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Financial market supervision
Balvínová, Helena ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
This thesis deals with supervision over the financial market and its legal framework. I chose the topic because I have always been interested in the issue concerning the financial market. This thesis enables readers to get familiarized with the current situation of the financial market supervision in the Czech Republic, European Union and three member states of European Union, i.e. United Kingdom, France and Slovakia. The Chapter One is an introduction to the theme. The second chapter deals with the basic terms used in the thesis as financial market, supervision, inspection etc. It is a theoretical part of the thesis. The third chapter examines relevant legislation of the European Union and it is dedicated to the EU financial supervision. A new structure for EU financial supervision was agreed in 2010 following the adoption of the de Larosière report in November 2008. At the beginning of 2011 the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs) were established. The purpose of the new structure is to ensure effective surveilance of the EU financial market. The ESRB is responsible for monitoring and assessing potential threats to the stability of the financial system. It can issue risk warnings when necessary, and can make recommendations for remedial action,...
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The financial market and its instruments
Aldorfová, Markéta ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
The legal regulation of the financial market and its instruments has become increasingly important for both the economy and the financial system. In view of the globalization of the financial markets, a local stock-market crash might exert a strong influence on the social as well as economic life all over the world. Therefore I have decided to analyze the topic of financial market and its instruments in my thesis. The goal of my thesis is to analyse the legal regulation of securities, financial instruments and derivatives in order to illustrate provisions leading to ambiguous interpretation and to examine the possibilities for improving the current legal regulation. Finally, the thesis is aimed at as well highlighting the recent development in the supervision over the financial market. In my thesis, I have used qualitative research methods, especially analysis and synthesis. A comparative method is used in order to find out whether the Czech legislator could draw inspiration from foreign legal regulation. The thesis is composed of five chapters, each of them dealing with different aspects of the financial market and its instruments. Chapter one is introductory ant it is concerned with the term of financial market and its segments. It is followed by the enumaration of the financial market...
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The Czech National Bank, its legal status and scope of activities
Kočová, Olga ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Title: The Czech National Bank, its legal status and scope of activities Abstract The aim of this thesis is to analyze the current status of legislation of the Czech National Bank, its content operations and powers with regard to the historical development of this institution, focusing on the banknotes and coins, monetary policy, financial stability, financial market supervision and possible impacts of euro adoption in the Czech Republic. The first part of the thesis will be devoted to the historical development and fundamental characteristics of the Czech National Bank as the central bank and its organizational structure, management and independence will be determined as well as the objectives pursued. The following chapters will deal with particular areas of activities which the Czech National Bank practices in accordance to its primary objective. More detailed focus in the thesis is on the emission function, the conduct of monetary policy and its instruments, analysis of financial stability and supervision of individual financial market segments. The last part of the thesis will be devoted to the issue of adopting the common European currency in the Czech Republic and to the changes which would be connected to that currency adoption. Keywords Czech national bank, central banking, monetary policy,...
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State supervision over financial activities in the European Union
Michalec, Filip ; Bakeš, Milan (advisor) ; Novotný, Petr (referee)
Main purpose of this thesis is to compare the financial supervision methods chosen in particular countries and to analyze contemporary and past legislative developments regarding the financial supervision over financial activities in the European Union. This thesis also analyzes method of financial supervision chosen in the Czech Republic with respect to financial supervision methods used in different countries and current legislative developments regarding the financial supervision over financial activities in the European Union.
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Czech national bank, legal status and content of activity
Semecký, Petr ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
disertační práce Petr Semecký Česká národní banka, právní postavení a náplň činnosti 5 Abstract A. Objectives The main goal of the dissertation "The Czech National Bank, legal status and content of activity" is to quantify, qualify and draw as exact as possible conclusions about some aspects of the development, status and activities of the Czech National Bank in the future. To solve this task, the author has used in the introduction of this work three following key questions: 1. What are the implications for the Czech National Bank of the new bodies supervising the financial markets at european level? 2. What are the benefits and negatives of adopting the euro for the Czech Republic and should the Czech Republic actually join the European Monetary Union? 3. What impact will have the amendment of the Capital Adequacy Directive (the "Basel II") on the activities of the Czech National Bank? B. Methods By creating this work was used a wide range of research methods to ensure that there will be drawn conclusions with the best possible informative value. It is possible to mention particularly the method of recherche, abstraction, comparison and synthesis. C. Sources As the most important sources used by creating the work can be mentioned ecpecially, scientific publications, monographs, articles published...
