Opinion of the Capital Market Supervision Department of the National Bank of Slovakia of 19 March 2026 on Compliance with Client Conduct Rules in Mortgage Brokerage

Part 7/2026 NBS Bulletin – Opinion 2
___________________________________________________________________________________________ Opinion of the Capital Market Supervision Department of the National Bank of Slovakia of 19 March 2026 on compliance with conduct rules towards clients in mortgage brokerage

Introduction
The National Bank of Slovakia, Capital Market Supervision Department, pursuant to Section 1(3)(a)(3) of Act No. 747/2004 Coll. on Supervision of the Financial Market and on Amendment and Supplement of Certain Laws, as amended, in the interest of ensuring legal certainty, uniform and consistent interpretation of the obligations of supervised entities in the capital market sector, issues this Opinion:

Article 1
Subject Matter and Purpose

1. The Financial Intermediation Act (ZoFS) regulates in its fourth part - Conduct Rules towards Clients - the obligations of a financial agent that must be observed when conducting financial intermediation in relation to clients or potential clients. These include, for example, general rules, liability for damage, the financial agent's right to obtain personal data and other information from the client, providing information to the client and potential client, and client assessment.
2. The NBS considers the obtaining, providing, recording, and evaluating of information and their proper maintenance as an important part of financial intermediation. From its supervisory activities, the NBS has found that Financial Agents (SFA) have established various procedures and approaches in these activities. The NBS obtained information on the practical implementation of activities related to obtaining, providing, recording, and evaluating information also from responses to the Consultation Material on Compliance with Conduct Rules towards Clients in Mortgage Brokerage.
3. Based on the information obtained from supervisory activities and responses to the Consultation Material on Compliance with Conduct Rules towards Clients in Mortgage Brokerage, the NBS considers it important to define for Financial Agents (SFA) and other participants in the financial market how it views the execution of individual procedures in obtaining, providing, recording, and evaluating information.
4. The purpose of this Opinion is to transparently inform about the NBS's supervisory approach to obtaining, providing, recording, and evaluating information in mortgage brokerage and to identify approaches that are considered by the NBS as unsuitable practices or procedures that are not in compliance with the ZoFS.

Part 7/2026 NBS Bulletin – Opinion 3

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Article 2
Definition of Terms and Abbreviations
ZoFS: Act No. 186/2009 Coll. on Financial Intermediation and Financial Advisory and on Amendment and Supplement of Certain Laws, as amended SFA: Independent financial agent according to Section 7 of the ZoFS Housing Loan Act: Act No. 90/2016 Coll. on Housing Loans and on Amendment and Supplement of Certain Laws Consumer Loan Act: Act No. 129/2010 Coll. on Consumer Loans and Other Loans and Credits for Consumers and on Amendment and Supplement of Certain Laws NBS: National Bank of Slovakia pursuant to Act No. 566/1992 Coll. on the National Bank of Slovakia Methodological Guideline on the Conduct of Remote Financial Intermediation: Methodological Guideline of the Supervision Departments of the National Bank of Slovakia of 18 May 2020 No. 4/2020 on the Conduct of Remote Financial Intermediation

Article 3
Provision of Information to the Client
The obligations of the financial agent in providing information to the client or potential client are regulated in the ZoFS in several provisions.

Section 32(2) ZoFS
Before conducting financial intermediation, the non-professional client must be unambiguously, precisely, and understandably informed in writing or on another durable medium about the existence and nature of the remuneration that the financial agent receives for financial intermediation in relation to the concluded contract, unless a special law provides otherwise.

Section 32(4) ZoFS
Upon the client's request, the client must also be unambiguously, comprehensively, precisely, and understandably informed about the amount of remuneration according to paragraph 2. The financial agent must inform the client in writing about this option before concluding the contract for the provision of financial services.

Section 33(2) ZoFS
The financial agent is obliged to inform the potential client that it conducts financial intermediation:
a) based on a written contract with one financial institution or several financial institutions and whether these written contracts have an exclusive or non-exclusive nature, and to inform them of the trade names of these financial institutions, or b) based on a written contract with another financial agent.

