{"id":10659,"date":"2026-01-12T07:00:00","date_gmt":"2026-01-12T05:00:00","guid":{"rendered":"https:\/\/modernipravnik.cz\/?p=10659"},"modified":"2026-06-11T00:06:27","modified_gmt":"2026-06-10T22:06:27","slug":"dluhopisy-2026","status":"publish","type":"post","link":"https:\/\/modernipravnik.cz\/en\/blog\/dluhopisy-2026\/","title":{"rendered":"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem"},"content":{"rendered":"<h1 style=\"text-align: center;\"><strong>Praktick&yacute; n&aacute;vod pro podnikatele a\u00a0kdy se vyplat&iacute; m&iacute;t po boku zku&scaron;en&eacute;ho Modern&iacute;ho Pr&aacute;vn&iacute;ka<\/strong><\/h1>\n<p><em>Pot\u0159ebujete 5-25\u00a0mil. K\u010d na roz&scaron;&iacute;\u0159en&iacute; podnik&aacute;n&iacute;, n&aacute;kup nemovitosti (typicky 30\u202f% kolater&aacute;l) nebo vlastn&iacute; projekt - a\u00a0p\u0159itom nechcete prod&aacute;vat pod&iacute;l ve firm\u011b, ani j&iacute;t za lichv&aacute;\u0159i? Pr&aacute;v\u011b pro tyto situace se v\u00a0praxi osv\u011bd\u010duj&iacute; firemn&iacute; dluhopisy a\u00a0tzv.\u00a0minibondy. Dobr&aacute; zpr&aacute;va je, \u017ee je emise dluhopis\u016f dnes dostupn&aacute; i\u00a0pro men&scaron;&iacute; a\u00a0st\u0159edn&iacute; firmy. Na druhou stranu, ta &scaron;patn&aacute; zpr&aacute;va je, \u017ee pokud se ud\u011bl&aacute; &scaron;patn\u011b, nesete odpov\u011bdnost po\u0159&aacute;d - i\u00a0kdy\u017e jste &bdquo;jen n\u011bco opsali z\u00a0internetu&#8221;.<\/em><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Jak vydat firemn&iacute; dluhopisy krok za krokem?<\/strong><\/h2>\n<p>Tento n&aacute;vod v&aacute;m uk&aacute;\u017ee:<\/p>\n<ul>\n<li>jak&nbsp;konkr&eacute;tn\u011b postupovat krok za krokem,<\/li>\n<li>jak&eacute; mo\u017enosti m&aacute;te (prospekt \/ minibondy \/ neve\u0159ejn&aacute; nab&iacute;dka),<\/li>\n<li>na co p\u0159esn\u011b si d&aacute;t pozor, aby v&aacute;s jednou ne\u0159e&scaron;ila \u010cNB ani trestn&iacute; pr&aacute;vo,<\/li>\n<li>kde nav&iacute;c d&aacute;v&aacute; smysl p\u0159izvat ModerniPravnik.cz, aby emise prob\u011bhla rychle a\u00a0bezpe\u010dn\u011b.<\/li>\n<\/ul>\n<p><strong>N&aacute;&scaron; TIP:<\/strong> Ve spole\u010dnosti ModerniPravnik.cz pro klienta v\u017edy jdeme o\u00a0krok d&aacute;l a\u00a0spolupracujeme se specialisty na prodej dluhopis\u016f p\u0159es internet, kte\u0159&iacute; maj&iacute; za sebou &uacute;sp\u011b&scaron;n&eacute; prodeje.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/mqFxyEl95Pg\" title=\"Dluhopisy 2026 - krok za krokem\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Ujasn\u011bte si c&iacute;l emise: kolik, na co a\u00a0za jak dlouho<\/strong><\/h2>\n<p>Ne\u017e za\u010dnete \u0159e&scaron;it pr&aacute;vn&iacute; detaily, je pot\u0159eba m&iacute;t v\u00a0ruce dobr&yacute; podnikatelsk&yacute; pl&aacute;n. Bez n\u011bj bude emise jen drah&eacute; cvi\u010den&iacute; na pap&iacute;\u0159e.<\/p>\n<h3><strong>Zodpov\u011bzte si:<\/strong><\/h3>\n<ul>\n<li>Kolik kapit&aacute;lu re&aacute;ln\u011b pot\u0159ebujete (typicky 5-25\u00a0mil. K\u010d)?<\/li>\n<li>Na co konkr&eacute;tn\u011b pen&iacute;ze pou\u017eijete (nemovitost, technologie, roz&scaron;&iacute;\u0159en&iacute; v&yacute;roby, provozn&iacute; financov&aacute;n&iacute;, \u010di jin&eacute; pot\u0159eby)?<\/li>\n<li>Jak&yacute; je \u010dasov&yacute; horizont n&aacute;vratnosti (3, 5, 7\u00a0let&hellip;)?<\/li>\n<li>Jak budete z\u00a0projekt\u016f generovat pen&iacute;ze tak, aby &scaron;lo vypl&aacute;cet &uacute;roky a\u00a0splatit jistinu?<\/li>\n<li>M&aacute;te k\u00a0emisi p\u0159idru\u017een&yacute; bankovn&iacute; &uacute;v\u011br, kde pot\u0159ebujete &bdquo;vlastn&iacute; zdroje&#8221; jako kolater&aacute;l?<\/li>\n<\/ul>\n<h3><strong>Pro\u010d to \u0159e&scaron;it s\u00a0pr&aacute;vn&iacute;kem u\u017e nyn&iacute;?<\/strong><\/h3>\n<p>Pr&aacute;vn&iacute; struktura emise (prospekt vs. minibondy, zaji&scaron;t\u011bn&eacute; vs. nezaji&scaron;t\u011bn&eacute;, ve\u0159ejn&aacute; vs. neve\u0159ejn&aacute; nab&iacute;dka) mus&iacute; odpov&iacute;dat byznys pl&aacute;nu. Kdy\u017e se nejd\u0159&iacute;v &bdquo;n\u011bco vymysl&iacute;&#8221; a\u00a0a\u017e&nbsp;pot&eacute; lad&iacute; pr&aacute;vn&iacute; r&aacute;mec, zvy&scaron;uje se riziko pozd\u011bj&scaron;&iacute;ch konflikt\u016f s\u00a0investory a\u00a0z&aacute;rove\u0148 s\u00a0regulac&iacute;.<\/p>\n<p>U\u00a0n&aacute;s&nbsp;nejprve projdeme s\u00a0klientem jeho z&aacute;m\u011br a&nbsp;sou\u010dasn\u011b navrhneme vhodn&yacute; pr&aacute;vn&iacute; a\u00a0finan\u010dn&iacute; r&aacute;mec emise tak, aby d&aacute;val smysl investor\u016fm i\u00a0bance - a&nbsp;p\u0159itom z&aacute;rove\u0148 pro&scaron;el regulac&iacute;.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Zvolte typ dluhopis\u016f a\u00a0typ nab&iacute;dky<\/strong><\/h2>\n<p>Dal&scaron;&iacute; krok je pochopit, jakou strukturu emise zvolit. V\u00a0z&aacute;sad\u011b m&aacute;te dv\u011b z&aacute;kladn&iacute; roviny rozhodov&aacute;n&iacute;:<\/p>\n<h3><strong>Dluhopis vs. &bdquo;minibond&#8221;<\/strong><\/h3>\n<ul>\n<li>Dluhopis je pr&aacute;vn&iacute; pojem ze z&aacute;kona: cenn&yacute; pap&iacute;r s\u00a0pr&aacute;vem na splacen&iacute; jistiny a\u00a0&uacute;roku.<\/li>\n<li>Minibond je obchodn&iacute; ozna\u010den&iacute; pro men&scaron;&iacute; emisi (typicky do 1\u00a0mil. EUR, \u010dasto v\u00a0korun&aacute;ch), na kterou lze vyu\u017e&iacute;t v&yacute;jimky z\u00a0prospektu.<\/li>\n<\/ul>\n<p>Pr&aacute;vn\u011b \u0159e\u010deno - minibond je po\u0159&aacute;d dluhopis. Rozd&iacute;l je v\u00a0objemu emise, c&iacute;lov&eacute; skupin\u011b investor\u016f a\u00a0rovn\u011b\u017e v\u00a0m&iacute;\u0159e regulace.<\/p>\n<h3><strong>Ve\u0159ejn&aacute; vs. neve\u0159ejn&aacute; nab&iacute;dka + v&yacute;jimky z\u00a0prospektu<\/strong><\/h3>\n<p><strong>Ve\u0159ejn&aacute; nab&iacute;dka + prospekt schv&aacute;len&yacute; \u010cNB<\/strong><br \/> Vhodn&eacute;, pokud chcete oslovit &scaron;irokou ve\u0159ejnost a\u00a0objemov\u011b v\u011bt&scaron;&iacute; emisi. Z&iacute;sk&aacute;te ISIN, vy&scaron;&scaron;&iacute; d\u016fv\u011bryhodnost a\u00a0sou\u010dasn\u011b lep&scaron;&iacute; mo\u017enost prodeje p\u0159es brokery a\u00a0platformy.<\/p>\n<p><strong>V&yacute;jimky (typick&eacute; pro minibondy)<\/strong> - prospekt nen&iacute; pot\u0159eba, pokud nap\u0159.:<\/p>\n<ul>\n<ul>\n<li>celkov&yacute; objem nab&iacute;dky nep\u0159ekro\u010d&iacute; 1\u00a0mil. EUR za 12\u00a0m\u011bs&iacute;c\u016f,<\/li>\n<li>c&iacute;len\u011b oslovujete m&eacute;n\u011b ne\u017e 150\u00a0neprofesion&aacute;ln&iacute;ch investor\u016f,<\/li>\n<li>dluhopisy nab&iacute;z&iacute;te pouze kvalifikovan&yacute;m investor\u016fm,<\/li>\n<li>jmenovit&aacute; hodnota jednoho dluhopisu je min. 100 000\u00a0EUR.<\/li>\n<\/ul>\n<\/ul>\n<p>Tyto v&yacute;jimky&nbsp;mohou v&yacute;razn\u011b zjednodu&scaron;it a\u00a0zlevnit emisi - ale jen pokud jsou spr&aacute;vn\u011b pr&aacute;vn\u011b nastaven&eacute;. Chybn&aacute; kvalifikace nab&iacute;dky jako &bdquo;neve\u0159ejn&eacute;&#8221; m\u016f\u017ee v&eacute;st k\u00a0sankc&iacute;m od \u010cNB a\u00a0potenci&aacute;ln\u011b&nbsp;tak&eacute; k\u00a0trestn&iacute; odpov\u011bdnosti.