|
|
Information obligations of financial market entities towards the Czech National Bank
Havlovicová, Jaroslava ; Vybíral, Roman (advisor) ; Kotáb, Petr (referee)
Information obligations of financial market entities towards the Czech National Bank Abstract The information obligations imposed on financial market participants are one of the most important mechanisms for supervisors to properly exercise their powers. In the absence of information obligations on financial market participants, regulation of their activities would be 'blind'. The thesis aims to provide a thorough presentation of the theoretical foundations on which the information obligation is based. It characterises the supervisory authorities at national and EU level, defines their powers and the tools used by obliged entities to provide information. On the other hand, the characteristics of each group of obliged entities and the legal framework of their activities are defined. At the same time, the work does not neglect the closely related issue of consumer protection, which is a significantly weaker party in the environment of financial markets in the legal relations arising here. The rigorous thesis focuses in detail on the legal regulations embedding the information obligation into the Czech legal system, in particular the laws regulating specific sectors of the financial market and the sub-legal regulations of the Czech National Bank, on the basis of which the obliged entities fulfil their...
|
|
|
Qualitative and quantitative aspects of implementaion of SICAV in the Czech legislation
Brodani, Jana ; Vybíral, Roman (referee)
The thesis represents the first comprehensive assessment of the implementation of the SICAV structure into the Czech law. The aim of the thesis is to assess whether the SICAV structure represents a contribution to the Czech fund sector, and to evaluate in which aspects the SICAV legislation was successful and in which not. SICAV structure is analyzed from three perspectives: 1) whether it fulfilled the expectations of market participants on new fund structure, 2) whether the Czech SICAV legislation can withstand competition from similar foreign structures from countries with developed fund sector such as Luxembourg, Ireland and Malta, and 3) quantitative analysis of the impacts of the SICAV on the investment funds sector in the Czech Republic. Based on the analysis, proposals are made to improve the unsuccessful legislative aspects so that SICAV meets market requirements and fulfills effectively its functions. Comparison with the foreign regulations of the SICAV represents inspiration for Czech. Suggestions on the further regulation are a practical contribution of this thesis, which can also serve as a starting point for further research on assessment of the impact of regulation on capital market development. Key words: SICAV, investment fund, fund of qualified investors, fund sector, capital...
|
|
|
Financial market supervision
Balvínová, Helena ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
This thesis deals with supervision over the financial market and its legal framework. I chose the topic because I have always been interested in the issue concerning the financial market. This thesis enables readers to get familiarized with the current situation of the financial market supervision in the Czech Republic, European Union and three member states of European Union, i.e. United Kingdom, France and Slovakia. The Chapter One is an introduction to the theme. The second chapter deals with the basic terms used in the thesis as financial market, supervision, inspection etc. It is a theoretical part of the thesis. The third chapter examines relevant legislation of the European Union and it is dedicated to the EU financial supervision. A new structure for EU financial supervision was agreed in 2010 following the adoption of the de Larosière report in November 2008. At the beginning of 2011 the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs) were established. The purpose of the new structure is to ensure effective surveilance of the EU financial market. The ESRB is responsible for monitoring and assessing potential threats to the stability of the financial system. It can issue risk warnings when necessary, and can make recommendations for remedial action,...
|
|
|
Models of EU financial market supervision
Šťastný, Evžen ; Tichý, Luboš (advisor) ; Kohajda, Michael (referee) ; Musílek, Petr (referee)
Models of EU financial market supervision Author: JUDr. Evžen Šťastný, LL.M. This paper seeks the optimal way of supervision of a single EU financial market. The reason for my research is that, based on the development of financial markets in recent years, the interconnection of markets, modern investment instruments and the strengthening of multinational financial groups allow for quick and easy transfer of capital and risk between countries and financial sectors. This forces us to reconsider the appropriateness of the currently used supervisory model. The paper analyzes models of home state supervisor in connection with supervision on a consolidated basis and supervision of financial conglomerates, the model of a lead supervisor and a single supervisor model with the unified structure and dual structure with the Union and national supervisory authorities. As the evaluation criteria were chosen costs for financial institutions, supervisory effectiveness, consumer confidence and political acceptability. The analysis concludes that the most appropriate model of supervision of a single financial market of the European Union is the model of a single supervisory authority with the unified structure. The work is divided into eight chapters to present reasons why the issue should be examined, analyzed...
|
|
|
Jan Otto- Businessman and Banking Manager
Herc, Svatopluk ; Kubů, Eduard (advisor) ; Šouša, Jiří (referee)
The presented thesis deals with the publisher Jan Otto (1841-1916), who was one of the most important personalities of the Czech national society at the end of 19th and at the beginning of 20th century. Based on proper study of archival material his business activity in publishing and typographical field and his manager function in the biggest national Czech bank, Trade Bank, which Otto devoted over 40 years of his life is analysed. These are two basic thematic spheres of the thesis. The analysis of one of Czech economic nationalism manifests towards the end of 19th century which was a foundation of the company National business and industrial enterprise is a complementary supplement of this thesis. Otto was actually closely connected with the whole project. The thesis conclusion concentrates on Otto's identity question. The thesis is a case study for issues of national Czech business and banking elites.
