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Milan Šimáček graduated from Czech Technical University and took part in a number of courses and placements abroad relating to financial market, its regulation and supervision, banks and insurance companies, e.g. in the USA, Great Britain, Germany and Norway. Between 1991-1994, he worked as a chief manager of the Industry Privatisation Department of the Ministry of Privatisation and National Property Administration. In the following years, he worked in various positions in the Czech Stock Exchange in Prague, and finally as a director of the Derivatives and New Products Department. Between 2000 and 2005, he was a member of the presidium of the Securities Commission; in 2004 he was the acting chairman. From September 2005 to September 2006, he worked as a consultant of the bank council of Czech National Bank. Between 2006 and 2008, he held the post of the Deputy Minister of Finance. He represented the Czech Republic in European Commission committees, Committee of European Financial Market Regulators, International Organisation of Securities Commissions and also in the World Bank. Since 1999, he has been working as an external lecturer at the Monetary Theory and Policy Department at the Faculty of Finance and Accounting of the University of Economics in Prague.