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Pension fund investments in the Czech Republic
Novotný, Ondřej ; Vybíral, Roman (advisor) ; Večeř, Miroslava (referee)
Pension fund investments in the Czech Republic Abstract and keywords The thesis deals with the regulation of pension fund investments in the Czech Republic, specifically the investments of participating funds, transformed funds and the pan-European personal pension product. In the thesis, I have described each of the considered systems in turn and made a comparison between them. The aim of my thesis was to describe the regulation and to suggest possible adjustments to the regulation so that it could lead to better outcomes for participants in pension products. I have used communication with investment professionals and academic papers on the subject to determine the practical impact of each regulation. The analysis I carried out led to the development of recommendations, which I used to conclude the sections for each pension product. I also inserted some recommendations into the sections on the different aspects of the pension products. The thesis is divided into four chapters, the first of which is an introduction to the system that has been established in the Czech Republic. The following three chapters describe and evaluate the legal regulations of the different pension products according to the date of their creation. Thus, in the second chapter I deal with supplementary pension insurance, describing...
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Environmental and social aspects in financial regulatory
Novák, Tomáš ; Vybíral, Roman (advisor) ; Martiník, Pavel (referee)
Page 1 Abstrakt v anglickém jazyce Environmental and social aspects, sometimes simplistically referred to as "ESG", have found their way into all sectors of human activity in conjunction with addressing the issue of global climate change. This paper examines their integration into financial market regulatory rules. It analyses the obligations arising from these regulatory rules both from the perspective of compliance at the level of a financial product and at the level of a regulated entity as a whole. The integration of ESG into financial regulation into Czech law is primarily taking place at the European level, with the most significant piece of legislation addressed in this work being Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector ("SFDR"). The author also describes the additional legislative documentation in the form of regulatory technical standards that supplement to the SFDR and touches upon the integration of environmental and social aspects into the sectoral regulations of the financial regulatory law of the European Union. The issue of supervision over the proper observance of the legislation is directly related to the regulatory framework itself. The author analyses the mutual...
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Liability of the state for damage caused in relation to the administration of taxes with focus on security orders
Bareš, Martin ; Vybíral, Roman (advisor) ; Kotáb, Petr (referee)
This rigorous thesis consists of three chapters, an introduction and a conclusion. In the introduction of this thesis, the author explains the reasons for the choice of the given topic, defines the objectives of the thesis and its systematics. The author also describes the methodology of the thesis and the sources. In the first chapter, the author defines the concept of tax administration. In the second chapter author focus on security orders, conditions for its issuance and consequences of their issuance, as well as termination of their effectiveness are discussed in detail. In the third chapter, the author introduces the reader to the legal regulation of the state liability for damage caused in the exercise of public authority, where attention is paid to individual issues of this institute. In particular, the prerequisites for state liability for damage, the issues of limitation, obliged and entitled persons and the specifics of the claim for compensation against the state. The focus of the thesis is in its fourth chapter, which deals with the liability of the state for damages caused by tax administration. In this chapter, the author applies the general conclusions adopted in the previous chapters to the issue of the tax administrator's misconduct in tax administration. In the first subchapter,...
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Legal and Economic Aspects of the Entry of the Czech Republic into the Euro Area
Žáček, Ondřej ; Vybíral, Roman (referee)
Legal and Economic Aspects of the Entry of the Czech Republic into the Euro Area Abstract The thesis answers a number of questions related to the entry of the Czech Republic into the euro area. The basic premise is that joining the euro area does not consist only in changing of the national currency, but it must be perceived more comprehensively as a transition to the third stage of the Economic and Monetary Union which has been undergoing dynamic development at the institutional level. The main conclusions of the thesis are as follows. The traditional Maastricht convergence criteria, as they are explicitly formulated in primary law, cannot be regarded as the sole conditions for entry into the euro area. Non-legal aspects are also relevant when the fulfilment of these criteria is assessed by the European Commission and the European Central Bank. In addition, several new institutions such as the Banking Union or the European Stability Mechanism have been established in the euro area, but are not taken into account by the Maastricht convergence criteria. This also confirms that entry into the euro area cannot be reduced to a mere change of the national currency. Another important conclusion is that entering the ERM II exchange rate mechanism, which is necessary to meet one of the convergence criteria, is not...
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Investment asset management comparable to fund management
Pivko, Petr ; Vybíral, Roman (referee)
4 Investment asset management comparable to fund management Abstract This thesis concerns the analysis of the legal regulation of the functioning of mini-funds, or persons according to Section 15 of Act No. 240/2013 Coll., on Investment Companies and Investment Funds. These are entities that can manage investment assets without requiring the relevant public authorisation granted by the Czech National Bank. The essence of their existence is the fact that they fulfil some of the characteristics of investment funds, although they are not investment funds. The popularity of the use of this institute in the context of collective investment escalated during the pandemic of the Covid-19 disease. In my thesis I analyse the rights and obligations linked with this management, the legal relations towards investors and also towards the Czech National Bank. The thesis consists of several parts, namely an introduction of the European legislation on which the Czech legislation is based, and the most important part, both in terms of its scope and significance, containing a description and analysis of the Czech legislation. The thesis also includes research on the domestic mini-fund market, where data representing a part of the market are presented and provide insight into, for example, how much assets mini-funds represent...
