Regulatory rules

  • Marketing materials
  • Investment Recommendations, Analyses of Investment Opportunities
  • MiFID II
  • EMIR

Komerční banka, a.s. (hereinafter also “KB”) and its employees create and disseminate comments and marketing documents that do not comply with the definitions of an investment recommendation and/or an analysis of investment opportunities (hereinafter also jointly referred to as the “materials”) according to the respective regulations.


Materials are intended solely for professional customers and eligible counterparties according to respective regulations. These materials are not intended for retail clients but for qualified institutional or professional clients only. Materials have not been prepared in accordance with regulatory requirements designed to promote the independence of investment research and are not products of KB’s Economic and Strategy Research department (“ESR”). Materials may contain market information, trading strategy, trade ideas and/or information about products of Corporate Sales or KB Institutional Sales departments.

The contents of materials are given for purely indicative purposes and have no contractual value. This material does not constitute an offer, or an invitation to make an offer, from KB to purchase or sell a product.

The financial instruments referred to in materials may not be eligible for sale in all jurisdictions and/or may be subject to certain investor qualification requirements in a number of jurisdictions.

Materials may include general investment recommendations issued by KB’s ESR which has set, in accordance with applicable regulation, effective administrative and organizational arrangements, including information Chinese walls, to prevent and avoid conflicts of interest with respect to the investment recommendations contained in this material. KB’s ESR department publications supporting this material were issued on their stated publication date and may have already been acted upon by clients of KB.


KB along with its affiliates and/or persons associated with any of them may from time to time deal in, profit from the trading of, hold, or act as market-makers or as advisers, brokers or bankers in relation to, the products (or derivatives thereof) of entities mentioned in this material. KB employees, or individuals connected to them, may from time to time have a position in or hold any of the products or related investments mentioned in this material. KB is under no obligation to disclose or take account of these materials when advising or dealing with or for its clients

The accuracy, completeness or relevance of the information which has been drawn from external sources is not guaranteed although it is drawn from sources reasonably believed to be reliable. The opinions reflected in this document are opinions of the author of the material and may differ from the views of KB ESR as they are based on different sources and may change without notice. Subject to any applicable law, KB shall not assume any liability in this respect. The market information displayed in materials are based on data at a given moment and may change from time to time.

Materials and its contents is not designed for persons with permanent residence or seat in the United States of America and to persons who are deemed as “U.S. persons”, as defined in Regulation S under the US Securities Act of 1933, as amended. Komerční banka, a.s. is  a bank and a trader with securities (broker) according to respective regulations and as such is subject to the supervision of the Czech National Bank.

Investment Recommendations, Analyses of Investment Opportunities - Conflict of interest

As part of its activities, Komercní banka, a.s. creates and disseminates investment recommendations, analyses of investment opportunities, and/or analyses, forecasts, and other documents concerning financial markets, foreign currencies, financial instruments and their issuers.

General Information

Pursuant to applicable law and regulations, particularly regulation (EU) 596/2014 on market abuse and regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest, Komercní banka, a.s. (hereinafter also referred to as “KB”) creates and disseminates investment recommendations and/or analyses of investment opportunities.

Komercní banka, a.s. may create and disseminate its own documents as well as disseminate documents created by another entity (in particular the documents created by Société Générale’s analytical departments).

Information contained in the aforesaid documents may in no way be considered as an offer soliciting the purchase or sale of any investment instrument, or as another form of solicitation or invitation to purchase or sell any investment instrument.

Attitudes of Komercní banka, a.s. presented in the aforesaid documents may change without any previous notice, chiefly due to changes in the markets.

Documents and its contents are not designed for persons with permanent residence or seat in the United States of America and to persons who are deemed as “U.S. persons”, as defined in Regulation S under the US Securities Act of 1933, as amended.

ilustrační obrázek

Sources of Information and Fair Presentation of Investment Recommendations

Conflict of Interest

Notice of Risks

Komercní banka, a.s. assumes liability for any loss or damage resulting from the use of the aforesaid documents or information contained therein only to the extent set forth by applicable law.. Primarily, such documents are intended for professional and qualified investors. Any other person who may receive copies of such documents should not base his/her investment decisions solely on them but should also consult an independent adviser. Since the investment instruments referred to in the aforesaid documents may not be suitable for all investors, each investor is obliged to make his/her own informed decision regarding appropriateness of a given investment.

Past returns or performance of investment instruments are not a guarantee of future returns or performance, as expected future performance depends on circumstances that may not occur. Different investment risks may affect the investment instruments and investments; their values may fluctuate and a return of the original investment is not guaranteed. Furthermore, investment instruments denominated in a foreign currency are exposed to the foreign exchange risk that may have a positive - but also negative - impact on the price of a given investment instrument and, consequently, also on the appreciation of the investment.

Final Information

Komercní banka, a.s. is a bank and securities trader (broker) within the meaning of law; as such, is subject to the supervision of the Czech National Bank.

MiFID II/ MiFIR – directive and regulation on markets in financial instruments

Directive 2014/65/EU on markets in financial instruments (MiFID II) that replaces directive 2004/39/EC MiFID was transposed into local act no.  256/2004 Coll., on capital markets undertakings. Together with regulation 600/2014 on markets in financial instruments (MiFIR) and number of delegated regulations, it sets rules applicable to securities traders when providing investment services and offering investment products. The main idea of the regulatory package is enhanced protection of investors.

Komerční banka, a.s. made changes in contractual documentation, rules and procedures so that its conduct is in compliance with the regulatory rules. For more information about  the changes and their impacts please click HERE.



The EMIR Regulation governing derivative trading introduced a new obligation not only for banks and other financial institutions, but in many cases also for other entities. For this reason, please read the following information.

The Regulation applies only to derivative transactions, not to spot transactions, TVIS, deposit products and promissory note programmes.

Determining the Counterparty

Timely Confirmations

Portfolio Reconciliation


LEI (Legal Entity Identifier)

Dispute Resolution

Central Clearing

Further Information