This dissertation analyses the principles of budgeting in countries of the Visegrad Group (V4), primarily from the perspective of legal theory. In the introduction, the historical and logical methods are used to compare current and historical knowledge. For the sake of better orientation, the dissertation is divided into five parts with chapters and subchapters. The dissertation gives an overview and shows some opinions of international authors of professional publications and articles on both financial law and its system, and also budgetary law and its place within the system of financial law and public finance. In addition, there is also an analysis of arguments relying on distribution of budget principles as applied in the V4 countries. The principles are not avoided in professional publications addressing finance from the economic perspective or the perspective of financial law, these principles have not been sufficiently analyzed in practice, which largely ignores the need to deal with the problems arising from non-compliance with the budgetary rules.

Les dernières décennies ont été témoin d’un accroissement considérable du poids et de l’influence de la finance au sein des sociétés contemporaines, un phénomène que les sciences sociales ont commencé à cerner grâce à la notion de financiarisation. La financiarisation demeure un phénomène peu étudié en droit. Notre thèse contribue à son étude en adoptant une approche socio-juridique : elle part de l’hypothèse qu’une telle transformation des rapports sociaux et économiques a été l’occasion de controverses sur la scène juridique, à partir desquelles on peut mieux comprendre ce que représente la financiarisation en droit. Nous avons choisi d’aborder ces controverses à partir d’une question spécifique, celle de l’innovation financière, en prenant comme cas d’étude un type particulier d’instruments financiers ayant bouleversé le paysage de la finance depuis leur apparition dans les années 1980 : les swaps, ou les instruments dérivés de gré à gré. À partir d’une analyse des documents contractuels produits par l’industrie, de la littérature professionnelle de droit financier et du contentieux relatif aux swaps, notre étude retrace l’histoire juridique de ces instruments financiers. Il ressort de notre étude qu’en se livrant à un travail de mise en forme juridique de l’innovation financière, les juristes ont non seulement favorisé le succès des nouveaux marchés d’instruments financiers, mais qu’ils ont en outre amorcé une profonde transformation de la culture juridique du monde des affaires. La financiarisation coïncide ainsi, en droit, avec un renouvellement des concepts, des valeurs, des pratiques, des instruments et des modes d’argumentation que déploient les juristes des milieux financiers. Nous soutenons que, sous l’influence de ces derniers, c’est en fin de compte le droit lui-même qui s’est financiarisé, d’une façon qui a sensiblement accru l’autonomie juridique de l’industrie financière. / The last few decades have witnessed a considerable increase in the weight and influence of finance in contemporary societies, a phenomenon that social scientists have begun to study with the concept of financialization. Financialization remains rarely studied in law. This dissertation contributes to its study by adopting a socio-legal approach: it assumes that such a transformation of social and economic relations must have given rise to controversies in the legal arena, from which one could better understand what financialization means in law. I have chosen to approach these controversies through a specific question, that of financial innovation. I took as a case study a particular type of financial instruments, which have transformed the financial landscape since their invention in the 1980s: swaps, or over-the-counter (OTC) derivatives. Based on the analysis of contractual documents crafted by the industry, of the professional literature in financial law, and of the case law arising from swap disputes, this study recounts the legal history of these financial instruments. It shows that legal practitioners, through the legal shaping of financial innovation, have not only fostered the success of the new markets for financial instruments, but have also initiated a profound transformation of business’s legal culture. Financialization thus coincides, in law, with a renewal of concepts, values, practices, instruments and modes of argument deployed by financial lawyers. I argue that, under the influence of the latter, it is ultimately the law itself that was financialized, in a way that significantly increased the legal autonomy of the financial industry.

<p>Vissa utländska forskare som kom till Sverige kunde från och med 1984 erbjudas skattelättnader genom en speciell lag om beskattning av utländska forskare. Syftet med lagstiftningen var att locka kompetent personal med spetskunskaper till anställningar i Sverige. Under slutet av 1990-talet uppkom frågan om det behövdes en reformering av lagstiftningen eftersom detta skett i andra nordiska länder. De reformerade expertbeskattningsreglerna infördes 2001. Lagstiftningen erbjuder sedan dess förutom forskare även experter, specialister, personer med företagsledande uppgifter och andra nyckelpersoner en möjlighet att få del av skattelättnader. De som uppfyller lagens krav kan undanta 25 procent av lön, arvode eller liknande ersättning från beskattning. Vidare beskattas ej ersättningar för utgifter som den utländske personen har haft för flyttning till eller från Sverige, två resor per år per familjemedlem mellan hemlandet och Sverige samt avgifter för barns skolgång i grundskola och gymnasieskola eller liknande. I förarbetena ges ingen utförlig beskrivning för exakt vilka personalkategorier eller yrken som ska ha möjligheten att ta del av skattelättnaderna i egenskap av expert. En individuell bedömning får göras i varje enskilt fall, men kompetensnivån hos den sökande ska vara hög och det ska vara svårt att rekrytera någon med liknande kunskaper inom Sverige för att skattelättnaderna ska kunna komma ifråga. Det anges i propositionen att de tilltänkta personerna ska vara verksamma inom tekniskt avancerade och kunskapsintensiva verksamheter där Sverige har ett intresse av att kunna konkurrera om internationellarbetskraft.I praxis har det funnits en tendens att fokus vid bedömningen av vem som kan ses som expert hamnar på just det tekniska området även om andra branscher inte utesluts av ordalydelsen i förarbetena och inte heller i lagtextens utformning. Det är inom det tekniska området som de flesta beviljade expertbeskattningsansökningar har förekommit. Bedömningen av vem som kan omfattas av expertbegreppet har således varit sträng. Det finns dock undantag. Kammarrätten beviljade under 2008 en chefsdirigent skattelättnader eftersom denne kunde anses vara expert i en kunskapsintensiv bransch. Det går således inte att fastslå generellt vem som omfattas av expertbegreppet i lagens mening och inte heller generellt bestämma inom vilka yrken eller personalkategorier experter kan förekomma. Det verkar som att expertbegreppet genom den senaste tidens utveckling i praxis i framtiden kan få en ny vidare innebörd där andra yrkeskategorier än de mer klassiska inom industrin och högteknologiska branscher kan komma att omfattas av expertbegreppet.</p>