Section 33(3) ZoFS
The financial agent is obliged to provide the non-professional client or potential non-professional client with information necessary for them to correctly understand the nature and risks of the financial service and subsequently make an informed decision regarding the financial service, namely:
a) information on the legal consequences of concluding a contract for the provision of financial services and on the methods and system of protection against the failure of the financial institution, and b) other important information regarding the contract for the provision of financial services.

Section 33(4) ZoFS
Before concluding a contract for the provision of financial services or, if justified, upon its amendment, the financial agent is obliged to inform the client of the trade name of the financial agent, the designation of the relevant list in the relevant sub-register in which it is registered, qualified participation, the procedure for lodging complaints, the amount of fees, and any other non-standard payments for the financial service.

According to Section 33(7) ZoFS, information according to Section 33(2), (3), and (4) must be:
a) in writing or on another durable medium according to paragraph 10 or via a website according to paragraph 12, b) complete, precise, truthful, understandable, unambiguous, clear, and not misleading, c) provided in the Slovak language or in another agreed language, d) provided free of charge.

Section 33(8) ZoFS
If the information referred to in paragraphs 1 to 6 is addressed to a non-professional client or potential non-professional client:
a) they must be accurate and must not emphasize any potential benefits of the financial service or financial instrument without simultaneously pointing out precisely and prominently to any related risks, b) they must be presented in a manner that can be assumed that the client to whom the information referred to in paragraphs 1 to 6 is addressed or who will likely receive it understands them, c) they must not conceal or obscure important facts, statements, or warnings, nor diminish their significance.

Section 33(9) ZoFS
If it concerns a non-professional client, the information referred to in paragraphs 1 to 6 must be provided in sufficient time in advance before concluding the contract for the provision of financial services.

Section 33(10) ZoFS
The information referred to in paragraphs 1 to 6 and in Section 35(6) may be provided on a durable medium other than paper form if:
a) providing information on this durable medium is appropriate given the circumstances under which financial intermediation is provided to the non-professional client, b) the non-professional client has previously chosen this form of providing information from the offer of providing information in written form or on another durable medium.

NBS Opinion
The provision of information to the client will be considered by the NBS as compliant with the provisions of the ZoFS if the following facts are met.

1. Providing information to the client or potential client is the first step in conducting financial intermediation. The NBS recommends that the provision of information to the client or potential client be unambiguously confirmed either in writing or electronically. In this recommendation, the NBS relies on the provisions of Section 36 of the ZoFS, according to which the financial agent must keep a register of all documents in which the rights and obligations of the financial agent and the client are stated. It follows from these provisions that the registered documents and records must allow the reconstruction of all important phases of conducting financial intermediation. Although the ZoFS imposes only the obligation on the financial agent to provide the client or potential client with legally prescribed information, the financial agent must simultaneously be able to prove to the NBS as the supervisory authority the fulfillment of this obligation. The burden of proof regarding the fulfillment of its informational obligations towards the client lies with the financial agent. Therefore, the NBS considers it appropriate that the financial agent, when providing information to the client, can prove that the information was provided or delivered to the client, depending on the form of provision. In the case of paper form, for example, by signature or record from the post office; in the case of electronic form, for example, by confirmation of sending in the mail system or via an application. It is also necessary to prove the provision of information in terms of time, when they were provided. The financial agent should be able to prove that the client was provided with information before sending the loan application to the financial institution.
2. The definition of the time frame for providing information in the ZoFS is such that information provided before the submission of a loan application should be provided to the client by the financial agent in sufficient time in advance before concluding the contract for the provision of financial services. The NBS considers it compliant with the ZoFS if the information is provided to the client and the client simultaneously confirms its receipt no later than on the date of the submission of the loan application.
3. The ZoFS allows information to be provided to the client in writing, on another durable medium, or via a website. According to Section 33(12) of the ZoFS, information may be provided via a website if it is designated specifically for the client or if providing this information via the website is appropriate considering the transaction between the financial services intermediary and the client. The NBS believes that in providing information to the client or potential client, it is important to adhere to an individual approach. Therefore, the NBS considers it appropriate that only general information, which can be provided to all clients or potential clients to the same extent, be provided via a link to a website. Otherwise, when providing information via a website, it is necessary to ensure that information is provided personally directly for the specific client, and also to take into account the burden of proof of the financial agent in providing information to the client.
4. From the obtained information, the NBS found that the financial agent cannot unambiguously, comprehensively, precisely, and understandably provide the client with precise information about the amount of remuneration that the financial agent receives for financial intermediation in relation to the concluded contract. The financial agent must inform the client about the existence and nature of the remuneration it receives for financial intermediation and, upon the client's request, inform them about the amount of the remuneration. The NBS recommends as good practice that if the financial agent cannot provide information about the exact amount of remuneration, it provides the client with information, for example, about the maximum possible amount of remuneration or about the method of determining the amount of remuneration (e.g., a share of the loan amount), and in the case of mortgage brokerage, informs the client in accordance with the Housing Loan Act about when they will be provided with precise information about the amount of remuneration.

