Summer legislative updates have introduced a pivotal amendment to Government Decree No. 103/2026 Coll., reshaping the investment rules for investment funds with effect from June 25, 2026. For expatriates and high-net-worth individuals (HNWIs) managing family wealth through fund structures, this marks a crucial milestone. The new rules react to the European MiCA regulation, limiting risky investments into crypto-assets and tightening oversight on real estate funds, derivative exposure, and private structures. In an era of ever-complicating legal environments, safeguarding capital requires a rational approach and strategic risk management. While the regulator aims to boost market stability, for the unguided investor, it primarily brings a new wave of bureaucratic complexity.
Crypto Under Lock and Cleaner Rules for Real Estate
The most prominent change is the official integration of the term “crypto-asset” into the Czech fund framework. However, the regulator immediately builds a solid wall against risks – special funds are now prohibited from investing more than 10% of their net asset value into crypto-assets. This strict ceiling is designed to isolate mainstream funds from the extreme volatility of digital currencies. If part of your wealth resides in structures that previously speculated on crypto-assets, the new rules significantly narrow their room for maneuver.
Significant tightening has also hit real estate funds, where the decree rewrites the rules for encumbering assets with mortgages or liens. Real estate held by a fund can now only be encumbered if the fund itself owes the underlying debt, or if it serves as a short-term guarantee for another person’s debt used exclusively to finance the purchase of that specific property from the fund. Conversely, looser rules apply to loans between a real estate fund and its 100% owned property companies, where loans no longer require mandatory collateralization. However, if the fund’s stake drops below 100%, the loan must be secured or repaid within 6 months without delay.
What Are the Key Points of the Government Decree?
This legislative adjustment introduces hard data and strict boundaries that fund managers must implement into their internal workflows.
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10% Cap on Crypto-Assets: Special funds face a rigid ceiling when exposing capital to the unregulated digital space.
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6-Month Remediation Window: If a real estate fund loses 100% control over a subsidiary, a strict countdown begins to secure or settle inter-company loans.
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Tightened Derivative Exposure: New rules govern default risks for derivatives where clearing is not processed by an authorized central counterparty under the European EMIR regulation.
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Extension to Qualified Investor Funds (FKI): Selected provisions on fund shares and asset calculations now actively apply to these private wealth structures.
Monitoring these rigid internal limits and administrative deadlines can trigger valid concerns among investors regarding portfolio stability. As an independent investment intermediary, Aisa International does not step into the operational management of funds – we do not manually approve fund transactions, clear derivatives, or manage real estate liens. Our role is strategic compliance oversight. We monitor whether the funds and managers recommended for your financial plans safely comply with these new government boundaries without exposing your legacy to undue risk.
Safeguarding Legacies Through Cross-Border Diversification
Growing regulatory pressure in any single country highlights the danger of relying heavily on one jurisdiction or a specific fund type. The ultimate shield against local legislative shifts and short-term fund manager compliance adjustments is disciplined asset diversification.
The ideal path involves allocating capital within a platform-neutral environment of international institutions and robust global providers. When your investments are spread across distinct jurisdictions and independent structures, local tightening of rules for domestic real estate or special funds will not compromise your family’s financial stability. Partnering with an independent advisor ensures your portfolio is structured preventively, with an international perspective, and with the ultimate goal of keeping you in absolute control of your financial destiny.
Frequently Asked Questions
Does the 10% crypto-asset limit apply to all types of investment funds? No, this specific limit is explicitly set by the decree for so-called special funds. Other fund types operate under different specific frameworks and definitions aligned with the MiCA regulation.
Could the new rules on liens and mortgages threaten the liquidity of real estate funds? The amendment aims to prevent unhealthy leverage and the misuse of fund assets to back third-party liabilities. For high-quality, transparent real estate funds, this poses no threat; it simply increases administrative demands for legal purity in transactions.
What happens if a real estate fund misses the 6-month deadline when its subsidiary stake drops below 100%? Failing to secure or settle the loan within 6 months constitutes a breach of the government decree, exposing the fund manager to regulatory penalties and sanctions from the central bank (CNB).
Does Aisa International provide legal audits for funds regarding this decree? Aisa International operates as an investment intermediary. As part of our compliance oversight, we analyze the overall product setup and structural stability of managers, but direct operational and legal auditing remains the responsibility of the funds’ respective depositaries and auditors.
Why are the rules now extending to Qualified Investor Funds (FKI)? The regulator seeks tighter control over how fund shares and participations are calculated and recorded, even within private structures tailored for affluent clients, where rules were previously more flexible.
