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Institutional arrangement of regulation and supervision of the financial market in the Czech Republic
Líkař, Jan ; Dupáková, Lenka (advisor) ; Čihák, Jakub (referee)
1 Institutional arrangement of regulation and supervision of the financial market in the Czech Republic Abstract The diploma thesis analyzes institutional arrangement of regulation and supervision of the financial market in the Czech Republic, it aims to compare the arrangement with theoretical concepts, models, as well as development abroad. The thesis is structured into five sections. The first section defines the most important concepts, describes the rationale and objectives of financial markets regulation and adds a short exposition regarding the scope of regulation, proportionality and regulatory failure. The rationale is primarily approached through the lens of market failure, which is then supplemented by description of financial market specifics, which could also give a reason for regulation. The objectives are primarily described in relation to the policies used to achieve them. The second section presents the theoretical concepts of institutional arrangement, different approaches to it, and select models. The thesis distinguishes vertical and horizontal view of institutional arrangement, and within the latter, institutional, functional, objective-based, and unified approaches. The thesis also deals with related issues, such as the role of the central bank, questions of supervisors' independence...
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Financial market supervision
Balvínová, Helena ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
This thesis deals with supervision over the financial market and its legal framework. I chose the topic because I have always been interested in the issue concerning the financial market. This thesis enables readers to get familiarized with the current situation of the financial market supervision in the Czech Republic, European Union and three member states of European Union, i.e. United Kingdom, France and Slovakia. The Chapter One is an introduction to the theme. The second chapter deals with the basic terms used in the thesis as financial market, supervision, inspection etc. It is a theoretical part of the thesis. The third chapter examines relevant legislation of the European Union and it is dedicated to the EU financial supervision. A new structure for EU financial supervision was agreed in 2010 following the adoption of the de Larosière report in November 2008. At the beginning of 2011 the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs) were established. The purpose of the new structure is to ensure effective surveilance of the EU financial market. The ESRB is responsible for monitoring and assessing potential threats to the stability of the financial system. It can issue risk warnings when necessary, and can make recommendations for remedial action,...
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Supervision over the financial market
Valentová, Irena ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
Resumé Irena Valentová Financial Markets Supervision Fragmented, and therefore insufficient, and ineffective regulation of and supervision over financial markets was blamed to be one of the main sources of the recent economic crisis, that manifested in 2008. The main theme of the present thesis consists of the changes in the institutional framework of financial markets supervision in the European Union introduced as a reaction to the recent economic crisis. The first part of the present thesis composed of chapters two, three, and four, deals with definition of some expressions used in the second part of the thesis, namely: financial markets, regulation and supervision of financial markets. The concept of financial market is explained, its components as well as structure described. Next, several reasons leading to need of effective regulation are brought and discussed and, finally, the concept of supervision as used in the context of financial markets is established. The second part of the thesis composed of chapters five and six, describes the current status of institutional framework of financial markets supervision. First, in chapter five, current situation in the Czech republic is briefly described. Chapter six, in turn, deals with the naissance of European System of Financial Supervision. The...
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Legal Regulation of Prudential Rules in Financial Market Area
Čížek, Bedřich ; Bakeš, Milan (advisor) ; Marková, Hana (referee) ; Dřevínek, Karel (referee)
Univerzita Karlova v Praze Právnická fakulta Disertační práce Právní úprava obezřetnostních pravidel v oblasti finančního trhu (Legal Regulation of Prudential Rules in Financial Market Area) JUDr. Bedřich Čížek Summary: The main objective of this thesis is to provide a comprehensive and systematic view of prudential rules in the selected area of financial market regulation with an emphasis on critical reflection of the various legal institutes and intersectional comparison of the relevant legal rules. Particular questions that this thesis attempts to answer within it's main goal are: (i) what is the essence of prudential rules in the financial market regulation (quid juris?) and (ii) whether current prudential rules in the Czech legal system meet the criteria required by legal theory on the form and the content of legislation and on the rational configuration of the legal system. The thesis also includes constructive criticism of examined issues, particularly in terms of the accuracy of the transposition of the relevant EU legislation, legal certainty of transposed provisions regarding its' recipients and the efficiency of the current legislation when designing prudential rules in question, and includes several recommendations de lege ferenda as well. The outcome of this thesis is a systematic,...
