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Bilateral investment treaties from the view of investment protection
Šrámek, Petr ; Štěrbová, Ludmila (advisor) ; Černá, Klára (referee)
The bachelor thesis deals with bilateral investment treaties, which create investment environment and ensure investment protection between states. Protection is based on adherence to accepted rules. In the event of a breach of terms of the agreed rules, there are investment disputes which this thesis also discusses. The aim is to analyze and identify bilateral investment agreements and the problems associated with them.
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The role of the Third parties in International Commercial Arbitration
Šedivý, Martin ; Pauknerová, Monika (advisor) ; Růžička, Květoslav (referee)
The role of the Third parties in International Commercial Arbitration This thesis precisely define the concept of third parties in the field of International Commercial Arbitration as well as the definition of the term itself. According to the author of this thesis, third parties are the key for the process of transformation of the contractual approach in an International Commercial Arbitration in the reaction on the economic reality. This work is based on analyses of laws, comments, literature, academic articles, arbitration awards and case law. This text was created using experiences from an international commerce and transforms actual theoretical contractual approach of the International Commercial Arbitration. Contribution of this thesis lies in completion of knowledges from decision making process and creation of a brand new theoretical concept of International Commercial Arbitration and capture the shift in view of consent to arbitrate. This theory further reflects actual state of the decision making process and the needs of an International Commerce. Using this approach entitles author's theory for the practical use as a model for decision making process of arbitrators and for judges of national courts with regard to recognition and enforcement of the arbitral awards. Thesis is divided into...
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Fractional Brownian Motion in Finance
Kratochvíl, Matěj ; Maslowski, Bohdan (advisor) ; Beneš, Viktor (referee)
This thesis deals with the stochastic integral with respect to Gaussian processes, which can be expressed in the form Bt = t 0 K(t, s)dWs. Here W stands for a Brownian motion and K for a square integrable Volterra kernel. Such processes generalize fractional Brownian motion. Since these processes are not semimartin- gales, Itô calculus cannot be used and other methods must be employed to define the stochastic integral with respect to these proceses. Two ways are considered in this thesis. If both the integrand and the process B are regular enough, it is possible to define the integral in the pathwise sense as a generalization of Lebesgue-Stieltjes integral. The other method uses the methods of Malliavin cal- culus and defines the integral as an adjoint operator to the Malliavin derivative. As an application, the stochastic differential equation dSt = µStdt + σStdBt, which is used to model price of a stock, is solved. Implications of such a model are briefly discussed. 1
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The Binding Effect of Arbitral Awards in International Investment Disputes
Jančová, Nicole ; Balaš, Vladimír (advisor) ; Šturma, Pavel (referee)
in English The Binding Effect of Arbitral Awards in International Investment Disputes The purpose of this thesis is to analyse binding effect an award has on parties to the dispute and most importantly on future tribunals. Further discussed is the de facto precedent and its development in international investment treaty arbitration. Theoretical research is supported by an empirical study of case law. The reason for my research is the existence of conflicting awards in international investment law which undermines legal certainty of investors and States. The thesis is divided into three parts. The first part is introductory and concerns with the general characteristics of international investment dispute. This part describes the system of bilateral treaties for the reciprocal encouragement of investment and the dispute mechanism in which investors are left with a choice before which body the dispute will be heard. The chapter then distinguishes two different perceptions of tribunals: the principal-agent relationship where tribunal acts only as an agent of parties to the dispute independent of other tribunals; and tribunal as an agent of parties and also agent of the whole investment community. The second chapter focuses on the binding nature of an award. It looks at the wording of ICSID Convention...
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The New Lex Mercatoria
Vítek, Michal ; Dobiáš, Petr (advisor) ; Pauknerová, Monika (referee)
NLM Abstract The topic of lex mercatoria does not represent any new nor revolutionary concept for the legal science, on the contrary it is a concept present in the european legal thinking since the middle ages. Despite of that it still remains without a clear and comprehensible theoretical framework thus in a stage of some sort of a legal hypothesis. This rigorous thesis describes in its five chapters the topic of lex mercatoria - specifically its up to date form: New Lex Mercatoria - not as a concept but as an applicable law and within the extent of this thesis attempts to come up with both the reasons for such perspective as well as with those which oppose it. For this reason it answers the following basic questions: Does a clear concept of the New Lex Mercatoria exist? Does such law have the historical continuity? Does such law have any clear distinctivness when compared to the legal orders of national states? Which norms create such legal order and who and under which conditions does enforce them?
