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Financial derivatives
Koutný, Ondřej ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of financial derivatives and to determine the guidelines that future legislation will follow. The thesis is divided into four chapters; a short introduction is followed by a chapter concerning the origin of financial derivatives. In this chapter we learn that financial derivatives originate from commodity derivatives, which have their origins in a period ages before Christ. The second chapter is firstly concerned with determination of the term "derivative" and it further states the main reasons for which derivatives agreement are concluded. The reasons are hedging, speculation and arbitrage. Afterwards, four well- known types of derivatives, i.e. options, futures, forwards and swaps are defined in this chapter. The third chapter, named "Financial derivatives legislation", is dedicated to definition of current legislation of...
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Taxation of income of natural persons resulting from employment
Uhnáková, Zuzana ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
in English Taxation of individual income tax My diploma thesis contents three major parts, which is divided into smaller articles. In the first part I am trying to present individual income tax in general. Place of income tax in system of taxation and concept of income tax , its function and definition. In another article I described historical evolution of individual income tax and distribution of taxes. To tax is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes consist of direct tax or indirect tax. A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government. The first known system of taxation was in Ancient Egypt and development is showing us perfection with which we created and improved taxes during the ages. The main second part contents definition of individual income tax by revenue act and determination of basic concepts of individual tax by this act. A personal or individual income tax is levied on the total income of the individual (with some deductions permitted). It is often collected on a pay-as-you-earn basis, with small corrections made...
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Legal regulation of building savings
Kurka, Ondřej ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
The main purpose of the thesis is to analyse contemporary legal regulations governing the field of building savings in the Czech Republic and recent changes of these legal regulations. The thesis is composed of six chapters, each of them dealing with different aspects of building savings' legal regulation, the introduction, the closing part, lists and annexes. The matters already mentioned above are described in chapters two, three and five. Divided into remaining chapters and within the capacity limits, the thesis also includes secondary issues, such as the evolution of building savings and its legal regulation in Europe and in the Czech Republic in connection with the description of changes made to the legal regulations rather long time ago and followed by research of the practical application of these legal regulations. The aim of the thesis is to complete pieces of knowledge gathered from the legal regulations, from practical research and from my two years expirience as a building savings commercial broker and create an integrated thesis that is transparent and complete from different angles of view. Conclusions are drawn particularly in the closing part of the thesis where are briefly summarized the author's opinions on problems described in each chapter.
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Legal regulation of insurance and reinsurance in the Czech Republic and Great Britain
Gregor, Martin ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
Insurance and reinsurance law in the Czech Republic and the United Kingdom My diploma thesis focuses on the law of insurance and reinsurance. Insurance is an important sector within the financial services area. It helps to mitigate the consequences of unforeseen events, whose impact would otherwise be much more severe. Due to the high monetary volumes involved in this sector, the state regulates this industry. It sets the requirements to conduct the business, requirements in respect of the financial health and the obligations towards the supervising body. Reinsurance is closely connected to insurance, because in principle it is and "insurance of an insurance company", i.e. a risk transfer between the insurance and reinsurance company, where the reinsurance company pays claims to the insurance company in the case of unforeseen events specified in the reinsurance contract. Although most of us may never come accross reinsurance, it is a key differentiator when catastrophes happen, as they often cause significant damage. and it does not matter, whether they are natural or man-made. In these cases the reinsurers bear a substantial portion of the losses that the insurance companies then pay out to their clients. For this reason I am focusing on the regulation of these activities and I am comparing the regulation...
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Legal issues of banking supervision
Jurošková, Lenka ; Bakeš, Milan (advisor) ; Boháč, Radim (referee) ; Dřevínek, Karel (referee)
Banking regulation and supervision has come to the fore of attention mainly in recent several years, as the banking sector has undergone important and far-reaching changes. To some extent these changes reflect globalization, financial innovation and technological development. Political agents and regulators seek to respond to these changes, but they are unable to keep pace with them, as proved by the numerous banking crises. In response to such crises the existing rules and practices tend to be complemented or entirely rebuilt. The current global financial crisis that highlighted a range of deficiencies is no exception. At the present time, therefore, there is a wide array of initiatives and proposals, aimed at improving the current system of banking regulation and supervision. This "regulatory mania" is welcomed by some, disapproved by others. Hence, the first of the aims of this work is to tackle the deficiencies within the system of banking regulation and supervision. Furthermore, it aims to assess the submitted and even the already adopted proposals and discover whether these can lead to an improved system of banking regulation and supervision at all. This aim, however, cannot be achieved without an analysis of the existing system of banking regulation and supervision, which therefore...