The subject matter of the thesis is new as the phenomenon of the Box Corporation has not been the subject of a specialized investigation from the fiscal perspective before. A foreign subsidiary indirectly owned in a third country jurisdiction is in the thesis classified as a Box Corporation. The subject of the thesis is primarily to analyze and establish the following connections: the intended corporate objectives and ends and the modus operandi and the means that often require the Box Corporation as a necessary vehicle to attain those ends. The close connections between corporate law and tax law as intended legal results interdependent on one another. The application of the Box Corporation as an important vehicle for international tax planning by Swedish corporate groups on ever increasing competitive international markets and the special tax problems connected to the Box Corporation as it presents serious challenges to the pursuits for a consistent, neutral and undistorted Swedish corporate tax system. The thesis also investigates legislative and regulatory public reactions to the Box Corporation in the ways of CFC tax provisions, of denying tax treaty privileges by Limitation of Benefits clauses and of increasing domestic requirements on reportable transactions and international exchange of information and co-operation.

This thesis examines whether the fundamental freedoms of the EC Treaty prescribe most-favoured-nation (MFN) treatment. The right to MFN treatment concerns the issue whether taxpayers resident in one Member State can “cherry-pick” the most beneficial tax treaty available to other taxpayers. Two issues of fundamental impor-tance are examined in this thesis. First, whether a resident of a Member State (A) who receives income in another Member State (B), can claim from that state, the most beneficial tax treaty available to a resident of a third Member State (C). Second, whether a resident can claim from his state of residence (A), the same tax treatment as provided in a tax treaty concluded by his state of residence and another Member State (C), when this tax treaty provides better treatment in terms of avoiding double taxa-tion in the state of residence than the tax treaty applicable to the source of income (B). The ECJ has held that discrimination arises only through the application of different rules to comparable situations or the application of the same rule to different situa-tions. The current state of EC law prohibits unequal treatment of residents and non-residents as well as residents who have exercised their rights to free movement in comparison to residents who have not. The condition is that they must be considered to be in comparable situations and that there is no objective difference to justify the difference in treatment. The ECJ has so far not ruled on the MFN issue. It is there-fore uncertain as to whether Member States are obligated to treat; 1) different non-resident taxpayers equally and, 2) whether Member States are prohibited from treat-ing their own residents differently when they exercise their rights to free movement in different Member States. This thesis identifies the requirements for the application of MFN treatment and ex-amines in which tax treaty provisions it is possible to apply MFN treatment. The ECJ, has in its case law, concluded that the application of tax treaties must be exer-cised in accordance EC law. It can be argued that a well-functioning internal market cannot allow bilateral tax treaties to provide preferential tax treatment to residents of one Member State, while denying it to residents of the remaining Member States. However, the application of MFN treatment could have far-reaching ramifications on the Member States’ existing tax treaty network. It is therefore fair to assume, as has been stated in other doctrinal opinions, that the ECJ will approach this issue care-fully when providing its interpretation on the matter.

