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CNB rejects ČASF claims: mandatory fixed advisor remuneration component stands, regulator holds firm
Regulatory pressure on the commission-based advisor model is demonstrably intensifying; the CNB signals zero willingness to compromise and an active supervisory stance — a negative signal for existing intermediary business models.
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PRIMARY SOURCE · [001]
AI SUMMARY · Claude Sonnet 4.6
- 01The CNB sharply rejected ČASF's press release, labeling its claims factually incorrect and misleading — tied agent remuneration rules stem from the Capital Market Business Act and EU regulation, not from a CNB initiative.
- 02The CNB's May 2024 interpretation was confirmed by European supervisor ESMA in February 2026 — ironically following an inquiry submitted by ČASF itself.
- 03A Surveilligence study cited by ČASF found that since 2013, 259 bond issuers with nearly CZK 57 billion in bonds entered insolvency; the CNB notes that ČASF deliberately omits the finding that up to one-third of proceeds from short-term issues were consumed by administration and sales network commissions.
- 04The CNB receives nearly 300 complaints per year against financial advisors, with a roughly 25% increase in 2024; between 2020 and 2025 it conducted inspections at 64 investment intermediaries, uncovering nearly 250 findings and imposing fines in the millions of CZK.
- 05Investment intermediaries facilitated purchases exceeding CZK 65 billion in 2024 and collected commissions surpassing CZK 3.6 billion — the CNB views the purely commission-based model as a structural conflict of interest.
- 06The mandatory fixed remuneration component is presented as a statutory tool reducing sales pressure and income dependency on immediate transactions; the CNB dismisses ČASF's claim of market intermediary outflows as unsupported by data.
VERIFIED BY SOURCES · 1·CONFIDENCE 93%
ADVISOR CONTEXT
The mandatory fixed remuneration component is confirmed at both CNB and ESMA level — advisors and intermediaries who have not yet adjusted their remuneration structures face immediate supervisory risk; client conversations around cost transparency and conflicts of interest are increasingly relevant.
Observations for informational use by licensed advisors. Not investment advice under MiFID II.
Sources
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