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Financial market and its legal aspects
Špaček, Tomáš ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
The master's thesis on the topic of financial market and its legal aspects aims to analyse the weaknesses in the legal regulation of markets in financial instruments. The thesis is divided into six chapters, introduction and conclusion. The chapters are divided into subchapters. The first chapter defines the financial market and deals with its divisions. Since the legal aspects of financial market are a traditional subject of the study of financial law, the basic concepts of this field are notoriously well known. The first chapter therefore describes only the basic division that is applied to the financial markets. It then goes on to compare existing definition of the financial markets that can be found in academic literature. The second chapter discusses the capital market participants. As certain concepts of financial market might suggest, many different persons might fall into the category of market participants. This chapter, however, discusses selected persons who provide their services on the market in financial instruments. It focuses mainly on investment firm because it provides investors with access to the capital market. The third chapter discusses financial instruments. The fourth chapter concerns investment services that can be provided in relation to financial instruments. The fifth chapter...
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The Legal Regulation of Banking Activities
Martinů, Katrin ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
The Legal Regulation of Banking Activities Abstract The subject of this diploma thesis is the legal regulation of the activities of banks. Emphasis is placed on newly regulated areas and topical areas in respect to legislative changes. The primary aim of the thesis is to analyse areas related to the activities of banks and to assess the suitability and sufficiency or redundancy of the legal regulation of the selected areas in terms of the scope and depth of regulation. In this context, the work is complemented by proposals de lege ferenda. The first section is devoted to the subjects of banking regulation. Within this part, the term "bank" is defined, including the assessment of online banks. After that, supervisors, namely the Czech National Bank and the European Banking Authority, are presented together with an outline of their functions. The following section covers the general basis of the regulation of bank activities. The sources of regulation are described, and the objectives and reasons for and against regulation are outlined. A description of processes for entering and exiting the banking sector are included, with a more detailed analysis of procedures for obtaining a banking license. The third section contains an analysis of the selected obligations of banks arising from the legislation regulating...
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Exemption of Supply of Selected Immovable Property from Value Added Tax
Sejkora, Tomáš ; Kohajda, Michael (advisor) ; Boháč, Radim (referee)
- 133 - Abstract The thesis is focused on the legal regulation on the exemption of the supply of selected immovable property from VAT without deductibility of the VAT paid at the preceding stage. The main aim of the thesis is to analyze the so called best practice in the field of VAT. This aim shall be reached by the analysis of the relevant Czech and European Union legislation governing the VAT. The thesis was created with the use of analysis, synthesis, comparative tax law and description as the methods of scientific work. The definition of the purpose of the supply of a building or of a land on which a building stands pursuant to the directive on VAT could be found as the first result of the research. The VAT legislation of the EU Member States shall be interpreted with the use of this definition and the systematic interpretative method. The second result of this thesis is the interpretation of the Czech legal terms in accordance to the EU. legislation. It is necessary to admit that the Czech legal terms in the Act on VAT originate from the Czech private law legislation but their particular meaning in the Act on VAT differs. The third result of this thesis is an assessment whether the relevant provisions of the Czech Act on VAT are in concordance with the EU legislation. The author concluded that such...
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The Financial System Supervision in the European Union
Mokoš, Martin ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee) ; Papoušková, Zdenka (referee)
The Financial System Supervision in the European Union Abstract In the first chapter of my dissertation theses, I defined the objectives of the dissertation theses, I chose suitable methods of scientific work, which I applied in the entire process of creating the dissertation theses, I described them in more detail, and I also described in detail the entire methodology of the dissertation theses. In the second chapter of the dissertation theses, I paid attention to the definition of the financial system in the European Union and also to the legal acts of supervision over the financial system in the European Union. I also described the basic supervision of the financial system in the European Union, the banking union as part of the financial supervision system, as well as the European System of Central Banks (ESCB) and summarized other aspects of the supervision of the financial system in the European Union. At the end of this chapter, I state that by summarizing the institutional arrangement of European supervision, I have fulfilled one of the set sub-goals. In the third and fourth chapters, I described and evaluated the functioning and structures of specific components of the mechanism of macroprudential supervision and microprudential supervision of the European Union as part of the supervision of the...
