Regulatory Alerts2006-01-01
Decree No. 347/2006 Coll. Implementing Provisions of the Act on Financial Conglomerates
The Czech National Bank issued this decree to implement EU regulations concerning the supplementary supervision of banks, credit unions, insurance corporations, and securities dealers within financial conglomerates. It establishes detailed criteria for calculating supplementary capital adequacy requirements, defines the trustworthiness and competence documentation required for senior officers, and mandates specific reporting structures and time limits for disclosing risk concentrations and intra-group transactions. Regulated entities are further required to publicly disclose key financial data regarding their conglomerate's capital levels and compliance status on their websites.
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