11 November 2026
Schoenherr publication
czech republic
to the point: financial regulation | 10/2026
Welcome to our to the point newsletter. Every month, we look back at the most relevant developments in financial regulation in the CEE region.
In this edition, you will get a mix of updates:
- ESMA published an Opinion on 8 October 2026 stating that MiCA-authorised CASPs should stop providing crypto-asset services in relation to stablecoins that do not comply with MiCA. The Opinion covers trading platforms, exchange, execution, custody, transfers and advice, among other services. NCAs should require remediation of legacy exposures no later than three months after publication, with remaining services limited to liquidation, conversion, withdrawal, transfer or safekeeping. Austria's FMA confirmed on 9 October that it will apply the Opinion in its supervision. Separately, on 14 October the EBA classified USDC as the first significant e-money token out of 45 notified EMTs. The EBA will take over direct supervision of own funds, reserve assets and liquidity from 12 November 2026. CASPs licensed in CEE should review their stablecoin offering now.
- EU finance ministers agreed key elements of the Council's negotiating position on the Market Integration and Supervision Package (MISP) on 9 October 2026, the centrepiece of the Savings and Investments Union (SIU). Under the Council text, supervision of the most significant cross-border trading venues, CSDs and CCPs would be transferred to ESMA. Only the most significant cross-border CASPs would come under ESMA supervision, rather than all CASPs as the Commission had proposed. The position also sets up a voluntary pan-European market operator framework, a new full-time ESMA executive board, an optional depositary passport and a two-year transition period. The Czech Ministry of Finance said the text better reflects the needs of smaller markets. Trilogues can begin once Parliament adopts its position.
- ESMA declared the EU T+1 regulatory framework complete on 16 October 2026, one year before the move to T+1 settlement on 11 October 2027. ESMA published revised CSDR Guidelines on standardised procedures and messaging protocols. From 7 December 2026, investment firms and their professional clients must use electronic, standardised channels based on international messaging standards and machine-readable communication for allocations and confirmations. ESMA urged market participants to start testing as soon as possible. On the same day, ESMA also finalised its revised MAR Guidelines on delaying disclosure of inside information, adding five new legitimate interests following the Listing Act. CEE brokers, custodians and CSDs should assess their readiness for the December deadline, and listed issuers should update their disclosure procedures.
- The Council and the European Parliament reached a provisional agreement on the securitisation package (Securitisation Regulation and CRR amendments) on 21 October 2026. The deal makes capital requirements more risk-sensitive and introduces a new "resilient" category alongside STS. According to Parliament, fixed minimum risk weights will be replaced by a formula based on the quality of the underlying assets, with a 5 % risk-weight floor for safer asset classes. The agreement also distinguishes public from private securitisations, with a simpler reporting template for private deals, and places STS third-party verifiers under ESMA supervision. The Commission called it the first legislative deliverable of the Savings and Investments Union (SIU). The texts still require technical finalisation and formal adoption. For CEE banks, lower capital charges could improve the viability of SME, consumer and mortgage securitisations.
- AMLA finalised three key sets of regulatory technical standards (RTS) for the private sector under the AML Regulation on 1 October 2026 and submitted them to the Commission. The first set of standards covers customer due diligence, including non-face-to-face verification, eID and PEP screening. The second set addresses the identification of business relationships and occasional and linked transactions. The third set covers group-wide minimum requirements, including measures for third-country branches and subsidiaries. Once adopted and published in the Official Journal, they are proposed to apply six months after entry into force. On 7 October, AMLA also launched a consultation on the standards governing its central AML/CFT database, with a deadline of 3 November. Banking groups with CEE subsidiaries should begin aligning their group-wide policies ahead of the new regime's application from 10 July 2027.
- The Senate approved the amendment to the Consumer Credit Act transposing CCD II on 21 October 2026, and the law was sent to the President on 27 October. The Senate approved the bill (Senate print 289) by resolution No. 551, together with an accompanying resolution. The amendment caps the APR on ordinary consumer loans and the cost of small and short-term loans, and introduces a presumption of creditworthiness for repaid loans. It takes effect on 1 February 2027.
- The Hungarian Government submitted its 2027 financial sector tax bills to Parliament, keeping the bank extra-profit tax in its 2026 structure. According to Portfolio, the tax remains at 10 % on a base up to HUF 20bln and 30 % above it, calculated on 2025 pre-tax profit. A credit for buying long-dated government bonds remains. The banded relief for smaller insurers under the insurance tax is abolished, and the thresholds for the financial transaction levy are revised. Separately, the MNB held its base rate at 5.50 % on 20 October.
- The Hungarian Government submitted Bill No. T/961 to Parliament on 2 November 2026, proposing significant changes to the governance of closed-end investment funds, including private equity and venture capital funds. The Bill would allow investors holding at least 60 % of the investment units to initiate a transfer of fund management to another eligible fund manager without prior supervisory approval. If the incumbent manager fails to agree to the transfer within 20 days, the supervisory authority could order it by administrative resolution. Fund managers would have 30 days from the Bill's entry into force to update their management rules accordingly. The Bill would also impose a 90-day restriction on capital calls by closed-end funds, unless investors holding at least 60 % of the investment units consent. It would amend the mandatory takeover bid rules to exempt certain changes of fund manager and unintended threshold crossings, and repeal the collateral exemptions currently available to Eximbank and MFB for state-guaranteed financing. In addition, the Integration Organisation of Cooperative Credit Institutions (SZHISZ) would cease to exist without legal succession, with its assets transferring to the Hungarian State and its creditors' claims being settled under a special procedure. If adopted, the changes would materially strengthen the position of investor majorities in closed-end funds and could affect capital call planning, listed portfolio companies and state-backed financing arrangements. Market participants should monitor the parliamentary process and prepare for the new fund management transfer mechanism and the related 30-day deadline for updating fund management rules. The proposed provisions would generally enter into force on the day following promulgation, subject to certain exceptions.
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Kristýna
Tupá
Counsel
czech republic