Vlastimil Pihera partner

Vlastimil Pihera is a partner of KŠB. He specializes primarily in securities and capital markets, investment funds and companies, collective investment and public regulation of financial institutions. He is a frequent contributor to the professional press, was a member of the expert commission of the Ministry of Justice for the preparation of the Act on Business Corporations and a member of the expert group of the Commission for the application of new civil legislation of the Ministry of Justice of the Czech Republic. He currently works at the Institute of State and Law of the Academy of Sciences of the Czech Republic and as a member of the Appeals Commission of the Ministry of Industry and Trade of the Czech Republic, a member of the Ethics Committee of the Association for Capital Markets and a member of the Ethics Committee of the Czech Association of Financial Advisory and Mediation Companies.

Vlastimil Pihera is actively involved in bond issuance mandates as well as regulatory matters, share acquisitions and restructurings. "Vlastimil is able to bring innovative and pragmatic, yet legally sound solutions in many fields." 


Vlastimil Pihera is a truly exceptional figure in the Czech Republic’s capital markets space. He enjoys respect among professionals while remaining approachable to his clients. His active involvement in shaping legal frameworks, coupled with his international perspective, sets him apart. We are delighted to have the privilege of benefiting from his services.

LEGAL 500 2024


Recent work

Legal advice on several dozen public bond issues (e.g. for J&T Group, RN Solutions, MSI, M&M Reality), and representation before the Czech National Bank in prospectus approval proceedings.

Advising clients (such as J&T Banka, Česká spořitelna, mBank, Amundi, Roklen, Bank Gutmann, the Czech Association of Financial Advisory and Mediation Companies) on financial market regulation and on licensing proceedings before the Czech National Bank (e.g. Banka Creditas, Zonky, Zaplo, Walteran Company, GECO) and in proceedings before the financial arbitrator (e.g. Ferratum Bank, OVB Allfinanz, NWD Asset Management).

Advice on private equity financial structures (e.g. Rockaway, Nation 1, AI Startup Incubator), including qualified investor investment funds (e.g. Arete Group, J&T Thein SICAV, NWD SICAV) and investment crowdfunding platforms (Fundlift).

Advice on settling a number of trusts for the administration of family assets, including dealing with relevant aspects of inheritance law and related contractual arrangements.


Advocate since 2008.


  • International rating agencies (Chambers&Partners, IFLR1000, Legal500) recommend Vlastimil as an expert for banking and capital markets in the Czech Republic.
  • In 2019, he was awarded an honorary medal by the Minister of Justice for his contribution to Czech legislation.


  • Faculty of Law, Westbohemian University in Plzeň (Mgr. - 1999; Ph.D. - 2007)
  • Faculty of Law, Charles University in Prague (JUDr. - 2001)


  • Czech Bar Association
  • Association for Capital Markets (Member of the Ethics Committee)
  • Member of the Appeals Commission of the Ministry of Industry and Trade of the Czech Republic
  • Czech Association of Financial Advisory and Mediation Companies (Member of the Ethics Committee)
  • Institute of State and Law of the Academy of Sciences of the Czech Republic (Department of Private Law)
Vlastimil Pihera


  • English
  • German


  • Head Office Prague



  • Investing In Czech Republic, Chambers & Partners Global Practice Guides, 2023 (co-author)
  • Kateřina Ronovská, Eva Dobrovolná, Bohumil Havel & Vlastimil Pihera: Property and Trust Law in the Czech Republic, 1. Edition. Alphen aan den Rijn: Wolters Kluwer, 2020. 190 p.
  • Pihera, V., Smutný, A., Sýkora, P., Cuník, T. Zákon o bankách. Komentář. [English: Banking Act . Commentary.] 2. Edition. Praha : C. H. Beck, 2019, 888 p.
  • Kotásek, J., Pihera, V., Pokorná, J., Vítek, J. Právo cenných papírů. [English: Securities law.] 1. Edition. Praha: C. H. Beck, 2014, 264 p.
  • Hulmák, M. a kol. Občanský zákoník VI. Závazkové právo (§ 2055–3014). Komentář. [English: Civil Code VI. Law of Obligations (§ 2055–3014). Commentary.] 1. Edition. Praha: C. H. Beck, 2014, 2046 p. (§ 2402 –2429, 2455 - 2470)
  • Spáčil, J. a kol. Občanský zákoník III. Věcná práva (§ 976–1474). Komentář. [English: Civil Code III. Rights in rem (§ 976–1474). Commentary.] 1. Edition. Praha: C. H. Beck, 2013, 1276 p. (§ 1400–1474)