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The concept of investment in international agreements on the protection of investments
Seidl, David ; Balaš, Vladimír (advisor) ; Šturma, Pavel (referee)
The concept of investment in international agreements on the protection of investments Resumé This thesis analyses the notion of investment in the context of international investment law. The thesis is composed of six chapters. The first chapter provides an overview of the international investment law, including its sources, specific features and goals. The second chapter provides an economic definition of the notion of investment. The author distinguishes between foreign direct investment and foreign portfolio investment and analyses their commonalities and differences. The third chapter deals with the basic types of definition of investment contained in international agreements on promotion and protection of foreign investments. These are the asset-based definition and enterprise-based definition. The fourth chapter examines the interaction between the economical and legal definition of investment. The fifth chapter explores the concept of investment in the context of the ICSID Convention. The authors analysed the negotiating history of the treaty as well as the case law of ICSID tribunals. The author indentified two basic approaches to the interpretation of the notion of investment. Whereas the subjective approach leaves the definition of the term investment to the sources of consent (notably...
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The Regulatory Arbitrage between Basel III and Solvency II: The Role of Alternative Risk Transfers Demonstrated on CDS Spreads - The Case of Italy
Budská, Petra ; Teplý, Petr (advisor) ; Buzková, Petra (referee)
Different capital regulatory requirements in the bank and insurer markets lead to finding and using of new more complex financial tools linked with capital release and subsequent optimization of the investment objectives, but they are also linked with promises and risk transfers that could cause a collapse or a systemic risk of the financial markets, as evidence by the recent financial crisis. The aim of my work is to examine the behavior of credit default swap spreads on the securitization and reinsurance markets, followed by analyzing arbitrage conditions between securitization and reinsurance markets by cointegration analysis. The thesis focuses on Italy because it is one of four main European players in the securitization market and it has highly developed bank and insurer markets. Moreover, it still faces to consequences of the recent financial crisis that is indicator of strong possible bases for above mentioned complex financial instruments. On the dataset of Top 8 Italian banks and insurer companies in the period 2006 - 2012 I showed by cointegration analysis a presence of just one cointegration relationship between securitization and reinsurance market, therefore I rejected possibility of arbitrage between these markets. But on the other hand, they converge to long term equilibrium slowly...
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Right to fair trial: a comparison of selected arbitration and human rights case law
Hlaváčová, Anna ; Balaš, Vladimír (advisor) ; Faix, Martin (referee)
The right to due process is an important part of both civil and arbitration proceedings. However, this basic right is protected in different ways and even the mechanisms for checking whether the process adhered to the due process rules are different. For standard civil proceedings in Europe, European Court for Human rights is the final body which decides whether the rules on due process were adhered to. Commercial arbitration does not have a mechanism for checking whether the proceedings were justly carried within itself, therefore it is checked within the enforcement proceedings which are in most states covered by the New York Convention. In investment arbitration, the adherence to due process will be analyzed within the annulment proceedings. The thesis "Right to Due Process: the comparison of arbitration and human rights case law" deals with the question whether the argumentation of the European Court of Human Rights in its rich case law can be used on arbitration cases where the accessibility of case law is problematic. First, the thesis looks at whether there is a standard of the protection of due process in arbitration and according to the European Court for Human Rights. This thesis further deals with the direct or indirect use of the European Charter on Human rights for arbitration. For the...
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Arbitration procedure in the Czech Republic with an emphasis on the issue of so-called arbitration centers
Jenerál, Jaroslav ; Smolík, Petr (advisor) ; Pohl, Tomáš (referee)
The aim of this thesis is to clarify the judicial institute of Arbitration procedure in the Czech legal system, its theoretical background, the legal requirements for action, progress of procedure and the interference of general courts in arbitration procedure. Main attention of this thesis is focused on the recent issue of the so-called arbitration centers. The legality of arbitration centers, existence and legality of their actions in practice (with emphasis on recent court case) are deeply examined. By the end the propriety of a new legislation dealing with arbitration procedure is analyzed.
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Legal status of an arbitrator
Klobouček, Eduard ; Růžička, Květoslav (advisor) ; Dobiáš, Petr (referee)
- Legal Status of an Arbitrator Main aim of this thesis is to describe the legal status of an arbitrator in international and national arbitration. Arbitration is an alternative dispute resolution which is nowadays very frequently used and which has been established in Czech Republic by Arbitration Act. Arbitrator is the most important person in arbitration because he leads the trial and makes binding and enforceable decisions. Thesis is divided into six parts which concern about alternative dispute resolutions, about arbitration generally, historical evolution of legal status of an arbitrator in Czech Republic, current legislation, legal status of an arbitrator and permanent arbitration courts and legal status of a financial arbitrator. The merit of this thesis is to grasp main problems which arise on the field of legal status of an arbitrator and describe the approach of courts and legal experts. Paper also contains comparison with the legal system of Slovakia, Germany and the United Kingdom and incorporates the latest amendments. of Arbitration Act.
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