Akcenta offers its services on the basis of a license granted by Czech National Bank.
We became the first non-bank financial institution to receive a permit to engage in the activities of a payment institution in February 2011 by successfully completing the licensing procedure for the Czech National Bank. This license is valid indefinitely and authorizes AKCENTA CZ to provide payment services in accordance with §3 paragraph 1 items a), b), c), d), e), and f) of the Act on Payment Systems.
In July 2009 we were granted authorization to carry out the activities of a securities trader within the scope of primary investment services according to §4 paragraph 2 items a), b), and c), and supplemental investment services according to §4 paragraph 3 item a). This license authorizes us to execute derivative transactions (Forwards and Swaps). In the interests of thoroughness, we have also provided our Statement from the Commercial Register.
AKCENTA CZ offers its services abroad according to the Notification of the Czech national bank (CNB).
- Payment services are offered in the following countries: SK,PL,HU,RO,FR,DE,BE,BG,IT,NL,AT,GB,ES (CNB payment institution.
- The services of marketable securities are offered in the following countries: SK,PL,HU,RO,FR,DE,BE,BG,IT,NL,AT,GB,ES (CNB OCP
Archive of licenses:
- A permit to engage in the activities of a payment institution from 4th February 2011
- A permit for the securities trader activities - from 14. 7. 2009
MiFID Implementation in AKCENTA
On 3 January 2018, Directive 2014/65/EU (known as MiFID II), which contains a number of changes to enhance customer protection, improve transparency and provide more detailed information on trades. AKCENTA has introduced a number of measures that are in compliance with such requirements; please find a brief summary of the most significant changes below. A detailed description, including further changes, is provided in the Information brochure.
Target market assessment – test of product suitability for the customer
AKCENTA tests the suitability of products offered to its customers. To fulfil these requirements, we will contact you with new investment questionnaires in the near future. The objective is to raise awareness of potential risks related to investment services for non-professional customers in particular and to thereby ensure them additional protection.
Fulfilment of instructions under the best conditions and in the customer’s best interests
AKCENTA has set forth rules aimed at ensuring that each of the client’s individual instructions is carried out under the best conditions and that instructions are systematically carried out under the best conditions, in a fair, just and professional manner and in the customer’s best interests.
Information on any decrease in the portfolio value
AKCENTA informs its customers of the performance of their portfolios. In particular, in the event that the current market value of the portfolio decreases by 10%, 20% or 30% etc. of its value, the customer will receive information on the change in the portfolio value; this information will be provided no later than by the end of the relevant business day.
Management of conflict of interests
AKCENTA has set out rules and mechanisms to prevent any conflict of interests. In order to prevent any conflict of interests, AKCENTA has created an appropriate organizational structure with inspection mechanisms ensuring separation of incompatible roles and guaranteeing that conflicts of interests are prevented.
Information on costs and related fees
All costs and related fees charged to the customer for investment services or complementary services which should be communicated are based on Annex II to Regulation (EU) 2017/565. At the customer’s request, AKCENTA will provide this information before a particular trade is agreed (specific amounts of costs and fees) and will then provide it itemized in the file “Information/Mandatorily published information pursuant to MiFID” in OLB.
Information on PRIIPS
Regulation no. 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) stipulates the obligation to provide Key Information Document (KID) to non-professional customers (customers under MiFID) prior to the provision of a service with investment component.
Every KID is individual and contains specific information related to the specific product / type of transaction with investment component. AKCENTA does not create and/or provide KIDs for term transactions arranged for the purpose of securing. Upon the client’s (customer under MiFID), AKCENTA shall provide this specific information for the specific type of trade to the client.
Evaluation of Execution Venues
Disclosure of Information on the Identity of Execution Venues and on the Quality of Execution by Investment Firms
AKCENTA is obliged to comply, pursuant to Articles 64-66 of Regulation 2017/565, with the rules for best execution of orders. The objective of these rules is to ensure that every individual client order is executed in compliance with the relevant rules for order execution and to ensure consistent execution of orders under the best possible conditions. AKCENTA stipulates that these rules are shared for all customer categories (non-professional clients, professional clients and eligible counterparties).
The review of compliance with best execution obligation shall take into account the specific nature of this type of transactions, where the products offered by AKCENTA (OTC derivatives) are instruments concluded on the basis of a specific request from the client and factually have no exact equivalent traded at the Regulated Market, Multisided Trading System or Organised Trading System. The execution venue is the securities broker itself (AKCENTA) and other factors relevant from the viewpoint of best execution are subordinated to the fact that they are subject to individual agreement between the securities broker and client in the arrangement of the given product. The Regulation 2017/565 further stipulates for non-standardised OTC derivatives that they shall include unique contractual relationship taking into account specific conditions of the client and securities broker (AKCENTA), and do not necessarily have to be fully comparable for the purpose of best execution with trades involving shares traded at the Regulated Market, Multi-sided Trading System or Organised Trading System. As the best execution obligation applies to all investment instruments, it is necessary to obtain for products offered by AKCENTA the relevant market data to verify whether the price offered to the client on OTC market is correct and ensures fulfilment of the securities broker’s obligation to ensure best execution of client orders. This means that the broker (AKCENTA) checks the correctness of the specific price proposed to the client not only according to the market data accessible to the client, used for the estimation of the price of the arranged but also, if possible, through comparison with similar or comparable products. The market commodity of OTC derivatives arranged with clients is monitored before the relevant contract is entered into.
Listed below are the criteria for determining the best terms according to their relative importance in descending order.