National regulations concerning requirements for marketing foreign AIF in the Czech Republic

This page contains information on the national legal regulations governing the marketing requirements for alternative investment funds in the Czech Republic in accordance with Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

1 Requirements for marketing foreign alternative investment funds (AIFs[1]) on the market in the Czech Republic

Legal regulations governing the requirements for marketing alternative investment funds on the market in the Czech Republic:

(the abbreviation “AIF” used in European legislation[1] corresponds to the Czech term “special fund” or “qualified investors fund” in accordance with the AMCIF)

The format and content of promotional materials and notifications, including the identification of information and documents to be notified to the competent authority before the start of marketing, is not determined by any regulations issued by the Czech National Bank. Marketing materials and notifications do not need to be sent to the Czech National Bank in advance. The Czech National Bank does not check, approve or give prior consent to their use when placing a fund on the market in the Czech Republic.

All promotional communications must comply with Articles 243 to 244 of the AMCIF. The sending of reports on promotional communications is not required. The Czech National Bank is entitled to request promotional communications in order to assess their compliance with the relevant legal regulations.

2 Preliminary marketing of investments

The preliminary marketing of investments in alternative investment funds in the Czech Republic is regulated primarily by Articles 297a, 297b and 297c of the AMCIF. The preliminary marketing of investments is understood to mean the activity of a manager authorized to exceed the decisive limit with its seat in a member state or

its representative, consisting in the provision of information on investment strategies or investment ideas to professional clients with the goal of verifying the interest of these persons in a special fund, qualified investors fund or comparable foreign investment fund, whose home country is a member state, or its sub-fund or comparable foreign facility, if:

  1. this fund or its sub-fund has not yet been created; or
  2. a request for entry into the relevant list maintained pursuant to Article 597 of the AMCIF was not submitted or the fund was not notified in the sense of Article 315 of the AMCIF.

It is not a preliminary marketing of investments if this activity an marketing of investments (Article 297a (2) of the AMCIF).

The information communicated to potential investors must fulfil the requirements specified in Article 297b of the AMCIF. In particular, the information must not be sufficient for investors to undertake to acquire shares in a specific investment fund and it cannot represent an underwriting form, statute, memorandum of association, communication of key information, prospectus or similar documents in their final form. If a proposal of a prospectus or documents related to the marketing of an investment fund is provided as part of preliminary marketing, such a document must not contain information that would as a whole enable investors to make investment decisions and it must clearly state that it does not represent an offer or call for a subscription to shares and that the information contained in it cannot be relied upon for it is incomplete and subject to change.

A third party may preliminarily offer investments in the name of the manager on behalf of an investment fund, if it has a permit for the activity of a securities broker or a permit to manage investment funds or is a bank or a branch of a foreign bank or acts as a bound representative of these entities.

Within two weeks after starting preliminary marketing (in accordance with Article 30a of the AIFMD), the manager shall send its supervisory body a notification that primarily includes information on which member states the preliminary marketing is or was performed in and for how long, a brief description of the preliminary marketing, including information on the presented investment strategies and, if required, also a list of alternative investment funds and sub-funds of alternative investment funds, which are or were the subject of the preliminary marketing. The home supervisory body informs the supervisory bodies of the member states in which the manager performs or performed the preliminary marketing about the preliminary marketing.

3 Methods of marketing investments in the Czech Republic

3.1 Publicly available marketing of investments for qualified investors[2]

The AMCIF enables the publication of the marketing of an investment in foreign alternative funds managed by a foreign manager authorized under the AIFMD to qualified investors where the following conditions are met:

  • the manager of the foreign AIF is authorized under AIFMD (confirmation by the competent supervisory body of the home State of the AIFM on the scope of the authorization to operate is a mandatory annex to the notification),
  • the intention to market investments in a foreign AIF in the Czech Republic is notified within the meaning of Article 315 of the AMCIF,
  • the foreign AIF is entered on the relevant list maintained by the Czech National Bank under Article 597(d) of the AMCIF (in accordance with Article 295a(1) and Article 315(2) of the AMCIF).

The group of investors is limited to qualified investors; this fact must be expressly notified during public marketing (Article 296 of the AMCIF).