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Financial market supervision
Balvínová, Helena ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
This thesis deals with supervision over the financial market and its legal framework. I chose the topic because I have always been interested in the issue concerning the financial market. This thesis enables readers to get familiarized with the current situation of the financial market supervision in the Czech Republic, European Union and three member states of European Union, i.e. United Kingdom, France and Slovakia. The Chapter One is an introduction to the theme. The second chapter deals with the basic terms used in the thesis as financial market, supervision, inspection etc. It is a theoretical part of the thesis. The third chapter examines relevant legislation of the European Union and it is dedicated to the EU financial supervision. A new structure for EU financial supervision was agreed in 2010 following the adoption of the de Larosière report in November 2008. At the beginning of 2011 the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs) were established. The purpose of the new structure is to ensure effective surveilance of the EU financial market. The ESRB is responsible for monitoring and assessing potential threats to the stability of the financial system. It can issue risk warnings when necessary, and can make recommendations for remedial action,...
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Supervision over the financial market
Valentová, Irena ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
Resumé Irena Valentová Financial Markets Supervision Fragmented, and therefore insufficient, and ineffective regulation of and supervision over financial markets was blamed to be one of the main sources of the recent economic crisis, that manifested in 2008. The main theme of the present thesis consists of the changes in the institutional framework of financial markets supervision in the European Union introduced as a reaction to the recent economic crisis. The first part of the present thesis composed of chapters two, three, and four, deals with definition of some expressions used in the second part of the thesis, namely: financial markets, regulation and supervision of financial markets. The concept of financial market is explained, its components as well as structure described. Next, several reasons leading to need of effective regulation are brought and discussed and, finally, the concept of supervision as used in the context of financial markets is established. The second part of the thesis composed of chapters five and six, describes the current status of institutional framework of financial markets supervision. First, in chapter five, current situation in the Czech republic is briefly described. Chapter six, in turn, deals with the naissance of European System of Financial Supervision. The...
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Does the Economic Performance since 2000 in the Czech Republic and other European States depends on the System of Financial Supervision?
Tomková, Kateřina ; Zeman, Karel (advisor) ; Krebs, Vojtěch (referee)
The objective of this diploma thesis is to process an analysis of financial supervision in the Czech Republic, Germany, Switzerland, Spain and Italy with special attention to banking industry which is the most influent part of the financial market in all countries. Besides this major analysis, the economic growth analysis for years 2000 to 2014 (2015) is made in every country. The very last step is a comparison of supervision systems and their connection to economic performance of countries. Conclusions bring the answer for my question: whether the economic condition (since 2000 until now) depends on the system of financial supervision in European countries. The theoretical part consists of chapters about the theory of national economy, financial markets, where there are basic theoretical concepts explained, market functions and market division. Last but not least, the theory of financial supervision is analyzed: what is the essence, legal framework, what is the supervision purpose and what are the goals of supervisors. Firstly, there should also be the theory of central banking but it does not make any sense to explain this theory here since central banks are not the main supervisor authorities of financial markets (except the Czech Republic, but also here the policies are separated). The practical part involves six subchapters, everyone is devoted to one state (the Czech Republic, Germany, Switzerland, Spain, Italy), the very last subchapter is about the comparison and analysis of results. In every state the history of financial market is processed together with institutional areas after 2000, legal framework and the analysis of supervision activity with special attention to capital, liquidity and resilience to shocks. European growth is analyzed according to GDP, inflation rate, unemployment, wage growth and GDP per capita in comparison with EU (28) and EA (19). The research brings the results that there is a connection between financial supervision and economic growth.
