By: Tomáš Kreisl
May 5, 2026 3 min read
The Czech National Bank (hereinafter the "CNB") has issued a supervisory communication specifying its expectations regarding the setup of remuneration systems for the tied agents of investment intermediaries. The objective is to prevent conflicts of interest and ensure that the method of remuneration is in accordance with the client’s best interest.
The CNB emphasizes the obligation to always include a fixed component that is sufficient and independent of production volume. At the same time, it requires a balanced ratio between the fixed and variable components of the remuneration. The variable component must not be based predominantly on quantitative criteria; it must take qualitative indicators into account and should be discretionary, including the possibility of clawback (retrospective withdrawal). While the fixed component may be lower than the variable component, it must not be negligible. In the event of identified deficiencies, the CNB may impose substantial fines.
This text was translated by AI.
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