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Financial market and its prospects
Papřok, Richard ; Kohajda, Michael (referee) ; Kotáb, Petr (advisor)
78 Abstract Financial market and its perspectives The purpose of my thesis is to study financial market and its prospective. The thesis is composed of two main chapters, each of them dealing with different topic concerning financial markets. The reason for my research is that I find both these as highly topical and important. Chapter One deals with indirect holding system. The chapter is divided into eight parts. Part One describes introductory terms, Part Two explains general demands on every national Indirect Holding system, Part Three deals deeply with history which seems to be really exciting. Next five Parts presents international comparison of several systems. Part One deals with the most standard American legislature with attention to voting system, Part Two with English system based on case law and with attention to proposed FMLC legislation. Part Three is devoted to the new Czech proposed system and describes some problems with new legislation. Part Seven focuses on initiative of European Commission and last part deals with two international initiatives. Chapter Two examines new European legislation concerning market in financial instruments. The chapter consists of five parts. Part One describes shortly History of European financial market harmonisation, part two describes so called Lamfalussy...
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Legal regulation of special funds in collective investments focused on the function of a bank as depositary
Barton, Jan ; Kohajda, Michael (referee) ; Kotáb, Petr (advisor)
104 Resumé 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...
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Collective investment and its legal regulation
Lvová, Radka ; Dřevínek, Karel (referee) ; Kotáb, Petr (advisor)
RESUMÉ "Collective Investments and its Legal Regulation" Klíčová slova: kapitálový trh, investice, fondy Key words: capital market, investment, funds The dissertation is focused on a complex regulation of the collective investments according to Czech law and European law. The first chapters shall determine basic characteristics and definition of the collective investment, its role in the financial market and basic differences between collective investments and individual investments. The next chapter shall summarize history of the collective investment in the Czech Republic during last 20 years and identify the important data in the history of Czech collective investment. The third chapter shall determine the current legal framework in the area of collective investment in the Czech Republic and European Union. The following chapters shall describe units of the collective investments and other institutions, their basic characteristics, requirements for their foundation and obtaining a licence to distribute their services and products in the financial market and regulation according to requirements for the assets, investment policy and risk diversification. Within the frame of supervisory activities a regulatory body (Česká národní banka) and a depositary are defined and their roles in the collective...
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Supervision over the financial market
Škapa, Václav ; Dřevínek, Karel (referee) ; Kotáb, Petr (advisor)
Financial Market Supervision Significance of financial market as a part of modern economy is undisputable. Financial market serves as mediator of important economic procedures. Its specific character constitutes a need of unusual approach in its regulation and supervision. In general, regulation is goal-directed effort to construct consistent framework of rules, which moderates behavior of regulated entities. Supervision is continuous inspection of such behavior and penalizing infringements of defined rules. This paper's intention is to contribute to debate on purposes, means and extend of execution of financial market's regulation in Czech Republic. Nature of financial market, especially its progress dynamic, makes this intention difficult to fill. Every specific financial market requires unique solution of regulation framework's construction. Nevertheless similar trends can be recognized on them. This partial conformity enable to create several types of regulatory framework, which can be applied to number of markets. Law is a basic instrument of financial market's regulation. Economic nature of financial market necessitates consistent comparison of legal acts' interpretation with market's true needs. Flexibility of regulation framework is crucial factor of its efficiency. Its system should be able to...
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Legal issues of commercial and investment banking
Tkadlec, Jiří ; Dřevínek, Karel (referee) ; Kotáb, Petr (advisor)
87 Summary The main aim of this Master's Degree thesis is to analyse legal questions about commercial and investment banking. Just before I get to some concrete aspects of these problems, it is necessary to deal with general theses of banking in part one in itself. It is possible and it would be an honour for me, if any ordinary person will read my thesis, so for that reason I think it is necessary to explain at the very beginning what the conception of banking is, what is its object and from which sources the legal form is coming-out. Banking is based first of all on economics. That is the reason, why at the beginning of third subchapter I explain economic characteristic of the bank firstly, following by legal point of view. As a student of law school, and not a student of economics, I should concentrate only at legal nature of my thesis and not economic, but I am really persuaded, that both science disciplines are so connected and close-knitted, so it is impossible to totally disconnect or separate them. Subchapter Four reflects about that and describes essential bank functions. I finally get into banking system in subchapter Five, to its regulation a characteristic of its particular types of banking systems, which outline us slowly the problem of connection or separation of these particular banking...
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Tax issues of the financial market
Machač, David ; Kotáb, Petr (advisor) ; Novotný, Petr (referee)
English Summary Tax Aspects of Financial Market The increasing volatility of financial market and the rapid development of financial instruments combined with very frequent amendments to tax legislation give rise to a lot of issues in the area on which this paper focuses. The objective of this paper was to introduce the approach to the taxation of common financial instruments and to show how the government influences the market economy by application of its tax policy. It focuses on the changes in tax legislation made in recent years and some observations about the purpose and effect of these changes on the financial markets and the economy as a whole are made. As much as this is a legal thesis, given the overlaps with other fields, the accounting and overall economic points of view are taken into consideration as well. Although financial market instruments may theoretically trigger almost all kinds of taxes known to the Czech law, this paper focuses on the income taxes, both personal and corporate, and partly also on the value added tax. The financial instruments are divided into two main categories - equity instruments, such as shares in companies, and debt instruments, such as bonds, options or derivatives. For the purpose of income taxes, the income is divided into capital gains and current income, such...
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Establishment as an allocation key for proper taxation
Němec, Petr ; Marková, Hana (advisor) ; Kotáb, Petr (referee)
80 Summary Establishment as an allocation key for proper taxation The work is concerned with the questions of an establishment as an allocation key for proper taxation. The main objective of the work is to get the brief and clear overview of the position of an establishment especially from the income tax point of view. Nowadays - in the world full of international transactions without borders - it is for particular states more and more important to identify where certain transactions have their source and where they should be taxed. The choice of the proper allocation key for the taxation is very complicated since it meets many legal branches. For setting up the uniformed proceeding regarding international taxation the institution of an establishment was invented. The institution of an establishment is related to both tax law and business law. The concept of an establishment can be found in the Commercial Code or in the Trades Licensing Act. Moreover the tax law contains its own specifications of an establishment. Namely it is the permanent establishment for the purposes of the Income Taxes Act and the fixed establishment for the purposes of the VAT Act. For proper examination of the occurrence of establishment definitions we often have to explore the international legislation too - e.g. the Double tax...
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