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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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Investment services and their regulation
Losenický, Jan ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
Investment services and their regulation Abstract The main objective of this thesis is to provide a description of investment services and legal regulation of their provision. This description is not limited only to a legal point of view but is provided also from an economic point of view since the latter approach has never been provided in Czech legal papers although it may be useful to handle with issues regarding both the interpretation and application of legal rules governing the provision of investment services. The first part of this thesis aims at defining some relating economic or financial terms like financial system, financial markets and explaining the concept of perfect and imperfect markets. It also emphasizes the influence of human heuristics and biases on investment decision making. In the second part, I described investment services in general including the economic reason of their existence and the reason of their provision. Then I followed with the review of legal system governing those services. The third part is dedicated to the main characteristics of some typical providers of investment services and their main differences vis-a-vis each other. Following part deals with rules of conduct especially with inducements and duty to assess the suitability or appropriateness of investment...
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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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Protection of Investor on Capital Market
Jůvová, Veronika ; Karfíková, Marie (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
Protection of Investor on Capital Market Investor protection on the capital market is a highly topical subject. The main aim of this dissertation was to confirm or refute the hypotheses presented in the introduction, and in particular to ascertain whether there is sufficient investor protection on the capital market. Besides its introduction and conclusion, the dissertation has five parts which, in turn, are broken down into separate chapters. At the time the dissertation was being drawn up, there were a number of investment opportunities on the capital market that posed higher or lower risks. As it is difficult for ordinary investors to identify the degree of risk associated with a particular type of investment opportunity, the dissertation aims to describe the level of investor protection linked to the most common types of investment opportunities. Investment funds are unquestionably the most commonly used investment vehicle. Consequently, these investment instruments are covered in most detail. The dissertation explains the level of investor protection according to the type of investment fund. In particular, this chapter describes investment via mutual funds, as this is the most widespread type of fund in the Czech Republic and across the world. Since a mutual fund is an entity with no legal...
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CNB's supervision over the provision of investment services
Váchová, Barbora ; Bakeš, Milan (advisor) ; Kotáb, Petr (referee)
CNB's supervision over the provision of investment services This paper describes the Czech National Bank supervision over the provision of investment services. The starting point is the current dynamic development of the capital markets within last few years, which is characterized by interlinking markets, newly traded investment instruments and cross-border transfers of capital and risk between countries and financial sectors. The work analyzes the most important categories of investment services providers (investment firms) and finds solutions to achieve the optimal Czech National Bank supervision, where Czech law is inadequate or incomplete. There are two evaluation criteria chosen, the single capital market entities providing investment services and particular investment services provided by the investment services providers. Performing the analysis the work concludes that investment services providers intermediate the trading for customers in an adequate way and clearly contribute to the development of the financial market in the country. In the future, we can expect a higher intensity of supervision by the Czech National Bank to ensure the investment services providers' compliance with all applicable rules.
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Czech and European legislation of the securities brokers guarantee fund
Hoštičková, Ivana ; Štenglová, Ivanka (advisor) ; Čech, Petr (referee)
75 Abstract: The investor compensation scheme is one of the indispensable elements contributing to the stability of capital markets. Protection of retail investors by providing the minimal guarantee in case of investment firm's inability to return securities or money to investors became an essencial instrument in order to restart the economy, particularly in times of economic recession. Given the transboundary nature of investments a single European legislation is not only appropriate, but also practically necessary measure to restore investors' confidence in investment firms and to increase the competitiveness of markets in financial services within the European continent. The investor compensation scheme is still not receiving full attention of Czech legal theory, therefore it is one of the ambitions of this thesis to provide its comprehensive analysis. The aim of my thesis is also to compare whether the Czech legislation of Securities Brokers Guarantee Fund complies with the requirements of European legislation and to analyse proposal for a directive of the European Parliament and of the Council amending Directive 97/9/ES on investor-compensation schemes and its effect on Securities Brokers Guarantee Fund. This thesis is composed of five chapters. Chapter One deals with the genesis of the investor...
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The conflict of interest of the providers of investment services and the modes of its resolution
Juřica, Adam ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The aim of this thesis is to analyze conflict of interest which is connected to investment services as well as its current and upcoming regulation. The reason for that is quite obvious - there simply is a lot of going on within financial market and its regulation right now. This particular issue might seem to be theoretical and technical, though the consequences are crucial for practice in today's sophisticated, global and complex financial market that is under pressure from the public and politicians. The thesis is composed of six chapters, each of them dealing with different sorts of regulation of conflict of interest, except for Chapter One that is introductory, defines basic terminology used in the thesis and its purpose as well as points out basic questions that are answered in conclusion. First question is whether or not regulate conflict of interest. If so, what is the direction that should be followed by legislators - prevention, management of conflict of interest etc.? And is current regulation of conflict of interest sufficient and effective? And in that regard is it correct to differentiate more between retail and professional investors? I present answers based on my deep and precise research. Chapter Two describes conflicts of interest in general and then particularly in the area of...
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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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Regulation of the Investor Compensation Scheme in the Legal System of the Czech Republic
Němec, Libor ; Štenglová, Ivanka (advisor) ; Dědič, Jan (referee) ; Patěk, Daniel (referee)
Law Faculty Charles University in Prague DEPARTMENT OF COMMERCIAL LAW Regulation of the Investor Compensation Scheme in the Legal System of the Czech Republic Abstract of the dissertation Dissertation Supervisor: doc. JUDr. Ivana Štenglová Author: JUDr. Libor Němec April 2012 This dissertation deals with the Czech legal regulation of the investor compensation schemes. The investor compensation schemes are special compensation mechanisms financed by investment firms (securities broker dealers) whose main purpose is a protection of retail investors, customers of securities brokers dealers, against a default of securities broker dealers (investment firms) resulting in their inability to meet their obligations against their clients and to return to the clients their assets which were entrusted to these firms in connection with investment business. In the case of such failure the compensation schemes will compensate the loss to the clients (in a specified amount and under given conditions). The investor compensation schemes therefore substantially strengthen the confidence of investors in the capital market which is absolutely necessary not only for their smooth operation but also for the smooth operation of the whole economy. Regarding the importance of investor compensation schemes for preservation of the...
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The legal framework of investment services provision
Hobza, Martin ; Bakeš, Milan (advisor) ; Tomášek, Michal (referee) ; Radvan, Michal (referee)
The legal framework of investment services provision This thesis deals with the issue of legal framework of investment services provision. The aim of the thesis is to theoretically define and analyse the issue of selected investment services and rules governing their provision. The first two chapters of the thesis are devoted to general theoretical issues related to the topic, among others to the reasons of regulation of investment services provision and impact of the EU law on the present topic. The third chapter deals with the characteristics and structuring of investment services. The chapter four characterises the investment services and activities and analyses the investment service reception and transmission of orders in relation to financial instruments. The chapter five is devoted to investment advice. The chapter six analyses the legal instruments of protection of the client as an investment services addressee. Finally, the draft of measures designed to increase the level of client protection is proposed. Within the whole thesis, the author presents his interpretation of the disputable questions of the present topic.
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