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Financial Law Instruments Combating Value-Added Tax Evasion in the Perspective of European Union
Sejkora, Tomáš ; Boháč, Radim (advisor) ; Kohajda, Michael (referee) ; Šramková, Dana (referee)
This dissertation broadly focuses on the problematics of the tax evasion in the field of the value-added tax from the perspective of the European Union law wherefore it does not contain parts devoted just to the national instruments combating tax evasion. The aim of the dissertation is the analysis of the terms which could be met due to the inconsistent terminology concerning tax evasion, then the aim is to provide classification of the tax evasion and to analyse individual measures combating tax evasion recognised by the European Union law. Therefore, the case law and opinion of the professional community are examined by the descriptive, analytical and comparative scientific method and later, founded conclusion are generalized by the synthetic method pointing out the pitfalls of their application in the Czech legal environment. The result of this dissertation shall be the coherent insight to the terminology connected with the tax evasion in the field of the value-added tax and the analysis of legal instruments combating tax evasion established by European Union law containing the evaluation of individual aspects of this issue. Pursuant to the acquired conclusions, the discrepancy of the transposed national legislation could be deduced and the assessment, if the legal measures established by...
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Atomic swap: a risk for AML regulation?
Dolanský, Michal ; Sejkora, Tomáš (advisor) ; Kohajda, Michael (referee)
1 Atomic swap: a risk for AML regulation? Abstract This thesis deals with atomic swaps. Particularly it deals with their characteristics and relation to AML regulation. The aim of this thesis is to assess the risks that atomic swaps pose to AML regulation and the ways in which these risks can be addressed. The first part of this thesis briefly describes the concepts and technologies needed to understand atomic swaps. Among other things this part describes distributed databases, cryptographic keys, wallets, and virtual currency exchanges. This is followed by a description of the evolution of atomic swaps, how atomic swaps work and what are their advantages and disadvantages. The second part analyses the current regulation against money laundering and terrorist financing from the perspective of FATF, the European Union and the Czech Republic in relation to virtual currencies and atomic swaps. Particularly it focuses on the definition of virtual currencies and obliged entities. After the explanation how atomic swaps work and the analysis of AML regulation in relation to atomic swaps, it is possible to assess whether atomic swaps pose a risk to AML regulation. This is the focus of the third part of this thesis. It first introduces the issue of money laundering and the use of virtual currencies for illicit...
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The regulation of money laundering and tax evasion in the theory and legislation
Kyselá, Eva ; Sejkora, Tomáš (advisor) ; Kohajda, Michael (referee)
Title of the thesis: The relation of money laundering and tax evasion in theory and legislation Abstract The thesis deals with the relation of money laundering and tax evasion, predominantly in the international context, because both of these activities are very often organized intentionally in several countries. This makes it difficult to detect and punish them and requires close cooperation between states, both in setting the rules and in enforcing them. It is the international soft-law and hard-law rules that significantly affect national regulation. Therefore, the thesis focuses on those and also on regional instruments within the EU. After describing the development of the two areas' regulation and its gradual intertwining, the thesis discusses the similarities and differences that feature the two areas and identifies the problems and challenges the international community is facing when tackling the two problems - reactive regulation lagging behind, slow implementation and complicated international cooperation, difficulty in measuring the problems (and the associated potential inefficiency in spending resources to fight them) as well as the challenges posed by the flourishing information technology. Possible solutions are proposed in the form of adjusting some aspects of soft law as well as...
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Financial legal aspects of mergers and acquisirions in private equity
Ulmanová, Kristýna ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Financial legal aspects of mergers and acquisitions in private equity Abstract This diploma thesis is focused on selected financial legal aspects of mergers and acquisitions in private equity. First, it analyzes the concept of private equity as a specific area of medium-term or long-term investments made by holding companies or investment funds in the sense of Act No. 240/2013 Coll., on Management Companies and Investment Funds. The next part deals with the term of mergers and acquisitions, a contemporary phenomenon, in the context of the Czech legal system. This part of the thesis further describes the individual steps of the standard acquisition process. This is followed by another section dedicated to derivatives. The diploma thesis first introduces the general characteristics of derivatives, followed by topics such as accounting of derivatives, introduction of embedded derivatives, characteristics of equity derivatives and then by the practical part, which deals with mechanisms in transaction documentation fulfilling the features of the embedded derivatives. Furthermore, the thesis focuses on the European regulation of derivatives, specifically the Regulation of the European Parliament and the Council (EU) No. 648/2012, on OTC derivatives, central counterparties and trade repositories and unclear issues...
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What It Means and How It Is Approached by Financial Regulators
Fišer, Ondřej ; Sejkora, Tomáš (advisor) ; Kohajda, Michael (referee)
The thesis covers the topic of sustainable finance regarding its terminology, policy strategies and overall goals. In addition, it specifically deals with the way sustainable finance is perceived by central banks and other financial market regulators. The first chapter explains terms like "ESG investing," "positive finance," "socially responsible investment, "principles for responsible investing" "or "green finance" and points out the differences between them. The second chapter concerns with sustainable finance policy strategies adopted both by private businesses and public institutions. Mentioned are, among others, the types of ESG screening methods used by investors, the EU Green Taxonomy, the EU Shareholders' Rights Directive and its framework, the European Green New Deal or the concept of a sustainable fiduciary duty principle. It also touches on sustainable, green taxation in the shape of carbon taxes or emission trading schemes. The third chapter explores the objectives sustainable finance try to meet, specifically the ones having to do with climate change. The chapter entails a summary of the potential climate change scenarios as laid out by the Intergovernmental Panel on Climate Change. The fourth chapter deals with the role that central banks can play in sustainable finance as they gradually step...
