Selected aspects of the transposition of the new EU regulatory framework for credit purchasers into the Czech law
Abstract
Following the relatively comprehensive regulatory framework of the prudential regulation after the financial crisis and the banking crisis that hit the European Union in the past, the EU legislation has in recent years become more specific in setting rules in sub-fields such as non-performing loans. In particular, regulatory efforts have been being driven by the aim of developing the secondary market for non-performing loans on the one hand and harmonising the rules for the participants in that market and for trading on it on the other. One of the cornerstones of such regulation is the Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU.
The article discusses the new EU regulatory framework for credit purchasers as one of the participants in the secondary market for non-performing loans. At first, the new EU regulatory provisions harmonising the rules applicable to credit purchasers are reviewed. Subsequently, the article compares the new EU regulatory scheme with the current Czech regulatory framework regulating the activities of credit purchasers and analyses the intended transposition of the EU provisions harmonising the conduct of business of credit purchasers into the Czech law. Finally, conclusions regarding the possible impact of such transposition are reached.