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With effect from 1 January 2022, the provisions of the recent amendment of Act No. 127/2005 Coll., on Electronic Communications and on Amendment to Certain Related Acts relating to the storing and accessing of cookies and other information on users’ devices and telemarketing, have become effective.

In March 2021, the EU approved new reporting rules in a directive known as DAC7. The directive will require the operators of online platforms for the sale of goods and certain services, to collect, verify and share data on their sellers and their transactions concluded on the online platform. EU member states have until 31 December 2022 to implement DAC7 into national law. Certain platform operators will become a reporting platform and will need to start collecting and verifying data points in compliance with the DAC7 reporting requirements. The collected data points must be reported to the tax authorities of the relevant EU member state annually.

In brief On 1 June 2021, Act No. 37/2021 Sb., on Registration of Ultimate Beneficial Owners (“Act”), will take effect, implementing Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (AML Directive V) in Czech law and introducing new requirements regarding the publicity of…

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.