<\/p>\n<p>My&nbsp;pro klienta v\u017edy navrhujeme, zda m&aacute; d&aacute;vat v\u011bt&scaron;&iacute; smysl &bdquo;plnohodnotn&yacute;&#8221; prospekt s\u00a0ISIN (v\u011bt&scaron;&iacute; presti\u017e, lep&scaron;&iacute; prodejn&iacute; pravd\u011bpodobnost) nebo naopak optimalizovan&aacute; minibondov&aacute; struktura (rychlost a\u00a0ni\u017e&scaron;&iacute; n&aacute;klady).<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Navrhn\u011bte parametry dluhopis\u016f: &uacute;rok, splatnost, zaji&scaron;t\u011bn&iacute;<\/strong><\/h2>\n<p>Jakmile v&iacute;te, v\u00a0jak&eacute;m re\u017eimu emisi provedete, p\u0159ich&aacute;z&iacute; na \u0159adu konkr&eacute;tn&iacute; podm&iacute;nky dluhopis\u016f:<\/p>\n<ul>\n<li>Jmenovit&aacute; hodnota (nap\u0159. 10 000\u00a0K\u010d, 25 000\u00a0K\u010d, 100 000\u00a0K\u010d&hellip;)<\/li>\n<li>&Uacute;rokov&aacute; sazba (fixn&iacute; \/ variabiln&iacute;, ro\u010dn&iacute; v&yacute;plata &uacute;rok\u016f vs. kapitalizace)<\/li>\n<li>Doba splatnosti (3, 5, 7\u00a0let&hellip;)<\/li>\n<li>Zp\u016fsob v&yacute;platy &uacute;rok\u016f (ro\u010dn\u011b \/ pololetn\u011b \/ jednor&aacute;zov\u011b na konci)<\/li>\n<li>Zaji&scaron;t\u011bn&iacute; \/ nezaji&scaron;t\u011bn&iacute; (z&aacute;stava nemovitosti, ru\u010den&iacute;, subordinace v\u016f\u010di bance apod.)<\/li>\n<li>Mo\u017enost p\u0159ed\u010dasn&eacute;ho splacen&iacute; z\u00a0iniciativy emitenta \/ investora<\/li>\n<li>Minim&aacute;ln&iacute; objem investice a\u00a0p\u0159&iacute;padn&eacute; slevy pro v\u011bt&scaron;&iacute; investory<\/li>\n<\/ul>\n<p>Parametry mus&iacute; b&yacute;t:<\/p>\n<ul>\n<li>atraktivn&iacute; pro investory (aby cht\u011bli koupit),<\/li>\n<li>re&aacute;ln\u011b splniteln&eacute; z\u00a0va&scaron;eho cash flow,<\/li>\n<li>pr&aacute;vn\u011b a\u00a0&uacute;\u010detn\u011b provediteln&eacute;.<\/li>\n<\/ul>\n<p>U\u00a0n&aacute;s pom&aacute;h&aacute;me&nbsp;klient\u016fm nastavit parametry tak, aby obst&aacute;ly jak p\u0159ed investory, tak p\u0159ed bankou a\u00a0auditorem a\u00a0sou\u010dasn\u011b odpov&iacute;daly regulatorn&iacute;m po\u017eadavk\u016fm.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Emisn&iacute; podm&iacute;nky - &bdquo;srdce&#8221; cel&eacute; emise<\/strong><\/h2>\n<p>Emisn&iacute; podm&iacute;nky dluhopis\u016f jsou kl&iacute;\u010dov&yacute; pr&aacute;vn&iacute; dokument, kter&yacute;:<\/p>\n<ul>\n<li>podrobn\u011b popisuje emitenta,<\/li>\n<li>definuje pr&aacute;va a\u00a0povinnosti dr\u017eitel\u016f dluhopis\u016f,<\/li>\n<li>stanov&iacute; jmenovitou hodnotu, formu, &uacute;rok, splatnost, p\u0159&iacute;padn&eacute; zaji&scaron;t\u011bn&iacute;,<\/li>\n<li>popisuje postup p\u0159i prodlen&iacute;, p\u0159ed\u010dasn&eacute;m splacen&iacute;, zm\u011bn\u011b podm&iacute;nek atd.<\/li>\n<\/ul>\n<p>Bez spr&aacute;vn\u011b p\u0159ipraven&yacute;ch emisn&iacute;ch podm&iacute;nek:<\/p>\n<ul>\n<li>riskujete neplatnost n\u011bkter&yacute;ch ujedn&aacute;n&iacute;,<\/li>\n<li>vystavujete se spor\u016fm s\u00a0investory,<\/li>\n<li>m\u016f\u017eete se dostat do konfliktu s\u00a0regulac&iacute; (\u010cNB, trestn&iacute; pr&aacute;vo),<\/li>\n<li>i\u00a0p\u0159i chybn\u011b vydan&eacute;m dluhopisu st&aacute;le mus&iacute;te jistinu a\u00a0&uacute;roky zaplatit.<\/li>\n<\/ul>\n<p>Co zde typicky \u0159e&scaron;&iacute;me za klienta:<\/p>\n<ul>\n<li>technick&eacute; n&aacute;le\u017eitosti dle z&aacute;kona o\u00a0dluhopisech,<\/li>\n<li>vyd&aacute;n&iacute; a\u00a0formu, splatnost a\u00a0p\u0159ed\u010dasn&yacute; odkup,<\/li>\n<li>ve&scaron;ker&eacute; n&aacute;vaznosti na obchodn&iacute; a\u00a0ob\u010dansk&eacute; pr&aacute;vo,<\/li>\n<li>soulad s\u00a0pl&aacute;novan&yacute;m vyu\u017eit&iacute;m prost\u0159edk\u016f,<\/li>\n<li>krizov&eacute; sc&eacute;n&aacute;\u0159e (co kdy\u017e se projekt zpozd&iacute;, co kdy\u017e banka zdr\u017e&iacute; \u010derp&aacute;n&iacute; apod.),<\/li>\n<li>ochranu emitenta proti obstruk\u010dn&iacute;m investor\u016fm.<\/li>\n<\/ul>\n<p>Emisn&iacute; podm&iacute;nky z\u00a0internetu nebo &bdquo;p\u0159epsan&eacute; od zn&aacute;m&eacute;ho&#8221; jsou typick&yacute; d\u016fvod, pro\u010d pozd\u011bji vznikaj&iacute; spory a\u00a0projekty padaj&iacute; do insolvence. Nav&iacute;c vyd&aacute;n&iacute; dluhopisu bez n&aacute;le\u017eitost&iacute; dluhopisu je trestn&yacute; \u010din, to v&scaron;e stav&iacute; cel&yacute; projekt do rizika. V\u00a0ModerniPravnik.cz je p\u0159ipravujeme na m&iacute;ru konkr&eacute;tn&iacute;mu z&aacute;m\u011bru, aby obst&aacute;ly i\u00a0v krizov&yacute;ch situac&iacute;ch.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Rozhodnut&iacute; org&aacute;n\u016f spole\u010dnosti a\u00a0intern&iacute; p\u0159&iacute;prava<\/strong><\/h2>\n<p>Je&scaron;t\u011b p\u0159edt&iacute;m, ne\u017e se pust&iacute;te do prodeje dluhopis\u016f, mus&iacute;te m&iacute;t v\u00a0po\u0159&aacute;dku vnit\u0159n&iacute; rozhodovac&iacute; procesy:<\/p>\n<ul>\n<li>schv&aacute;len&iacute; emise p\u0159&iacute;slu&scaron;n&yacute;m org&aacute;nem spole\u010dnosti (jednatel&eacute;, valn&aacute; hromada apod.),<\/li>\n<li>ov\u011b\u0159en&iacute;, zda je v&scaron;e v\u00a0souladu s\u00a0va&scaron;imi spole\u010densk&yacute;mi smlouvami \/ stanovami,<\/li>\n<li>p\u0159&iacute;padn\u011b &uacute;prava korpor&aacute;tn&iacute; struktury (nap\u0159. vytvo\u0159en&iacute; SPV - zvl&aacute;&scaron;tn&iacute; &uacute;\u010delov&eacute; spole\u010dnosti pro konkr&eacute;tn&iacute; projekt).<\/li>\n<\/ul>\n<p>Tady se \u010dasto podce\u0148uje, \u017ee:<\/p>\n<ul>\n<li>chyba v\u00a0intern&iacute;ch rozhodnut&iacute;ch m\u016f\u017ee zpochybnit celou emisi,<\/li>\n<li>banka i\u00a0investo\u0159i p\u0159i v\u011bt&scaron;&iacute;ch emis&iacute;ch po\u017eaduj&iacute; &bdquo;korpor&aacute;tn&iacute; \u010distotu&#8221;.<\/li>\n<\/ul>\n<p>My v\u00a0ModerniPravnik.cz prov&aacute;d&iacute;me klienta i\u00a0touto \u010d&aacute;st&iacute; - revidujeme spole\u010densk&eacute; smlouvy, p\u0159ipravujeme z&aacute;pisy z\u00a0jedn&aacute;n&iacute; a\u00a0v&scaron;e nastavujeme tak, aby pozd\u011bji&nbsp;ne&scaron;lo zpochybnit&nbsp;platnost va&scaron;ich krok\u016f.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Prospekt a\u00a0registrace u\u00a0\u010cNB (pokud zvol&iacute;te ve\u0159ejnou nab&iacute;dku) s\u00a0pomoc&iacute; ModerniPravnik.cz<\/strong><\/h2>\n<p>Pokud jdete cestou ve\u0159ejn&eacute; nab&iacute;dky dluhopis\u016f, je pot\u0159eba s\u00a0n&aacute;mi:<\/p>\n<h3><strong>Vypracovat prospekt<\/strong><\/h3>\n<p>Rozs&aacute;hl&yacute; dokument popisuj&iacute;c&iacute;:<\/p>\n<ul>\n<li>va&scaron;i spole\u010dnost a\u00a0jej&iacute; historii,<\/li>\n<li>finan\u010dn&iacute; v&yacute;kazy, rizika, podnikatelsk&yacute; model,<\/li>\n<li>parametry dluhopis\u016f a\u00a0zp\u016fsob vyu\u017eit&iacute; prost\u0159edk\u016f,<\/li>\n<li>rizikov&eacute; faktory pro investory.<\/li>\n<\/ul>\n<h3><strong>P\u0159edlo\u017eit prospekt \u010cesk&eacute; n&aacute;rodn&iacute; bance ke schv&aacute;len&iacute;<\/strong><\/h3>\n<p>Budeme Va&scaron;imi pr\u016fvodci a\u00a0zastoup&iacute;me v&aacute;s i\u00a0v \u0159&iacute;zen&iacute; p\u0159ed \u010cNB.<\/p>\n<ul>\n<li>\u010cNB nehodnot&iacute;, jestli je v&aacute;&scaron; pl&aacute;n &bdquo;dobr&yacute; byznys&#8221;, ale zda jsou informace &uacute;pln&eacute;, pravdiv&eacute; a\u00a0srozumiteln\u011b prezentovan&eacute;, tedy zji&scaron;\u0165uje, zda jsou spln\u011bny form&aacute;ln&iacute; pr&aacute;vn&iacute; n&aacute;le\u017eitosti a\u00a0obsah.