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Taxation of real property
Štěpánková, Eva ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
Real estate taxation SUMMARY The theme of this thesis is the property tax. I chose it because it think it is very important to focus on this issue. I think that taxes generally relate to life, almost every adult. And specifically the taxation of real estate is starting to cover the increasing number of people as increasing popularity of living in their own property . The thesis is divided into eleven parts, and my goal was to give a relatively comprehensive view on this issue. In addition to specific tax treatment of real estate is therefore devoted to the broader issues of tax law to allow this duty adequately incorporated into the tax system in the Czech Republic. In the first chapter is devoted primarily to the general definition of "tax", tax functions, and principles of imposing taxes and construction elements. The second chapter provides an insight into the history of taxation, and it focuses on the historical development of property taxation in our country. In the third chapter describes the function of property taxes in the Czech law and inclusion in the tax system. The fourth chapter defines key terms used by the Law on Real Estate Tax, and knowledge is necessary for the correct application of the law. Followed by a chapter, which deals with current law property tax. This is primarily an analysis...
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Tax audit
Blažková, Vendula ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
Tax audit - comparison of legislative regulation according to code of tax administration and code of tax procedure Abstract The purpose of my thesis is to analyze the current tax administration regulation with respect to tax audit. The reason for my research is the fact that in the present, two codes concerning tax administration are being in force. The first one - Act No. 337/1992 Coll., as subsequently amended, Code of Tax Administration - is currently effective. Due to the fact that this code was prepared and approved in the hectic nineties of the last century, it has been suffering of several shortcomings. Some of its terms were not defined properly, some articles were not completely clear. Because this was an undesirable situation with a vast potential to negatively affect rights of its recipients, the code had to be completed and interpreted both by the Constitutional Court and the Supreme Administrative Court. These were the main reasons for the development of a completely new code instead of just another amendment. In the summer 2009 after long lasting discussions, the code was finally approved by the Czech legislation as the Act. No. 280/2009 Coll., Code of Tax Procedure. The purpose of this paper is to determine how the main task was accomplished; this is whether the new code guarantees higher...
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Insurance of liability for damage caused as a result of a car operation from the perspective of case-law
Větvičková, Veronika ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
The motor third party liability insurance from the perspective of the rulings The purpose of my thesis is to analyse the rulings in area of the motor third party liability insurance. The motor third party liability insurance is interesing for several reasons. With increasing levels of economic well being of the population leads to the development of transport and increase the volume of traffic on the road. A growing number of vehicles implies the growth of traffic accidents, which carry a risk of harm. In case of damage caused by the specific nature of the operation of vehicles is not only to property damage, but also the health and lives. The risk of damage is too high and damage are entitled to protection. The insurance protection of an accident victim is regulated by the Act 168/1999 Sb. In that Act is regulated the principle of a mandatory contractual insurance. The thesis is composed of nine chapters, each of them dealing with different aspects. Chapter One is introductory. Chapter Two examines a progress of relevant Czech legislation in the motor third party liability insurance. Chapter Three is subdivided into five parts. Part One describes liability for harm, Part Two deals with the assumptions of liability for harm. Part Three contains subjects of liability for harm, the following part includes the...
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The Czech National Bank and the national plan of adopting euro in the Czech Republic
Tabačák, Anton ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
- - 157 - - RESUMÉ or SUMMARY Keywords: Czech National Bank, National Changeover Plan, relationship, commercial banks, banking sector, financial market, europe structure of the banking sector, communication, responsibility of the CNB, non-financial sector, consumer protection, legislation - responsibility of the Ministry of Justice My dissertation thesis starts from the analysis of czech central banking, its history and role in modern europe economy. It refers to old famous,, historiae magistra vitae", because only problems, which had central banking in history, created central banking today. Special chapter is devoted to the Czech National Bank. The Czech National Bank is the central bank of the Czech Republic and the supervisor of the Czech financial market. It is established under the Constitution of the Czech Republic and carries out its activities in compliance with Act No. 6/1993 Coll., on the Czech National Bank and other regulations. It manages the assets entrusted to it by the state independently and with due diligence. Interventions in its activities are only permissible on the basis of a law. The supreme governing body of the CNB is the Bank Board, consisting of the CNB Governor, two Vice- Governors and four Chief Executive Directors. All Bank Board members are appointed by the President of the...
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The structure of taxes in the CR in comparison with selected OECD and countries EU
Kotlán, Igor ; Bakeš, Milan (advisor) ; Švarc, Zbyněk (referee) ; Boháč, Radim (referee)
In the recent days, there has been culminating a laic and professional discussion to the topic of the fiscal reform in the Czech Republic. A necessary part of a potential public finance reform is then a tax reform, as well. The submitted paper contains an analysis of fundamental approaches to taxes and their structure from the synthetic point of view of legal and economic science, which has had a long tradition since Czech national economists of the first republic. An objective of the paper is an attempt to promote a scientific methodically balanced approach, as well, namely in the ontological sense, but also in the sense of teleological and normological gnoseology. The above mentioned then enables to modify some recommendations for central authorities in the field of legislative changes and tax policy. The objective of the paper is, on basis of an own empirical analysis, to reformulate recommendations for lawmakers and tax policy makers in the Czech Republic in terms of possible de lege ferenda changes. The conclusions of this paper can be summarized into five key recommendations for lawmakers and tax policy makers in the Czech Republic. They are: a recommendation of non- increase of the overall tax burden or, as the case may be, of effecting its decrease, of decrease of employment tax burden, and...
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