3.2 Publicly available marketing of investments for investors other than qualified investors (retail)

Under Article 297(1), the AMCIF allows the public marketing of investments in foreign AIFs in the Czech Republic to other than qualified investors only in the case of foreign investment funds comparable to special funds and if the following conditions are met:

  • the manager of the foreign AIF is authorized under the AIFMD (the Czech National Bank, as standard, verifies the existence of this authorization from the documentation submitted by the applicant in administrative proceedings); in the event the fund is already entered on the relevant list maintained by the Czech National Bank under Article 597(d) of the AMCIF (in accordance with Article 295a(1) and Article 315(2) of the AMCIF), the Czech National Bank has information on the existence of the authorization from the documentation sent by the national supervisory authority of the manager as part of the notification,
  • the Czech National Bank decided, in administrative proceedings conducted at the request of the manager under Article 297(3) of the AMCIF, that the foreign AIF is comparable to a special fund,
  • the following must be arranged in the Czech Republic under Article 315a of the AMCIF:
    1. the performance of instructions concerning the issuing, subscription and purchasing of securities or registered securities issued by this fund in the Czech Republic and the performance of the related payments,
    2. the provision of information to investors about how the instructions pursuant to Article 315a(1)(a) can be performed and on the division and payment of the shares in the profit and other yields from the assets of this fund in the Czech Republic,
    3. the establishment of suitable procedures and measures to ensure the proper discussion of investor complaints and the removal of all restrictions for investors when claiming their rights,
    4. making information and documents available to investors for inspection and obtaining copies under conditions similar to the conditions under Article 241 of the ACMIF,
    5. the provision of information to investors concerning the tasks that people perform, on a permanent data carrier,
    6. the operation of the contact point for communication with the relevant bodies.
  • The aforementioned activities can be arranged electronically or in another manner enabling remote access. The activities must be provided by the manager of the foreign AIF comparable with a special fund pursuant to Article 315a(1) of the AMCIF or a bank, foreign bank with a branch in the Czech Republic, securities broker or branch of a securities broker alone or jointly on the basis of a written agreement. The requisites of an agreement are specified by Article 315a(4) of the AMCIF.
  • The activities must be provided in the Czech language or in the language specified by a decree.

3.3 Marketing of investments in the Czech Republic other than publicly (marketing to professional investors and “private placement”)

Non-public marketing of investments in foreign AIF managed by a foreign manager authorized under the AIFMD to professional customers is conditional only on notification of the intention to market investments in the Czech Republic within the meaning of Article 315 of the AMCIF. Notification is sent in connection with Article 315 of the AMCIF (and Art. 32(2) of AIFMD) to the supervisory authority of the manager’s home State, which subsequently notifies the Czech National Bank. An investment can be marketed non-publicly from the moment the relevant foreign supervisory authority notifies the manager that it has sent notification to the Czech National Bank.

Investors other than professional customers can be approached based on Article 295a of the ACMIF in connection with Article 315 of the ACMIF, only if:

  • such investments can be marketed publicly, or
  • the marketing of the investments is notified and the number of addressees that are not qualified investors does not exceed 20.

4 Entry to the list maintained by the Czech National Bank

The public marketing of investments in any foreign AIF in the Czech Republic is subject to its entry on the relevant list maintained by the Czech National Bank.

Pursuant to Article 597 of the AMCIF, the Czech National Bank maintains two lists of foreign investment funds in which investments are offered on the territory of the Czech Republic. They are lists pursuant to Article 597(d) and Article 597(e) of the AMCIF.

If it concerns non-public cross-border marketing of foreign investment funds in the Czech Republic based on a notification pursuant to Art. 32 of AIFMD only to professional investors, then in accordance with Art. 315(1) of the AMCIF it is possible to market in the Czech Republic an investment in a foreign AIF whose home State is a Member State and that is managed by a manager with its registered office in another Member State authorized to exceed the decisive limit to professional investors from the day the manager of such fund receives a statement from the supervisory authority of the other Member State in which it has its registered office stating that notification to the Czech National Bank has been properly sent.  The Czech National Bank will enter a foreign investment fund in the list in accordance with Article 597(e) without undue delay after it receives notification documentation from the supervisory authority of another Member State.

If it concerns public cross-border marketing of foreign investment funds to retail investors in the Czech Republic based on notification pursuant to Art. 32 of the AIFMD, the Czech National Bank will enter a foreign AIF in the list maintained pursuant to Art. 597(d) of the AMCIF based on a notification of a foreign supervisory authority of another Member State received on the intention of the foreign manager to market investments in the Czech Republic (Art. 504(2) of the AMCIF) and based on a decision on determination of comparability (Art. 297(3) of the AMCIF). Entry in the records takes place automatically, an AIFM application for entry of a foreign investment fund in the list is not submitted.