<\/li>\n<li>Po schv&aacute;len&iacute; prospektu se dluhopis\u016fm p\u0159id\u011bl&iacute; ISIN, kter&yacute; v&yacute;razn\u011b zvy&scaron;uje d\u016fv\u011bryhodnost emise.<\/li>\n<\/ul>\n<h3><strong>Zajistit pr\u016fb\u011b\u017en&eacute; zve\u0159ej\u0148ov&aacute;n&iacute; informac&iacute;<\/strong><\/h3>\n<p>Pokud to dan&yacute; re\u017eim vy\u017eaduje. P\u0159ipravit prospekt sv&eacute;pomoc&iacute; je \u010dasov\u011b i\u00a0odborn\u011b extr&eacute;mn\u011b n&aacute;ro\u010dn&eacute;. ModerniPravnik.cz proto klient\u016fm kompletn\u011b p\u0159ipravuje emisn&iacute; podm&iacute;nky, prospekt, komunikaci s\u00a0\u010cNB a\u00a0technickou str&aacute;nku registrace emise.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Prodej dluhopis\u016f: jak je skute\u010dn\u011b dostat k\u00a0investor\u016fm<\/strong><\/h2>\n<p>Pr&aacute;vn&iacute; emise je pouze prvn&iacute; p\u016flka &uacute;sp\u011bchu. Druh&aacute; \u010d&aacute;st je prodej dluhopis\u016f investor\u016fm. V\u00a0ModerniPravnik.cz pro klienta v\u017edy jdeme o\u00a0krok d&aacute;l, ne\u017e konkurence a\u00a0spolupracujeme se specialisty na prodej dluhopis\u016f p\u0159es internet, kte\u0159&iacute; maj&iacute; za sebou &uacute;sp\u011b&scaron;n&eacute; prodeje.<\/p>\n<h3><strong>Vlastn&iacute; prodej<\/strong><\/h3>\n<p>V\u00a0p\u0159&iacute;pad\u011b vlastn&iacute;ch dluhopis\u016f (kter&eacute; emitujete vy jako firma):<\/p>\n<ul>\n<li>m\u016f\u017eete je prod&aacute;vat sami - nap\u0159&iacute;klad:<\/li>\n<ul>\n<li>p\u0159es va&scaron;e webov&eacute; str&aacute;nky,<\/li>\n<li>p\u0159es soci&aacute;ln&iacute; s&iacute;t\u011b, newsletter, networking,<\/li>\n<li>v\u00a0r&aacute;mci va&scaron;&iacute; komunity klient\u016f \u010di partner\u016f.<\/li>\n<\/ul>\n<\/ul>\n<p>Podm&iacute;nkou je, \u017ee mus&iacute;te dodr\u017eovat r&aacute;mec zvolen&eacute;ho typu nab&iacute;dky (ve\u0159ejn&aacute; \/ neve\u0159ejn&aacute;, limity pro minibondy atd.) a\u00a0nesm&iacute;te&nbsp;se pou&scaron;t\u011bt do \u010dinnosti vyhrazen&eacute; licencovan&yacute;m subjekt\u016fm.<\/p>\n<h3><strong>Spolupr&aacute;ce s\u00a0brokery a\u00a0platformami<\/strong><\/h3>\n<ul>\n<li>Ciz&iacute; dluhopisy mohou ve\u0159ejnosti nab&iacute;zet jen licencovan&iacute; obchodn&iacute;ci s\u00a0cenn&yacute;mi pap&iacute;ry \u010di jin&iacute; regulovan&iacute; zprost\u0159edkovatel&eacute;.<\/li>\n<li>U\u00a0v\u011bt&scaron;&iacute;ch emis&iacute; d&aacute;v&aacute; smysl:<\/li>\n<ul>\n<li>spolupr&aacute;ce s\u00a0investi\u010dn&iacute;mi zprost\u0159edkovateli,<\/li>\n<li>vyu\u017eit&iacute; crowdfundingov&yacute;ch a\u00a0investi\u010dn&iacute;ch platforem.<\/li>\n<\/ul>\n<\/ul>\n<p>V\u017edy se klient\u016fm sna\u017e&iacute;me vysv\u011btlit, jak&eacute; p\u0159esn\u011b maj&iacute; leg&aacute;ln&iacute; mo\u017enosti prodeje, na co si d&aacute;t pozor v\u00a0marketingov&eacute; komunikaci (sliby v&yacute;nos\u016f, rizika, zaji&scaron;t\u011bn&iacute;) a\u00a0s k&yacute;m konkr&eacute;tn\u011b se vyplat&iacute; spolupracovat.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Pln\u011bn&iacute; z&aacute;vazk\u016f a\u00a0komunikace s\u00a0investory<\/strong><\/h2>\n<p>Emise nekon\u010d&iacute; prodejem. Naopak, zde za\u010d&iacute;n&aacute; obdob&iacute;, kdy:<\/p>\n<ul>\n<li>\u0159&aacute;dn\u011b vypl&aacute;c&iacute;te &uacute;roky dle emisn&iacute;ch podm&iacute;nek,<\/li>\n<li>vedete p\u0159ehlednou evidenci dr\u017eitel\u016f dluhopis\u016f,<\/li>\n<li>komunikujete zm\u011bny (nap\u0159. restrukturalizace, refinancov&aacute;n&iacute;, p\u0159ed\u010dasn&eacute; splacen&iacute;),<\/li>\n<li>mysl&iacute;te na reputaci - &uacute;sp\u011b&scaron;n&eacute; splacen&iacute; prvn&iacute; emise otev&iacute;r&aacute; dve\u0159e k\u00a0dal&scaron;&iacute;, \u010dasto za v&yacute;hodn\u011bj&scaron;&iacute;ch podm&iacute;nek.<\/li>\n<\/ul>\n<p>&Scaron;patn&aacute; komunikace nebo &bdquo;zaml\u010dov&aacute;n&iacute; probl&eacute;m\u016f&#8221; je nejrychlej&scaron;&iacute; cesta k:<\/p>\n<ul>\n<li>\u017ealob&aacute;m ze strany investor\u016f,<\/li>\n<li>reputa\u010dn&iacute;mu po&scaron;kozen&iacute; firmy,<\/li>\n<li>insolven\u010dn&iacute;m n&aacute;vrh\u016fm,<\/li>\n<li>potenci&aacute;ln\u011b i\u00a0k trestn\u011bpr&aacute;vn&iacute;m rizik\u016fm.<\/li>\n<\/ul>\n<p>U\u00a0n&aacute;s&nbsp;s klienty \u010dasto \u0159e&scaron;&iacute;me i\u00a0n&aacute;slednou f&aacute;zi - &uacute;pravy podm&iacute;nek, prolongace, nov&eacute; emise na refinancov&aacute;n&iacute; star&scaron;&iacute;ch, \u0159e&scaron;en&iacute; spor\u016f s\u00a0problematick&yacute;mi investory atd.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Typick&eacute; chyby, kter&yacute;m se vyhnout<\/strong><\/h2>\n<p>Z\u00a0praxe p\u0159i emis&iacute;ch dluhopis\u016f a\u00a0minibond\u016f se nej\u010dast\u011bji objevuj&iacute; tyto problematick&eacute; situace:<\/p>\n<ul>\n<li>Podcen\u011bn&iacute; regulace - emise je fakticky ve\u0159ejn&aacute;, ale klient se domn&iacute;val, \u017ee &bdquo;je to jen pro zn&aacute;m&eacute;&#8221; a&nbsp;nereflektoval limity pro v&yacute;jimky z\u00a0prospektu.<\/li>\n<li>Kop&iacute;rov&aacute;n&iacute; vzor\u016f z\u00a0internetu - emisn&iacute; podm&iacute;nky neodpov&iacute;daj&iacute; \u010desk&eacute;mu pr&aacute;vu, re&aacute;ln&eacute;mu byznysu nebo aktu&aacute;ln&iacute; regulaci.<\/li>\n<li>Nere&aacute;ln&eacute; podm&iacute;nky pro investory - p\u0159&iacute;li&scaron; vysok&yacute; &uacute;rok a\u00a0kr&aacute;tk&aacute; splatnost bez re&aacute;ln&eacute;ho zdroje cash flow vede k\u00a0selh&aacute;n&iacute; emise.<\/li>\n<li>Chybn&eacute; zaji&scaron;t\u011bn&iacute; - investo\u0159i maj&iacute; jin&aacute; o\u010dek&aacute;v&aacute;n&iacute; ne\u017e to, co plyne z\u00a0dokumentace.<\/li>\n<li>Slab&aacute; komunikace - kdy\u017e se projekt zpozd&iacute;, firma ml\u010d&iacute;, investo\u0159i se bou\u0159&iacute;, \u0159e&scaron;&iacute; se m&eacute;dia a\u00a0nakonec i\u00a0policie.<\/li>\n<\/ul>\n<p>V&scaron;echny tyto chyby je mo\u017en&eacute; v&yacute;razn\u011b omezit, pokud m&aacute;te od za\u010d&aacute;tku po boku pr&aacute;vn&iacute; kancel&aacute;\u0159, kter&aacute; m&aacute; s\u00a0emisemi re&aacute;ln&eacute; zku&scaron;enosti.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Jak v&aacute;m s\u00a0emis&iacute; dluhopis\u016f pom\u016f\u017ee ModerniPravnik.cz<\/strong><\/h2>\n<p>T&yacute;m zku&scaron;en&yacute;ch pr&aacute;vn&iacute;k\u016f z\u00a0ModerniPravnik.cz se dlouhodob\u011b specializuje na investi\u010dn&iacute; pr&aacute;vo, dluhopisy a\u00a0financov&aacute;n&iacute; projekt\u016f, zejm&eacute;na v\u00a0oblasti nemovitost&iacute; a\u00a0SME. D&iacute;ky kombinaci pr&aacute;vn&iacute; praxe, investi\u010dn&iacute;ch zku&scaron;enost&iacute; a\u00a0medi&aacute;ln&iacute; praxe (vzd\u011bl&aacute;v&aacute;n&iacute; investor\u016f, ochrana p\u0159ed podvody) dok&aacute;\u017eeme nab&iacute;dnout klient\u016fm:<\/p>\n<ol>\n<li><strong>&Uacute;vodn&iacute; bezplatnou konzultaci<\/strong><\/li>\n<ul>\n<li>projdeme v&aacute;&scaron; podnikatelsk&yacute; z&aacute;m\u011br,<\/li>\n<li>navrhneme mo\u017enou strukturu emise (prospekt \/ minibond \/ SPV),<\/li>\n<li>orienta\u010dn\u011b odhadneme n&aacute;klady a\u00a0\u010dasov&yacute; harmonogram.