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Crowdfunding platform models from the perspective of the new EU regulation
Peštál, Jakub ; Sejkora, Tomáš (advisor) ; Kohajda, Michael (referee)
This thesis focuses on the definition of the scope of the new EU Crowdfunding Regulation and the implications for operators of crowdfunding platforms with different business models. The aim of this thesis is to assess which business models of financial crowdfunding fall within the scope of the new Crowdfunding Regulation and which do not. For those business models that, for the reasons presented in the thesis, do not fall within its scope, the thesis seeks to provide an answer as to what legislation applies to such models. The first part of the thesis defines different models and types of crowdfunding, the history and development of crowdfunding into its modern form and the characteristics of crowdfunding. The Crowdfunding Regulation applies to financial crowdfunding, while non- financial crowdfunding represented by donation-based and reward-based types falls outside the scope of the new EU Regulation. The second part of the thesis focuses on the first of the two types of financial crowdfunding, i.e. lending-based crowdfunding. The definition of a loan under the Crowdfunding Regulation itself is introduced and analysed. This is followed by an introduction of the different business models used in practice and an assessment of whether or not they fall within the scope of the new EU Regulation....
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Investment asset management comparable to fund management
Pivko, Petr ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (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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Legal regulation on financial market manipulation
Hofman, Michal ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
Legal regulation of financial market manipulation Abstract This thesis deals with the legal regulation of financial market manipulation and is divided into 11 chapters. First, the thesis defines the concepts and framework of the financial market and the theoretical background to the regulation of market manipulation. Further, the thesis introduces to the reader the historical development of market manipulation and the regulation of its prohibition, including the history of market manipulation legislation in the EU, and the current process for the adoption of financial legislation (the Lamfalussy process). The thesis then introduces the MAR Regulation, which contains the current provisions against market manipulation and compares it with its earlier legislation. Then the thesis discusses the categories and features of market manipulation under MAR and the exceptions to the prohibition of manipulation. In particular, the manipulation based on the use of false or misleading signals or signals securing price at an artificial level, manipulation using fictitious devices or other forms of deception or contrivance, manipulation based on information and manipulation based on a benchmark are discussed. Among the exceptions to the prohibition, the thesis lists accepted market practices, buyback and stabilization...
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Legal aspects of crypto-assets
Pieklo, Marek ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
1 Abstract and keywords Legal aspects of crypto-assets The topic of this thesis is the impact of the current legislation on the crypto-assets market and some selected entities providing related services. The aim of the thesis is to analyse the impact of these regulations, to describe in detail some of the deficits of the current legislation and, occassionaly, to present possible future developments of regulation with an impact on this issue. To this aim, the first chapter first presents the term "crypto-asset" itself and the definitions of crypto-assets currently or in the past used by various authors, including relevant European bodies and institutions. The second chapter analyses the methodology of dividing crypto-assets into relevant subcategories from the perspective of legal theory, with the work focusing mainly on payment-type crypto-assets. The third chapter then explains the impact of the legal regulations currently in force in the Czech Republic on the legal status of crypto-assets, taking into account in particular the statements of the Czech National Bank. Within this chapter, a separate section focuses on the legal regulation of 'mining' activities as a process of verifying transactions within the crypto-asset network and allocating new crypto-asset units. Chapter four looks at the impact of the...
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Regulation of investment services
Šoupa, Jakub ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
Regulation of investment services Abstract The main idea of this diploma thesis is first to present the very complex issue of legal regulation of the provision of investment services in the Czech Republic and then to select certain potentially problematic and unclear areas which are analyzed using various research methods and then to reach a clear conclusion on how these concepts and areas should be interpreted in the meaning of the overall regulation of the capital market. The first and second chapters of this thesis define the various concepts that will be repeatedly dealt with in the diploma thesis and which are essential to the following chapters. Next, there is a general introduction to the very broad legal regulation of the provision of investment services which is mainly conceived so that the diploma thesis can only focus on specific selected areas of the regulation of the provision of investment services in the following chapters. The aim of the third chapter is to provide a detailed introduction to and a clear definition of the concept of investment services intermediation, particularly in view of the not entirely clear but very broad range of activities that fall under that concept. The focus of the chapter then moves towards an analysis of the concepts of recommendations and preparatory work. The...
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Income as a subject of taxation
Bláhová, Jana ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
Income as a subject of taxation Abstract This thesis deals with defining income as a subject of tax. The concept of income is not clearly defined anywhere, so this thesis tries to look into the very essence of this concept and try not to define it precisely, but to find its essential features. This thesis offers multiple perspectives on the same issue, while not only looking income relevant for tax purposes, but the very essence of this concept. It considers income from an economic point of view, from the point of view of the Income Tax Act and, last but not least, from the point of view of the jurisprudence of the Supreme Administrative Court and the Constitutional Court. Along with these points of view, it describes related issues such as registration of income for tax purposes or the development of income tax over time. The thesis includes practical examples of individual types of income, which illustrate the issue in more detail. The thesis aims to find the essential features of income, to think about what can be considered as income, what constitutes it and how these findings correspond with the tax system in the Czech Republic. It is true that not every transaction that can be classified as income is subject to tax and not every income that is subject to tax must necessarily be subject to tax, as our...
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