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Financial services provided by FinTech companies
Lupač, Tomáš ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Financial services provided by FinTech companies Abstract The diploma thesis focusing on Financial Services provided by FinTech companies aims to provide a comprehensive legal overview of modern issues in the financial market. The financial market has undergone a significant shift in the last decade, especially thanks to new innovative solutions, that are made possible by the rapid technological development of the 20th and 21st century. FinTech companies are often startups which, unlike the traditional financial institutions, have not been and today are still not bound by the pitfalls and strict conditions of the regulatory environment, when creating their business model and their products. FinTech companies little by little began to benefit from these regulatory gaps and gradually brought new types of financial services to financial market customers, which in certain situations may pose a very dangerous risk to the financial market and its stability. The diploma thesis is divided into three chapters and tries to give a comprehensive description of how technologies have influenced the world of finance throughout history, what legislation currently affects FinTech and what approach is taken by individual states and the European Union. The first chapter focuses primarily on the complete foundations of...
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The financial and legal aspects of alternative payment systems from the anti-money laundering prespective
Paseka, Antonín ; Boháč, Radim (referee)
The financial and legal aspects of alternative payment systems from the anti-money laundering prespective Abstract The aim of this thesis is to provide a general overview of the current state of alternative payment systems with regard to their inclusion in the financial market, their properties and potentials for wider use, and to evaluate their possibilities to more effectively combat money laundering, terrorist financing and the proliferation of weapons of mass destruction. In the first chapter, the thesis explains the broader context with regard to financial systems, especially within the money market systems focusing on retail, while providing a deeper explanation of the context of European law and Czech law. The second chapter is focused on closer analysis of alternative payment systems with regard to their use. Alternative payment systems are divided into two basic categories for centralized alternative payment systems and decentralized alternative payment systems. The category of centralized alternative payment systems corresponds to the current conventional financial market, taking into account the innovations that have emerged in recent years. Decentralized alternative payment systems are based on the DLT Blockchain technology and the Islamic Hawala payment system is analyzed as a purely informal,...
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The financial and legal aspects of alternative payment systems from the anti-money laundering prespective
Paseka, Antonín ; Boháč, Radim (referee)
The financial and legal aspects of alternative payment systems from the anti-money laundering prespective Abstract The aim of this thesis is to provide a general overview of the current state of alternative payment systems with regard to their inclusion in the financial market, their properties and potentials for wider use, and to evaluate their possibilities to more effectively combat money laundering, terrorist financing and the proliferation of weapons of mass destruction. In the first chapter, the thesis explains the broader context with regard to financial systems, especially within the money market systems focusing on retail, while providing a deeper explanation of the context of European law and Czech law. The second chapter is focused on closer analysis of alternative payment systems with regard to their use. Alternative payment systems are divided into two basic categories for centralized alternative payment systems and decentralized alternative payment systems. The category of centralized alternative payment systems corresponds to the current conventional financial market, taking into account the innovations that have emerged in recent years. Decentralized alternative payment systems are based on the DLT Blockchain technology and the Islamic Hawala payment system is analyzed as a purely informal,...
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Ensuring security of online payment services
Havlíková, Nikola ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Ensuring security of online payment services Abstract The thesis is devoted to the topic of ensuring security of online payment services, especially in the context of identification and authentication of the client in the Internet when performing acts related to the provision of payment services. The issue of the customer identity is described especially in the context of know your customer principle governed by legal regulation in the area of combating money laundering and financing of terrorism, and in the context of the obligation to carry out a strong customer authentication (SCA) brought by the PSD2 directive and related RTS. The aim of the thesis is to describe and critically evaluate the legislation in the area of ensuring security of online payment services, meaning the binding legislation, soft law and rules created by entities operating on the payment services market. In this context, the thesis also deals with the question of proportionality of legislation in connection to the positive user experience and the possibility of implementing innovative FinTech solutions. The thesis is divided into four chapters, supplemented by introduction to the respective subject matter and conclusion summarizing the observations made in the thesis. The first chapter is devoted to the general definition of the...
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The Financial and Legal Aspects of Alternative Payment Systems from the Anti-Money Laundering Perspective
Paseka, Antonín ; Vybíral, Roman (advisor) ; Karfíková, Marie (referee)
Financial Aspects of Alternative Payment Systems from the Point of View of Money Laundering Abstract The aim of this thesis is to provide a general overview of the current state of alternative payment systems with regard to their inclusion in the financial market, their properties and potentials for wider use, and to evaluate their possibilities to more effectively combat money laundering, terrorist financing and the proliferation of weapons of mass destruction. In the first chapter, the thesis explains the broader context with regard to financial systems, especially within the money market systems focusing on retail, while providing a deeper explanation of the context of European law and Czech law. The second chapter is focused on closer analysis of alternative payment systems with regard to their use. Alternative payment systems are divided into two basic categories for centralized alternative payment systems and decentralized alternative payment systems. The category of centralized alternative payment systems corresponds to the current conventional financial market, taking into account the innovations that have emerged in recent years. Decentralized alternative payment systems are based on the DLT Blockchain technology and the Islamic Hawala payment system is analyzed as a purely informal, decentralized...