Part 7/2026 NBS Bulletin – Opinion 4

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Article 4
Recording of Information
The obligations of the financial agent in recording information are regulated in the ZoFS as follows:

Section 35(1) ZoFS
The financial agent is obliged to determine and record the client's requirements and needs, their experience and knowledge regarding the relevant financial service, and their financial situation, taking into account the nature of the financial service that is the subject of financial intermediation. Upon the request of the financial agent, the client or potential client is obliged to confirm in writing or on another durable medium the fulfillment of the obligation according to the first sentence.

Section 35(3) ZoFS
The financial agent is obliged, based on information obtained according to paragraph 1, to provide the client with professional assistance, information, and recommendations that are suitable for them in light of the information obtained according to paragraph 1.

Section 35(5) ZoFS
If the financial agent does not obtain information according to paragraph 1, it must not offer the client to conclude a contract for the provision of financial services; this does not apply if the client demonstrably refuses in writing or on another durable medium to provide information according to paragraph 1 and insists on concluding a contract for the provision of financial services.

NBS Opinion

1. In recording information, the NBS considers it good practice if it is carried out continuously during the process of client assessment and immediately after determining the client's requirements and needs. At the same time, the recording of information should include information about the time/date of recording. Recording information at the time of its determination is desirable also for demonstrating the process of financial intermediation. At the same time, the recording of obtained information should take place before the submission of a loan application. If there are multiple meetings with the client before the submission of a loan application, the recording of information with the mention of the date/time of the meeting should take place continuously after each meeting with the client.
2. The NBS has recorded from supervisory practice that records from meetings with clients often contain the option to choose whether to provide or not provide information and knowledge regarding the relevant financial service by the client when filling out fields. Although the client has the right based on Section 35(5) of the ZoFS to refuse to provide this information and insist on the provision of financial services, the NBS does not consider the template use of a field (or button) with the option to choose not to provide information in the meeting record, especially from the perspective of client protection, as appropriate. The NBS recommends that the financial agent, in conducting their activity with professional care, demonstrably alert the client to the impossibility of assessing the client if information is not provided by the client and add to the record upon refusal to provide information a warning about the consequences, in order for the client to realize the consequences of not providing data and also so that this institute is used to the minimum possible extent.
3. At the same time, in the case of the client's refusal to provide information, the NBS considers it appropriate if the financial agent requires the client to confirm that they were asked for information according to Section 35(1) of the ZoFS. Following the refusal to provide information by the client, the financial agent can thus demonstrate the fulfillment of its obligations regarding the request for information. Such practice facilitates the financial agent's burden of proof regarding the fulfillment of its obligations towards the client.
4. The NBS considers it important in this context that the financial agent also explains to the client the importance of providing information in determining their needs and requirements. Only in this way can the financial agent recommend a suitable product or financial service to the client and provide the client with the necessary information.
5. Increasingly high information requirements are a burden for financial agents on the one hand, but also for clients. However, it must be realized that an informed client themselves pays more attention to their rights and can evaluate related risks, which itself leads to their higher protection. In view of the increasing complexity of the financial sector, the NBS considers it appropriate that the automatic option to choose not to provide information by clients be used to the smallest possible extent. The client should be informed that if information is not provided, the financial agent cannot recommend a suitable product. Therefore, the NBS recommends that more space be devoted in meeting records to the client's refusal to provide information and that the client be provided with relevant information binding to the consequences of the client's refusal to provide information.
6. In connection with Part C of the Methodological Guideline on the Conduct of Remote Financial Intermediation - Recording of Remote Contract Provision of Financial Services - the NBS considers it desirable when providing remote financial intermediation that the financial agent records every form of communication (email, telephone, other electronic) that takes place when providing remote financial intermediation.

