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Property structure of SICAV from the perspective of corporate law
Bezděková, Anna ; Čech, Petr (advisor) ; Eichlerová, Kateřina (referee)
- 1 - Property structure of SICAV from the perspective of corporate law Abstract This thesis focuses on selected property aspects of a joint stock company with variable capital (SICAV), which are analysed from the perspective of corporate law. Specifically, the thesis deals with the institutes of the assets and liabilities (jmění) and capital of a SICAV. A SICAV is a special type (subtype) of joint stock company which can only act as an investment fund. Its regulation can therefore be found in the Investment Companies and Investment Funds Act (zákon o investičních společnostech a investičních fondech). It does not, however, lose the characteristics of a "regular" joint stock company; therefore, the Business Corporations Act (zákon o obchodních korporacích) and, where applicable, the Civil Code (občanský zákoník) apply in cases where Investment Companies and Investment Funds Act does not provide otherwise. This two-tiered subsidiarity of the SICAV legal regime gives rise to some interpretative ambiguities, which are discussed in the thesis. The thesis also provides a general interpretation of the concept of assets and liabilities and capital. First, the thesis discusses the institution of the SICAV's assets and liabilities. This can be broken down into two subsets, namely investment and non-investment...
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Qualitative and quantitative aspects of implementaion of SICAV in the Czech legislation
Brodani, Jana ; Vybíral, Roman (referee)
The thesis represents the first comprehensive assessment of the implementation of the SICAV structure into the Czech law. The aim of the thesis is to assess whether the SICAV structure represents a contribution to the Czech fund sector, and to evaluate in which aspects the SICAV legislation was successful and in which not. SICAV structure is analyzed from three perspectives: 1) whether it fulfilled the expectations of market participants on new fund structure, 2) whether the Czech SICAV legislation can withstand competition from similar foreign structures from countries with developed fund sector such as Luxembourg, Ireland and Malta, and 3) quantitative analysis of the impacts of the SICAV on the investment funds sector in the Czech Republic. Based on the analysis, proposals are made to improve the unsuccessful legislative aspects so that SICAV meets market requirements and fulfills effectively its functions. Comparison with the foreign regulations of the SICAV represents inspiration for Czech. Suggestions on the further regulation are a practical contribution of this thesis, which can also serve as a starting point for further research on assessment of the impact of regulation on capital market development. Key words: SICAV, investment fund, fund of qualified investors, fund sector, capital...
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Investment fund as an investment company with variable capital
Kaleta, Jakub ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Investment fund as an investment company with variable capital Abstract The diploma thesis deals with an investment company with variable capital ("SICAV"), with its status and specialities. SICAV which is basically a special kind of a public limited company differs from a regular public limited company in many ways which puts high demands on the legislator who has to be precious while accepting new legislation, especially the tax legislation, not to make gaps and contradictions at the law. In the introductory part, the thesis describes a significant specialities of SICAV, then it tries to find a problematic provisions of the law with respect to SICAV. Then the thesis aims to resolving of such problematic provisions, which is made especially by a method of analysis, and others methods commonly used to interpretation of legal texts. The first part of the thesis aims to definition of SICAV as an investment fund. The difference between funds of collective investment and funds of qualified (professional) investors, which are two main categories of investment funds in the Czech law, are highlighted here. Some of characters are analysed in more detail here as well. Especially the principle of publicity needs to be adjudicated in relation to every single sub-fund of SICAV independently. When it comes to analysis...
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The joint stock company with variable capital
Janoušek, Tomáš ; Seknička, Pavel (advisor) ; Hraba, Zdeněk (referee)
Investment Company with Variable Capital (SICAV) The thesis elaborates on the Czech regulation of the investment company with variable capital ("SICAV"). It is divided into six chapters. In chapter one, the theory of collective investments and its practice in the Czech Republic is described, along with data of the use of SICAVs. Next, the legislation concerning SICAVs, and reasons for its introduction, are summarised. Chapter three includes the definition of Czech SICAV and its features as an investment fund and join-stock company. In chapter four, the variability of its capital is discussed in broader context of the Czech law system, which is based on a different conceptual approach, and also the capital requirements of SICAVs are mentioned. Chapter five concerns with the obligatory division of assets of Czech SICAVs, leading to the last chapter describing the founders' and investment shares, and rights of shareholders tied to them. The primary aim of the thesis, in context of an absence of any thorough publications on Czech SICAVs, is to provide a comprehensive description of the distinctive character of Czech SICAVs, and on this basis to point out the parts of legislation that are not set appropriately. In these cases, a specific interpretation of problematic parts of regulation is suggested, and in case...
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