<\/li>\n<\/ul>\n<li><strong>Kompletn&iacute; pr&aacute;vn&iacute; p\u0159&iacute;pravu emise<\/strong><\/li>\n<ul>\n<li>emisn&iacute; podm&iacute;nky na m&iacute;ru,<\/li>\n<li>intern&iacute; korpor&aacute;tn&iacute; dokumenty (valn&eacute; hromady, rozhodnut&iacute; jednatel\u016f),<\/li>\n<li>p\u0159&iacute;pravu a\u00a0vyjedn&aacute;n&iacute; zaji&scaron;t\u011bn&iacute;,<\/li>\n<li>prospekt a\u00a0komunikaci s\u00a0\u010cNB (v\u010detn\u011b z&iacute;sk&aacute;n&iacute; ISIN).<\/li>\n<\/ul>\n<li><strong>Podporu p\u0159i prodeji dluhopis\u016f<\/strong><\/li>\n<ul>\n<li>pr&aacute;vn&iacute; r&aacute;mec marketingu a\u00a0komunikace,<\/li>\n<li>nastaven&iacute; spolupr&aacute;ce s\u00a0brokery a\u00a0platformami,<\/li>\n<li>p\u0159&iacute;pravu investi\u010dn&iacute; dokumentace a\u00a0smluv.<\/li>\n<\/ul>\n<li><strong>Dlouhodob&aacute; podpora projektu<\/strong><\/li>\n<ul>\n<li>&uacute;pravy dokumentace p\u0159i zm\u011bn&aacute;ch v\u00a0projektu \u010di trhu,<\/li>\n<li>restrukturalizace z&aacute;vazk\u016f, p\u0159&iacute;padn&eacute; \u0159e&scaron;en&iacute; spor\u016f,<\/li>\n<li>p\u0159&iacute;prava navazuj&iacute;c&iacute;ch emis&iacute;.<\/li>\n<\/ul>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><strong>Nab&iacute;zen&iacute; dluhopis\u016f v\u00a0EU - Re\u017eim &bdquo;Passportingu&#8221; resp. notifikace<\/strong><\/h2>\n<p>Pokud m&aacute;te schv&aacute;len&yacute; prospekt u\u00a0\u010cesk&eacute; n&aacute;rodn&iacute; banky, m&aacute;te skv\u011blou zpr&aacute;vu: dluhopisy lze nab&iacute;dnout prakticky v\u00a0cel&eacute; Evropsk&eacute; unii bez nutnosti opakovan\u011b schvalovat prospekt v\u00a0ka\u017ed&eacute; zemi.<\/p>\n<h3><strong>Co je &bdquo;passporting&#8221;?<\/strong><\/h3>\n<p>Forma notifikace k\u00a0nab&iacute;zen&iacute; v\u00a0jin&eacute;m \u010dlensk&eacute;m st&aacute;t\u011b EU. Passporting je re\u017eim zaveden&yacute; Na\u0159&iacute;zen&iacute;m o\u00a0prospektu Evropsk&eacute; unie (Prospectus Regulation 2017\/1129):<\/p>\n<ul>\n<li>M&aacute;te prospekt schv&aacute;len&yacute; v\u00a0jedn&eacute; EU zemi (nap\u0159. \u010cesk&aacute; republika),<\/li>\n<li>Prospekt se automaticky uzn&aacute;v&aacute; v\u00a0ostatn&iacute;ch EU st&aacute;tech,<\/li>\n<li>Nemus&iacute;te \u017e&aacute;dat \u010cNB, aby v&aacute;&scaron; prospekt &bdquo;pasportoval&#8221; - d\u011bje se to automaticky.<\/li>\n<\/ul>\n<p>Prakticky to znamen&aacute;: pokud ve va&scaron;em prospektu ozna\u010d&iacute;te, \u017ee chcete nab&iacute;dnout dluhopisy v\u00a0\u010cesku, Slovensku, Polsku a\u00a0N\u011bmecku a\u00a0\u010cNB prospekt schv&aacute;l&iacute;, m\u016f\u017eete jej bez dal&scaron;&iacute;ch krok\u016f p\u0159edlo\u017eit investor\u016fm v\u00a0t\u011bchto zem&iacute;ch.<\/p>\n<h3><strong>D\u016fle\u017eit&eacute; podm&iacute;nky passportingu<\/strong><\/h3>\n<ul>\n<li>Prospekt mus&iacute; b&yacute;t v\u00a0\u010desk&eacute;m nebo anglick&eacute;m jazyce.<\/li>\n<li>Mus&iacute; existovat pr&aacute;vn&iacute; vazba na EU zemi.<\/li>\n<li>Nelze bez dal&scaron;&iacute;ho vyu\u017e&iacute;t v\u00a0USA.<\/li>\n<li>N\u011bkter&eacute; EU st&aacute;ty vy\u017eaduj&iacute; notifikaci nebo z&aacute;kladn&iacute; registraci na sv&eacute;m trhu.<\/li>\n<\/ul>\n<h3><strong>Praktick&eacute; kroky pro nab&iacute;zen&iacute; v\u00a0EU<\/strong><\/h3>\n<ol>\n<li>Rozhodn\u011bte, v\u00a0kter&yacute;ch zem&iacute;ch budete nab&iacute;zet.<\/li>\n<li>Prospekt napi&scaron;te jako &bdquo;EU prospekt&#8221; v\u00a0angli\u010dtin\u011b.<\/li>\n<li>Nechte \u010cNB prospekt schv&aacute;lit.<\/li>\n<li>Notifikujte prospekt v\u00a0jin&yacute;ch EU st&aacute;tech.<\/li>\n<li>P\u0159ipravte lok&aacute;ln&iacute; marketing a\u00a0pr&aacute;vn&iacute; dokumenty.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><strong>Nab&iacute;zen&iacute; dluhopis\u016f mimo EU - Regulace jednotliv&yacute;ch zem&iacute;<\/strong><\/h2>\n<p>Pokud chcete j&iacute;t za hranice EU, situace se komplikuje. Ka\u017ed&aacute; &bdquo;t\u0159et&iacute; zem\u011b&ldquo; (mimo EU) m&aacute; svou vlastn&iacute; regulaci, kter&aacute; obvykle nerespektuje v&aacute;&scaron; EU prospekt.<\/p>\n<h2><strong>Spojen&eacute; st&aacute;ty americk&eacute; - Regulation S<\/strong><\/h2>\n<p>USA jsou nejv&yacute;znamn\u011bj&scaron;&iacute;m a\u00a0nejkomplikovan\u011bj&scaron;&iacute;m trhem mimo EU. Regulaci \u0159&iacute;d&iacute; SEC (Securities and Exchange Commission).<\/p>\n<h3><strong>Kl&iacute;\u010dov&aacute; regulace - Regulation S\u00a0(Reg S)<\/strong><\/h3>\n<p>Regulation S\u00a0umo\u017e\u0148uje zahrani\u010dn&iacute;m emitent\u016fm (jako je va&scaron;e \u010desk&aacute; firma) nab&iacute;zet dluhopisy mimo USA bez registrace u\u00a0SEC, pokud spln&iacute;te tyto podm&iacute;nky:<\/p>\n<p><strong>Nab&iacute;dka mus&iacute; b&yacute;t v\u00a0&bdquo;offshore transakci&ldquo;<\/strong><\/p>\n<ul>\n<li>Nab&iacute;dka se nekon&aacute; v\u00a0USA,<\/li>\n<li>Nakupuj&iacute;c&iacute; investor je fyzicky mimo USA (nebo se d\u016fvodn\u011b domn&iacute;v&aacute;te, \u017ee je mimo USA),<\/li>\n<li>Nab&iacute;dka se neprov&aacute;d&iacute; p\u0159es americk&eacute; prost\u0159edky (americk&yacute; broker, americk&eacute; telefonn&iacute; \u010d&iacute;slo, americk&eacute; webov&eacute; str&aacute;nky apod.).<\/li>\n<\/ul>\n<p><strong>Absence &bdquo;directed selling efforts&ldquo; v\u00a0USA<\/strong><\/p>\n<p>Zak&aacute;z&aacute;no: Inzer&aacute;ty na americk&yacute;ch webech (Facebook US, Google US), emaily americk&yacute;m adres&aacute;m (&bdquo;hey, investujte v\u00a0dluhopisech&ldquo;), komunikace s\u00a0americk&yacute;mi poradci pro &uacute;\u010del prodeje, &uacute;\u010dast na americk&yacute;ch konferenc&iacute;ch \u010di roadshows s\u00a0t&iacute;m, \u017ee &bdquo;nab&iacute;z&iacute;te&ldquo; dluhopisy.<\/p>\n<p>Povoleno: Obecn&eacute; informace o\u00a0firm\u011b na webu (pokud nejde o\u00a0&bdquo;prodej&ldquo;), odpov\u011b\u010f na popt&aacute;vku od americk&eacute;ho investora, &uacute;\u010dast na mezin&aacute;rodn&iacute;ch konferenc&iacute;ch, pokud se &bdquo;nesoust\u0159ed&iacute;te&ldquo; na americk&eacute; &uacute;\u010dastn&iacute;ky.<\/p>\n<p><strong>Holding period (40\u00a0dn&iacute; pro dluhopisy)<\/strong><\/p>\n<p>Investor, kter&yacute; si koup&iacute; dluhopis pod Regulation S, nesm&iacute; jej prodat do 40\u00a0dn&iacute; v\u00a0USA. Po 40\u00a0dnech to u\u017e jde (pokud to bude v\u00a0souladu s\u00a0americk&yacute;mi z&aacute;kony, co\u017e je ot&aacute;zka na tam\u011bj&scaron;&iacute;ho pr&aacute;vn&iacute;ka).<\/p>\n<h3><strong>Praktick&eacute; kroky:<\/strong><\/h3>\n<ol>\n<li>Emise bez prospektu nebo ide&aacute;ln\u011b s\u00a0prospektem podle lok&aacute;ln&iacute;ho pr&aacute;va (\u010cR v\u00a0tomto p\u0159&iacute;pad\u011b).<\/li>\n<li>Dluhopisy budou obsahovat omezuj&iacute;c&iacute; n&aacute;pis (restrictive legend): &bdquo;Tyto dluhopisy nebyly registrov&aacute;ny dle americk&eacute;ho Securities Act 1933\u00a0a\u00a0nesm\u011bj&iacute; b&yacute;t nab&iacute;zeny \u010di prod&aacute;v&aacute;ny v\u00a0USA bez registrace \u010di vhodn&eacute; v&yacute;jimky.&#8221;<\/li>\n<li>Ov\u011b\u0159en&iacute; statusu kupuj&iacute;c&iacute;ho - potvrzen&iacute;, \u017ee kupuj&iacute;c&iacute; nen&iacute; americk&aacute; osoba.<\/li>\n<li>Compliance program - sledov&aacute;n&iacute;, aby se dluhopisy neprod&aacute;valy zp\u011bt do USA b\u011bhem holding periodu.