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Legal issues concerning derivatives trading
Vondryska, Lukáš ; Kotáb, Petr (advisor) ; Vybíral, Roman (referee)
Legal issues concerning derivatives trading Abstract The aim of the thesis is to describe the legal regulation of derivatives trading on the financial market in the Czech Republic and to assess selected issues related to trading in such derivatives, which can be characterized as financial instruments within the meaning of the Capital Market Undertakings Act. The author also intends to examine and assess whether the current legislation is appropriate to protect the legitimate interests of participants and market transparency. The first part of the thesis is conceded to the definition and characteristics of derivatives that have not been expressly defined in the Czech legal system for a long time; this has effectively changed following the transposition of MiFID II / MiFIR. In connection with their effective transposition, the author made some comparison with other financial products, where in the past there could have been confusion in their recognition and characterisation. The author also analyses and compares two relevant key regulations of European law, the so-called MiFID I and MiFID II. Financial market participants are defined, as their role in the negotiation of derivative operations is material, and there is some elaboration on the specifics of derivatives trading, too. The thesis emphasizes the...
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Money laundering in the light of obligation of identification and due diligence
Šaroun, Petr ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
Money laundering in the light of obligation of identification and due diligence Abstrakt Diploma thesis is focused on money laundering and some of the AML measures. Subject matter of this diploma thesis are two of those AML measures, specifically obligation to identify the customer and obligation to perform customer due diligence, which are required by Czech law. These AML obligations are essential to effectively prevent money laundering. The issue which is this diploma thesis dealing with is firstly whether the range of obliged entities is wide enough and secondly if the scope of conditions under which identifying the customer and due diligence must be exercised is chosen correctly. Diploma thesis is based on thought that for proper adjustment of the AML obligations is necessary to know ways used to launder money. Due to this thought there is a part of this diploma thesis focused on methods of money laundering which follows directly after introductory part focused on broader context. Methods of money laundering are partly well known, however there are quite significant modifications. One of the new challenges in this field is risk of misuse cryptocurrencies, that is why this diploma thesis pays considerable attention to cryptocurrencies. Methods of money laundering are followed with description and...
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The Know Your Client Principle in the area of the Investment Intermediation
Šlapáková, Kateřina ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
and keywords The Know Your Client Principle in the area of the Investment Intermediation The ongoing deeper harmonisation of the financial system regulation within the European Union significantly affected the investment intermediation, i.e. the reception and transmission of orders. The first aim of the theses was to describe the regulation of this area, and for that purpose the related essential terms and possible providers of investment intermediation were discussed, including the description of both European and Czech sources of law. The implementation of MiFID II Directive and related legislation affected primarily the regulation of the investment intermediaries (in Czech investiční zprotředkovatelé), which de facto operate as limited investment firm. This stricter regulation may change the way investment services are distributed in the Czech Republic due to the common tight cooperation between investment firms (in Czech obchodníci s cennými papíry) and investment intermediaries. Another aim of the theses and its core part was to identify how the KYC principle is triggered during investment intermediation (excluding KYC aspects arising from the anti-money laundering regulation). It was found that those KYC aspects include customers' categorization and (mainly) the assessment of suitability and...
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Ensuring security of online payment services
Havlíková, Nikola ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Ensuring security of online payment services Abstract The thesis is devoted to the topic of ensuring security of online payment services, especially in the context of identification and authentication of the client in the Internet when performing acts related to the provision of payment services. The issue of the customer identity is described especially in the context of know your customer principle governed by legal regulation in the area of combating money laundering and financing of terrorism, and in the context of the obligation to carry out a strong customer authentication (SCA) brought by the PSD2 directive and related RTS. The aim of the thesis is to describe and critically evaluate the legislation in the area of ensuring security of online payment services, meaning the binding legislation, soft law and rules created by entities operating on the payment services market. In this context, the thesis also deals with the question of proportionality of legislation in connection to the positive user experience and the possibility of implementing innovative FinTech solutions. The thesis is divided into four chapters, supplemented by introduction to the respective subject matter and conclusion summarizing the observations made in the thesis. The first chapter is devoted to the general definition of the...
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The Law and Regulation of ICO (Initial Coin Offering)
Kandrík, Maroš ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The Law and Regulation of ICO (Initial Coin Offering) Abstract This diploma thesis deals with legal analysis of ICO (Initial Coin Offering) and legal analysis of tokens that are issued within an ICO. The thesis aims to find out whether and to what extent an ICO is subjected to initial public offering law and whether the tokens can be characterized as things, securities, dematerialized securities, and electronic money. In the first part of the thesis, I define the basic concepts and terms. Definitions and terms are supplemented by the technical and economic background of each respective institute. The first part also briefly summarizes the historical development of ICO, which shaped it into its present form. The second part of the thesis deals with the legal categorization of tokens. Firstly conceptual features of the thing in the legal sense, dematerialized security, security, and electronic money are established. Subsequently, it is examined whether the tokens can fall within these conceptual features or not. In the chapter regarding securities, it is pointed out that different understanding of securities in public and private law may have some negative consequences. The analysis of the contractual relationship between the issuer and the investor is also addressed in the second part. In the third part, ICO...
