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Collective investment and its legal regulation
Schwarz, Jaroslav ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
5252 Abstract Collective investment and its legal regulation In the Czech Republic the collective investment has experienced a huge expansion in the last decade which was caused among others by renewing the trust in legal regulation which ensures the safety of investment to the investors. Because the topic is relatively difficult and undoubtedly interesting I chose it as a topic of my diploma thesis. This paper is divided into chapters and subchapters containing particular topics regarding the collective investment legislation but to maintain the overall logical structure of the issue. Before starting to write the diploma thesis I discussed the biggest problems of a practical application of the collective investment legal regulation with practising lawyers as this view from the academic preparation was missing. I found out from this short survey the most common problems connected with the collective investment legal regulation which I discussed in this diploma thesis. These include in particular the definition of public offering under the Collective Investment Act, the possibility to offer the services of closed-end foreign funds in the Czech Republic and the recently introduced legislation regarding standard and alternative funds. For this reason I researched the available literature including papers in...
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Impact of MiFID on Collective Investment Schemes in the Czech Republic
Lišuchová, Darina ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The subject elaborated upon in the thesis "Impact of MiFID Directive on collective investment schemes in the Czech Republic" consists of a comparison between legal regulation of collective investment schemes before MiFID implementation and a description of changes of legislation after the MiFID implementation. The introduction focuses on the history of financial markets and collective investment schemes, including history and development of legislative framework of collective investment schemes on the European level. The second part focuses on an analysis of regulation of collective investment schemes before MiFID implementation, and describes selected provisions of the Act on Investment Companies and Investment Funds and subsequent regulations. It also highlights some of the well-known cases relating to the collective investment schemes, their origins and development. In the following sections the author elaborates on implementation of MiFID into Czech legislation, as well as regulation after MiFID implementation. The author further analyses individual fields of regulation - e.g. client classification, rules of conduct towards clients, client's assets protection, rights and obligations of the regulator, protection of investors, and others, with emphasis on the direct impact of MiFID on collective...
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A comparison of the legal regulation and position of rating agencies in the CR, EU and the USA
Kejř, Kamil ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The aim of the thesisis an analysis of EU credit rating agencies legal regulation in comparison with regulation in the USA. This analysis outlines the crucial and less important aspects of regulation in EU and USA. One of Chapters of this study is also describing the reflection of EU credit rating agencies regulation to Czech law. The thesis is composed of five chapters. First of them explains basic context and position of credit rating agencies. Chapter two is focused on EU legislation. Chapter Three briefly describes the position of credit rating agencies in the Czech Republic. Chapter Four illustrates the credit rating agencies legal regulation in USA. The text is mainly focused on Two of the EU regulations and, regarding the US legislation, on the Credit Rating Agency Reform Act, part of the Dodd - Frank Act and some of the more important rules conducted by Security Exchange Commission. The comparison of both legal systems is placed in Chapter Five and completed with commentary.
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Legal aspects of investment intermediary business
Chod, Karel ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
This thesis analyzes the legal aspects of investment intermediary business. Legislation is confronted with the practice and appropriate solutions are proposed. In work are defined basic concepts of investment intermediation, such as investment agent or tied agent, in the context of their mutual relations and obligations. Rigorous work focuses on the relationship of investment intermediary firms and brokerage firms. In particular, it examined the relevance of supervision by a trader in securities. Work also described tha lack of requirements for the registration of an investment intermediary firm. This fact has very important consequences in the practical business of an investment intermediary. Potential researcher also can find analysis of the current supervision over the capital market in Czech Republic. The issue of practice under state control is also defined. In the work is also included the analysis of the relationship of administrative proceedings and state control. Much of work is dedicated to the professional care with respect to excessive trading or churning. Rigorous work includes a comparison of domestic legislation and practice with the legislation and practice in the USA. Custom solutions are designed with ambition to eliminate this unethic practices. At the end of the work is included...
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Legal regulations on collective investing with a view to the role of bank as a depositary
Barton, Jan ; Kotáb, Petr (referee) ; Kohajda, Michael (referee)
The aim of the master thesis (Legal regulations on collective investing with a view to the role of bank as a depositary) is to analyze contemporary situation of collective investment in European and national context in the light of recent developments and trends in the world financial markets. The main purpose to pursue this subject matter and also the reason why this master thesis has been written is to obtain a clear overview of all regulations and principles (not merely at statutory level) which might affect the activities connected with founding, operation and investment decisions of UCITS and non-UCITS collective investment entities. Second part of the thesis, after the introduction, describes shortly the historical roots of collective investing, followed by a separate subchapter covering the general principle of collective investing through which all other parts of the thesis are knotted together. Third part provides a short structuring of the collective investment entities from a legal point of view, taking into account different characteristics of corporate entities engaged. Also diverse investment strategies and the increasing importance of collective investing within financial market's intermediary functions are mentioned hereby. Fourth part is consequently devoted to the pure description of...
