Document 132 - Amendment to the Act on Capital Market Undertakings

Published date: 11.03.2026 |Processed date: 11.03.2026 |Session 10

Summary

The bill amends the Capital Market Undertakings Act to clarify the rules for investment intermediaries and to remove legal uncertainty in the application of European regulations. The key change is the replacement of the term “similarly” by “reasonably”, thereby reducing the scope of the obligations taken over from securities dealers. The law also clarifies that the European rules apply to investment intermediaries only if the law explicitly refers to them and takes into account the status of tied agents as independent entrepreneurs. The effectiveness is proposed from 1 January 2027.

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Additional documents

Additional document 1

Government Opinion on Print No. 132/0

Processed date: 01.04.2026

The government has expressed its disagreement with the Senate’s draft amendment to the Capital Market Enterprise Act. According to the government, the amendment, which is intended to allow only a proportionate application of certain obligations for investment intermediaries, would weaken legal certainty and make the rules more difficult to enforce. The proposal would also weaken the regulation of remuneration of investment intermediaries and their tied agents, which could increase conflicts of interest and reduce customer protection. The Government therefore recommends not to adopt the proposal.