Methodological and interpretative documents

Official information

• 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)
• Official Information of 17 January 2014 (pdf, 94 kB) regarding the conditions of admissibility of inducements in the distribution of certain products on the financial market market – is affected by Act No. 204/2017 Coll. amending Act No. 256/2004 Coll., Capital Market Undertakings Act, as amended, and other related acts and directly effective regulations of the European Union concerning market abuse, an update is being prepared
• Official Information of 10 December 2010 (pdf, 125 kB) regarding the conduct of business in the financial market: Qualitative requirements for the conduct of business – fundamental information

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 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)