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Audit and Assessment of IS in banks
Fleischmann, Martin ; Svatá, Vlasta (advisor) ; Sokolovský, Zbyněk (referee) ; Novák, Luděk (referee)
Abstract (english) Objectives The main objective of this work is to design methods and proceadures enhancing effectiveness and efficiency of IT audit in banks with the accent given to their use by the supervisory authorities. Another objective of the work (and an essential starting point at the same time) is a summary and assesment of methods and proceadures developed and implemented into the CNB practice with regard to banking supervision in the area of information systems. Objectives Achievement From the methodological point of view the esential starting point of the work was represented by above mentioned objectives that were used for elaboration of a set of questions. Questions enabled to set up the hypotheses. (Another more particular hypotheses were defined in order to design the particular solutions in chapter 5.) Futhermore, the critical factors (problems) were defined in the process of the questions analyses. Subsequently, the solutions were specified. The solutions confirmed the hypotheses which reflected the achievement of the objectives. Description, categorisation, analyses, screening, modelling, comparative analyses and sample testing were used to achieve the objectives. In particular, the solutions that were elaborated, making use of methods described above, enhance effectiveness and efficiency of IT audit in banks. Moreover, the CNB's proceadures and methods were introduced and assesed within the work. Scientific Contribution The work brings an evidence of correlation between the quality of IT audit in banks and their economical performance. With this regard the work contributes with original conclusions, benchmarks and proceadures that may be used by banks, supervisory authorities and IT auditors. These conclusions are achieved by description, categorisation, analyses, modelling and screening research highlighting the role of the rentability, the productivity, the risks, the inovations and the economical value of information. Furthermore, the IT audit and IT supervision in banks are specified. They are also compared and contrast to the other audit cathegories. The work presents important peaces of evidence regarding the role of IT audit in this context. This is made by description, cathegorisation and analyses. Another contribution represents proceadures and methods developed and implemented (to the large extend by author) in the field od IT banking supervision in the Czech Republic. This delivers valuable outputs for foreign supervision authorities, banks and auditors. The work lead to original solutions of critical factors. These solutions are to use by IT audit and IT supervision (and also in audit work generally). The solutions make use of ceartain atributes of Capability Maturity Model (CMM) and were elaborated in the proces of decsription, cathegorisation, screening research, comparative analyses, hypotheses seting and testing. The solutions enhances acuracy and objectiveness of assesment done by IT auditors. The solutions lead to better comparativeness of audit outputs on both national and international level, give better preconditions for risk assesment and capital adequacy evaluation within BASEL II and enhance the information value of audit ouptuts. The structure (content) of the work reflects the above mentioned articles that give a brief description of the main four parts (chapters) of the work.
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Credit process of a particular credit union
Čučová, Magdaléna ; Radová, Jarmila (advisor) ; Novotný, Milan (referee)
This thesis deals with methodics of credit process of a particular credit union present on the Czech market. Because of confidentiality, the name of the credit union is not mentioned. The thesis is divided into four parts. The first part deals with characteristics of credit unions, their specifications and differences from banks. You can find in this part comparison of development of particular values of the analyzed credit union with the whole sector of Czech credit unions and bank sector as well. The second part is focused on importance of credit process, specifics of the balance of credit institutions, description of risks connected to credit process and principle of state regulation of this process. The third part describes in more details credit process of the analyzed credit union with further focus on acquisition period, credit analysis and decision making process. The last part explains questions of guarantee with all the types of guarantee of the analyzed credit union mentioned. Hence in the whole thesis the theory and practice is mixed together. In the concluding part I evaluate quality of credit process of the analyzed credit union, including the differences from credit process of bank institutions.
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Financial market regulation in the EU and the USA after the financial crisis
Nováková, Jana ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The aim of this thesis is to do an in-depth research into the development of regulation and supervision over the financial and bank markets in the European Union and the USA at the time of the ongoing financial crisis. The first part deals with general theoretical attitudes and targets of regulation and supervision over financial markets. Furthermore, it focuses on the effects of the financial crisis and the problems faced by European as well as American banking institutions and on the rescue measures taken by national governments. The second part presents a comprehensive view on the individual steps and regulating propositions taken by the EU and USA. In the main, it describes the regulation reform and the new architecture of the supervising system over the financial sector. The conclusion of this work is a summary of the acquired knowledge about the regulation reform and the supervision over the financial sector and its objective is to evaluate the impact on the world economy produced by this reform.
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