Methodological and interpretative documents

Official information

• Official information of 7 April 2025 (pdf, 200 kB, available in Czech only) repealing certain pieces of official information of the Czech National Bank related to execution of activities in the financial market. The official information archive.
• Official Information of 5 August 2020 (pdf, 255 kB) regarding the interpretation of the terms trustworthiness and competence 
• Notification fees – 26 February 2020 (pdf, 247 kB)

CNB Opinions and Q&As

• Regulation of investment funds and initial coin offerings (ICOs)
• Cross border marketing of Czech UCITS or EU UCITS (pdf, 391 kB) – 11 March 2019
• Information (FAQ) on marketing of investment in the Czech Republic in EU alternative investment funds (pdf, 264 kB) – 13 March 2017
• Opinions and Q&As in Czech
  (Importance of the opinions and Q&As may be limited by new regulation in force.)

Cross-border distribution of funds (active link)

ESMA/CESR Guidelines

• UCITS
  • Guidelines on marketing communications under the Regulation on cross-border distribution of funds (external link)
  • ESMA Guidelines on outsourcing to cloud service providers (ESMA50-164-4285, external link)
  • Guidelines on performance fees in UCITS and certain types of AIFs (external link, pdf)
  • Guidelines on liquidity stress testing in UCITS and AIFs (external link, pdf)
  • Guidelines on ETFs and other UCITS issues – text (external link)
  • Guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS – text (external link)
  • Guidelines – Selection and presentation of performance scenarios in the Key Investor Information document (KII) for structured UCITS – text (external link)
  • CESR’s guide to clear language and layout for the Key Investor Information Document – text (external link)
  • CESR’s template for the Key Investor Information document – text (external link)
  • Guidelines - Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS – text (external link)
  • Guidelines – Methodology for the calculation of the synthetic risk and reward indicator in the Key Investor Information Document – text (external link)
  • Guidelines – Methodology for the calculation of the ongoing charges figure in the Key Investor Information Document - text (external link)
  • Guidelines – Common definition of European money market funds - text (external link)
  • Guidelines – Risk management principles for UCITS – text (external link)
  • CESR's guidelines concerning eligible assets for investment by UCITS – text (external link)
  • Gudelines on repurchase and reverse repurchase agreements – recasted to Guidelines on ETFs and other UCITS issues – text (external link)
  • Guidelines – Transition from the Simplified Prospectus to the Key Investor Information document – text (external link) – Guidelines important in transitional period only
• AIFMD
  • Guidelines on Article 25 of Directive 2011/61/EU – text (external link)
  • Q&As on Application of the AIFMD – text (external link)
  • AIFMD reporting IT technical guidance (updated) – text (external link)
  • AIFMD - Reporting - XML documents - V1.1 (updated) – text (external link)
  • Guidelines on key concepts of the AIFMD – text (external link)
  • Guidelines on sound remuneration policies under the AIFMD – text (external link)
  • Final report -  Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised) – text (external link)
  • Guidelines on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities – text (external link)
• MMF
  
  • Guidelines on stress test scenarios under the MMF regulation – updated version 2025 – text (external link)
  • Guidelines on stress test scenarios under the MMF regulation – updated version 2024 – text (external link)
  • Guidelines on stress test scenarios under the MMF regulation – updated version 2023 – text (external link)
  • Guidelines on stress test scenarios under the MMF regulation – updated version 2022 – text (external link)
  • Guidelines on stress test scenarios under the MMF regulation – updated version – text (external link)
  • Guidelines on the reporting to competent authorities under Article 37 of the MMF – text (external link)
  • Guidelines on stress test scenarios under the MMF Regulation – text (external link)
  • Guidelines on stress tests scenarios under Article 28 of the MMF Regulation – text (external link)

ESMA - Q&As (questions & answers), Opinions

• UCITS
  • Q&As on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS – text (external link)
  • Q&As on ESMA's guidelines on ETFs and other UCITS issues – text (external link)
  • Opinion on Article 50 (2) (a) of Directive 2009/65/EC – text (external link)
  • Q&As on Key Investor Information Document for UCITS – text (external link)
  • Q&As on Risk Measurement and Calculation of Global Exposure and Conterparty Risk for UCITS – text (external link)
  • Q&As Notification of UCITS and exchange of information between competent authorities – text (external link)
  • Q&As - A Common Definition of European Money Market Funds - updated February 2012 – text (external link)
  • Opinion on Practical arrangements for the late transposition of the AIFMD – text (external link)
• AIFMD
  • Opinion on draft regulatory technical standards on types of AIFMs under Article 4(4) of Directive 2011/61/EU – text (external link)
  • Practical arrangements for the late transposition of the AIFMD –  text (external link)

EU Commission - Q&As (questions & answers)

• AIFMD
  • The EU Commission has published the following AIFMD Q&Aa – text (external link). The EU Commission does not accept other questions any longer.
    • Passport issues (Art 43)
    • Passport issues
    • Passport issues
    • Responsibility of Member States' competent authorities (Art. 49)
    • Passport issues (Art. 36)
    • Responsibility of Member States' competent authorities (Art. 33)
    • Responsibility of Member States' competent authorities (Art. 24)
    • Cooperation between Member States' competent authorities (Art. 32 (5))
    • Cooperation between Member States' competent authorities (Art. 45)
    • Cooperation between Member States' competent authorities (Art. 39)
    • Issues related to master AIFs and feeder AIFs (Art. 35)
    • Issues related to master AIFs and feeder AIFs (Art. 36 (1))
    • Issues related to Article 37 AIFMD (Art. 37 (5))
    • Issues related to Article 37 AIFMD (Art. 37)
    • Issues related to Article 37 AIFMD

Other materials

• ESMA sets out supervisory expectations on publication of investment funds periodic reports (external link)
• CNB Guidelines on due care (pdf, 885, in Czech only)