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SINGLE LICENSE

SINGLE LICENSE. Markéta Maříková. In connection with the accession to the European Union on May 1, 2004 came into force the provisions of the Banking Act (No. 21/1992 Coll .) governing the single banking license .

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SINGLE LICENSE

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  1. SINGLE LICENSE Markéta Maříková

  2. In connectionwiththeaccession to theEuropean Union on May 1, 2004 cameintoforcetheprovisionsoftheBankingAct (No. 21/1992 Coll.) governingthe single bankinglicense. Thisday, therewas a significantsimplificationof business by foreignbanks, financialinstitutionsandlegitimateinstitutionsauthorized to issueelectronic money in theCzechRepublicandczechbanks in the EU memberstate.

  3. The single licenseprinciple Theprincipleof a single bankinglicenseisbased on thefreedom to provideservicesandfreedomof establishment, as on ofthefundamentalprinciples on whichtheEuropean Union stands.

  4. In general, theprincipleof a single bankinglicensemeansthatitisissuedonlyone licence, whichentitlestheholder to engage in thelicensedactivity not only in thestatewherethelicensewasissued, butalso in theterritoryofanothermemberstatewithoutbeing in the host country had to beissuednew licence.

  5. Bankswithheadoffices in home country mayundertake in theterritoryofanothermemberstate (host state) ofthe EU throughitsbranchspecificactivities, ifauthorized, their performance has beenawarded to these banks in thehome country.

  6. Theactivitiesinclude: • Acceptanceofdepositsofthe public • Lending • Financiallease • Providingofpaymentservicesandissuanceofelectronic money • Issuingandmanagingpaymentinstruments • Guarantees • Tradingforownaccountorforaccountofcostumers

  7. Participation in securitiesissues • Money broking • Thestorageandadministrationofsecurities • And so on …

  8. Bank oreligiblefinancialinstitutionwishing to establish a branch in the host stateshallinformthesupervisoryauthorityofthehomestateand report him in writingthefollowinginformation:

  9. On theterritoryof a memberstatewhichintends to establish a branch • The business planwith a particularspecificationoftheplannedactivities • Theorganizationalstructureofthebranch • Theaddressofthe host state in whichitispossible to obtaindocuments • Thenamesofpersonsresponsibleforthe management ofthebranch

  10. Supervision Supervisionover such establishedbranch, respectivelyitscross-borderactivitiessubject to supervision by thehome country andtheothermemberstatemustrespectitsresult. Thesupervisoryauthorityofthe host membersstateisentitled to exercisesupervisiononly in narrowlydefinedareasspecified in thelegislation.

  11. Endofthelicense Licenseexpires: • Thedate on whichthedecisionbecomesfinal to revokethelicense • Thedate on whichthe bank canceledifcanceledwithliquidation • Thedate on whichtheGeneral meeting decidesthatthe bank continues to not performanactivitywhichrequires a license • On thedaywhenthe bank clearsfromtheCommercialregister

  12. Thank you for watching presentation

  13. 1. What law governs in the Czech Republic a single banking license?2. What activities includes single banking license?3. Do you think that the introduction of a single banking license to simplify the coming of foreign banks to the Czech market?

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