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Autonomous Vehicles Liability Insurance
Hořavová, Maria ; Vybíral, Roman (advisor) ; Tuláček, Michal (referee)
Autonomous Vehicles Liability Insurance Abstract The diploma thesis is focused on the issue of autonomous vehicles and its liability insurance as it is a very current topic, as evidenced by extensive discussions across the professional and lay public. The aim of this thesis is to analyse the currently existing legal framework at national, EU and international level and to clarify whether the current legal framework is sufficient for the operation of autonomous vehicles. The liability insurance system itself and the principles of its operation are also analysed with regard to their suitability for autonomous transportation. Where deficiencies are identified, de lege ferenda considerations are outlined, and expected changes as well as appropriate solutions are identified. In addition, the diploma thesis provides a meaningful introduction to the principles of autonomous vehicles and discusses other areas closely related to liability insurance for damage caused by the operation of autonomous vehicles. The diploma thesis is divided into five separate chapters. These chapters are structured in such a way that the reader first gains an understanding of the topic and becomes familiar with the complex system of autonomous vehicles. In the first chapter, the reader is introduced to the concept of an autonomous...
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Flat tax - a legitimate instrument or an unjustified inequality?
Svobodová, Sára ; Vybíral, Roman (referee)
Flat tax - a legitimate instrument or an unjustified inequality? Abstract This paper analyses the impact of the flat-rate scheme as it is regulated in the current and effective legislation. The aim of this paper is to compare the real tax burden on gross profits of both taxpayers - self-employed persons in the flat-rate regime, whose tax liability is equal to the flat-rate tax, and self-employed persons in the standard taxation regime, and employees, assuming that they perform a similar type of income-generating activity as the self-employed persons under examination. To this end, qualitative research is carried out on model situations of self-employed taxpayers with different actual costs of reaching their income level and employees, with the gross profits of these taxpayers set to correspond to the lower- and upper- income thresholds for the different bands of the flat-rate regime. The first part of the thesis theoretically describes the taxation of natural persons, the second part contains specific calculations and description of partial conclusions for each market situation examined. The third part contains a summary of those partial conclusions that are either valid for the flat-rate scheme across the groups studied or those that are so important that they are relevant for the flat-rate scheme as a...
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International and intranational aspects of the double taxation
Chonka, Ivan ; Kotáb, Petr (advisor) ; Vybíral, Roman (referee)
International and intranational aspects of the double taxation Abstract This diploma thesis describes history (the recent one at least) of the need to regulate the taxation of international entities operating in more than one tax jurisdiction, its origins and the early efforts to create tax treaties preventing double taxation and the history of first internationally operating companies. It also compares tax treaties concluded between Czech Republic, Liechtenstein and Ireland, because there is a long-time gap between ratification of each of them, and thus we can observe, how did the Czech base tax treaty model change for this specific type of treaties during those years. The diploma thesis also summarizes differences between the treaties, provides a wider context regarding their basis, describes the specifics of Czech base model and evaluates the distinctions from the model treaties. Finally, the diploma thesis elaborates on the overall state of international taxation and especially in the Czech Republic, particularly in relation to its membership in European Union, in the BEPS initiative within the OECD (and Czech participation in it), and assesses Czech Republic's current condition regarding the economic state of the country, its most important trading partners and the challenges arising from the...
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Current issues related to government debt financing
Kuneš, Jakub ; Tuláček, Michal (advisor) ; Vybíral, Roman (referee)
The topic of the thesis are issues related to the government debt financing. Nowadays, the issue of the state debt is becoming more and more topical, especially as a result of the hundreds of billions of Czech budget deficits. Moreover, it is an area that affects directly or indirectly every person in the Czechia. It is therefore desirable to address the subject thoroughly, because it is an issue that has a multi-generational dimension and the consequences of today's budget negotiations may cause very unpleasant consequences for future generations. Although the level of Czech debt is relatively low compared with the countries of the European Union, in the fourth quarter of 2022, the Czech Republic became, by a wide margin, the fastest-debting country in the European Union. The thesis is divided into three parts.The first part introduces the reader to the issues and describes the key mechanisms of the functioning of the state budget.It describes what the national debt is, what its causes are and why the national debt has been growing steadily by orders of magnitude higher in recent years than it has been in the past decade. Mandatory and quasi-mandatory expenditures are identified as a major problem for public finances in the Czechia and is given special attention, including a model example that highlights...
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Legal aspects of limiting undesirable tax optimisation techniques in the Czech Republic
Živný, Dominik ; Vybíral, Roman (advisor) ; Kotáb, Petr (referee)
1 Legal aspects of limiting undesirable tax optimisation techniques in the Czech Republic Abstract With the increasing globalisation and the related increase in the number of multinational companies, these companies are also trying to minimise their overall tax liability, which does not always correspond to the way in which the tax treatment in each country has been designed. The OECD was the first to address these efforts with its Action Plan against Base Erosion and Profit Shifting. Selected actions were implemented by the European Union in the form of a directive, thus obliging Member States to transpose them into their own national laws. The Czech tax law has thus incorporated new rules preventing undesirable tax optimisation. The anti-abuse rule, which had already been applied through case law, has been enshrined in the Tax Administration Act and, unlike the directive, affects both the entire tax system and all tax subjects. Its wording also corresponds to the conclusions of the Czech courts rather than to the wording of the Directive and, in my opinion, better reflects current practice. Although its scope is very broad, it should be applied sparingly. The interest limitation rule targets excessive in-group and out-group borrowing and is intended to penalize cases that are not covered by the thin...
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