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The Czech National Bank and the national plan of adopting euro in the Czech Republic
Tabačák, Anton ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
- - 179 - - RESUMÉ or SUMMARY Keywords: Czech National Bank, National Changeover Plan, relationship, commercial banks, banking sector, financial market, europe structure of the banking sector, communication, responsibility of the CNB, non-financial sector, consumer protection, legislation - responsibility of the Ministry of Justice My dissertation thesis starts from the analysis of czech central banking, its history and role in modern europe economy. It refers to old famous,, historiae magistra vitae", because only problems, which had central banking in history, created central banking today. Special chapter is devoted to the Czech National Bank. The Czech National Bank is the central bank of the Czech Republic and the supervisor of the Czech financial market. It is established under the Constitution of the Czech Republic and carries out its activities in compliance with Act No. 6/1993 Coll., on the Czech National Bank and other regulations. It manages the assets entrusted to it by the state independently and with due diligence. Interventions in its activities are only permissible on the basis of a law. The supreme governing body of the Czech National Bank is the Bank Board, consisting of the Czech National Bank Governor, two Vice-Governors and four Chief Executive Directors. All Bank Board members are...
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Legal and economic aspects of securitisation
Urbancová, Barbora ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
186 13 ABSTRACT Theme of this dissertation is "Legal and economic aspects of securisiation". The main goal of the dissertation is to perform a comprehensive legal analysis of the issues relating to transactions, which can be termed securitisations, regarding also related economic aspects, while focusing especially on the analysis of special public law regulation of certain aspects related to securitisation under Czech law. The dissertation contains nine chapters. The first chapter specifies the theme of the work, its content, structure, main sources, goals and methods applied. The second chapter provides the basis for the subsequent legal analyses elaborated within the following chapters, as it deals with the general meaning and purpose of securisitation, its definition under applicable law, a standard structure of securitisation transaction and most common products of securitisation including evaluation of their character under Czech law. The essential issue rests with the interpretation of the general definition of the term securitisation in a way it is accepted in financial sector, it means as a tool of structured finance that covers all possible variations of secturisation transactions, as well as the interpretation of the definition of the term securitisation with respect to special public law...
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New trends in regulation of banks
Kvízová, Marie ; Bakeš, Milan (advisor) ; Novotný, Petr (referee)
This thesis describes and critically evaluates the new trends in the regulation of banking sector, which identifies primarily within the European legislation. First chapter deals with institutional architecture of the regulation and supervision in the Czech Republic as well as in the European Union, when it analyses advantages and disadvantages of integrated model of supervision and describes the powers of newly established European supervisory authorities including its consequences. Second part focuses on the Capital Requirement Directive (well known as CRD), especially on contemporary worldwide and European trends, which are reflected in the new proposals of directly applicable regulation and supplementary directive, which should replace contemporarily valid version of CRD. Last part of the thesis specializes in controversial topic of remuneration, which has been already transposed into Czech legal system.
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Uncertificated securities in financial law
Matyášová, Eva ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
This thesis deals with the phenomenon of the uncertificated securities in the context of financial law. Proper and prudential legal regulation of the securities is considered to be key element of efficient financial markets of which the importance for the economics is systematically growing in past few decades. From the beginning, financial markets were dominated by certificated securities represented by legal fiction incorporating rights arising from the security into a certificate and considering this certificate as a tangible movable asset. In the consequence of the development of financial markets and securities trading uncertificated securities were developed to make transfers of the securities and asset management feasible. Uncertificated securities can be defined as substitutable physical securities incorporating private rights which are prerequisite for the exercise and transfer of those rights and which are replaced by a record entered in the central register of securities, mainly central securities depositories. The form of the uncertificated securities determines the necessity of their special legal regulation taking into account their legal nature and connected legal aspects of record keeping. The purpose of my thesis is to analyse relevant Czech legislation and highlight both...
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Financial derivatives
Koutný, Ondřej ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of financial derivatives and to determine the guidelines that future legislation will follow. The thesis is divided into four chapters; a short introduction is followed by a chapter concerning the origin of financial derivatives. In this chapter we learn that financial derivatives originate from commodity derivatives, which have their origins in a period ages before Christ. The second chapter is firstly concerned with determination of the term "derivative" and it further states the main reasons for which derivatives agreement are concluded. The reasons are hedging, speculation and arbitrage. Afterwards, four well- known types of derivatives, i.e. options, futures, forwards and swaps are defined in this chapter. The third chapter, named "Financial derivatives legislation", is dedicated to definition of current legislation of...
