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Legal issues of transactions with securities and financial derivatives
Pospíšilová, Karolína ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
1 Abstract Legal issues of transactions with securities and financial derivatives The aim of this thesis is to analyse valid legal regulations concerning securities and financial derivatives, to compare it with regulations valid before recodification of Czech private law as well as to describe operation of the financial market, where transactions with securities and financial derivatives take place, through analysis of capital market regulation and supervision. The thesis is composed of three main chapters. Chapter One is focused on a definition of the financial market and its structure and further examines the capital market as a part of the financial market. Primary attention is concentrated on capital market regulation and supervision from the perspective of international, European and national law. Conclusion of this chapter deals with the main organizer of the regulated market in the Czech Republic, i.e Prague Stock Exchange. Chapter Two concerns the definitions of securities and their classification according to their forms and types. Shares, as one of the most important type of securities, are covered in more detail. This chapter also outlines issuance of securities and describes main contracts concerning securities. This part also includes a dedicated section on investment instruments embracing both...
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The tax system and agreements on the avoidance of double taxation
Pochmon, Zbyněk ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
This diploma thesis entitled "The tax system and agreements on the avoidance of double taxation" analyses the Czech tax system and international double taxation, both generally and within individual contract models on the avoidance of double taxation. The diploma thesis is divided into three parts on this basis - the parts are dealing with tax system, international double taxation and agreements on the avoidance of double taxation. The beginning of the first part of this thesis is more theoretical. It contains a brief description of tax and tax system, analyses their basic elements (tax subject, tax object, tax base, tax rate and maturity of taxes) and divides taxes - the main partition is on direct and indirect taxes. This thesis, however, does not omit basic tax functions (fiscal function, allocation, redistribution, stimulation and stabilization) and the basic principles of taxes (legal perfection principle, the principle of tax fairness, tax efficiency principle, the principle of right effect on the behaviour of economic subjects and the principle of clarity of the tax system). The thesis also focuses on budgetary allocation of taxes. Subsequently, the thesis describes the Czech tax system. The description is based on individual taxes imposed in Czech Republic. These taxes are analysed on the...
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Legal regulations of relationships between the Czech National Bank and commercial banks in the Czech Republic
Shaya, Robert ; Bakeš, Milan (advisor) ; Vondráčková, Pavlína (referee)
Legal regulations of relationships between the Czech National Bank and commercial banks in the Czech Republic Abstract The aim of my thesis is to analyze the legislation in force governing the relationship between the Czech National Bank and commercial banks in the Czech Republic, focusing mainly on the issue of regulation and supervision of the banking market. The main emphasis is on defining the basic rules of operation of commercial banks. The introductory chapter is dedicated to the fundamental stages of historical development of central banking in our territories since 1918. It is followed by a chapter on the current constitutional and statutory definition of the position, organization and activities of the Czech National Bank. The subsequent chapter deals with the legislation covering banking regulation and supervision in the Czech Republic. The final chapters then focus on the issue of the integration process of regulation and supervision of the Czech financial market and the current problem of foreign exchange interventions by the Czech National Bank. Key words Czech National Bank, regulation and supervision of the banking market, foreign exchange interventions TRIAL MODE − a valid license will remove this message. See the keywords property of this PDF for more information.
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CNB's supervision over the provision of investment services
Váchová, Barbora ; Bakeš, Milan (advisor) ; Kotáb, Petr (referee)
CNB's supervision over the provision of investment services This paper describes the Czech National Bank supervision over the provision of investment services. The starting point is the current dynamic development of the capital markets within last few years, which is characterized by interlinking markets, newly traded investment instruments and cross-border transfers of capital and risk between countries and financial sectors. The work analyzes the most important categories of investment services providers (investment firms) and finds solutions to achieve the optimal Czech National Bank supervision, where Czech law is inadequate or incomplete. There are two evaluation criteria chosen, the single capital market entities providing investment services and particular investment services provided by the investment services providers. Performing the analysis the work concludes that investment services providers intermediate the trading for customers in an adequate way and clearly contribute to the development of the financial market in the country. In the future, we can expect a higher intensity of supervision by the Czech National Bank to ensure the investment services providers' compliance with all applicable rules.
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Personal income tax in the Czech Republic and in some European Union states
Klabusayová, Hana ; Bakeš, Milan (advisor) ; Novotný, Petr (referee)
The topic of the rigorosum thesis is "Personal income tax in the Czech Republic and in some European Union states." The aim of the thesis was to analyze the legal regulation of individual taxation in the Czech Republic, compare it to the individual taxation in some European Union states, and to suggest recommendations and proposals to the legal regulation of the personal income tax in the Czech Republic de lege ferenda. The rigorosum thesis is alongside the introduction and conclusion composed of six chapters. The theoretical framework of the rigorosum thesis is defined in the first chapter, which is focused on the tax theory. In the second chapter, the legal regulation of direct taxes in the European Union is included. Legal basis of the individual taxation in the Czech Republic is outlined in the third chapter, and the Czech legislation is analyzed in the fourth chapter. For the purpose of the thesis, legal regulations of individual taxation in Germany, United Kingdom, France, and Austria have been chosen. The foreign legal regulations are analyzed in the fifth chapter. In the sixth chapter, results of the previous chapters are summarized and compared, and possible changes and recommendations to the legal regulation of the individual taxation in the Czech Republic de lege ferenda are suggested.
