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IPO in the Investors Point of View
Nekovář, Tomáš ; Kepka,, Jiří (referee) ; Meluzín, Tomáš (advisor)
Bachelor thesis analyzes the effects of IPO shares in the Czech Republic for investors since the beginning of the main emissions of selected titles Prague Stock Exchange to the present. And in terms of share price appreciation and dividends paid to the investor profits.
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Transaction with securities and their legal regulation
Reiterman, Dávid ; Kotáb, Petr (advisor) ; Dřevínek, Karel (referee)
Resume: The aim of my thesis is to define the area of investment banking and point out its specifics in terms of Czech life and institutions in carrying out securities transactions by way of analyzing relevant legislation, its doctrinal interpretation, supplemented by some practical conclusions drawn from relevant case law and opinions of regulatory bodies. The thesis is divided into three separate parts. The first part tries to grasp theoretical concepts used in the title of this work. The definition and nature of security is essential for its later usage in terms of operations which are performed with such securities by investment banks. Types of such operations are defined by various investment services which determine the extent of investment banks' scope of business. In addition to those investment services, the Czech regulatory environment also addresses the status of investment banks whose different models (in terms of their functioning) can lead to terminological questions of why some investment banks are not a bank in a legal sense. The above provides a basis for the second part of my thesis, which is concerned with an analysis of respective securities operations that are usually carried out by investment banks operating in the Czech Republic. These operations are linked together and are often...
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Securities and booked securities - changes in legislation
Manderla, Matěj ; Čech, Petr (advisor) ; Pelikán, Robert (referee)
Securities and booked securities - changes in legislation The purpose of my thesis is to analyse enactment of securities in the New Civil Code. Current legislation in Act on Securities is not considered as satisfactory in many ways. Recodification of civil law brings a great opportunity to clarify current interpretational issues and approximate Czech law of securities to developed countries of Western Europe. In this thesis I shall asses if the new piece of legislation will be successful in achieving such goal. The thesis is composed of nine chapters, each of them dealing with different aspects of securities law. Chapter One is introductory and defines concept of a security and its historical development. Chapter Two deals with issues related to definition of a security in Czech law. It focuses on the absence of legal definition of a security in current Czech law and analyses definitions of jurisprudence. Chapter Two analyses the legal definition of a security in New Civil Code and addresses the issue of definition of a security in relation to booked securities. Chapter Three is concerned with a security as a subject of legal relations. The main issue addressed in Chapter Three is security as a tangible thing. Chapter Four concentrates on separation of securities represented by a certificate and...
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Bill of exchange as a securing instrument
Brychta, Michal ; Horáček, Vít (advisor) ; Zahradníčková, Marie (referee)
The aim of the thesis is to give reader a treatise about specific use of bill of exchange as a securing instrument. The promissory note as a debtor security may take various economic life functions. Since the inception of law of exchange it was primarily the medium of payment, whereas the securing function was developed much later. Actually a relative novelty of securing function of bill of exchange leads to a wide range of issues that need to be resolved in connection with its use. In particular, it is absolutely necessary to realize that the obligation incorporated into promissory note will be regardless of its function always the obligation abstract and individual. The above mentioned abstract and individual obligation is mainly manifested in a different connection to the secured obligation, which is much more fragile than in case of use of standard securing obligations that are on the contrary characteristic by accesority and subsidiarity. In spite of the fact that the aim of the thesis is concentrated on bill of exchange as securing instrument, the first chapter is devoted to issues of law of exchange in general. Within particular subchapters there is outlined the historical development of law of exchange in our country, including the sources of current legislation. Furthermore author explains...
