An external comment procedure on the Digital Finance Act launched
On the 11th of October 2023, the Czech Ministry of Finance launched an external comment procedure on the draft law on the implementation of European Union regulations in the field of digital finance (the Digital Finance Act) and the draft law amending certain laws in connection with the implementation of the European Union regulations in the field of digital finance and sustainability financing. The draft law on digital finance contains provisions implementing the so-called DORA regulation and the so-called MiCA regulation. Along with this law, an amendment law is also submitted, which contains further amendments to the total of 15 laws following these two regulations and the implementation of the draft regulation on the European green bonds.
The DORA regulation regulates the uniform rules of digital operational resilience of the financial sector, which must be followed by financial institutions falling under the scope of this regulation. Until now, the regulation of digital operational resilience has been fragmented into individual sectoral regulations. The DORA regulation is accompanied by a directive regulating individual sector regulations, which is transposed by the present law.
The MiCA Regulation represents the first comprehensive regulation governing the offering of crypto-assets to the public and the provision of services related to crypto-assets. The presented law contains several provisions that help the smooth application of the regulation in the Czech Republic and follows on from some other provisions in the Digital Finance Act.
The Regulation on European Green Bonds regulates the conditions for issuing the so-called European Green Bonds. The regulation sets out requirements for bond issuers who want to use the label "European Green Bond" for their environmentally sustainable bonds offered to investors in the European Union. The final text of this regulation has been translated into national languages and was published during the autumn of this year.