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  • NEW DUTY TO PUBLISH DATA ON THE INTERNET

    28. 04. 2014

    One of novelties introduced by the Act No. 90/2012 Coll., Act on Commercial Companies and Cooperatives, also known as the Act on Corporations (AoC), is the obligation of some commercial companies to publish specific data electronically (usually on their internet sites). The specific provision (Section 7 (2) AoC) appears to be somewhat inaccurate and vague. However, the duty to publish electronically will be most likely construed quite broadly. Moreover, the law imposes quite substantial sanctions in case of non-compliance. Lastly, the said duty concerns also companies established prior to the adoption of the Act on Commercial Companies, i.e. prior to 1.1.2014.

    The duty to publish data electronically applies to all joint-stock companies and also to those limited liability companies which have or will have their own web pages or other similar interface allowing for remote access.

    Companies are thus obliged to publish certain basic information about the company, its general meetings, information about shares/securities and some other data.

    Companies are obliged to start carrying out the said duty without undue delay after their incorporation (with respect to companies established in the future), and without undue delay after the adoption of the Act on Commercial Companies (with respect to companies established prior to 1.1.2014). The time limit specified as „without undue delay“ certainly gives sufficient time. However, we strongly recommend that companies begin to publish data as soon as possible.

    Sanctions for non-compliance include a fine of up to CZK 100 000,-, and may be imposed repeatedly.

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