New Reporting Duty for Financial Services Intermediaries

The Czech National Bank (the “CNB”), in accordance with Section 41(3) of Act no. 6/1993 Coll. on the Czech National Bank, as amended, has issued, with effect from 1 January 2021, Decree no. 518/2020 Coll., on the Submission of Information on Financial Services Intermediaries to the Czech National Bank, details for fulfilling the reporting duty at the CNB for financial services intermediaries.

Intermediaries of financial services, which are an Independent Intermediary of Insurance and Reinsurance pursuant to Act no. 170/2018 Coll., on the distribution of insurance and reinsurance, as amended, an Investment Intermediary pursuant to Act no. 256/2004 Coll., on doing business on the capital market, as amended, an Independent Intermediary of Consumer Credit pursuant to Act no. 257/2016 Coll., on consumer credit, as amended, and an Independent Intermediary of Supplementary Pension Savings pursuant to Act no. 427/2011 Coll., on supplementary pension savings, as amended, are now obliged to submit to the CNB by 31 March of the following year a statement for the previous calendar year.

ZFS Report (CNB) 01-01 The “Annual Report of a Financial Services Intermediary’s Activities” will be transmitted in the form of a data message via the CNB SDAT collection system. The scope and structure of the statement are determined by the annexes to Decree no. 518/2020 for each of the obligated entities.

Obligated entities for the year 2021 must submit the first statement no later than 31 March 2022.

At Stuchlíková & Partners, we have been dealing with the regulation of financial markets for a long time. To arrange initial consultation, please contact us at info@stuchlikova.com.