentence behind the semicolon, including the semicolon, is deleted.
9. In Article 15n, paragraphs 4 to 6 are deleted.
10. in Paragraph 15r (4):
"(4) Where the execution of a client order is subject to a business obligation pursuant to Article 23 or 28 of Regulation (EU) No 600 / 201453 of the European Parliament and of the Council, the client's securities dealer shall inform the customer of the location at which the client's order was executed without undue delay after the execution of the order. ';
11. § 17a reads:
A systematic internaliser is a European securities trader who:
(a) in an organised, frequent and systematic manner, trading outside a trading venue on its own account in the execution of client orders relating to instruments referred to in Article 3 (1) of Regulation (EU) No 600 / 201453 of the European Parliament and of the Council, without operating a market in investment instruments; or
(b) choose the systematic internaliser mode. ';
12. in Paragraph 38 (1) (l) (3), the word "a" shall be deleted;
13. In Paragraph 38, at the end of paragraph 1, the dot is replaced by a comma and the following points (n) and (o) are added:
"(n) the company shall establish organisational measures to ensure compliance with data quality requirements pursuant to Article 22b of Regulation (EU) No 600 / 201453 of the European Parliament and of the Council; and
(o) the company shall ensure that its organised regulated market has at least 3 active participants entering into contractual relations with other market participants and thus participating in price formation. "
14. in Article 50b (1), the words "if an emergency situation occurs" shall be inserted after the words "trading."
15. in Article 50b (3), the words "and shall be published on its website" shall be inserted after the word "bank."
16. In Paragraph 50f, the following paragraph 5 is added:
"(5) In the case of shares with an assigned identification mark under an international securities identification system (ISIN) allocated outside a Member State of the European Union, the regulated market operator may determine the same quote step as that applied in a given trading venue; in the same way, the regulated market operator may proceed in the case of shares with an assigned identification mark under the international identification system for the identification of securities (ISIN) allocated in a Member State of the European Union if:
(a) shares are traded in a system similar to a trading venue of a State which is not a Member State of the European Union;
(b) shares are traded in the local currency of a State which is not a Member State of the European Union or in a currency other than that of a Member State of the European Union; and
(c) a system similar to a trading venue which is the most important market in terms of liquidity for a given share is located in a State which is not a Member State of the European Union. "
17. in Paragraph 69 (2), the word "a" shall be deleted at the end of point (f).
18. In Article 69, at the end of paragraph 2, the dot is replaced by "a 'and the following point (h) is added:
"(h) organisational measures to ensure compliance with data quality requirements pursuant to Article 22b of Regulation (EU) No 600 / 201453 of the European Parliament and of the Council.";
19. in Paragraph 73f (1) (c) (2), "a" is deleted;
20. In Article 73f, at the end of paragraph 1, the dot is replaced by "and 'and the following point (e) is added:
"(e) organisational measures to ensure compliance with data quality requirements pursuant to Article 22b of Regulation (EU) No 600 / 201453 of the European Parliament and of the Council.";
21. Paragraph 73j is deleted, including the title and footnote 100.
22. § 73l is deleted, including the title and footnote 101.
23. in Article 127a (2), "6" is replaced by "7."
24. in Article 134c (1) of the introductory part of the provision, the words "or derivatives for greenhouse gas emission allowances" shall be inserted after the words "derivatives."
25. in Article 134c (1) (b), the words "or in derivatives for greenhouse gas emission allowances" shall be inserted after the words "commodity derivatives."
26. in Paragraph 134e (1):
"(1) The trading venue operator in which commodity derivatives or greenhouse gas emission allowance derivatives are traded shall provide the Czech National Bank, at least once a day, with a complete breakdown of the positions held by all persons on the trading venue, including customers of participants in that trading venue. '
27. in Article 134e, the following paragraph 2 is inserted after paragraph 1:
"(2) The trading venue operator referred to in paragraph 1, where the number of persons and the volume of positions exceeds the minimum thresholds, shall publish for the trading venue where:
(a) trading options;
1. a weekly report with aggregated positions held by each commodity derivative or derivative per greenhouse gas emission allowance traded in its trading venues, indicating the number of long and short positions by those categories, their changes since the previous report, the percentage of total positions by category and the number of persons holding positions in each category referred to in paragraph 4; and
2. a weekly report with the data referred to in point 1 without inclusion of options;
(b) do not trade options, a weekly report on the data referred to in (a) (2). "
Paragraphs 2 to 7 shall be renumbered paragraphs 3 to 8.