<\/li>\n<\/ol>\n<p><strong>Varov&aacute;n&iacute;:<\/strong> Regulation S\u00a0se velmi \u010dasto zneu\u017e&iacute;v&aacute;. Firmy tvrd&iacute;, \u017ee d\u011blaj&iacute; &bdquo;Reg S\u00a0nab&iacute;dku&ldquo;, ale vlastn\u011b c&iacute;len\u011b prod&aacute;vaj&iacute; americk&yacute;m osob&aacute;m p\u0159es offshore &uacute;\u010dty. To vede k\u00a0SEC vy&scaron;et\u0159ov&aacute;n&iacute; a\u00a0vysok&yacute;m pokut&aacute;m. Pokud chcete j&iacute;t cestou Regulation S, mus&iacute;te opravdu dodr\u017eovat pravidla - ne &bdquo;simulovat&ldquo;.<\/p>\n<h2><strong>Ostatn&iacute; zem\u011b mimo EU<\/strong><\/h2>\n<p>Zb&yacute;vaj&iacute;c&iacute;ch ~180\u00a0zem&iacute; m&aacute; sv&eacute; vlastn&iacute; z&aacute;kony o\u00a0dluhopisech a\u00a0cenn&yacute;ch pap&iacute;rech.<\/p>\n<table style=\"width: 721.306px;\">\n<thead>\n<tr>\n<td style=\"width: 208px;\">\n<p><strong>Zem\u011b \/ Region<\/strong><\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p><strong>Obvykl&yacute; re\u017eim<\/strong><\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p><strong>Pozn&aacute;mka<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"width: 208px;\">\n<p>Velk&aacute; Brit&aacute;nie<\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p>Prospectus Regulation UK<\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p>Post-Brexit ekvivalent EU, odd\u011blen&yacute; syst&eacute;m<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 208px;\">\n<p>&Scaron;v&yacute;carsko<\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p>Vlastn&iacute; z&aacute;kon (FINMA)<\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p>Existuje s\u00a0EU harmonizace, ale nikoliv pasporting<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 208px;\">\n<p>Norsko<\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p>Vlastn&iacute; z&aacute;kon, bl&iacute;zk&yacute; EU<\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p>Evropsk&yacute; hospod&aacute;\u0159sk&yacute; prostor<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 208px;\">\n<p>Asie (HK, Singapur, Japonsko)<\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p>Vlastn&iacute; prospektov&eacute; re\u017eimy<\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p>Obvykle prospekt nebo ekvivalent<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 208px;\">\n<p>Austr&aacute;lie<\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p>Vlastn&iacute; regulace (ASIC)<\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p>Prospekt vy\u017eadov&aacute;n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 208px;\">\n<p>Ostatn&iacute;<\/p>\n<\/td>\n<td style=\"width: 186px;\">\n<p>Jednotliv\u011b<\/p>\n<\/td>\n<td style=\"width: 321.306px;\">\n<p>V\u011bt&scaron;inou vy\u017eaduj&iacute; m&iacute;stn&iacute;ho pr&aacute;vn&iacute;ka<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Pokud chcete nab&iacute;zet v\u00a0Asii nebo Austr&aacute;lii, mus&iacute;te si najmout m&iacute;stn&iacute;ho pr&aacute;vn&iacute;ka, kter&yacute; pom\u016f\u017ee s\u00a0lok&aacute;ln&iacute; regulac&iacute;.<\/p>\n<h3><strong>Strategie: Kam v\u016fbec j&iacute;t?<\/strong><\/h3>\n<p>Pokud nepl&aacute;nujete b&yacute;t glob&aacute;ln&iacute; emitentem, obvykl&aacute; strategie je:<\/p>\n<p><strong>F&aacute;ze 1: EU emise<\/strong><\/p>\n<ul>\n<li>Schv&aacute;len&yacute; prospekt u\u00a0\u010cNB<\/li>\n<li>Passporting do 2-3\u00a0sousedn&iacute;ch zem&iacute; (SK, PL, p\u0159&iacute;padn\u011b DE)<\/li>\n<li>C&iacute;l: 80-100 % lok&aacute;ln&iacute;ch a\u00a0st\u0159edoevropsk&yacute;ch investor\u016f<\/li>\n<\/ul>\n<p><strong>F&aacute;ze 2: Regulation S\u00a0(USA)<\/strong><\/p>\n<ul>\n<li>Vytvo\u0159&iacute;te dluhopisy bez americk&eacute; registrace<\/li>\n<li>Nab&iacute;z&iacute;te p\u0159es evropsk&eacute; brokery<\/li>\n<li>Ameri\u010dt&iacute; institucion&aacute;ln&iacute; investo\u0159i si je mohou koupit, ale &bdquo;na jejich vlastn&iacute; zodpov\u011bdnost&ldquo;<\/li>\n<\/ul>\n<p><strong>F&aacute;ze 3: Glob&aacute;ln&iacute; roz&scaron;&iacute;\u0159en&iacute;<\/strong><\/p>\n<ul>\n<li>Singapur, Hong Kong apod.<\/li>\n<li>Vy\u017eaduje glob&aacute;ln&iacute; projekt s\u00a0rozpo\u010dtem 7+ mil. K\u010d jen na pr&aacute;vn&iacute; a\u00a0regulatorn&iacute; compliance<\/li>\n<\/ul>\n<p>Na&scaron;e strategie: za\u010d&iacute;t doma, pak EU a\u00a0a\u017e pot&eacute; t\u0159et&iacute; zem\u011b. N&aacute;klady rostou exponenci&aacute;ln\u011b, zku&scaron;enosti z\u00a0\u010cR a\u00a0EU usnadn&iacute; dal&scaron;&iacute; expanzi.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Pr&aacute;vn&iacute; rizika a\u00a0chyby, kter&yacute;m se vyhnout<\/strong><\/h2>\n<p>Nab&iacute;zen&iacute; dluhopis\u016f mimo \u010cR p\u0159in&aacute;&scaron;&iacute; specifick&aacute; pr&aacute;vn&iacute; rizika, proto je pot\u0159eba b&yacute;t velmi opatrn&yacute;:<\/p>\n<p><strong>Chyba v\u00a0ur\u010den&iacute; mimo EU \/ USA<\/strong><br \/>Marketing je p\u0159&iacute;li&scaron; agresivn&iacute; sm\u011brem k\u00a0USA, nap\u0159. Facebook ads c&iacute;len&eacute; na americk&eacute; u\u017eivatele &rarr; SEC pokuta.<br \/> \u0158e&scaron;en&iacute;m m\u016f\u017ee b&yacute;t pr&aacute;vn&iacute; kontrola marketingu, firewall procedury odd\u011bluj&iacute;c&iacute; americk&eacute; a\u00a0zahrani\u010dn&iacute; distribu\u010dn&iacute; kan&aacute;ly.<\/p>\n<p><strong>Investo\u0159i &bdquo;cross-buy&ldquo;<\/strong><br \/>Reg S\u00a0dluhopisy koup&iacute; americk&yacute; hedge fund p\u0159es &scaron;v&yacute;carsk&eacute;ho brokera.<br \/> \u0158e&scaron;en&iacute;m m\u016f\u017ee b&yacute;t restrictive legends, monitoring prodej\u016f a\u00a0call back mechanismy.<\/p>\n<p><strong>Nejednotn&aacute; pr&aacute;vn&iacute; m&iacute;n\u011bn&iacute; v\u00a0r\u016fzn&yacute;ch jurisdikc&iacute;ch<\/strong><br \/>Prospekt je v\u00a0po\u0159&aacute;dku v\u00a0\u010cR, ale N\u011bmecko vy\u017eaduje ISIN.<br \/>\u0158e&scaron;en&iacute;m mohou b&yacute;t pr&aacute;vn&iacute;ci v\u00a0ka\u017ed&eacute; zemi, ISIN od za\u010d&aacute;tku, prospekt p\u0159ipraven&yacute; na m&iacute;stn&iacute; variace.<\/p>\n<p>V\u00a0ModerniPravnik.cz pl&aacute;nujeme emise mimo \u010cesko s\u00a0ohledem na passporting a\u00a0Regulation S\u00a0a konzultujeme s\u00a0lok&aacute;ln&iacute;mi pr&aacute;vn&iacute;ky.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Co splnit pro emisi mimo \u010cR<\/strong><\/h2>\n<p><strong>Nab&iacute;zen&iacute; v\u00a0EU (passporting)<\/strong><\/p>\n<table style=\"width: 635px;\">\n<thead>\n<tr>\n<td style=\"width: 341.069px;\">\n<p><strong>Krok<\/strong><\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p><strong>Odpov\u011bdnost<\/strong><\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p><strong>Harmonogram<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"width: 341.069px;\">\n<p>P\u0159&iacute;prava emisn&iacute;ch podm&iacute;nek, smlouvy, prospektu<\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p>Emitent + Modern&iacute; pr&aacute;vn&iacute;k<\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p>2-5\u00a0t&yacute;dn\u016f<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 341.069px;\">\n<p>Schv&aacute;len&iacute; prospektu u\u00a0\u010cNB<\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p>Emitent + pr&aacute;vn&iacute;k<\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p>4-6\u00a0t&yacute;dn\u016f<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 341.069px;\">\n<p>P\u0159eklad prospektu (pokud nutn&yacute;)<\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p>P\u0159eklad + pr&aacute;vn&iacute; revize<\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p>2\u00a0t&yacute;dny<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 