|
|
|
A comparison of the regulation of activities of national banks of the Czech Republic and Slovakia in their supervision over financial markets
Chvojková, Šárka ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
In the era of constant advancing of the globalization and quick development of the financial markets, the financial markets supervision is still the current topic. Lately, these tendencies have been significantly strengthened under the influence of ongoing world financial crisis. In the light of the crisis, which started as a "credit crisis", the topic of the financial markets supervision has become discussed in countries worldwide and also at the international level, because finding of an effective arrangement and supervision execution could substantially help to overcome the crisis. The main goal of this paper is the analysis and comparison of the legislation on the activities of the Czech and Slovak National Bank in the field of the execution of financial market supervision. The development of Czech and Slovak legislation is interesting as they both emerged from the same legal foundation, went through the phase of individual development and then they became closer again influenced by the European Union. The first two chapters of this thesis focus on the definition of basic terms used further in the thesis and then characteristics of the basic models of the supervision institutional organization. The second chapter deals with the subjects of the financial markets supervision and contains list of...
|
|
|
Financial Market Regulation in the Czech republic with a Focus on the Securities Market
Krčálová, Kristýna ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
Financial Market Regulation in the Czech Republic with a Focus on the Securities Market ABSTRACT: The financial markets constitute a foundation of every market economy and in recent years their regulation is becoming increasingly relevant for political-legislative decision- making process (mainly as result of the last world financial and economic crisis). This Master's thesis focuses on the securities market regulation in Czech Republic and its main purpose is to evaluate this regulation, primarily its development and impacts on the market as a whole, on an individual issuer of a security or (as the case may be) on an investor as well. The thesis itself is divided into five parts. The first one represents a theoretical introduction to the financial markets and analyses basic terms, financial market functions and structure. The second, third and fourth chapters deal with crucial entities influencing the securities market - a regulated market organizer, an investment firm, investment intermediaries and a multi-sided trading system organizer. Chapters especially strive to compare contemporary legislation with legislation as amended by the Act No. 204/2017 Sb., which generally comes into force January 3rd 2018 and which transposes important European secondary legislation regulations, such as Directive...
|
|
|
Global Financial Crisis: causes and consequences - The case of developed vs developing economies in CEE region
Zhu, Yongyan ; Semerák, Vilém (advisor) ; Akdogan, Idil (referee) ; Paulus, Michal (referee)
The great recession of 2008-2010 has impacted the world's economy, which has begun with the sub-prime crisis in the US subprime mortgage market and subsequently spread to the world economy through the contagion effect. Moreover, the influence of the recession on the other nation's economy has been markedly differentiated, depending on their vulnerability to financial system problems (credit crunch, liquidity inflows). Some countries were hit very hard and experienced a drop in GDP, rising unemployment, etc. However, other countries were affected slightly, or the direct effects on them were not visible. Similarly, Central and Eastern Europe (CEE) countries have experienced a very differentiated course of the crisis. As a result of the recession, economic policymakers have tightened financial supervision and regulatory frameworks. This study adopts seven Eastern and Central European Countries (Poland, including Czech Republic, Hungary, Romania, Slovakia, Lithuania and Bulgaria) and analyzes the effect of recession on the stock market of the selected countries. The relevant leading stock market indices of individual countries are adopted as an indicator of the development of the financial market. Monthly data for January 2000-May 2021 is used, and this period is further divided into two samples...
|
|
|
The US Financial Market Uncertainty and Its Spillover to European Stock Markets
Karolík, Richard ; Horváth, Roman (advisor) ; Kočenda, Evžen (referee)
This thesis studies the spillover of the financial market uncertainty arising from the United States to three major European stock markets by analyzing the impulse response functions that were estimated using the local projections method. European stock markets are represented by their corresponding in- dices: the DAX 30 index for Germany, the CAC 40 for France, and the FTSE 100 for the United Kingdom. The results prove the existence of uncertainty spillover from the United States into Europe with the negative relationship be- tween the performance of a particular stock market and the uncertainty shock emerging from the US. Additional analysis examines the response to uncer- tainty shock for the two subsamples based on the Lehman Brothers collapse. The results show a possible interesting improvement in the ability to recover from uncertainty shock since the collapse of Lehman Brothers and can serve as a starting point for the further analyses in the field. JEL Classification F12, F21, F23, H25, H71, H87 Keywords Uncertainty, financial market, stock market, United States, Europe Title The US Financial Market Uncertainty and Its Spillover to European Stock Markets
|
|
|
A Web Interface for the Management of Virtual Portfolio
Bali, Filip ; Hruška, Martin (referee) ; Lengál, Ondřej (advisor)
This thesis designs and implements a web application for managing virtual portfolios. Main goal of the application is visualise and analyze data from stock exchange services API. User can be notified on price change. The application also uses existing methods to predict stock prices and supports the visualization of the user's stock exchange decisions and provides him/her a general overview of them.
|
guest ::