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Investment fund as an investment company with variable capital
Kaleta, Jakub ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Investment fund as an investment company with variable capital Abstract The diploma thesis deals with an investment company with variable capital ("SICAV"), with its status and specialities. SICAV which is basically a special kind of a public limited company differs from a regular public limited company in many ways which puts high demands on the legislator who has to be precious while accepting new legislation, especially the tax legislation, not to make gaps and contradictions at the law. In the introductory part, the thesis describes a significant specialities of SICAV, then it tries to find a problematic provisions of the law with respect to SICAV. Then the thesis aims to resolving of such problematic provisions, which is made especially by a method of analysis, and others methods commonly used to interpretation of legal texts. The first part of the thesis aims to definition of SICAV as an investment fund. The difference between funds of collective investment and funds of qualified (professional) investors, which are two main categories of investment funds in the Czech law, are highlighted here. Some of characters are analysed in more detail here as well. Especially the principle of publicity needs to be adjudicated in relation to every single sub-fund of SICAV independently. When it comes to analysis...
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Algorithmic and high-frequency trading on capital market
Kádě, Lukáš ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Algorithmic and high-frequency trading on capital market Abstract The subject of this diploma thesis is legal regulation and development of regulation of algorithmic and high-frequency trading on capital market within Community Law but also within several European countries, USA and Japan. The aim of this diploma thesis is to define terms of algorithmic and high-frequency trading, which were not thoroughly regulated until lately, to outline development of legal regulation, to compare different approaches to their regulation in different countries and to assess the phenomenon of algorithmic and high- frequency trading. The diploma theses uses descriptive method to define the fundamental terms and discuss positive legal framework. It also uses deduction for assessment and comparative method to examine different approaches to legal regulation in different countries. The first chapter characterizes capital market as a place in which algorithmic and high- frequency trading takes place, including its historical development, participants and supervisory authorities. The second chapter defines terms of algorithmic and high-frequency trading considering their historical development and both mutual similarities their differences and their characteristics. It also includes an analysis of their key aspects and related...
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The legal nature of financial derivatives under Czech law
Kofroň, Jan ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The thesis deals with the analysis focusedm on the nature of financial derivatives based on the analysis of documents such as mainly academic literature and the relevant legal regulations. This thesis is focused on the Czech legal regulation of derivatives and also includes the relevant European legislation. Firstly, attention is aimed at derivatives in general, the first chapter is focused on a brief historical development in the field of derivatives, and than on the term derivatives itself, as explained by various authors and, for comparison, some international organizations. Subsequent chapter acquaints with the basic properties of derivatives, where the individual types are characterized - especially forwards, futures, swaps and options. The chapter concludes with the current state of the derivatives market. The following chapter deals with the regulation of derivatives and derivatives markets under the Czech and the European law. Firstly, the role and competence of the Czech National Bank as the central administrative authority with the powers of the regulatory body and the financial market supervisory authority in the Czech Republic is mentioned here for the purpose of underlying the complexity of the topic. Subsequently, it is followed by description of regulatory steps made by the European...
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Credit transactions in corporate banking
Hlúbiková, Helena ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Credit transactions in corporate banking Abstract Credit transactions in corporate banking are among the significant active transactions of Czech banks. However, there are a number of specific risks related to these transactions. Those risks are the reason why these transactions are being given increased attention not only by banks but also by the legislator. As a result, there is an increasing number of banking and other public law norms that have a significant impact on bank corporate lending. Therefore, the subject of this thesis is to carry out legal analysis of banking corporate credit transactions, especially with regard to their financial regulation. This thesis is divided into four parts. The first one focuses on the financial definition of these transactions, their types, risks, and other related aspects. The second part presents an overview and analysis of banking and other public law norms regulating these transactions, both Czech and those accepted under the European Union law. Therefore, within this part are elaborated in relation to these transactions not only the prudential requirements arising from the Act on Banks, Prudential Decree No. 163/2014 Coll. or the directly applicable CRR regulation, but also the requirements of European laws implemented in the Czech legislation through BRRD, AMLD...
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The instruments of monetary policy and their legal regulation
Švestka, Vít ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The instruments of monetary policy and their legal regulation Abstract The goal of this paper was to perform a comprehensive analysis of Monetary Policy Instruments of the Czech Republic and the Eurosystem, including the historical, economic and international aspects of the subject matter. As the topic is significantly overlapping with economic theory, the theoretical grounds were first defined in the parts concerning historical analysis, the scope of the Czech National Bank, monetary policy and economic theory. The legal analysis of the instruments of the Czech monetary policy itself was then carried out especially in a general and special part; a comparative analysis with of the Eurosystem instruments was carried out afterward as well. The purpose of a general analysis of Czech Monetary Policy Instruments was to generalize the findings and the common features of the similar monetary policy instruments and therefore the author chose the procedure consisting in definition of the notion of the monetary policy instrument, the division of the instruments and particular instrument specification. In the following part, the author deals with the legal regime of specified monetary policy instruments. The paper provides concrete insights into the legal regime of individual monetary policy instruments. The research...
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