Part 7/2026 NBS Bulletin – Opinion 5

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Article 5
Evaluation of Information
The obligations of the financial agent in evaluating obtained information are regulated in the ZoFS as follows:

Section 35(6) ZoFS
If the financial agent evaluates based on information according to paragraph 1 that the financial service is suitable for the client, it submits a suitability declaration to the client in writing or on another durable medium. If the financial agent evaluates based on information according to paragraph 1 that the financial service is not suitable for the client, it alerts the client to this fact in writing or on another durable medium.

NBS Opinion

1. In evaluating information obtained from the client for assessment purposes, the NBS considers it desirable that the suitability declaration be submitted to the client based on obtained information before the submission of a loan application, because when submitting a loan application to the financial institution, the financial agent must base itself on the overall assessment of the client and the suitability of the financial service for the client, regardless of whether a contract for the provision of a loan with this financial institution is subsequently signed. The NBS believes that the suitability declaration can be submitted to the client only if the client has provided the financial agent with all information for the purpose of client assessment, i.e., about their requirements and needs, experience and knowledge regarding the relevant financial service, and about their financial situation.
2. The suitability declaration should not be a general standardized text. Based on the evaluation of obtained information from the client, the financial agent should present the client with a personalized suitability declaration with recommendations of products or services that the financial agent has evaluated as suitable for the client. The NBS considers it an unsuitable practice if the suitability declaration is presented to the client in the form of a template checkbox with a general formula that the recommended service is/is not suitable for the client, without adding an explanation of how the financial agent reached this conclusion. The NBS considers it appropriate that the suitability declaration based on information provided before the submission of a loan application by the client be reasonably separated and clearly identified, contain an evaluation of product selection criteria and basic parameters taking into account the client's conditions, their financial situation, and needs, and an explanation of the selected product. In the suitability declaration, the financial agent relies on the client's requirements, on information provided by the client before the submission of a loan application, and on recorded data in the intermediation record, whereby the suitability declaration is provided before the submission of a loan application.

Article 6
Obligations Arising for the SFA from the Housing Loan Act and the Consumer Loan Act Housing Loan Act
Section 21 Obligations of Financial Agents Providing Housing Loans
4. The provisions of Section 5, Section 8(28), Section 11, Section 13(10) and (11), and Section 16(5) and (6) of the Housing Loan Act apply mutatis mutandis to the conduct of financial agents, this does not apply if the obligations according to the mentioned provisions are performed directly by the creditor.
5. For housing loans concluded according to Section 1(2) and (3) of the Housing Loan Act, the financial agent is obliged in sufficient time in advance before performing any activities of mortgage brokerage to provide the consumer with information on:
a) the method of calculating the fee and other costs related to the intermediated financial service, if it is not possible to provide the consumer with information about the amount of the fee and other