341.069px;\">\n<p>Notifikace v\u00a0c&iacute;lov&yacute;ch st&aacute;tech<\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p>Pr&aacute;vn&iacute;k<\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p>1\u00a0t&yacute;den<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 341.069px;\">\n<p>Zaveden&iacute; do m&iacute;stn&iacute;ch registr\u016f<\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p>M&iacute;stn&iacute; pr&aacute;vn&iacute;ci<\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p>2\u00a0t&yacute;dny<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 341.069px;\">\n<p>Lok&aacute;ln&iacute; marketing &#038; investor roadshow<\/p>\n<\/td>\n<td style=\"width: 182.931px;\">\n<p>Emitent + IR poradce<\/p>\n<\/td>\n<td style=\"width: 109px;\">\n<p>Pr\u016fb\u011b\u017en\u011b<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>N&aacute;klady:<\/strong> 130-250\u00a0tis. K\u010d<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Nab&iacute;zen&iacute; mimo EU (Regulation S, USA)<\/strong><\/p>\n<table style=\"width: 575px;\">\n<thead>\n<tr>\n<td style=\"width: 320px;\">\n<p><strong>Krok<\/strong><\/p>\n<\/td>\n<td style=\"width: 156.806px;\">\n<p><strong>Odpov\u011bdnost<\/strong><\/p>\n<\/td>\n<td style=\"width: 93.1944px;\">\n<p><strong>Harmonogram<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"width: 320px;\">\n<p>P\u0159&iacute;prava prospektu bez &bdquo;US-specific&ldquo; prvk\u016f<\/p>\n<\/td>\n<td style=\"width: 156.806px;\">\n<p>Pr&aacute;vn&iacute;k + Emitent<\/p>\n<\/td>\n<td style=\"width: 93.1944px;\">\n<p>2\u00a0t&yacute;dny<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 320px;\">\n<p>Restrictive legends &#038; legal opinions<\/p>\n<\/td>\n<td style=\"width: 156.806px;\">\n<p>Pr&aacute;vn&iacute;k<\/p>\n<\/td>\n<td style=\"width: 93.1944px;\">\n<p>1\u00a0t&yacute;den<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 320px;\">\n<p>Vym\u011bn\u011bn&iacute; reprezentac&iacute; od kupuj&iacute;c&iacute;ch<\/p>\n<\/td>\n<td style=\"width: 156.806px;\">\n<p>Distributor\/broker<\/p>\n<\/td>\n<td style=\"width: 93.1944px;\">\n<p>1-2\u00a0t&yacute;dny<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 320px;\">\n<p>Monitoring 40-day holding period<\/p>\n<\/td>\n<td style=\"width: 156.806px;\">\n<p>Administr&aacute;tor dluhopis\u016f<\/p>\n<\/td>\n<td style=\"width: 93.1944px;\">\n<p>Kontinu&aacute;ln\u011b<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 320px;\">\n<p>P\u0159&iacute;padn&eacute; SEC komunikace<\/p>\n<\/td>\n<td style=\"width: 156.806px;\">\n<p>Pr&aacute;vn&iacute;k<\/p>\n<\/td>\n<td style=\"width: 93.1944px;\">\n<p>Dle situace<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>N&aacute;klady:<\/strong> 130-260\u00a0tis. K\u010d plus ro\u010dn&iacute; compliance<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Kdy je nab&iacute;zen&iacute; mimo \u010cR vhodn&eacute;?<\/strong><\/h2>\n<p>Doporu\u010dujeme nab&iacute;zet mimo \u010cR, pokud:<\/p>\n<ol>\n<li>Pot\u0159ebujete v\u011bt&scaron;&iacute; kapit&aacute;l, &euro; je levn\u011bj&scaron;&iacute; ne\u017e \u010cR<\/li>\n<li>M&aacute;te zahrani\u010dn&iacute; operace \u010di klienty<\/li>\n<li>Jste p\u0159ipraveni na vy&scaron;&scaron;&iacute; komplexitu<\/li>\n<li>M&aacute;te realistick&yacute; rozpo\u010det - pr&aacute;vn&iacute; pr&aacute;ce stoj&iacute; 150-300\u00a0tis. K\u010d<\/li>\n<\/ol>\n<p>Pokud pot\u0159ebujete jen 5\u00a0mil. K\u010d a\u00a0m&aacute;te dom&aacute;c&iacute; investory, zam\u011b\u0159te se na \u010deskou emisi.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Kdy je dobr&eacute; n&aacute;s kontaktova?<\/strong><\/h2>\n<p>Pokud \u0159e&scaron;&iacute;te emisi dluhopis\u016f i\u00a0minibond\u016f - v\u00a0\u010cR, EU nebo mimo -&nbsp;nab&iacute;z&iacute;me v&aacute;m:<\/p>\n<ul>\n<li>Bezplatnou &uacute;vodn&iacute; konzultaci - struktura, jurisdikce, strategie<\/li>\n<li>Komplexn&iacute; pr&aacute;vn&iacute; slu\u017eby - od prospektu po Regulation S<\/li>\n<li>Partnery v\u00a0EU a\u00a0USA - N\u011bmecko, Rakousko, &Scaron;v&yacute;carsko, New York<\/li>\n<li>Compliance a\u00a0monitoring - sledov&aacute;n&iacute; dodr\u017eov&aacute;n&iacute; regulac&iacute;<\/li>\n<\/ul>\n<p>Napi&scaron;te n&aacute;m, nebo zavolejte, velmi r&aacute;di v&aacute;m s\u00a0emis&iacute; dluhopis\u016f pom\u016f\u017eeme.<\/p>\n<p>&nbsp;<\/p>\n<p>Autor: Mgr.\u00a0Petr Uklein, advok&aacute;t<\/p>\n<p class=\"wp-block-paragraph\">\n<div class=\"cta-form__wrapper\">\n<div class=\"cta-form__grid\">\n<div class=\"cta-form__info\">\n<div class=\"contact-container\">\n<div class=\"contact-left\">\n<h3> <strong>Napi\u0161te na\u0161im odborn\u00edk\u016fm, pom\u016f\u017eeme v\u00e1m!  <\/strong><\/h3>\n<div class=\"lawyers\">\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2024\/12\/Petr-Uklein-Grey.jpg\" alt=\"Advokat 1\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div>\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/Matej-Sedivy.png\" alt=\"Advokat 2\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div>\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2024\/12\/Barbora-Janackova-grey3.jpg\" alt=\"Advokat 3\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div>\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/martin-1.png\" alt=\"Advokat 4\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div>\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/radka-1.png\" alt=\"Advokat 5\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div>\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/image.png\" alt=\"Advokat 6\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div>\n<div class=\"lawyer\">\n                <img decoding=\"async\" src=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/ruta.png\" alt=\"Advokat 7\"><br \/>\n                <span class=\"status\"><\/span>\n            <\/div><\/div>\n<div class=\"form-descr\">\nNev\u00e1hejte se s\u00a0n\u00e1mi pod\u011blit o\u00a0svou situaci a\u00a0stru\u010dn\u011b popsat, s\u00a0\u010d\u00edm v\u00e1m m\u016f\u017eeme pomoci. Sd\u011blte n\u00e1m, jak v\u00e1s m\u016f\u017eeme nejl\u00e9pe kontaktovat, a\u00a0n\u00e1\u0161 t\u00fdm se v\u00e1m obratem ozve s\u00a0n\u00e1vrhem \u0159e\u0161en\u00ed. Pro va\u0161i lep\u0161\u00ed orientaci doporu\u010dujeme se p\u0159edem sezn\u00e1mit s\u00a0na\u0161\u00edm <a href=\"https:\/\/modernipravnik.cz\/en\/cenik\/\"><strong>price list<\/strong><\/a> Services.\n<\/div>\n<div class=\"contact-info\">\n<p><strong> Po-P\u00e1: 9:00 -18:00 <\/strong><\/p>\n<p class=\"email\"><a href=\"mailto:info@modernipravnik.cz\">info@modernipravnik.cz<\/a><\/p>\n<p><a href=\"tel:+420732394849\"><\/p>\n<p class=\"phone\">\ud83d\udcde (+420) 732 394 849 <span><\/span><\/p>\n<p><\/a><\/p><\/div><\/div>\n<\/div>\n<\/div>\n<div class=\"cta-form__form\">\n<form class=\"mp-contact-form\" action=\"https:\/\/modernipravnik.cz\/chatbot\/cf\/cf-lead.php\" method=\"post\" novalidate data-trp-original-action=\"https:\/\/modernipravnik.cz\/chatbot\/cf\/cf-lead.php\">\n<input type=\"text\" name=\"website\" class=\"mp-cf-hp\" tabindex=\"-1\" autocomplete=\"off\" aria-hidden=\"true\"><br \/>\n<input type=\"hidden\" name=\"page\" value=\"\"><\/p>\n<div class=\"mp-cf-row\">\n<input type=\"text\" name=\"first_name\" placeholder=\"Jm\u00e9no\" required><br \/>\n<input type=\"text\" name=\"last_name\" placeholder=\"P\u0159\u00edjmen\u00ed\" required>\n<\/div>\n<p><input type=\"tel\" name=\"phone\" placeholder=\"Phone\"><br \/>\n<input type=\"email\" name=\"email\" placeholder=\"E-mail\" required><br \/>\n<textarea name=\"message\" placeholder=\"Stru\u010dn\u011b popi\u0161te, s \u010d\u00edm v\u00e1m m\u016f\u017eeme pomoci\"><\/textarea><br \/>\n<label class=\"mp-cf-consent\"><input type=\"checkbox\" name=\"consent\" required> I consent to the processing of my personal data for the purpose of handling my inquiry.