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Taxation of income of natural persons resulting from employment
Uhnáková, Zuzana ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
in English Taxation of individual income tax My diploma thesis contents three major parts, which is divided into smaller articles. In the first part I am trying to present individual income tax in general. Place of income tax in system of taxation and concept of income tax , its function and definition. In another article I described historical evolution of individual income tax and distribution of taxes. To tax is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes consist of direct tax or indirect tax. A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government. The first known system of taxation was in Ancient Egypt and development is showing us perfection with which we created and improved taxes during the ages. The main second part contents definition of individual income tax by revenue act and determination of basic concepts of individual tax by this act. A personal or individual income tax is levied on the total income of the individual (with some deductions permitted). It is often collected on a pay-as-you-earn basis, with small corrections made...
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Legal regulation of building savings
Kurka, Ondřej ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
The main purpose of the thesis is to analyse contemporary legal regulations governing the field of building savings in the Czech Republic and recent changes of these legal regulations. The thesis is composed of six chapters, each of them dealing with different aspects of building savings' legal regulation, the introduction, the closing part, lists and annexes. The matters already mentioned above are described in chapters two, three and five. Divided into remaining chapters and within the capacity limits, the thesis also includes secondary issues, such as the evolution of building savings and its legal regulation in Europe and in the Czech Republic in connection with the description of changes made to the legal regulations rather long time ago and followed by research of the practical application of these legal regulations. The aim of the thesis is to complete pieces of knowledge gathered from the legal regulations, from practical research and from my two years expirience as a building savings commercial broker and create an integrated thesis that is transparent and complete from different angles of view. Conclusions are drawn particularly in the closing part of the thesis where are briefly summarized the author's opinions on problems described in each chapter.
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Legal regulation of insurance and reinsurance in the Czech Republic and Great Britain
Gregor, Martin ; Karfíková, Marie (advisor) ; Bakeš, Milan (referee)
Insurance and reinsurance law in the Czech Republic and the United Kingdom My diploma thesis focuses on the law of insurance and reinsurance. Insurance is an important sector within the financial services area. It helps to mitigate the consequences of unforeseen events, whose impact would otherwise be much more severe. Due to the high monetary volumes involved in this sector, the state regulates this industry. It sets the requirements to conduct the business, requirements in respect of the financial health and the obligations towards the supervising body. Reinsurance is closely connected to insurance, because in principle it is and "insurance of an insurance company", i.e. a risk transfer between the insurance and reinsurance company, where the reinsurance company pays claims to the insurance company in the case of unforeseen events specified in the reinsurance contract. Although most of us may never come accross reinsurance, it is a key differentiator when catastrophes happen, as they often cause significant damage. and it does not matter, whether they are natural or man-made. In these cases the reinsurers bear a substantial portion of the losses that the insurance companies then pay out to their clients. For this reason I am focusing on the regulation of these activities and I am comparing the regulation...
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Legal issues of banking supervision
Jurošková, Lenka ; Bakeš, Milan (advisor) ; Boháč, Radim (referee) ; Dřevínek, Karel (referee)
Banking regulation and supervision has come to the fore of attention mainly in recent several years, as the banking sector has undergone important and far-reaching changes. To some extent these changes reflect globalization, financial innovation and technological development. Political agents and regulators seek to respond to these changes, but they are unable to keep pace with them, as proved by the numerous banking crises. In response to such crises the existing rules and practices tend to be complemented or entirely rebuilt. The current global financial crisis that highlighted a range of deficiencies is no exception. At the present time, therefore, there is a wide array of initiatives and proposals, aimed at improving the current system of banking regulation and supervision. This "regulatory mania" is welcomed by some, disapproved by others. Hence, the first of the aims of this work is to tackle the deficiencies within the system of banking regulation and supervision. Furthermore, it aims to assess the submitted and even the already adopted proposals and discover whether these can lead to an improved system of banking regulation and supervision at all. This aim, however, cannot be achieved without an analysis of the existing system of banking regulation and supervision, which therefore...
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