On 1 February 2012, new laws on financial markets, including banking, insurance, capital markets and investment laws became effective. The main objective of the new laws is to implement Directive 2010/78/EU in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority (the “Omnibus I Directive”) into Czech law. As a result of the new laws, competencies of the Czech National Bank, as the Czech financial markets regulator, are amended to be in compliance to requirements stipulated in the Omnibus I Directive.