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The financial market and its legal aspects
Kačiaková, Petra ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Diploma thesis Financial market and its legal aspects provides a general overview on financial market and in next chapters continues with collective investments via funds of collective investors as one of ways how a natural or legal person can participate in the financial market processes. In first two chapters the thesis provides a characteristics and more detailed description of the terms financial market and capital market. Second chapter then defines the division of capital market types of investment Instruments that are traded on the market and entities that are present in the financial market and are necessary for its functionality. The last sub-chapter of second chapter summarizes the general overview of the current situation and development of capital market in Czech Republic, together with providing Czech and European legislation that regulates the financial and capital market. Third chapter introduces the term collective investment together with investment companies and investment funds law, that serves as a main regulation for collective investments. In this chapter we can also find the advantages and disadvantages of investing via investment funds and main entities that operates in the financial market with connection to collective investments. Fourth chapter further defines investment...
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Wrongful conduct against legal tender
Dvořák, Petr ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Wrongful conduct against legal tender This thesis deals with the issue of wrongdoings committed against legal tender, i.e. banknotes and coins denominated in the Czech currency. It covers the whole range of various types of this illegal activity and critically analyses the legal regulation of the individual forms from the viewpoint of financial law. In my opinion, the topic has not yet been fully reflected as a whole in literature, The paper is divided into nine chapters. The first two serve as a brief introduction to the topic, set it in a broader context and provide the reader with basic terminology and definitions of the - sometimes confusing and often misused - essential terms. The third chapter depicts the long and colourful history of wrongful conduct against money and its legal regulation in the Czech lands. In the spotlight of this chapter stands naturally the history of laws against money counterfeiting, which is probably the most notable example of the thesis's topic. The two sub-chapters divide the historic part into two time periods with the turning point being the establishment of the independent Czechoslovak Republic. The fourth chapter shows the different sources of legislative protection of legal tender. The sources include criminal law, financial and administrative law,...
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Legal regulation of trading in financial derivatives
Freibergová, Tereza ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
1 Abstract This thesis is focused on the financial derivatives. The main goal of this paper is to analyse legal nature of financial derivatives and to present universal definition, general characteristics or utilization of financial derivatives. The other goal of this paper is to describe the development of supervision and regulation before and after The Global Financial Crisis. The thesis is composed of three main chapters. Chapter One is focused on a definition of the financial derivatives as well as the development of derivatives in the fields of history. Chapter Two is dedicated to brief description and explanation of important derivatives types such as forwards, futures, swaps, options and credit derivatives. Chapter Three of this thesis deals with the problems of supervision and regulation of financial derivatives based on American and European law. In response to the causes and effects of The Global Financial Crisis the regulation increased. There were introduced new regulatory legislations which require for example deep transparency of OTC derivatives or settlement of OTC trades through a central counterparty. Key words: financial derivatives, forwards, futures, swaps, options, regulation
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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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Investment companies and funds
Reichelt, Petr ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
This diploma thesis deals with collective investment schemes, with the main focus on investment fund managers and administrators. Collective investment scheme is a form of indirect investment on the capital markets. It is an arrangement that enables a number of investors to pool their assets and have these professionally managed by an independent manager. It is a specific form of business which is based on raising finance from public or number of investors and then investing it with a goal of making profit. Investment is spread across a wide range of financial instruments which creates diversified portfolio. The First chapter serves as introduction to the basic principles of collective investment schemes, to its legal framework and legal entities that operate within this framework. Purpose of the second chapter is to give comprehensive overview of the managers of investment funds. It deals with cross-border management of investment funds, both within and outside of EU, operating conditions for AIFMs, capital and organisational requirements. The chapter concludes with explaining obligations for AIFMs managing AIFs which acquire control of companies and issuers. The third chapter focuses on administrators of investment funds it begins with analysing the concept of separation of fund management and...
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Bitcoin - the legal framework and practical aspects of its use in payment transaction
Pardubický, Jan ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
in english The purpose of this theses is to analyse the Bitcoin electronic peer-to-peer payment system, from the view of the legal, regulatory and also purely practical issues surrounding its use as a modern means of payment processing. The reason for choosing this topic is that I find the subject to be very interesting and possibly promising for the future of payments. Also, as the use of Bitcoin payment system spreads across the global population, we can see many of legal questions arising: Is the use of Bitcoin network legal? How is it regulated under existing legal system? Can it be subsumed under any existing legal categories? What are the risks of its misuse for criminal activities? Should new legal rules be enacted to regulate its use, and if so, what should these rules be like? My goal in this paper is to find these relevant questions, elaborate on them and provide as many answers as will be possible. We have to bear in mind the fact, that the technology, underlying the Bitcoin payment systém is very new and many ways path-breaking. As usual, the legal theory lags behing technology here, so many questions still have to be settled before we can give any straight answers. The work is divided into seven chapters, each dealing with different legal or practical aspects connected to the Bitcoin...
