Brexit and its Implications for Your Firm: 10 Steps on How to Prepare for the “No Deal” Scenario

The divorce battle between the United Kingdom and the European Union is in full swing and the result is still unclear. At present, the only certain thing is that the two-year period will soon expire. Several possibilities exist as to the timeframe and the ultimate setup of the relations between the United Kingdom, the European Union and other countries, including the Czech Republic. This inevitably complicates all additional steps that you should take prior to the final decision. To be prepared for the “big day”, which falls on 29 March 2019 or 30 March 2019 considering the time zone difference, it is advisable to expect the “no deal” or “hard Brexit” scenario given the circumstances. Our ten recommendations may be of assistance to you in this respect. 

The pros of having a strong and independent competition authority

The interaction of firms on the market is strongly regulated and competition authorities should make sure that firms do business on an equal playing field. In a competitive environment, the pressure on efficiency and effectiveness is ever greater. In order to withstand this trend, firms must keep coming up with quality and innovative goods at better prices. This is beneficial not only for consumers. Greater purchasing power of consumers and growth in firms’ production ultimately contribute to the growth of the entire economy. If the rules in place are followed, firms will remain driven to offer a wide range of quality and innovative products at low prices. 

GDPR in practice: The General Data Protection Regulation starts achieving its intended goal

For a number of companies and consumers, 25 May 2018 was a revolutionary milestone in terms of personal data importance. Partly given the significant attention paid by the media, consumers and organisations started recognising their respective rights and obligations. The regulation, which was approved in April 2016 and came into effect two years later, resulted in a number of changes in the functioning of the affected organisations. What changes were they? What is the public perception of the GDPR? Has anything changed in practice at all? 

Google Receives a Fine of EUR 50 Million for Violating the GDPR

On 21 January 2019, the French equivalent of the Czech Office for the Protection of Personal Data (the “OPPD”), Commission nationale de l'informatique et des libertés (the “CNIL”), imposed a fine of EUR 50 million on GOOGLE LLC for violating the General Data Protection Regulation (the “GDPR”). The fine was imposed for lack of transparency in processing personal data, for insufficiently informing data subjects, and for invalid consents relating to the personalisation of advertising. This is by far the greatest sanction imposed to date since last May, when the Regulation came into effect. 

11 pieces of advice and recommendations to get the better of the personal data protection regulation

The General Data Protection Regulation or the GDPR was one of the most discussed topics last year. Its compulsory implementation in practice, which occurred in May 2018, was preceded by stormy debates, careful preparations of stakeholders and uncertainty about the practical consequences the regulation would produce. At a business breakfast held at the end of the last week, we assessed the first six months of the GDPR’s implementation. We have selected the 11 most interesting pieces of advice and recommendations to help you find out whether the steps you have taken are in line with the regulation and what to do to achieve compliance. 

Ministers have Approved a Proposed Act in the Event of a No-deal Brexit

The proposed act that relates to UK nationals living in the Czech Republic has been approved by the government and sent to the parliament. The government will require that the deputies approve the act in a fast-track procedure during a single reading. 

Ruling of the Constitutional Court

The Constitutional Court cancelled certain provisions of the Act on the Residence of Foreign Nationals and the Act on Asylum. Following the proposal of a group of 18 senators, the ruling of the Constitutional Court of 27 November 2018, file no. Pl. ÚS 41/17, cancelled certain provisions of the Act on the Residence of Foreign Nationals and the Act on Asylum that were changed by Amendment Act No. 222/2017 Coll. 

Amendment to the Act on the Residence of Foreign Nationals

The amendment to the Act on the Residence of Foreign Nationals has been under discussion since June 2018. We have previously informed you about the amendment to the Act on the Residence of Foreign Nationals submitted by the government and the essential changes proposed by the amendment. 

Transparent Company Sale

The past few years were nearly the “Golden Age” for company owners contemplating the sale of their businesses. The economy as well as enterprises have experienced a boom; interest rates continue to be low, with the indication of their increase in the near future motivating investors even more strongly to purchase shares in prosperous companies right now. As a result, potential investors are throwing money at such businesses.