Czech National Bank

1. Nature of the institution

CNB is the central bank of the Czech Republic, the regulator of the Czech financial market and the Czech resolution authority.

2. History of the organization

The CNB was established in January 1993 in accordance with the Constitution of the Czech Republic and its activities are in accordance with the National Bank of the Czech Republic's 6/1993 COLL, as amended.

3. Regulatory functions

According to Article 98 of the Constitution of the Czech Republic and the principal laws of the EU, the main objective of CNB is to maintain price stability.In addition, CNB promotes financial stability and the sound functioning of the Czech Republic's financial system.

4. Scope/Objectives of Regulation

The CNB sets monetary policy, issues notes and coins, manages the circulation of the Czech krone, the payment system and settlement between banks.The CNB also oversees banking, capital markets, insurance, pension funds, credit unions, electronic money institutions and foreign exchange regulation.

Regulatory Rramework: Directive 2014/65/EU

Fund Isolation: N/A

Report Requirements: N/A

Leverage Limits: EU standard

Donation Requirement: N/A

Negative Balance Protection: EU standard

Generally speaking, CNB-regulated broker profile will be found at the Lists of regulated entities page on CNB website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as below:

1. Open the http://www.cnb.cz/en/index.html  , change language into "English".

2. Click "Lists of Regulated Entities" at the bottom of the page.

3. Click "Predefined Lists" on the left, enter the CAPTCHA as required, and then click "Next Steps".

4. CNB firms with foreign exchange authority are Investment firms, so the category of "Investment Firms" is selected.

5. Select the specific category of the investment company and view the company information.

6. Click the company name to view the specific business authority information of the investment company, such as "Execution of orders on behalf of clients", "Dealing on own account", etc.

When you have disputes with a CNB-regulated broker, you can proceed the following ways:

1st way: Contact a broker

If you are not satisfied with the conduct of the regulated entity, the CNB recommends first considering contacting the regulated entity directly, for example, under the regulated entity's complaint rules or in the form of a request.

2nd way: Contact the Czech National Bank CNB

Fill in the following form and submit it to CNB. CNB will handle the complaint within 30 days.

Complaints website: https://www.cnb.cz/en/public/contacts/electronic-form/index.html 

CNB can only act within its purview when dealing with complaints about the activities of regulated entities. Even a CNB finding that a regulated entity violated the law does not affect the judicial relationship between the regulated entity and its clients. For example, CNB cannot adjudicate the termination or termination of contractual relationships, claims for losses or waivers of gratuitous enrichment claims (including disputes regarding the amount of fees charged), or frozen funds in payment accounts. In addition, CNB is not authorized to provide legal advice on any private law proceedings against financial market entities.

Note:

CNB will not handle complaints submitted anonymously, repeatedly or any other non-standard submissions, such as those that are difficult to understand or contain vulgar language or are "for information purposes only".

3rd way: Contact financial arbitrators

Financial arbitrators can help you resolve a variety of disputes with financial institutions in out-of-court litigation, where you do not need representation (such as an attorney) and your services are free of charge. The financial arbitrator shall be appointed by the government, and the financial arbitrator's activities shall be provided with administrative support by the financial arbitrator's office and government agencies.

Financial arbitrators url for http://www.finarbitr.cz/en/, can be launched online complaints.