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Transactions in securities and their legal regulation
Patočka, Radim ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Securities Operations and the Legal Regulation SUMMARY The subject matters of this thesis are securities operations from the legal point of view. The aim of the thesis is to analyse particular issues concerning securities but predominantely in its complexity than in detail scope due to limits put by the purposes of this theme. As the capital (financial) market has been devoloping dynamically, the theme of the thesis could be concerned very interesting and important. Czech legal regulation of securities has several terminological discrepancies, the priority over the others takes just term securities, which can be still hardly defined. The leading chapter introduces general legal aspects of securities, which can be also denominated as investment financial instrument. Two main laws should be mention, The Act on Securities No. 591/1992 Coll. and Act No. 256/2006 Coll. The second chapter analyses new legal regulation of uncertificated securities and their record keeping as the czech system is approximating to more regular european one, in other words the shift from Central Register of Securities to central depository. The next chapter is dealing with transfer operations whose importance is in changing of the propietor of securities and subsequent incorporated rights. The chapters four and five focus on other...
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The central bank, its legal status and scope of activities
Langr, Jan ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Title of thesis: Central bank, its Legal Position and Functions Central bank plays vital role in the economy of each country and its activities also significantly influence the overall macroeconomic output of the national economy. The aim of this thesis is to analyze legal position and common functions of central banks and asses the current legislation concerning Czech National Bank. The thesis is composed of five chapters, all together aiming to give an overall picture of the position of national banks with focus on the Czech National Bank. First chapter provides a brief description of the banking system and the role of central bank and describes the possible alternative arrangements in the absence of a fully-fledged central bank - currency board, dollarization, free banking and monetary union. Second chapter provides information on the reasons for the establishing first national banks and briefly describes the evolution of central banking in the Czech lands. Chapter three is divided into two parts. The first part analyzes legal regulation of central banks in national jurisdictions and especially regulation of the Czech National Bank. Second part of the chapter addresses the independence of central banks which is important particularly for monetary policy and examines different aspects of the...
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The organization of financial services supervision: a comparison of the Czech Republic, Germany, Austria and Switzerland
Veselá, Dominika ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
THE ORGANIZATION OF FINANCIAL SERVICES SUPERVISION - A COMPARISON OF CZECH REPUBLIC, GERMANY, AUSTRIA AND SWITZERLAND Summary Financial services supervision has become an inexhaustible subject matter of intense debates in the past two decades and many countries have recently adopted a new, mostly integrated, institutional structure of financial supervision, among them the Czech Republic, Germany, Austria and Switzerland, four countries, each representing a different type of political and economic system. This thesis deals with the institutional issues of financial services supervision, successively in the named countries. Actually, these issues are a prerequisite for effective and efficient execution of all supervisory functions. The institutional aspects are presented in their three main forms. First, the focus is given on institutional structure of supervision, especially with regard to the model structures, as presented and analyzed in the first part of the thesis. Closely related to this is also the internal organizational set-up of the supervisory agency; an appropriate designation of corporate governance can positively influence the supervisory process. Second, for the mere operability of every organization disposable resources are essential. There are two points of view concerning the funding dealt...
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Legal regulation of payment transactions
Pail, Jakub ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
This thesis is formally divided into 5 sections, which are: introduction, definition of basic terms, essay on the most important aspects of regulation of the payment services providers, chapter dedicated to payment systems and conclusion. It should argue on issues conected to payments and it is focused mainly on it's regulatory part. Introduction to the thesis sets the goal of it and defines the extent of the issues researched as well as the areas that are not accented much. The basic terms that are defined in the thesis are payment, payment relations, payment transactions, means of money, payment devices, electronic money, payment orders and payment services. This thesis contains non-regulatory issues as well as it accentuates the sociological importance of payment relations. It also shows historical connotations and describes trends which can be observed in the defined areas of exploration. It's goal is to explore and describe mainly the regulatory part of the issue though. The core structure of all parts is therefore focused mainly on the form of legal regulation of payments in effect. The biggest focus is set on description and analysis of the regulation of activities performed by providers of the payment services. Activities that consist of running the payment system and taking part on them...
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Legal Regulation of Payment Services
Louthanová, Radka ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this thesis is to clearly describe all payment services which can be found in current Act on Payments of 2009 and also new payment services under new Act on Payments. New Act on Payments will come into effect on 13 January 2018. The reason for its adoption was the need of transposition of the revised Payment Services Directive known as PSD II. This directive brings significant number of changes into the area of the regulation of payments. Moreover, this thesis devotes to introduction and analysis of all subject authorized to provide payment services in the Czech Republic. The development of the regulation of payments in the Czech Republic is briefly described in the first part of the thesis. Regarding the extensiveness of this topic, it is only outlined which acts have regulated payments in the Czech Republic. The second part of the thesis deals with positive and negative definition of payment services. When describing a single payment service, the difficult situations which can occur due to this payment service are mentioned. The section on negative definition of payment services explains the exceptions which cause that some activities are not consider to payment services pursuant to current and new Act on Payments. For the provider it is essential to determine whether some activity is...