As far as concerns the cross-border marketing of foreign investment funds outside the notification regime in accordance with Art. 32 of the AIFMD, a fund can be marketed in the Czech Republic only if it is entered on the list maintained in accordance with Article 597(d) of the AMCIF (see, for example, Article 310(2) of AMCIF). The Czech National Bank will enter a foreign fund in the list based on an entry submitted by the manager that is entitled to manage the foreign fund.

5 Administrative fees

For information about fees collected and costs billed by the Czech National Bank in relation to the marketing of foreign AIF in the Czech Republic we refer to the related document “Fees and costs”.

6 Marketing foreign AIFs managed by a manager authorized under the AIFMD

6.1 Notification of intention to market investments in foreign AIF (“Notification”)

The basic condition that a foreign manager with authorization under the AIFMD must meet in connection with the marketing of investments in a foreign AIF in the Czech Republic is the notification of this intention to the competent supervisory authority of the Member State in which the manager has its registered office.

The requisites that the notification must meet are laid down in the law of the manager’s domestic State transposing the requirements of Article 32 of the AIFMD. The competent national supervisory authority of the manager will send the notification received, together with confirmation that the manager of the fund concerned is authorized under the AIFMD, to the Czech National Bank. At the same time, it will notify the manager of the transfer of the documentation.

A notification under Article 32 of the AIFMD, which notifies the intention to market investments in a foreign AIF to qualified investors in the Czech Republic, is made through the national supervisory authority of the foreign manager authorized under the AIFMD of the managed fund in question.

Documents transferred by the supervisory authority of an EU Member State in the case of notification procedures determined by the AIFMD are received by the Czech National Bank at an e-mail address it shares with other supervisory authorities through the European Securities and Markets Authority (ESMA). The notification is defined in Article 315 of the AMCIF.

6.2 Changes in notification of intention to market investments in foreign AIF (“Update of Notification”)

Pursuant to Article 32(7) of AIFMD, in the event of a material change to any information provided as a part of notification the manager of a foreign AIF will report this change in writing to the competent authorities of its home Member State no later than one month before its implementation in the event of a planned change or immediately after an unplanned change occurs.

If, as a consequence of a planned change, the management of a foreign AIF performed by the manager stops being in compliance with the AIFMD or if, as a consequence of this, the manager otherwise does not comply with the AIFMD, the competent authorities of the manager’s home Member State will notify the manager within 15 business days of receiving information about the change of manager that such change cannot be made. In this case, the relevant authorities in the manager’s home Member State will inform the Czech National Bank of this.

If a planned change is performed regardless of the previous paragraph or if there is an unplanned change as a consequence of which the management of an alternative investment fund performed by the manager ceases to be in accordance with the AIFMD or as a consequence of which the manager otherwise does not comply with the AIFMD, the competent authorities of the manager’s home Member State will take all appropriate measures in accordance with Article 46 of the AIFMD, including an express prohibition of marketing such foreign AIF, if it is necessary, and will promptly inform the Czech National Bank of this.

If changes do not affect compliance of management of an alternative investment fund performed by the manager with the AIFMD or other compliance with the AIFMD, the competent authorities of the manager’s home Member State will inform the Czech National Bank of the changes within one month.

This concerns the most frequent changes in a notification, which are, for example, the expansion or narrowing of the group of classes of securities publicly marketed in the Czech Republic, changes concerning the method of performance of tasks pursuant to Article 306 of the AMCIF, information about a merger, integration into a master-feeder structure, transfer of management or liquidation of the manager, change of fund or subfund name, etc.

6.3 Comparability of a foreign AIF with a special fund

One of the conditions for the public marketing of investments in foreign AIFs to other than qualified investors is, under Article 297(1) of the AMCIF, a decision by the Czech National Bank that the foreign AIF in question is comparable to a special fund, i.e. a domestic investment fund intended for the public that does not meet the requirements of the UCITS Directive (for more on comparability with the law of a foreign state, see Article 626 of the AMCIF). The Czech National Bank will decide on comparability on the basis of an application submitted by the manager under Article 297(3) of the AMCIF. An application must be submitted electronically, to the address of the Czech National Bank’s electronic filing room (podatelna@cnb.cz) or to the Czech National Bank’s data box (8tgaiej).