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The central bank, its legal status and scope of activities
Blažková, Jana ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The Central Bank, its Legal Status and Scope of Activities Central banks are very powerful institution and central banking is a very complex discipline. Monetary policy, the most important activity of central banking, has become the key instrument of macroeconomic stabilisation. The aim of my paper has been to analyse all the areas of central banks' operations, aiming especially at monetary policy and its instruments, and also to tackle the recently emerged doubts about what the main objective of central banks should be. I also provide a review and an analysis of the current legal status of the Czech National Bank from the independence and accountability point of view. The first chapter of my work is dedicated to the history of central banking. Second chapter examines the individual functions that central banks carry out, with third chapter analysing the most important of them, the monetary policy. The last chapter is dedicated to the Czech National Bank (CNB) and is subdivided into four parts: the first one is outlining the history of CNB, the second one gives us the detailed overview of the individual functions of CNB, its main target and instruments CNB uses to reach the target. The third one is devoted to CNB relations with European Union and the fourth part focuses on the legal status of CNB...
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Banking transactions and their legal regulation
Nevrlý, Lukáš ; Kotáb, Petr (advisor) ; Dřevínek, Karel (referee)
/ Banking transactions and their legal regulation The aim of my diploma thesis is to analyse banking transactions and to inform about their substential elements, legislation in the Czech legal order and business conditions used by banks. I did not explain all the kinds of banking transactions conducted by banks in this diploma thesis due to their extensive range, but I just focused on the most important transactions in my point of view. The thesis is composed of four chapters, each of them dealing with different aspects of banking operations. Chapter One is introductory and defines basic facts about banks and legal conditions of their running activities. The chapter consists of three parts. Part One focuses on concept of banking transactions. Part Two investigates divisions of banking transactions and Part Three addresses the issues of bank as an entrepreneur. It also describes relevant legal regime necessary to obey to perform banking transactions and question of acquiring banking licence. Chapter Two is subdivided into two parts and provides explanation of active banking transactions. Part One illustrates single credits, which are subdivided into five parts focused on credit bureaus, residential and commercial mortgages, consumer credits, current account credits and discount credits. Part Two...
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Topical legal issues of banking regulation
Kadlic, Alexander ; Kotáb, Petr (advisor) ; Dřevínek, Karel (referee)
Current Legal Issues of Bank Regulation - Resume This thesis paper deals with issues that can be found in relation with bank regulation. At present, globalized world, banks as important financial intermediaries play a major role. Banks are present in our daily lives and whether or not we want to, they facilitate our everyday operations with the money, investment of free monetary resources, and also borrowing of money. We got accustomed to the convenience that the use of various banking services provides. Equally important are the services of banks for businesses enterprises, various investment companies and funds, and also the countries themselves (the governments). Failure of this system, now that so many subjects are dependent on it, could have far-reaching negative consequences. The bank regulation and its instruments serve as a protection against the rise of adverse consequences. With the growing importance of banks in our society, the importance of their regulation grows as well. But even this may not represent perfect protection and bank regulation may conceal other unforeseen problems. This thesis on "Current legal issues of bank regulation" reflects the legal status of May 31 2012 and is trying to highlight the problems that occur in specific instruments of banking regulation. The aim of this work...
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The legal nature of derivatives
Votýpka, Petr ; Kotáb, Petr (advisor) ; Dřevínek, Karel (referee)
Legal nature of derivatives This diploma thesis deals with the legal nature of derivatives. To the legal aspects of the nature of derivatives has not been yet devoted much attention in Czech or foreign literature, even if it is the legal nature that could provide the answers to many questions, seeking the cause of the current economic crisis in an incorrect and unprofessional use of derivative contracts. The thesis is divided into three separate parts. The first chapter is devoted to the issue that arises from the definition of derivatives. Next part classifies derivatives into several groups, especially in terms of their place where they are traded on those that are traded on the market and those they are traded over the counter. The second part focuses on the legal nature of derivatives. First, their similarity is analyzed in terms of character as a gambling contract, and then in terms of their purpose as an insurance policy. This section concludes with the list of various derivative contracts such as swaps, forwards and options and their legal characterization, with regard to the provisions relating to the Czech law, applicable in the case of trading in derivative contracts. In all parts of dealing with the legal principle is allowed for future regulation of private law contained in the new Civil Code....
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