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Contracting autonomy in construction of classes of shares and its limits
Kristanová, Lenka ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
The theme of this diploma thesis is "Contracting autonomy in construction of classes of shares and its limits". Its aim is to answer the question to what extent is the contracting autonomy of shareholders limited, when it comes to construction of classes of shares. The answer is being found by means of a negative analysis that lists both statutory and case-law based limits that restrict that autonomy. It also presents legal consequences, from which suffer those classes of special shares that collide with the statutory provisions and the constructions of rights that are questionable or vague. This diploma thesis comprises of two chapters. Whereas the first one deals with the contracting autonomy in construction of classes of shares and its limits in Czech law, the second one do likewise in German law. The first chapter is divided into two sections. The first part describes a security and shares in general trying to bring out those of their specifics that are subject of further discussion of limits of the contracting autonomy in construction of classes of shares and particular classes of shares. The second section of the first chapter has two subsections. The first one addresses statutory and case-law based limits, which restrict the contracting autonomy of shareholders in construction of special...
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Financial Market Regulation in the Czech republic with a Focus on the Securities Market
Krčálová, Kristýna ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
Financial Market Regulation in the Czech Republic with a Focus on the Securities Market ABSTRACT: The financial markets constitute a foundation of every market economy and in recent years their regulation is becoming increasingly relevant for political-legislative decision- making process (mainly as result of the last world financial and economic crisis). This Master's thesis focuses on the securities market regulation in Czech Republic and its main purpose is to evaluate this regulation, primarily its development and impacts on the market as a whole, on an individual issuer of a security or (as the case may be) on an investor as well. The thesis itself is divided into five parts. The first one represents a theoretical introduction to the financial markets and analyses basic terms, financial market functions and structure. The second, third and fourth chapters deal with crucial entities influencing the securities market - a regulated market organizer, an investment firm, investment intermediaries and a multi-sided trading system organizer. Chapters especially strive to compare contemporary legislation with legislation as amended by the Act No. 204/2017 Sb., which generally comes into force January 3rd 2018 and which transposes important European secondary legislation regulations, such as Directive...
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Equity certificate as object of legal relationships
Drábek, Jan ; Čech, Petr (advisor) ; Tomášek, Petr (referee)
63 Equity certificate as object of legal relationships Abstract With the new Business Corporations Act, which entered into effect on 1st January 2014, several new legal institutes have been added to Czech legal system. One of them is also equity certificate, participatory commercial paper issued by a Limited Liability Company. In my theses I will present basic characteristics of these equity certificates as contained in the Czech law. I study the nature of equity certificate, its requirements, conditions, procedure of issuing and other legal aspects. I also focus on bases of our legal regulations from historical point of view (participatory commercial papers in business corporations others than Joint-Stock Company in former regulations). The introduction of new legal institutes carries with it the risk of unclarity of interpretation caused by the absence of practical experience with them. I identify and analyze these issues in my work. Regarding to the newness of this regulation there is often no judicial decisions available to clarify the problems of interpretation, therefore I build on publications of law experts, my own analysis and comparation with similar institutes. The main areas of concern are transfer of ownership, whether by endorsement or other way. I also examine the issue of commercial...
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Legal aspects of Initial Coin Offering
Hotovec, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
1 Legal Aspects of Initial Coin Offering Abstract The thesis deals with Initial Coin Offering (ICO) phenomenon. The Initial Coin Offering is a type of funding using cryptocurrencies, which the current legal literature describes as tokens. The thesis has a goal of describing the basics of cryptocurrencies functionality, the explanation of Initial Coin Offering phenomenon and the legal classification of cryptocurrencies emitted in an ICO. The fother parts of the thesis are dedicated to the comparison of Initial Coin Offering and Initial Public Offering with a special focus on the different economic motivation behind both phenomena. In the beginning the thesis describes the cryptocurrency basics such as what is blockchain, wallet and the difference between coins and tokens. Thesis then contains the descriptions of ICO phases, with a focus on the division of ICO on two parts, the public phase in which the retail investors take part, and the pre-sale phase in which the big investors take part. The next section contains the most important declarations and notices concerning ICO and cryptocurrencies, published by the regulatory bodies with a special focus on ESMA, FINMA and SEC. The description of the regulatory framework in the world is followed by the largest section of the thesis, which is dedicated to the...
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