The acceptance of applications for assessment of comparability is subject to an administrative fee (see the related document “Fees and costs”).

An application must contain, inter alia, the following requisites, as defined in Article 34 of Decree No 247/2013 Coll., on applications under the Act on Management Companies and Investment Funds, as amended:

  • identification data of the manager and the foreign AIF,
  • confirmation by the competent supervisory authority of the other Member State of the scope of the manager’s authorization and that the manager complies with the requisites laid down in Articles 6 to 8 of the AIFMD,
  • the statute and memorandum of association of the foreign AIF, or comparable documents,
  • the annual report of the foreign AIF for the past year,
  • the contract concluded by the foreign manager authorized under the AIFMD with the so-called contact point or a draft of it (under Article 306(1) of the AMCIF),
  • the text of the legal regulations governing the foreign AIF, its manager, administrator and depositary,
  • an analysis of the comparability of the rules for marketing, management, administration, investment and asset protection of the foreign AIF with the rules for a special fund.

The basis for a decision as to whether a foreign AIF is comparable to a special fund is the comparability of the framework to which not only the foreign AIF is subject, but also its manager, administrator and depositary. The Czech national Bank will assess comparability mainly on the basis of an analysis of the comparability of the rules submitted by the manager as part of the application. The analysis of the comparability of the rules will also include the conclusion on comparability under Article 626(1) of the AMCIF, which in turn must also include justification as to why the applicant considers that the individual rules/criteria are comparable.

If the comparability condition is met, the Czech National Bank will comply with the request to determine the comparability of a foreign AIF with a special fund and subsequently enter this fund in the list in accordance with Article 504(1) of the AMCIF on the date on which the decision determining the comparability of a foreign AIF with a special fund becomes final. An application for entry onto the list under Article 597(d) of the AMCIF is therefore not filed in such a case.

Conditions for comparability of foreign AIF:

  1. Manager
    The starting point for determining comparability in the area of fund management is the authorization of the manager (administrator) to exceed the decisive limit (authorization under the AIFMD). In practice, the Czech National Bank ascertains compliance with this condition from the notification documentation of the home supervisory body, yet it is also possible to demonstrate this fact in another way. Here, however, it would be necessary to perform additional evidentiary procedures, which would lead to an uneconomical prolongation of the original procedure and unnecessary administrative costs, also on the part of the applicant (notification is always necessary for the establishment of authorization to publicly market investments in a foreign AIF). In order to determine comparability, the manager must also demonstrate that they are subject to supervision to an extent comparable to that exercised by the Czech National Bank over managers of special funds. The competent supervisory authority must also have adequate supervisory powers, i.e. powers including checking activities, requesting information and, where deficiencies are identified, the power to impose remedial measures or sanctions.
  2. Depositary
    A foreign AIF must have a depositary that meets the requirements laid down by the AMCIF, meaning in particular, under Article 69 of the AMCIF, it must be an entity comparable to a bank or securities broker that meets prudential requirements and is subject to supervision in the exercise of this activity. At the same time, the requirements for the management of conflicts of interest between the depositary and the manager must be met. The role played by the depositary vis-à-vis the fund, in particular their supervisory duties towards the manager, must also be comparable.
  3. Fund
    The requirements applicable to the foreign AIF itself must also be comparable to the requirements laid down by Czech legislation for special funds, including, for example, the minimum fund capital amount. In addition to the rules for marketing investments, management, administration, the investing of the investment fund’s assets and investor protection, the manager must demonstrate the comparability of the management transparency requirements, such as the obligation for an independent auditor to verify the financial statements, the obligation to disclose certain information (statute, annual report), and to provide information to an investor upon request. Another assessed criterion is the comparability of legal restrictions on the composition of the fund’s assets, permitted investment limits, conditions for the acceptance and provision of credits or loans, the use of leverage, and management techniques. The criteria to which the foreign AIF must be subordinated must be comparable to the requirements of the AMCIF, respectively Government Regulation No 243/2013 Coll., on the investing of investment funds. As regards foreign AIFs, in the event of interest only in marketing investments privately, the Czech National Bank will enter the fund in question onto the list maintained by the CNB under Article 597(e) of the AMCIF. The rules laid down for the valuation of the fund’s assets and debts (including frequency and method) and the issuance and repurchase of participation in the fund must provide comparable protection to that established by the AMCIF. In addition to the legal framework, the Czech National Bank also assesses the specific internal regulation of the fund in question, in particular the specific investment strategy (fund rules) and other conditions.

