20. 2. 2024
16. 2. 2017
16. 2.
2017
The new criminal law legislation
The Act No. 316/2016 Coll. on recognition and enforcement of property decisions in criminal proceedings in European Union ("the Act") became effective as of 1 January 2017. The Act brings several significant changes.
A new offence has been introduced into the Criminal Code - the market manipulation offence (as a result of the transposition of the Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal penalties for market abuse). The market manipulation is an intentional offence, which is committed by a person who:
- (a) states false or significantly misleading information on supply, demand or price of a financial instrument or a spot commodity contract;
- (b) causes achieving or maintaining the price of a financial instrument or related spot commodity contract at an artificial level; or
- (c) manipulates the calculation of the market reference value.
The Act also amends the Act on criminal liability of legal entities (Act no. 91/2016 Coll.) and expands the catalogue of offences which the legal entity may commit, for example obstruction the execution of an official decision, credit fraud, insurance fraud, capital fraud, subsidy fraud, fraudulent bankruptcy, induced bankruptcy, harm done to a creditor, preferential treatment of a creditor, deceitful practices in public procurement and public auction.
The Act also regulates the procedure of enforcement of the decisions on forfeiture or confiscation of a thing or a property of an individual or a legal entity in criminal matters.
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