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Bitcoin - Legal Aspects and Regulation
Moravec, Jiří ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
in English The motivation for this thesis is to analyze Bitcoin as Bitcoin is still a new phenomenon and requires an economical, legal, and legislative evaluation. In this thesis we seek an answer to the question what is Bitcoin. This thesis is divided into three main blocks, within them we use analytical, descriptive, and comparative methods. In the first part, we aim mostly on the economic side of Bitcoin, comparing Bitcoin to money in general sense. In the second part, we argue whether Bitcoin shall be considered a thing in a legal sense under the Czech law. In the third part, we describe the current Bitcoin's regulatory situation and suggest a drafting of Bitcoin specific regulation. The conclusion of this thesis is that Bitcoin is a digital medium of exchange that cannot be considered money or currency. To the extent, Bitcoin might be interpreted in ways where it does not satisfy the legal definition of a thing in legal sense, but for regulatory purposes it shall be, at least for now, considered a thing in legal sense. We also suggest that Bitcoin shall be systematically regulated by imposing various duties on persons who's scope of business is relating to the Bitcoin.
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The regulation of financial markets - contemporary legal aspects
Špaček, Martin ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The subject of this thesis is the evaluation of certain legal aspects of financial markets regulation related especially to dealing activities. Important role plays the context of contemporary period struggling with the consequences of recent financial crisis with the emphasis put on EU (resp. national) regulation. The first part is in general devoted to the meaning of existent regulation itself. Related legislation and institutional layout are subsequently brought closer in context of national and esp. EU environment. Certain point of interest deserves even (american) the most comprehensive financial markets reform ever. The key part of this thesis devotes to public law aspects instantly influencing dealing and trading activities on financial markets and their contrast to reality. The first theme describes categorization of clients entering on financial markets and duties put on subjects involved (counterparties), who conclude ind. deals with them. Then follow rating agencies, who have been influencing daily routine on financial markets for years and whose evaluation activities imminently influence the row of processes present on financial markets - starting from calculation of capital adequacy requirements until settlement of credit derivatives trades. Capital adequacy is put in context with...
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Capital requirements for the coverage of banking risks
Křemen, Jaroslav ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Capital Requirements for the Cover of Bank Risks The aim of this thesis is to explain the issues of calculation of Capital Requirements for the Cover of Bank Risks in the Czech Republic, to carry out the analysis of discretionary powers made by the Czech National Bank upon powers given to it by respective regulations, and to give an outline of the future development of regulation of Capital Adequacy. The introduction specifies reasons for establishing and basic principles of functioning of Capital Adequacy and correlation between Capital Requirements for the Cover of Bank Risks and the concept of Capital Adequacy. The second chapter deals with the historical development of the concept of Capital Adequacy both in the international environment on the level of the Bank for International Settlement and on the level of the European Law and in the Czech Republic. The second chapter further describes the system of bank risks with which the banks are confronted. The third chapter deals with the legal regulation of Capital Requirements for the Cover of Bank Risks in the Czech Republic itself. At the beginning the situation in the Czech banking sector is analysed in general. This chapter further gives ways of calculation of Capital Requirements for the Cover of Bank Risks in compliance with the Czech and the...
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Payments of a fiscal nature in Islamic law
Vojtěch, Jakub ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
Abstract, Thesis Title, Keywords in English Language The text aims to offer a depiction of the system of selected payments having tax features, which are contained in Islamic law, based on a wide range of specialized literature and especilally on the primary sources of Islamic law. The primary objective of this paper is a review of the Islamic payments of a fiscal nature from the point of view of the theoretical knowledge as stated in the Czech tax legal theory. The system of Islamic payments that have been examined includes: i) Zakat, ii) Jizya, iii) Kharaj, iv) Khums, v) Sadaqa, including its form of Waqf, and finally vi) 'Ushr. From the perspective of the Czech tax legal theory only Zakat, Jizya, Kharaj and 'Ushr meet (albeit often with certain caveats) the obligatory theoretical requirements for taxes. Thesis Title: Payments of a fiscal nature in Islamic law. Keywords: Islam; Law; Taxes.
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