It is only possible to publicly market in the Czech Republic investments in a foreign AIF that is comparable with a special fund under the AMCIF if it has duly notified the public marketing to the Czech National Bank under Article 315 of the AMCIF and has ensured the fulfilment of the conditions for public marketing, i.e. the provision of information to investors and the fulfilment of the obligations under Article 306 of the AMCIF. The public marketing of investments in a foreign AIF comparable to a special fund in the Czech Republic is governed primarily by Article 297 of the AMCIF.

6.4 Termination of marketing (“De-notification”)

If a foreign AIF intends to terminate marketing in the Czech Republic, it sends the competent authority of its home Member State a notification of the termination of the notification (Article 32a of the AIFMD). The effects of the notification end with the delivery of a written notification by the manager of the foreign AIF to the home supervisory body. In the notification, the foreign AIF must specify the manner in which it will ensure the fulfilment of the following conditions:

  1. publishing, for a period of at least 30 working days, unified marketing for the purchase of all securities issued by the foreign AIF meant directly or indirectly for all owners of these securities with a seat or residence in the Czech Republic, without any deductions, surcharges or payments,
  2. the intention to terminate the measures introduced for the purpose of the public marketing of investments in this alternative investment fund in the member state in question (in the Czech Republic) to be published at least electronically in a public medium that is commonly used for the public marketing of investments in special funds, in qualified investor funds or in comparable foreign investment funds in the Czech Republic and which is suitable for a typical investor investing in to such funds, and
  3. all the obligations from contracts with distributors that enable them to publicly market investments in a foreign AIF in the Czech Republic will be terminated or changed so that public marketing will no longer be possible after this date by the date of the termination of the effects of the notification, at the latest.

The published information must contain a description of the consequences for the owners of securities issued by a foreign AIF, if they do not accept the marketing for the purchase, and must be published in the Czech or Slovak language.

From the date of the termination of the effects of the notification of a foreign AIF, all the new or other direct or indirect marketing or placement of issued securities to which the terminated notification applies are terminated in the Czech Republic (see the next paragraph).

The relevant bodies of the home member state of a foreign AIF verify the completeness of the notification of the termination of the notification and hands over the notification to the Czech National Bank and ESMA, no later than within 15 working days from the day when they received the complete notification. The relevant bodies of the home member state of the foreign AIF inform the manager of this fund of this handover without unnecessary delay. The effects of the notification end on the day when the manager of this fund receives a communication from the relevant organs of its home member state that the notification was handed over to the Czech National Bank and ESMA. After the termination of the effects of a Notification, a foreign AIF must provide owners of securities issued by this fund that have their seat or residence in the Czech Republic with current documents pursuant to Article 304(1)(a) to (d) of the AMCIF and data pursuant to Article 304(1)(e) of the AMCIF through a remote means of communication in the Czech or Slovak language.

The sub-fund of a foreign AIF terminates its activities in the same way as a foreign AIF. In the case of classes of securities, the issue is the termination of activity only in relation to the last class of a security. Until then, the termination of the public marketing of one class of securities is notified to the Czech National Bank under Article 93(8) of the UCITS Directive, as stated above.

7 Marketing investments in foreign AIFs managed by a manager not authorized under the AIFMD

There is no restriction on non-public marketing (private placement) of investments in foreign AIFs managed by a manager not authorized under the AIFMD to qualified investors.

An investment may also be publicly marketed to qualified investors if the following conditions are met:

  • at the request of the manager, the fund is entered on the relevant list maintained by the Czech National Bank under Article 597(d) of the AMCIF (in accordance with Article 295a(1) and Article 310(2) of the AMCIF),
  • the group of investors is limited to qualified investors; this fact must be expressly notified during public marketing (Article 296 of the AMCIF).

7.1 Entry onto a list

In the case of the public marketing of investments in a foreign alternative fund managed by a foreign manager with their registered office in another Member State and which does not have authorization under the AIFMD, the fund must be, in accordance with Article 295a(1) and Article 310(2) of the AMCIF, entered on the list under Article 597(d) of the AMCIF.