<\/label><br \/>\n<button type=\"submit\">Odeslat<\/button><\/p>\n<div class=\"mp-cf-status\" role=\"status\" aria-live=\"polite\"><\/div>\n<input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n<link rel=\"stylesheet\" href=\"https:\/\/modernipravnik.cz\/chatbot\/cf\/cf.css\">\n<script src=\"https:\/\/modernipravnik.cz\/chatbot\/cf\/cf.js?v=1792426575\" defer><\/script>\n        <\/div><\/div><\/div>\n<style>\n.cta-form__wrapper {\n    margin: 40px 0;\n    background: #f2f2f2;\n    padding: 30px;\n    border-radius: 10px;\n}\n.cta-form__grid {\n    display: flex;\n    flex-wrap: wrap;\n    gap: 30px;\n    justify-content: space-between;\n}\n.cta-form__info {\n    flex: 1 1 48%;\n}\n.cta-form__form {\n    flex: 1 1 48%;\n    background: #fff;\n    padding: 20px;\n    border-radius: 10px;\n}\n\/* \u041c\u043e\u0431\u0438\u043b\u043a\u0438: 100% \u0448\u0438\u0440\u0438\u043d\u044b \u0438 \u0443\u0431\u0438\u0440\u0430\u0435\u043c \u0432\u043d\u0443\u0442\u0440\u0435\u043d\u043d\u0438\u0435 \u043f\u0430\u0434\u0434\u0438\u043d\u0433\u0438 *\/\n@media (max-width: 768px) {\n    .cta-form__wrapper {\n        padding: 0;\n        background: transparent;\n    }\n    .cta-form__grid {\n        flex-direction: column;\n        gap: 0;\n    }\n    .cta-form__info, .cta-form__form {\n        flex: 1 1 100%;\n        padding: 20px;\n        border-radius: 0;\n    }\n}\n<\/style>\n<\/p>\n<p>V\u0161echny tyto slu\u017eby a\u00a0produkty v\u00e1m pomohou snadno zvl\u00e1dnout. Nev\u00e1hejte n\u00e1s kontaktovat a\u00a0objednejte si na\u0161e slu\u017eby, smlouvy \u010di produkty p\u0159\u00edmo na webu.<\/p>","protected":false},"excerpt":{"rendered":"<p>Tento praktick\u00fd n\u00e1vod v\u00e1m uk\u00e1\u017ee, jak bezpe\u010dn\u011b a\u00a0efektivn\u011b na dluhopisy 2026 - krok za krokem, s\u00a0mo\u017enostmi prospektu, minibond\u016f, \u010di neve\u0159ejn\u00e9 nab\u00eddky. Na co si d\u00e1t pozor, aby v\u00e1s ne\u0159e\u0161ila \u010cNB ani trestn\u00ed pr\u00e1vo a\u00a0kdy je vhodn\u00e9 p\u0159izvat odborn\u00edky z\u00a0ModerniPravnik.cz pro rychl\u00fd a\u00a0bezpe\u010dn\u00fd pr\u016fb\u011bh, v\u010detn\u011b spolupr\u00e1ce se specialisty na online prodej dluhopis\u016f.<\/p>","protected":false},"author":754,"featured_media":12967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2784,63,2771],"tags":[2069,2082,195,2075,1947,352,100,2080,2073],"class_list":["post-10659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-a-investice","category-obchodni-pravo","category-podnikani","tag-dluhopisy-2026","tag-firemni-financovani","tag-investice","tag-investori","tag-minibondy","tag-obchodni-pravo-2","tag-podnikani","tag-pravni-rizika-dluhopisu","tag-regulace-cnb"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dluhopisy 2026 v \u010cR, EU a mimo EU - n\u00e1vod krok za krokem<\/title>\n<meta name=\"description\" content=\"Zjist\u011bte, jak bezpe\u010dn\u011b na dluhopisy 2026 - pr\u00e1vn\u00ed postupy, typy dluhopis\u016f a praktick\u00e9 rady pro firmy i investory.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/modernipravnik.cz\/en\/blog\/dluhopisy-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dluhopisy 2026 v \u010cR, EU a mimo EU - n\u00e1vod krok za krokem\" \/>\n<meta property=\"og:description\" content=\"Zjist\u011bte, jak bezpe\u010dn\u011b na dluhopisy 2026 - pr\u00e1vn\u00ed postupy, typy dluhopis\u016f a praktick\u00e9 rady pro firmy i investory.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/modernipravnik.cz\/en\/blog\/dluhopisy-2026\/\" \/>\n<meta property=\"og:site_name\" content=\"Modernipravnik.cz\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/modernipravnik\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-12T05:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-10T22:06:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/pexels-photo-32551385.png\" \/>\n\t<meta property=\"og:image:width\" content=\"940\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mgr. Petr Uklein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mgr. Petr Uklein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/\"},\"author\":{\"name\":\"Mgr. Petr Uklein\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#\\\/schema\\\/person\\\/8ae49966cd08e5dd5ee974f58dccc5e5\"},\"headline\":\"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem\",\"datePublished\":\"2026-01-12T05:00:00+00:00\",\"dateModified\":\"2026-06-10T22:06:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/\"},\"wordCount\":5139,\"publisher\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/modernipravnik.cz\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/pexels-photo-32551385.png\",\"keywords\":[\"dluhopisy 2026\",\"Firemn\u00ed financov\u00e1n\u00ed\",\"investice\",\"investo\u0159i\",\"minibondy\",\"obchodn\u00ed pr\u00e1vo\",\"podnik\u00e1n\u00ed\",\"pr\u00e1vn\u00ed rizika dluhopis\u016f\",\"regulace \u010cNB\"],\"articleSection\":[\"Finance a investice\",\"OBCHODN\u00cd PR\u00c1VO\",\"Podnik\u00e1n\u00ed\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/\",\"url\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/\",\"name\":\"Dluhopisy 2026 v \u010cR, EU a mimo EU - n\u00e1vod krok za krokem\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/modernipravnik.cz\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/pexels-photo-32551385.png\",\"datePublished\":\"2026-01-12T05:00:00+00:00\",\"dateModified\":\"2026-06-10T22:06:27+00:00\",\"description\":\"Zjist\u011bte, jak bezpe\u010dn\u011b na dluhopisy 2026 - pr\u00e1vn\u00ed postupy, typy dluhopis\u016f a praktick\u00e9 rady pro firmy i investory.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#primaryimage\",\"url\":\"https:\\\/\\\/modernipravnik.cz\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/pexels-photo-32551385.png\",\"contentUrl\":\"https:\\\/\\\/modernipravnik.cz\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/pexels-photo-32551385.png\",\"width\":940,\"height\":627,\"caption\":\"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/blog\\\/dluhopisy-2026\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Dom\u016f\",\"item\":\"https:\\\/\\\/modernipravnik.cz\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#website\",\"url\":\"https:\\\/\\\/modernipravnik.cz\\\/\",\"name\":\"Modernipravnik.cz\",\"description\":\"Pravni pomoc online\",\"publisher\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/modernipravnik.cz\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#organization\",\"name\":\"ModerniPravnik.cz - Advok\u00e1tn\u00ed, \u00fa\u010detn\u00ed a da\u0148ov\u00e1 kancel\u00e1\u0159\",\"url\":\"https:\\\/\\\/modernipravnik.cz\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/modernipravnik.cz\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/mp-logo-white-1.png\",\"contentUrl\":\"https:\\\/\\\/modernipravnik.cz\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/mp-logo-white-1.png\",\"width\":1536,\"height\":490,\"caption\":\"ModerniPravnik.cz - Advok\u00e1tn\u00ed, \u00fa\u010detn\u00ed a da\u0148ov\u00e1 kancel\u00e1\u0159\"},\"image\":{\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/modernipravnik\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/prvn-poradna-zeptejte-se-modernipravnik-cz\\\/?originalSubdomain=cz\",\"https:\\\/\\\/www.youtube.com\\\/@modernipravnik\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/modernipravnik.cz\\\/#\\\/schema\\\/person\\\/8ae49966cd08e5dd5ee974f58dccc5e5\",\"name\":\"Mgr. Petr Uklein\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ab6b8eef616376a9e7759fb2baaf375b111b832b05b6583009a81b075a47e400?