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Investment company in managing funds of the qualified investors
Benda, Martin ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Investment company in managing funds of the qualified investors The aim of this proposed thesis is a qualitative analysis of the internal mechanisms of operations of an investment company in managing a fund of qualified investors. The stated goal is to relatively analyse the organism, which is providing the managing portfolio in the ownership of the fund by abstracting the most important processes that are taking place in such matter. The thesis is divided in a logical order from the historical genesis of collective investment through a brief analysis of the basic subjects of collective investment up to a qualitative analysis of the issues relating to the management of the assets of an externally managed fund with regard to the division of functions of individual bodies inside the investment structure. In conclusion, following the qualitative analysis of the activities of the individual bodies of the investment company - I then, on an example of the acquisition process, attempt to analyse and break down the roles of the individual bodies performing as a part of the acquisition of an asset to the portfolio of an externally managed investment fund.
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The problematics of transfer pricing in Czech and International tax law
Valeš, Ondřej ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The problematics of transfer pricing in Czech and International tax law Constant globalization leads to the boom of business and property-related companies, which we call multinational. Multinational companies carry out so-called intra-company transactions within their group of companies under different conditions than they would in normal business. We call these transactions dependent, because they are carried out between affiliates, in an environment that is not competitive but related. Transfer pricing issues are usually associated with tax optimization because, with the help of these transactions, multinationals are able to achieve a lower tax burden. Aggressive tax optimization prevents proper transfer pricing for intra-company transactions. Transfer pricing of intra-company transactions is set up properly if they are in line with the arm length's principle, which in its own way attempts to simulate a competitive environment. The aim of this work is to outline the regulation of transfer pricing in Czech and International tax law and to analyse the problems of the regulation. In Czech law, the transfer pricing is mainly regulated in the Income Tax Act and in the non-binding instructions of the Ministry of Finance, which rely heavily on international regulation. At international level, the...
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Legal regulation of payment transactions
Roušarová, Kristýna ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
This diploma thesis deals with the issue of legal regulation of cashless payment transactions in the Czech Republic, as well as on European and international level. Furthermore, it focuses on the legal regime of payment accounts in the light of the amended Payment System Act No. 284/2009 Coll. that was adopted as a transposition of the Directive 2014/92/EU of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features. The aim of this thesis is to analyze and describe the current legal regime, including its critical evaluation and to outline the possible future development in the regulation of cashless payment transactions. The thesis is divided into three chapters. In the introduction, the author lays down the topic and the aim of the thesis and explains her motivation for writing a thesis from this area of law. The first chapter contains a theoretical introduction to the topic. The author explains what is a payment transaction, what forms can it take and who are the parties. In the second chapter, the author introduces the legal regulation of cashless payment transactions. In the subchapter dedicated to international payment transaction, the author explains how do the...
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Regulation of Trading in OTC Derivates
Matys, Tadeáš ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
This thesis addresses the current, ever-developing framework of rules governing trading in the most widespread financial instrument - OTC derivatives. The main objective of the thesis is to analyse the current state of the regulation of trading in OTC derivatives within the EU - namely, the EMIR Regulation. Subsequently, it examines whether the legal framework has been set up properly and effectively, and explores what steps should be taken in the near future in order to improve it. Given that the subject of this thesis is much more of an economic than a legal nature, its first part introduces OTC derivatives as a concept, and the specifics of trading in them. The second part examines the status of OTC derivatives within the financial market over time, starting from their modern-day beginnings in the 1990s, through their role in the global financial crisis of 2007 and 2008, to the current issues related to them. The main part of the thesis is devoted to the EMIR Regulation, its scope of application, and in particular the three main obligations which EMIR introduces in relation to OTC derivatives. These comprise, firstly, the obligation to perform a central clearing through central counterparties; secondly, the obligation to observe specific risk mitigation techniques for OTC derivative contracts...
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Alternative financing of small and medium-sizes enterprises
Vacula, Jan ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Alternative financing of small and medium-sized enterprises This thesis analyses whether the legal framework, both present and envisaged, regulating securitisation and crowdfunding is likely to improve the access of small and medium-sized enterprises to financing. The first chapter focuses on securitisation, with a particular focus on securitisation of SME loans. In doing so it evaluates the costs and benefits associated with securitisation, as well as securitised assets and the products of securitisation. The following part describes the mechanism of both a true sale and a synthetic securitisation. The key part of the chapter, however, deals with the legal framework regulating securitisation as well as each individual step of a securitisation transaction, and analyses several issues that may arise under Czech law in relation to securitisation. Next, the proposal for the securitisation regulation, which proposes criteria for qualified securitisations, is introduced. This chapter concludes with an evaluation of the said proposal and presents a level of scepticism as to its intended positive impact on SME financing. The second chapter deals with crowdfunding. After a general introduction into crowdfunding and its various business models, the rest of the chapter focuses on financial crowdfunding, i.e....
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