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PSD2: The Implications for Banking and the Fintech Industry
Dolenský, Ondřej ; Kunertová, Tereza (advisor) ; Svobodová, Magdaléna (referee)
(EN) The main aim of this diploma thesis is to critically assess the implications of the revised Directive on Payment Services (PSD2) for Banking and the Fintech Industry. In order to do so, the thesis firstly focuses on the current banking system together with the recent problems associated with the Global financial crisis of 2007-2008, which have given rise to substantial changes of the regulation of banking system at the EU level. Subsequently, the thesis compares the banking system with the rising financial technology (Fintech) industry and provides an overview of this industry together with regulation thereof. The provided overview of Banking and the Fintech Industry is followed by the analysis of the original Directive on Payment Services (PSD) and the PSD2, which also includes relevant case-law of the CJEU. Finally, the last part of the thesis assesses the possible implications of the PSD2, while it takes into account other relevant factors that may affect the potential development of the Fintech Industry. From the respective analysis it becomes apparent that the regulation of the banking system at the EU level has been strengthened in response to the Global financial crisis given that the insufficient regulation of banking was one of the main causes of the Global financial crisis....
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Payment System and Role of the Financial Arbitrator
Kovář, Michal ; Vondráčková, Pavlína (advisor) ; Vybíral, Roman (referee)
61 Abstract The Financial Arbitrator was established on the basis of European legislation to handle consumer's disputes on the financial market fast, efficiently and free. This thesis mainly focuses on its role in payment system sector with regards to new Act on payments and was divided into three main chapters. The chapter one aims at the development of legal regulations in last fifteen years in the Czech republic and explores grounds of separation from the Czech National Bank to establish the independent institution. Handling disputes may even result into achieving an amicable settlement, albeit its natural character does not meet the requirements of Administrative Code resulting as more informal resolution. The range of clients solely entitled to submit a claim was in recent years strictly restricted to consumers although competencies of Financial Arbitrator were extended. The author also analyses rules of the proceedings and educational activities of the Financial Arbitrator to lift financial awareness of consumers. The chapter two describes individual financial services and persons authorized to provide payment services in order to specify competencies of Financial Arbitrator since the law authorizes the Financial Arbitrator to decide disputes between the consumer and payments service provider arisen...
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Blockchain at the European Level
Drašković, Teodora ; Kunertová, Tereza (advisor) ; Vondráčková, Aneta (referee)
Blockchain at the European Level Abstract The objective of this master thesis is to provide a basic overview of the blockchain technology, its features and its potential utilization, including an overview of European legal regulations that might be applicable to the technology, under certain conditions. In the first chapter, the master's thesis sets forth the legal framework of the EU primary law that establishes or can establish the EU's competence to act in the matters of blockchain technology, depending on its legal qualification (especially in the context of the internal market - namely the free movement of services and capital). The second and third chapters provide essential description of features of blockchain and cryptocurrency and related services. A more detailed description is provided in Annexes I-IV of this thesis. Further, the legal status and applicable regulation of cryptocurrencies are assessed at the European and national levels and in terms of other global jurisdictions. The assessment also includes the recent CJEU's judgment in the case Hedqvist, according to which bidirectional exchange services (purchase of cryptocurrency for fiat currency and vice versa) are to be exempted from VAT obligation under the VAT directive. In line with the CJEU's reasoning and the Advocate General's...
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The Law and Regulation of Payment Services
Šťastný, Jakub ; Kotáb, Petr (advisor) ; Boháč, Radim (referee)
The Law and Regulation of Payment Services Abstract The thesis deals with the subject of payment services, especially in the context of the Payment Services Directive 2, which recently came into force. The aim of the thesis is to evaluate which activities on the financial market are subject to regulation of payment services, to identify the persons authorised to provide payment services and to analyse certain rights and obligations arising between payment service users and payment service providers. The author also tries to analyse the changes brought by the Payment Services Directive 2 into the Czech law and considers the possible impact of such legislation on the payment services market and on the persons operating on it. The thesis is divided into five chapters, the first chapter deals with individual payment services; the second chapter defines activities that are out of the scope of payment services. The next chapter contains an overview of both Czech and EU law applicable to payment services, payment service providers and their activities. The fourth chapter is dedicated to the persons authorized to provide payment services and the fifth chapter describes the legal relationships arising when providing payment services, focusing mainly on the payment service contract, information duty of payment...
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Legal regulation of payment transactions
Martiník, Pavel ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Topic: Legal Regulation of Payment Transactions Author: Bc. Pavel Martiník Supervisor: JUDr. Petr Kotáb, Ph.D. Regulation of payment services plays a key role in this era driven by escalating digitalization. The aim of this Thesis is to depict current challenges that this area of financial law faces and to propose a basis for regulation that can be implemented in the Czech Republic. The main topic of this Thesis is virtual currencies, more specifically Bitcoins and their status within the system of payment services regulations. After a short introduction, the first chapter of this Thesis describes theoretical background of payment services regulation, especially general and specific aims of legislation in this area of financial law, by addressing it in full context of private and public law. Besides that, it also briefly illustrates the history of payment services and money. The next chapter deals with current regulation that has been adopted in the Czech Republic. Besides virtual currencies, electronic money is discussed in full detail due to its similar features with virtual currencies. Furthermore, foreign regulation of payment systems is briefly described in order to provide a comparison with the Czech Republic. Therefore, both Czech and foreign regulations dealing with virtual currencies that...
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