28. in Article 134e (3) of the Introductory Part of the provision, the words "greenhouse gas emission allowances or their derivatives" are replaced by the words "greenhouse gas emission allowance derivatives" and the words "commodity derivatives or greenhouse gas emission allowances or their derivatives traded on a trading venue, as the case may be," shall be deleted.
29. in Article 134e (3) (b), the word "normally" shall be deleted;
30. in Article 134e (4), the introductory part of the provision reads:
"(4) The trading venue operator referred to in paragraph 2 shall include persons who hold positions in commodity derivatives or greenhouse gas emission allowance derivatives, depending on the nature of their main business or, where applicable, on a valid authorisation, as'.
31. in Article 134e (4) (e), the words "derivatives" and "derivatives thereof" shall be inserted after the words "o";
32. in Article 134e (5), "paragraph 1" is replaced by "paragraphs 1 and 2."
33.In Article 134e (6), "1 (a)" is replaced by "2."
34. in Article 134e (7) of the introductory part of the provision, the words "paragraph 1 (a) and" shall be deleted and after the words "paragraph 2" shall be inserted the words "and the schedule referred to in paragraph 3";
35. in Article 134e (8) of the introductory part of the provision, the text "1 (a)" is replaced by "2" and the words "the breakdowns referred to in paragraph 2" are replaced by the words "the breakdowns referred to in paragraph 3."
36. in Article 134e, the following paragraph 9 is added:
"(9) The reports referred to in paragraph 2 shall be transmitted by the trading venue operator referred to in paragraph 1 to the Czech National Bank and to the European Securities and Markets Authority. ';
37. in Article 134f, the text "(b)" shall be deleted;
38. In Paragraph 136, the following paragraph 6 is inserted after paragraph 5:
"(6) The Czech National Bank may, by measure of a general nature, suspend or restrict trading on a regulated market if the operator of the regulated market, despite an exceptional situation or significant price movement of the investment instrument or related investment vehicles, has not stopped or reduced trading pursuant to Paragraph 50b (1)."
Paragraph 6 shall become paragraph 7.
39. in Paragraph 164 (1) (z), "2" is replaced by "3."
40. in Article 168 (1), point (z) is deleted;
Points (za) to (zc) shall be renumbered as points (z) to (zb).
41. in Article 168 (2), point (t) shall be deleted;
Points (u) and (v) shall be renumbered as points (t) and (u).
42. in Article 168 (3), point (w) shall be deleted;
The existing points x) and y) are referred to as points w) and x).
43.In Article 199 (6), the words "and 137 'are replaced by the words", Article 136 (6) and Article 137';
Transitional provisions
1. For a period of 2 months from the date of entry into force of this Act, Paragraph 38 (1) of Act No. 256 / 2004 Coll., as effective before the date of entry into force of this Act, shall apply to the organiser of a regulated market which has been granted authorisation to operate before the date of entry into force of this Act.
2. For a period of 2 months from the date of entry into force of this Act, Article 69 (2) of Act No. 256 / 2004 Coll., as effective before the date of entry into force of this Act, shall apply to operators of a multilateral trading system authorised to operate before the date of entry into force of this Act.
3. For a period of 2 months from the date of entry into force of this Act, Article 73f (1) of Act No. 256 / 2004 Coll., as effective before the date of entry into force of this Act, shall apply to the operator of an organised trading system authorised to operate before the date of entry into force of this Act.
Efficacy
This Act shall take effect on 29 September 2025.
Pekarová Adamová v. r.
Pavel v. r.
Fiala v. r.
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Regulation Information
| Citation | Act No. 259 / 2025 Coll., amending Act No. 256 / 2004 Coll., on Capital Market Business, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.07.2025 |
|---|---|
| Effective from | 29.09.2025 |
| Effective until | - |
| Status | Valid |
Parliamentary Paper:
Paper No. 977
The regulation text is for informational purposes only.
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