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Legal aspects of startup financing and venture capital investments
Urban, Jakub ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
1 Legal aspects of startup financing and venture capital investments Abstract The aim of this diploma thesis is to analyze the legal aspects of startup financing, especially with a focus on venture capital investments. As the transaction documentation related to venture capital investments usually contains a significant number of foreign language clauses and provisions, a part of my thesis is dedicated to these clauses and their detailed description using practical examples. The content itself is divided into three parts. The first of them generally defines the companies referred to as startups and their individual development stages. It also answers the question, startups are facing in their beginnings, of choosing the appropriate legal form. The conclusion of the first part is then focused practically on individual methods used for startup valuation. The second part is then focused on the venture capital investment realization and specific transaction documentation associated with capital investment. The beginning of the second part is focused on pre-contractual documentation referred to as the Term Sheet and legal Due Diligence. Subsequently, the Shareholders' Agreement and individual foreign language clauses and provisions are analyzed. Those provisions are part of the Shareholders' Agreement in order...
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Qualified investors' funds and asset management comparable to management of an investment funds
Vaníček, Jan ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Qualified investors' funds and asset management comparable to management of an investment funds The main aim of the submitted diploma thesis is particularly a description and analysis of the regulation of qualified investors' funds and asset management comparable to management of an investment funds, and the comparison of their usage in practice, especially in terms of numerical representation of individual legal forms. Apart from the descriptive and analytical methods, I frequently use the comparative method and also methods of deduction and induction. The diploma thesis consists of six chapters. The content of the first chapter is a brief introduction to the capital market law, in the second one, we find the regulation of investment funds in the Czech Republic. In the third chapter, I deal with the definition of the investment fund and analyse activities, which are directly related to the investment fund, i.e. management, administration and marketing of investments. The fourth chapter provides an overview how the current regulation divides investment funds. Emphasis is put on differences in regulatory requirements between establishing an internally managed and externally managed investments fund. In the fifth chapter, I deal with qualified investors' funds. First, I adress the definition of a...
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Tax implications of employee stock option plans and their alternatives in the Czech Republic
Bachtík, Tomáš ; Sejkora, Tomáš (advisor) ; Kohajda, Michael (referee)
1 ABSTRACT Tax implications of employee stock option plans and their alternatives in the Czech Republic This thesis deals with possible ways in which Czech startups in the form of a limited liability company can enable their employees to participate in the value of the company. The main goal of the thesis is to give the reader a general overview of what possibilities these dynamic companies have and at the same time to analyze them both from a civil law (especially commercial law) perspective and from a tax law perspective. Another goal was to evaluate whether one optimal type can be selected from this range of diverse programs at all. Finally, the author tried to outline the necessary adjustments to the relevant legislation so that stock option plans can be effectively implemented in companies. To achieve these goals, the work is divided into six parts. The first introductory part explains the focus of the thesis on the issue of option plans (and their alternatives) in startups in the form of a limited liability company, both for employees and contractors supplying startups with their services as business partners. The second part describes the general non-legal aspects concerning enabling the employees to participate in the value of the company, which must be considered before deciding on the introduction...
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Financial services provided by FinTech companies
Lupač, Tomáš ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Financial services provided by FinTech companies Abstract The diploma thesis focusing on Financial Services provided by FinTech companies aims to provide a comprehensive legal overview of modern issues in the financial market. The financial market has undergone a significant shift in the last decade, especially thanks to new innovative solutions, that are made possible by the rapid technological development of the 20th and 21st century. FinTech companies are often startups which, unlike the traditional financial institutions, have not been and today are still not bound by the pitfalls and strict conditions of the regulatory environment, when creating their business model and their products. FinTech companies little by little began to benefit from these regulatory gaps and gradually brought new types of financial services to financial market customers, which in certain situations may pose a very dangerous risk to the financial market and its stability. The diploma thesis is divided into three chapters and tries to give a comprehensive description of how technologies have influenced the world of finance throughout history, what legislation currently affects FinTech and what approach is taken by individual states and the European Union. The first chapter focuses primarily on the complete foundations of...
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Current regulation governing acquisition financing
Petrů, Jan ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Current regulation governing acquisition financing Abstract The thesis deals with financing of share deal acquisition operations. The first chapter points out idiosyncrasies of acquisition operations, providing context for the rest of the thesis. The second chapter deals with loan financing, one of the two financing methods described. The chapter starts off with Czech Civil Code's rules governing loans and goes on to provide an overview of stipulations used in corporate banking practice, including the usual arrangement of rights and obligations of lenders and borrower in case of syndicated loans. A subchapter about credit risk rounds off the second chapter. Not restricted to public law regulation, it describes derivatives used to hedge against credit risk and touches upon the influence of regulation on cost of loan financing. The third chapter is about bond financing. It offers a robust overview of Czech rules governing bonds as nominate debt securities and their issue. The consequent subchapter on placement of bonds handled by an investment firm serves as an equivalent of the banking practice- focused subchapter. Subjects that perform various tasks after placement in order to simplify the administration of a given issue are a topic which completes the third chapter. The conclusion of the thesis sets out...
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