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The Czech National Bank, its legal position and scope of activities
Čechová, Jana ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
This thesis uses the available resources to analyze the current legal status of the Czech National Bank. Key parts of the thesis include chapters relate to monetary and economic policy and CNB trades as well as to the emission activity. The later chapter includes description of the legal tenders and its protective elements. The thesis also includes description of the legal aspects of the central bank's role and position with a particular emphasis on the recent accession of the Czech Republic to the European Union and contemplated introduction of Euro as the new Czech currency.
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Relationship between the central bank and commercial banks
Haasová, Eva ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Relations of the Central bank to Commercial banks This thesis deals with the relations among the central bank and commercial banks laying emphasize on the situation in the Czech Republic. The aim of this thesis is to characterize and analyze relations among the Czech National Bank and commercial banks, to evaluate them and suggest possible legislative improvements to strengthen the stability of banking institutions and thus the entire economy. In the beginning of the thesis the basic terms are defined. Then the types of relations among the central bank and commercial banks are described. The thesis is due to the wide number of emerging relations among the central bank and commercial banks focused mainly on relations associated with entrance into the banking sector, on the proper functioning of banks and on the relations associated with their extinction. The main part of the thesis is logically divided into another three parts. The first part describes the mechanism of granting banking licenses and the possibility of foreign institutions's establishment in the Czech banking market. Huge attention is dedicated to the unique bank license concept. In the second part there are described the most important conditions that are necessary for the banking sector to run properly. Most of this section is...
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Income tax in the context of hamonization of direct taxes in the European Union
Zajíčková, Miroslava ; Bakeš, Milan (advisor) ; Novotný, Petr (referee) ; Karfík, Zdeněk (referee)
- 1 - Abstract The issue of income tax is a topic that is current, whatever the political organization of the country, because it is a fact significantly affecting the political, economic and social conditions, from many different aspects. Individual load, as well as corporate income taxes is one of the key elements that most impact on people and affect their economic behavior, social and political decision-making standard. Income tax in the tax systems is one of the most important taxes, because it is burdening the income of individuals and legal entities, tax payers. Through a greater or lower tax burden on personal and corporate income it is possible to use the legislation in the area of income tax and its setting, in the period of economic stagnation, as an instrument for economic recovery. In the area of tax systems and tax systems of specific countries in the last decade we recorded a relatively significant development. The shift, consisting mainly in the approximation of national tax laws, is in our legal system particularly evident after the enter of Czech Republic to the European Union in 2004. In connection with the gradual expansion of the European Economic Community, of the customs union, common market between Member States and European Union development into as we know it today, with 27 Member...
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Legal issues of transactions with securities and financial derivatives
Heringová, Eva ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Resumé Název: Právní problematika operací s cennými papíry a finančními deriváty Title: Legal issues of transactions with securities and financial derivatives Klíčová slova: deriváty, cenné papíry, kapitálový trh Key words: derivatives, securities, capital market Resume: The crucial aspect in the economic development was and still is the way of financial payments and fund raising. The historical development had a number of forms (barter, gold coins), the more modern methods led to the introduction of securities and financial derivatives. From the beginning of introducing securities and financial derivatives to the market the methods of their trading became increasingly sophisticated and thus grew the importance and need of their legal definition and assessment of their use. Given the current importance of these financial instruments, which are increasingly affecting the economic and social life of many countries, I decided to at least generally analyze this area in this thesis. My thesis primarily analyzes the regulation of securities, financial derivatives and trading with them in the Czech legal system in order to highlight the imperfections that may in practice lead to ambiguous interpretation and tries to help to eliminate these gaps. The focus of the thesis lies in the comparison of the institutional...
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Control in the field of financial activities
Šmíd, David ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Šramková, Dana (referee)
My dissertation starts with the overview of the history of financial control in the Czech lands. In the overview, I compare various controls having the power of the financial control with special attention paid to their mutual interference and overlapping. Performance of one type of control influenced implementation of other types of control. For many reasons, I decided to focus on the period starting in 1989. The years following the change of the regime in 1989 were very turbulent and rich in legislative initiatives. Some were successful, some less productive and I point out selected steps made in the area of control of financial activities, which lacked proper background and reasoning. On the other hand, many constructive proposals had been abolished for political reasons rather for their imperfectness. In other words - much alike the old totalitarian regime, the new authorities did not hesitate to make political decisions at the cost of the public interest. In the text of my dissertation, I examine the current financial control activities from the de lege lata point of view. Looking at the main body of relevant legislation - leaving aside the selected special laws which guide control by ways of special provisions - there are currently three acts, which guide the performance of "financial control"...
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