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International Aspects of Taxation in the Czech Republic
Kotáb, Petr ; Bakeš, Milan (advisor) ; Karfíková, Marie (referee) ; Dřevínek, Karel (referee)
JUDr. Petr Kotáb International Aspects of Taxation in the Czech Republic SUMMARY Economic life of the current period is marked by high level of globalization of the economy and ever growing volume of cross-border flows of labor, goods, services and capital. In this situation, issues of international taxation affect not only sporadic cross-border transactions of selected types of subjects but virtually daily tax relations of large numbers of tax subjects, legal entities and individuals. Principles and regularities of international taxation are spreading in an ever growing extent into the intrastate level and are influencing the production of tax laws and everyday application practice of tax administrators. International aspects of taxation project into intrastate tax relations when there is a certain foreign element present in the tax relation. Such foreign element can show on the level of the subject of a tax relation (e.g. a non-resident taxpayer, permanent establishment, etc.), or the object (e.g. foreign-sourced income), or as the case may be, the tax relation content (e.g. tax liability imposed by a foreign state and the necessity to reflect it in the inland for the purposes of prevention of double taxation, e.g. by a credit method). A foreign element in the tax relation usually indicates the danger of...
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Principle of the legality of taxation
Šmejkal, Viktor ; Bakeš, Milan (advisor) ; Novotný, Petr (referee) ; Radvan, Michal (referee)
The tax might be identifiable with a tax-law relationship or make it subject to such a relationship, i.e. it could be definable as a public obligation of a participant in the legal relationship, or might be able to both approaches. The starting point is the economic definition of taxe and precisely the functional definition used in economic theory and financial science, neatly summarized commonly available knowledge about the principles of tax, operand the analysis of the economic construction of the tax in terms of legal doctrine, by the structural elements of the tax, since the legal definition of tax lies on them. Contrary to what is commonly recognized, tax procedural rules in Czech Republic contain a general legal definition of tax. Refuted can be the view that this definition is merely a legislative abbreviation. After a relatively long exploration of the concept tax, forced by an insufficiency of theoretical knowledge on this subject, tax jurisdiction of the state is examined as the ability to impose taxes and at a same time the general requirement of legality on all levels of exercising that power of every sovereign state. KEY WORDS Tax - Legality - Tax principles - State - Tax sovereignty - Protection of property
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Public Law Regulation of the Activity of Insurance Intermediaries
Vostatková, Lucie ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
The purpose of this thesis on "Public Law Regulation of the Insurance Intermediaries" is the evaluation of the current regulation of the insurance intermediaries with regard to the goals of the public-law regulation of this sector. In the first part using the historical overview both in Czech and Europian context I am concluding the grounds and demands standing in the beginning of express formulation of the public interest that the state power should interfere with the insurance mediation sphere. In the following parts there are the selected provisions of the Act no. 38/2004 Coll. Of Acts, on the insurance intermediaries, and their impact on the practical execution of the intermediation activity analyzed. I am emphasizing the mandatory registration made by the state authority as a condition for entering the industry. An attention is devoted to the requirements of the professional ability and to the evaluation of its proper legal treatment with regard to the scope of competence of individual categories of intermediaries. In the last chapter there is a review of the proposed legislation which is currently in progress within the legislation procedure executed.
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The tax system and agreements on the avoidance of double taxation
Halfar, Jan ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
RESUME This thesis deals with taxation analysis in general and with the Czech taxation system specifically, with the respect to the Czech Republic's membership in the EU and the connected legal regulations harmonization. In the end the thesis is focused on the international taxation rules and the related particular treaties on the avoidance of double taxation. In the beginning of the first part, which is more theoretical, a brief characteristic of basic terms like a tax, a taxation system, a division of taxes, direct and indirect, is contained. Then an analysis of its structural components, that means subject, object, tax exemption, tax rate, tax base and taxation period, is included. Functions of taxation - the allocation one, the redistributional, the stabilizational one and the main function of taxation, the fiscal one. And last but not least it deals with taxation principles - equity, efficiency, beneficial effect on the development of economic processes, legal perfection and political transparency, which forms the basis for a stable, uncomplicated taxation system. The conclusion of the theoretical part is dedicated to the tax harmonization, to the list and a brief description of the most important European legal standards and their short analysis. In the part dedicated to the Czech taxation system the...
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The status and activities of the Czech National Bank in the context of European development
Kočová, Olga ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Title: The status and activities of the Czech National Bank in the context of European development Abstract The aim of this thesis is to analyze the legal status, power and scope of activities of the Czech National Bank as the central bank of the Czech Republic with regard to the historical development of this institution and the development of European legislation. The main part of the thesis is focused on possible impacts of euro adoption in the Czech Republic, mainly the impact on legislature, the status and activities of the Czech National Bank. Introductory chapters focus on the historical development and institutional framework of central banks in our country, followed by the description of the main features of the Czech National Bank, with a focus on monetary policy, regulation and supervision of financial markets. The last two chapters deal with the issue of the European Monetary Union, the adoption of the common European currency and the fulfillment of the convergence criteria in the Czech Republic. Keywords Czech National Bank, European Economic and Monetary union, monetary policy and euro
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