LONDON - A bill to create a securities and exchange commission in the Czech Republic is expected to be passed by Czech lawmakers in July,said Peter Kysel, a director of John Govett & Co. Ltd.
The commission would have the right and obligation to prosecute wrongdoers, impose fines on them and remove their licenses. It also will be able to introduce new trading rules. Mr. Kysel, also managing director of Govett's New Europe Investment Co., said the legislation was prepared by specialists at the stock exchange in Prague.
The Czech Republic is the only major Eastern European country without such a commission. The government had not wanted to overregulate markets and banking industry, he said, but that thinking changed after a couple of major financial scandals in the past year.