The Czech Act on Criminal Liability of Legal Entities and Proceedings Against Them covers criminal liability of legal entities in their own specific way. Corporate criminal liability applies to nearly all legal entities and to those individuals who work for them. Directors, management board members and employees place themselves and the companies in a high-risk situation if they are unaware of how their companies might be affected by the Act and what can be done to relieve the legal entity of criminal liability. 

EU’s 9th sanctions package extends investment ban to mining and quarrying sector; expands bans on exports and professional services; more asset freeze designations; derogations for divestments and agri-food

The Czech Ministry of Justice has just finalised the draft act on class actions, which is based on a EU Directive and promises a faster, easier, more efficient and more budget-friendly solution for consumers in disputes against entrepreneurs. The Czech Republic was obliged to implement this regulation no later than 25 December 2022, and is already behind schedule in the legislative process.

Uncertain environment

The year 2021 saw a post-COVID boom with a 27 percent increase in S&P 500’s equity valuations. The Fed funds rate fluctuated around zero, reducing the costs of borrowing, and the massive growth led to increased spending across industries. Shifting to 2022, the experience has been different, the Fed funds rate has increased significantly, and the conflict-fed inflation genie has yet to be put back in the bottle. The slowing economy and continued inflation foreshadow a difficult profitability environment for 2023.