  • Ronovská, K., Pihera, V., Dobrovolná E.: Rights of beneficiaries: building foundations and trusts, a Czech perspective , In: Trust & Trustees, Oxford: Oxford University Press, June 2023
  • Ronovská, K., Pihera, V. Private foundations in the Czech Republic: 10 years on the road, v: Trust & Trustees, Oxford: Oxford University Press, May 2022
  • Ronovská, K., Pihera, V. Under construction: Trusts, trust-like structures, foundations and beneficial owners registries in the European Union—The Czech perspective , v: Trust & Trustees, Oxford: Oxford University Press, 2021, Volume 27, Issue 6.
  • Ronovská, K., Pihera, V. K některým mýtům a omylům o svěřenských fondech. [English: Some myths and mistakes about trust funds.] Bulletin Advokacie, 2020, č. 7-8
  • Ronovská, K., Pihera, V. Foreign trusts in the Czech Republic: mostly recognized and (sometimes) registered, v: Trust & Trustees, Oxford: Oxford University Press, 2020, Volume 26, Issue 6.
  • Pihera, V., Havel, B. Povaha funkce a odpovědnost členů orgánů obchodních společností jako východisko racionálního corporate governance.  [English: The nature of the function and responsibility of members of the bodies of companies as a starting point for rational corporate governance.] Právní rozhledy, 2019, č. 23 – 24.
  • Pihera, V., Kokeš, J. Výbor pro audit v aktuální perspektivě českého práva obchodních korporací, [English: Audit Committee in the Current Perspective of Czech Business Corporation Law.]  Obchodněprávní revue, 2019, č. 9.
  • Ronovská, K., Pihera, V. How (not) to change the (un)changeable? Trust & Trustees, Oxford: Oxford University Press, 2019, Volume 25, Issue 6.
  • Ronovská, K., Pihera, V. The unbearable lightness of forced heirship: the Czech perspective. Trust & Trustees, Oxford: Oxford University Press, 2018, Volume 24, Issue 6.
  • Pihera, V. Kapitál vs. práce; kodeterminace a střet zájmů [English: Capital Vs. work; codetermination and conflict of interest.] in Husár, J., Csach, K. (eds.) Konflikty záujmov v práve obchodných společnosti, Bratislava : Wolters Kluwer, 2018.
  • Pihera, V., Ronovská, K. Checks and balances needed. STEP Journal, London: STEP (The Society of Trust and Estate Practitioners), 2018, Volume 26, Issue 4.
  • Ronovská, K., Pihera, V., Estate planning on the edges of time: The Czech Perspective. Trusts & Trustees, Oxford : Oxford University Press, 2017, Volume 23, Issue 6.
  • Pihera, V. Investiční fond. Vyměřování teritoria. [English: Investment fund. Surveying the territory.] Obchodněprávní revue, 2017, roč. 9, č. 9.
  • Pihera, V., Havel, B., Ronovská, K., "Svěřenský fond" - a new trust like vehicle in Czech Civil Law. In Menyhei Ákos, Sándor István. A trust bevezetése magyarországon és a nemzetiözi gyakorlat/ Introductiono of the trust in Hungary and the international practice. 1. vyd. Budapest, Maďarsko: HVG ORAC, 2017. s. 185
  • Pihera, V. Krocení trustů. Svěřenecké fondy v hledáčku první novely občanského zákoníku. [English: Taming of trusts. Trust funds in the first amendment to the Civil Code.] Obchodněprávní revue, 2016, roč. 8, č. 5


  • Lectures within KŠB Institut for example, on the topics "Records of beneficial owners of legal entities and trust funds", "Management and protection of assets", "Consumer loans".


KSB Advises SMV Invest on One of First Issues of Non-Bank Perpetual Certificates in Czech Republic

KŠB Celebrates Unprecedented Success in Chambers Europe 2024 Rankings

KSB successful in Chambers Global 2024

KSB Drafts First EU Prospectus for Nemomax Growth Fund

KSB Advises on Establishing Eva Pavlová’s and Václav Cigler’s Endowment Funds

Advice on Billion-Crown Refinancing of FIDUROCK Group

KSB Advises on Establishing Tišina Endowment Fund

8th Annual Summer School of Commercial Law Recently Held

KSB authors contributed to a brand new edition of the monograph "Joint Stock Companies"

KSB Helps Václav Havel Library Change Its Legal Form

Drafting EU Growth Prospectuses for Avant Investment Group

KSB helps to establish the first Czech charity auction platform Dobrobot

KŠB assists in developing new start-up Flatform

KŠB Succeeds in Chambers & Partners Ranking Once Again

Advising J&T ARCH INVESTMENTS on Acquisition of Shares in Moneta Money Bank

Assisting J&T IB and Capital Markets

Advising J&T Banka on its entry and acquisition of a majority share in AMISTA investiční společnost

KŠB Advises J&T Banka on Rohlík Group Bond Issue

KSB is once again included in the prestigious IFLR1000 ranking

Advising on the issuance of perpetual certificates to be included as Tier 1 secondary capital

New Charity 3WFoundation Founded

Also in 2022, Legal 500 recommends KSB in ten areas

Chambers Europe 2022 recommends KSB in nine areas

KSB scores in Chambers Global 2022

KSB Advises on Transformation of 3M FUND MSI

Vlastimil Pihera to speak at the CASHLESS FUTURE conference

KSB Advises on J&T BANKA’s Partnership with AMISTA

Advice on 3M Fund MSI’s billion-crown bond issue

Advisory to J&T IB Capital Markets on bond issuance

The Legal 500 2021 Recommends KŠB in Ten Areas of Expertise

Chambers Europe Recommends KSB in Nine Areas in 2021

The Vlček Family Foundation

KŠB Represents Walteran Company at the ČNB

Vlastimil Pihera elected to the AKAT Ethics Committee

KSB provided legal services to the Experientia Foundation

Jan Lasák and Vlastimil Pihera Become KŠB Partners

Jan Dědič and Vlastimil Pihera Awarded for their Contribution to Czech Legislation

KŠB Supports Business Law Summer School

KŠB Ranked Once Again in Prestigious IFLR1000

KŠB Wins CEE Legal Matters’ “Deal of the Year”

KSB helps create the first Czech crowdfunding equity platform

New commentary released with contributions by KŠB attorneys

Petr Kasík and Vlastimil Pihera comment on Constitutional Court’s ruling on squeeze-outs in Lidové noviny

Czech Republic Takeover Guide

KŠB to Be Partner of Payment Card Innovation Conference

Transparent to the Bone

KŠB Attorney Vlastimil Pihera To Give Lecture At Trusts Symposium

Mutual Funds– the Czech Approach. Euro, No. 30/2008

Prospectus for the Public Offering of Securities in Europe