Part 7/2026 NBS Bulletin – Opinion 6

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Part 7/2026 NBS Bulletin – Opinion 8
___________________________________________________________________________________________ costs that the consumer must pay for the financial service provided by the broker, if such a fee or other costs arise for the consumer, b) the amount of monetary or non-monetary consideration that the lender or third parties must pay to the financial agent for services related to the mortgage loan contract; if the amount of monetary or non-monetary consideration is unknown at the time of notification, the financial agent informs the consumer that the actual amount of monetary or non-monetary consideration will be stated at a later stage within the scope of information provided in the form (ESIS), c) the right to request information on monetary consideration according to paragraph 6.
6. Based on a written request by the consumer, the consumer must be informed about the differences in the amounts of monetary consideration in percentages that the financial agent receives for performing financial brokerage from one lender or multiple lenders.
7. The financial agent is obligated to notify the lender of the actual amount of monetary consideration and the fee related to the provided financial service that the consumer or third parties must pay to the financial agent for the purpose of calculating the annual percentage rate of charges for mortgage loans.
8. For the purpose of assessing the consumer's ability to repay the mortgage loan, the financial agent is obligated to provide the lender with information obtained from the consumer.

Consumer Credit Act
Section 4(1) of the Consumer Credit Act lists what information the lender or financial agent is obligated to provide to the consumer in sufficient time before concluding a consumer credit contract or before accepting an offer for a consumer credit, in accordance with the contractual terms offered by the lender or the consumer's requirements.

Section 4(2) of the Consumer Credit Act
Information according to paragraph 1 must be provided by the lender or financial agent through the Standard Information on Consumer Credit form, either in paper form or in the form of a record on another durable medium available to the consumer. The lender or financial agent is obligated to provide the consumer with clear, concise, and prominent information on the annual percentage rate of charges according to paragraph 1 letter g) and the average value of the annual percentage rate of charges for the relevant consumer credit published according to Section 21(2) for the relevant calendar quarter in a separate document in paper form or in the form of a record on another durable medium available to the consumer, together with the Standard Information on Consumer Credit form according to the first sentence. All additional information other than those mentioned in the first and second sentences must be provided by the lender or financial agent to the consumer in another separate document.

Section 4(4) of the Consumer Credit Act
If a consumer credit is offered to the consumer through a distance communication means, namely a telephone, the lender or financial agent is obligated to provide the consumer with information on the characteristics of the provided financial service within the scope of paragraph 1 letters c) to f) and h), the annual percentage rate of charges stated in the form of a representative example, and the total amount that the consumer must pay; provisions of a special regulation on informing consumers before concluding a distance contract are not affected by this.

Section 4(6) of the Consumer Credit Act
The lender or financial agent is obligated to provide the consumer with an adequate explanation so that they can assess whether the offered consumer credit contract meets their needs and corresponds to their financial situation, including clarifying information provided before concluding the contract according to paragraph 1, the basic characteristics of the offered credit products, and the specific impact they may have on the consumer, including the consequences of the consumer's failure to fulfill the consumer credit contract.

Part 7/2026 NBS Bulletin – Opinion 9
___________________________________________________________________________________________ The NBS expects that the financial agent will make reasonable efforts to fulfill the informational obligation towards the client in accordance with the Mortgage Loan Act and the Consumer Credit Act, i.e., to provide the client with all information that the agent is able to provide at the moment of performing financial brokerage. If the financial agent cannot provide the client with certain information required by law, the NBS expects that the client will be informed when and in what form such information will be provided.

Article 7
Final Provisions

1. This Opinion represents the legal opinion of the NBS, which applies in the exercise of supervision over the financial market. Compliance with the provisions of this Opinion will contribute to a higher level of clarity of the legal regulation in this area and to increased trust in the financial market.
2. Non-compliance with recommendations arising from this Opinion, as well as the relevant legal regulation, may result in the adoption of appropriate supervisory measures, which may lead to remedial measures, including sanctions by the NBS.
   In Bratislava on 19 March 2026
   Peter Tkáč sgd.
   Director
   Capital Market Supervision Department