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ab6b8eef616376a9e7759fb2baaf375b111b832b05b6583009a81b075a47e400?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ab6b8eef616376a9e7759fb2baaf375b111b832b05b6583009a81b075a47e400?s=96&d=mm&r=g\",\"caption\":\"Mgr. Petr Uklein\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Dluhopisy 2026 v \u010cR, EU a mimo EU - n\u00e1vod krok za krokem","description":"Zjist\u011bte, jak bezpe\u010dn\u011b na dluhopisy 2026 - pr\u00e1vn\u00ed postupy, typy dluhopis\u016f a praktick\u00e9 rady pro firmy i investory.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/modernipravnik.cz\/en\/blog\/dluhopisy-2026\/","og_locale":"en_US","og_type":"article","og_title":"Dluhopisy 2026 v \u010cR, EU a mimo EU - n\u00e1vod krok za krokem","og_description":"Zjist\u011bte, jak bezpe\u010dn\u011b na dluhopisy 2026 - pr\u00e1vn\u00ed postupy, typy dluhopis\u016f a praktick\u00e9 rady pro firmy i investory.","og_url":"https:\/\/modernipravnik.cz\/en\/blog\/dluhopisy-2026\/","og_site_name":"Modernipravnik.cz","article_publisher":"https:\/\/www.facebook.com\/modernipravnik\/","article_published_time":"2026-01-12T05:00:00+00:00","article_modified_time":"2026-06-10T22:06:27+00:00","og_image":[{"width":940,"height":627,"url":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/pexels-photo-32551385.png","type":"image\/png"}],"author":"Mgr. Petr Uklein","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Mgr. Petr Uklein","Est. reading time":"15 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#article","isPartOf":{"@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/"},"author":{"name":"Mgr. Petr Uklein","@id":"https:\/\/modernipravnik.cz\/#\/schema\/person\/8ae49966cd08e5dd5ee974f58dccc5e5"},"headline":"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem","datePublished":"2026-01-12T05:00:00+00:00","dateModified":"2026-06-10T22:06:27+00:00","mainEntityOfPage":{"@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/"},"wordCount":5139,"publisher":{"@id":"https:\/\/modernipravnik.cz\/#organization"},"image":{"@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#primaryimage"},"thumbnailUrl":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/pexels-photo-32551385.png","keywords":["dluhopisy 2026","Firemn\u00ed financov\u00e1n\u00ed","investice","investo\u0159i","minibondy","obchodn\u00ed pr\u00e1vo","podnik\u00e1n\u00ed","pr\u00e1vn\u00ed rizika dluhopis\u016f","regulace \u010cNB"],"articleSection":["Finance a investice","OBCHODN\u00cd PR\u00c1VO","Podnik\u00e1n\u00ed"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/","url":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/","name":"Dluhopisy 2026 v \u010cR, EU a mimo EU - n\u00e1vod krok za krokem","isPartOf":{"@id":"https:\/\/modernipravnik.cz\/#website"},"primaryImageOfPage":{"@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#primaryimage"},"image":{"@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#primaryimage"},"thumbnailUrl":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/pexels-photo-32551385.png","datePublished":"2026-01-12T05:00:00+00:00","dateModified":"2026-06-10T22:06:27+00:00","description":"Zjist\u011bte, jak bezpe\u010dn\u011b na dluhopisy 2026 - pr\u00e1vn\u00ed postupy, typy dluhopis\u016f a praktick\u00e9 rady pro firmy i investory.","breadcrumb":{"@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#primaryimage","url":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/pexels-photo-32551385.png","contentUrl":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2026\/01\/pexels-photo-32551385.png","width":940,"height":627,"caption":"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem"},{"@type":"BreadcrumbList","@id":"https:\/\/modernipravnik.cz\/blog\/dluhopisy-2026\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Dom\u016f","item":"https:\/\/modernipravnik.cz\/"},{"@type":"ListItem","position":2,"name":"Dluhopisy 2026\u00a0v\u00a0\u010cR, EU a\u00a0mimo EU - n\u00e1vod krok za krokem"}]},{"@type":"WebSite","@id":"https:\/\/modernipravnik.cz\/#website","url":"https:\/\/modernipravnik.cz\/","name":"Modernipravnik.cz","description":"Pravni pomoc online","publisher":{"@id":"https:\/\/modernipravnik.cz\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/modernipravnik.cz\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/modernipravnik.cz\/#organization","name":"ModerniPravnik.cz - Advok\u00e1tn\u00ed, \u00fa\u010detn\u00ed a da\u0148ov\u00e1 kancel\u00e1\u0159","url":"https:\/\/modernipravnik.cz\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/modernipravnik.cz\/#\/schema\/logo\/image\/","url":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2024\/12\/mp-logo-white-1.png","contentUrl":"https:\/\/modernipravnik.cz\/wp-content\/uploads\/2024\/12\/mp-logo-white-1.png","width":1536,"height":490,"caption":"ModerniPravnik.cz - Advok\u00e1tn\u00ed, \u00fa\u010detn\u00ed a da\u0148ov\u00e1 kancel\u00e1\u0159"},"image":{"@id":"https:\/\/modernipravnik.cz\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/modernipravnik\/","https:\/\/www.linkedin.com\/company\/prvn-poradna-zeptejte-se-modernipravnik-cz\/?originalSubdomain=cz","https:\/\/www.youtube.com\/@modernipravnik"]},{"@type":"Person","@id":"https:\/\/modernipravnik.cz\/#\/schema\/person\/8ae49966cd08e5dd5ee974f58dccc5e5","name":"Mgr. Petr Uklein","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ab6b8eef616376a9e7759fb2baaf375b111b832b05b6583009a81b075a47e400?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ab6b8eef616376a9e7759fb2baaf375b111b832b05b6583009a81b075a47e400?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ab6b8eef616376a9e7759fb2baaf375b111b832b05b6583009a81b075a47e400?s=96&d=mm&r=g","caption":"Mgr. Petr Uklein"}}]}},"_links":{"self":[{"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/posts\/10659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/users\/754"}],"replies":[{"embeddable":true,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/comments?post=10659"}],"version-history":[{"count":5,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/posts\/10659\/revisions"}],"predecessor-version":[{"id":11850,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/posts\/10659\/revisions\/11850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/media\/12967"}],"wp:attachment":[{"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/media?parent=10659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/categories?post=10659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modernipravnik.cz\/en\/wp-json\/wp\/v2\/tags?post=10659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}