Czech Senate Approves National Bank's Takeover Of Securities Commission

The Czech Republic Senate approved the proposal to hand over the responsibilities of the Czech Securities Commission over to the Czech National Bank, combining the two financial bodies into one. Though it is expected to pass without any opposition, the

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The Czech Republic Senate approved the proposal to hand over the responsibilities of the Czech Securities Commission over to the Czech National Bank, combining the two financial bodies into one.

Though it is expected to pass without any opposition, the plan still needs the approval of Czech Republic President Vaclav Klaus.

If the president signs the proposal, the country will have an integrated financial market as of April 1, 2006, on which the national bank will take over all of the activities of the Czech Securities Commission (CSC), the Office for Supervision of Insurance and Supplementary Pension Insurance and the Office for Supervision of Credit Unions, which will thereby cease to exist.

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