Given that these foreign investment funds do not undergo a notification procedure under Article 32 of the AIFMD, the Czech National Bank will enter them onto the list at the manager’s request under Article 503 of the AMCIF (see also chapter 4).

An application for entry in the list in accordance with Article 532 of the AMCIF can be submitted only electronically, to the address of the Czech National Bank’s electronic filing room (podatelna@cnb.cz) or to the Czech National Bank’s data box (8tgaiej).

The Czech National Bank collects an administrative fee for the acceptance of an application for the entry of each fund or subfund (see the related document “Fees and costs”).

An application for entry in the list must have the requisites determined in Article 28 of Decree No. 247/2013 Coll., on applications under the Act on Management Companies and Investment Funds.

A foreign manager authorized under the AIFMD is entitled to market investments in the foreign fund in the Czech Republic from the day such fund is entered in the list pursuant to Article 597 of the AMCIF (see, for example, Article 310(2) of the AMCIF).

7.2 Comparability of foreign AIF managed by under-the-limit manager with special fund

Under Article 297(2) of the AMCIF, it is not possible to request comparability with a special fund for these funds. Therefore, Article 626(3) of the AMCIF will be applied which, in conjunction with Article 296 of the AMCIF, prohibits the public marketing of investments in such funds to other than qualified investors. Investments in a fund may be marketed privately to other than qualified investors only if the number of non-qualified investors (addressees of the marketing) does not exceed 20 (in accordance with Article 295a(2) of the AMCIF).

8 Deletion from a Czech National Bank list

The Czech National Bank will delete from the list of foreign investment funds whose securities may be publicly marketed in the Czech Republic, maintained under Article 597 (d) of the AMCIF, a foreign AIF that so requested under Article 506a (1) (a) of the AMCIF, that provided information about how it met the condition of repurchase of securities from investors in the Czech Republic, and at the same time notified the date it will cease its activities in the Czech Republic. The Czech National Bank will also welcome information on the reason for the termination of the activities. The date of termination of activities may not precede the termination of the repurchase of securities. On the date of termination of activities, the Czech National Bank will delete the foreign AIF from its list.

The proposal may be submitted to the Czech National Bank directly or through the competent authority of the home member state of the foreign AIF if required by the legal regulations of the host Member State.

The proposal is sent in electronic form to the address podatelna@cnb.cz .

The Czech National Bank will also delete a foreign AIF from the list maintained pursuant to Article 597 of the AMCIF after the expiry of the validity period for the entry pursuant to Article 598(5) of the AMCIF, unless the renewing administrative fee was paid (see the related document “Fees and costs”).

Advice: The Czech National Bank has taken the necessary care to ensure that the information on national regulations governing the requirements for marketing alternative investment funds in the Czech Republic shown on this website is current and complete. The Czech National Bank is not responsible for the administration of external websites and is not responsible for any incorrect or missing information on any external websites linked by hyperlinks provided on this website.

Additional requirements: In addition to the above regulations specifically intended for the marketing of alternative investment funds, other legal regulations may also apply to their marketing in the Czech Republic even though they are not specifically intended for the marketing of alternative investment funds, depending on the individual situation of entities engaged in the marketing of shares or units in alternative investment funds. Marketing in the Czech Republic may lead to the application of additional requirements, such as those relating to unfair commercial practices, information obligations towards consumers, advertising requirements and others.

Advice: This is not an exhaustive list of national legal regulations that could apply, and the Czech National Bank is not responsible for any omissions in this list. Supervision over compliance with the requirements arising from these legal regulations is not within the competence of the Czech National Bank. The applicability of those requirements and of any other legal requirements should be assessed before investing in or marketing alternative investment funds. In the event of uncertainty, entities offering or investing in alternative investment funds should take independent advice on the requirements applicable to their individual situation.

Summary of requirements for marketing foreign AIF on the market in the Czech Republic

Relevant legal regulations:

Marketing materials do not need to be sent to the Czech National Bank in advance. The Czech National Bank does not check, approve or give consent to their use before the start of marketing of a foreign alternative investment fund in the Czech Republic. All marketing materials must be in accordance with the requirements of Articles 243–244 of the AMCIF.

General legal regulations applicable to marketing and promotional communications:

[1] Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (AIFMD).

[2] The term “qualified investor” is defined in Article 272 of the AMCIF.