Raiffeisen Bank 

[ ↓ vstup na účet ↓ ] [ ↓ k menu ↓ ] [ ↓ k rychlé navigaci ↓ ] [ ↓ k vedlejší navigaci ↓ ]

Infoline: 800 900 900

Disclosure of Information under Decree No. 114/2006

Within its activities Raiffeisenbank a.s. provides, prepares and disseminates investment recommendations in accordance with legal regulations including, without limitation, Decree No. 114/2006, on the fair presentation of investment recommendations ("Decree").

Raiffeisenbank a.s. observes the rules for the fair presentation of investment recommendations, and in all investment recommendations:

  • Facts are clearly differentiated from the information, which is not a fact, above all, from interpretations, estimates or opinions;
  • If any doubt exists as regards reliability of sources used for the preparation of recommendation, that fact is clearly stated; 
  • Any forecasts and price targets are clearly identified and assumptions for making recommendation are stated; 
  • The person who made the recommendation for Raiffeisenbank a.s. is clearly and distinctly identified, stating, without limitation, the trade name of legal entity or the first name and surname of natural person, and the person who prepared it is identified stating his/her first name and surname and title; 
  • The supervising administration agency is identified.

Information on interests and conflicts of interests under Decree:

  1. Investment recommendations for bonds issued by Czech Republic are created by Raiffeisen Bank International Österreich AG in cooperation with Raiffeisenbank a.s. Investment recommendations for stock issued by Telefónica O2 Czech Republic, T-Hrvatski Telekom, Komerční banka, Magyar Telecom, Telekomunikacja Polska (TPSA) are created by Raiffeisen Centrobank AG in cooperation with Raiffeisenbank a.s.
  2. Raiffeisen Centrobank AG and Raiffeisenbank a.s. are parts of Raiffeisen Bank International Österrreich AG consolidation unit. Raiffeisenbank a.s. is supervised by the Czech National Bank (ČNB), Raiffeisen Bank International Österreich and Raiffeisen Centrobank are supervised by FMA - Finanzmarktaufsicht and the Oesterreichische Nationalbank. 
  3. Raiffeisenbank a.s. disseminates in the Czech Republic the investment recommendations produced by Raiffeisen Bank International Österreich AG and Raiffeisen Centrobank AG. The information on Raiffeisen Bank International Österreich AG and Raiffeisen Centrobank AG in accordance with Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interests is contained in Raiffeisen Bank International Österreich AG and Raiffeisen Centrobank AG publications containing investment recommendations and in Raiffeisen Bank International Österreich AG and Raiffeisen Centrobank AG websites - see http://www.rzb.at a http://www.rcb.at/ . 
  4. Investment recommendations are produced in Raiffeisenbank a.s. by members of Economic Research team: Pavel Mertlík (Team Director, Economic Research – Chief Economist), Michal Brožka (Macroeconomy Analyst), Václav Franče (Macroeconomic Analyst) and Jindřich Svátek (Sector Analyst  - Telecommunications, Central and Eastern Europe). Investment recommendations produced with participation of Raiffeisenbank a.s. are not available to other persons before dissemination. The name of the Economic Research team member who produced the recommendation is always stated in the publication containing that recommendation. Remuneration for Raiffeisenbank a.s. Economic Research team members derives from Raiffeisenbank a.s. trades. The stock issued by Telefónica O2 Czech Republic is held by Mr. Jindřich Svátek.  
  5.  Economic Research team reports to the Head of Treasury & Investment banking Division. When producing investment recommendations the Economic Research team is independent on the bank business departments including business departments of the Treasury & Investment Banking Division. Any conflict of interest in relation to investment recommendations is prevented by organizational and administrative measures and information barriers as defined by Raiffeisenbank a.s. internal regulations. Procedures for production of investment recommendations in Raiffeisen Bank International Österreich AG, Raiffeisen Centrobank AG and Raiffeisenbank a.s., and for cooperation between Raiffeisen Bank International Österreich AG and Raiffeisenbank a.s. and between Raiffeisen Centrobank AG and Raiffeisenbank a.s. in the production of investment recommendations are regulated by Raiffeisen Bank International Österreich AG, Raiffeisen Centrobank AG and Raiffeisenbank a.s. internal regulations including, without limitation, Research Manual. 
  6.  Raiffeisenbank a.s. trades with securities issued by domestic issuers for which the bank co-produces investment recommendations, as well as with other investment instruments issued by the issuers of those securities or relating to those securities and their issuers. Raiffeisenbank a.s. is the market maker for the stock issued by Telefónica O2 Czech Republic at Prague Stock Exchange. Raiffeisenbank a.s. has signed an investment services agreement with the issuers of Telefónica O2 Czech Republic. 
  7. The issuers of investment instruments for which Raiffeisenbank a.s. co-produces investment recommendations ("Issuers") are not informed about Raiffeisenbank a.s., Raiffeisen Bank International Österreich AG and Raiffeisen Centrobank AG investment recommendations pertaining to the investment instruments issued by them before they are disseminated.
  8. Raiffeisenbank a.s. does not hold directly or indirectly a share in the registered capital of any Issuer in excess of 5%.
  9. No Issuer holds directly or indirectly a share in Raiffeisenbank a.s. registered capital in excess of 5%. 

Additional navigation

[ ↑ k obsahu ↑ ]