Sammanfattning För att underlätta gränsöverskridande transaktioner ingår stater idag internationella överenskommelser av olika slag. Traktat som de även kallas utgör en del av folkrätten och är reglerade i Wienkonventionen om traktaträtten från 1969. En av de vanligaste formerna av traktat är idag dubbelbeskattningsavtal vilka huvudsakligen syftar till att fördela beskattningsrätt mellan stater för att undvika en dubbelbeskattningssituation. Sveriges dubbelbeskattningsavtal inkorporeras i intern rätt vilket ger uttryck för det dualistiska synsättet.  Inom folkrätten är principen att avtal ska hållas en viktig grundsats som kommer till uttryck i artikel 26 Wienkonventionen. Wienkonventionens artikel 27 stadgar vidare att en part inte kan åberopa sin interna rätt som grund för sin underlåtenhet att fullgöra ett avtal. Likväl väljer vissa stater att ge den interna rätten företräde vid en kollision och detta ses således som ett avtalsbrott, en tax treaty override enligt folkrätten. Att en nationell domstol åsidosätter bestämmelser i ett dubbelbeskattningsavtal har en negativ effekt på det inhemska såväl som det internationella skattesystemet, vilket oundvikligen leder till en osäkerhet för skattskyldiga. HFD meddelade 2008 en dom som utgjorde en treaty override. Domen ledde till många debatter och allt tyder på att det var ett misstag från HFD:s sida. Då HFD endast två år senare meddelade en dom med motsatt utfall uppkommer fråga hur förhållandet mellan dubbelbeskattningsavtal och svensk rätt egentligen ser ut idag samt vilka konsekvenser HFD:s motsägelsefulla domar kan leda till. Risk för att andra nationer kommer avstå från att ingå dubbelbeskattningsavtal med Sverige uppkommer då det föreligger en osäkerhet om Sverige har för avsikt att följa ingångna avtal då stater ingår bilaterala avtal baserat på en tilltro till motpartens ambitioner och vilja att leva upp till sina åtaganden.

<p>This thesis examines whether the fundamental freedoms of the EC Treaty prescribe most-favoured-nation (MFN) treatment. The right to MFN treatment concerns the issue whether taxpayers resident in one Member State can “cherry-pick” the most beneficial tax treaty available to other taxpayers. Two issues of fundamental impor-tance are examined in this thesis. First, whether a resident of a Member State (A) who receives income in another Member State (B), can claim from that state, the most beneficial tax treaty available to a resident of a third Member State (C). Second, whether a resident can claim from his state of residence (A), the same tax treatment as provided in a tax treaty concluded by his state of residence and another Member State (C), when this tax treaty provides better treatment in terms of avoiding double taxa-tion in the state of residence than the tax treaty applicable to the source of income (B).</p><p>The ECJ has held that discrimination arises only through the application of different rules to comparable situations or the application of the same rule to different situa-tions. The current state of EC law prohibits unequal treatment of residents and non-residents as well as residents who have exercised their rights to free movement in comparison to residents who have not. The condition is that they must be considered to be in comparable situations and that there is no objective difference to justify the difference in treatment. The ECJ has so far not ruled on the MFN issue. It is there-fore uncertain as to whether Member States are obligated to treat; 1) different non-resident taxpayers equally and, 2) whether Member States are prohibited from treat-ing their own residents differently when they exercise their rights to free movement in different Member States.</p><p>This thesis identifies the requirements for the application of MFN treatment and ex-amines in which tax treaty provisions it is possible to apply MFN treatment. The ECJ, has in its case law, concluded that the application of tax treaties must be exer-cised in accordance EC law. It can be argued that a well-functioning internal market cannot allow bilateral tax treaties to provide preferential tax treatment to residents of one Member State, while denying it to residents of the remaining Member States. However, the application of MFN treatment could have far-reaching ramifications on the Member States’ existing tax treaty network. It is therefore fair to assume, as has been stated in other doctrinal opinions, that the ECJ will approach this issue care-fully when providing its interpretation on the matter.</p>

Since the 1980s, regulators in the U.S. and the U.K. have protected the collateral taker's right to re-use securities collateral in securities financing and OTC derivatives markets on the understanding that it would promote liquidity and credit growth, and reduce systemic risk. However, this rationale was incomplete: it failed to acknowledge the full implications of collateral re-use for systemic risk. In this dissertation, I aim to complete that understanding by illustrating how the re-use of securities collateral in those markets can aggravate systemic risk. In particular, I describe two effects. First, re-using securities collateral multiplies the number of market participants that will be exposed to changes in the price of the collateral asset and can thus amplify the role of asset prices as channels of contagion. Second, by conferring a right to re-use, the collateral provider will effectively waive its proprietary interests in the collateral assets and retain a mere contractual claim against the collateral taker for the return of equivalent securities. This transformation will accentuate the incentive of the collateral provider to run from an over-collateralised collateral taker if the latter were to experience financial difficulty. Information asymmetries and a lack of coordination among collateral providers could push the collateral taker over the brink of insolvency. These risks pose an obvious question for regulators: what should we do about collateral re-use? At a time when international bodies are drawing their attention to this widespread market practice, the question is an invitation to a very timely reflection. The final chapter of the dissertation offers an answer to this question and assesses the potential efficacy of the most recent regulatory initiatives in relation to collateral re-use.

L’essor de la finance islamique moderne va poser logiquement la question de la résolution des litiges. En effet, le recours à la justice étatique aboutit à des impacts négatifs sur la réalisation des objectifs de la finance islamique et sur le développement de ce secteur d’activité. Dans cette optique, l’application de la législation nationale par le juge étatique aboutit à la requalification des contrats de financement islamique en des contrats de financement conventionnel. En outre, ce recours au juge étatique conduit à la neutralisation de la Charia en tant que droit applicable. Tout cela conduit à la dénaturation de la finance islamique. Cette dénaturation est une source de contradictions. On sait bien que les institutions financières islamiques reposent sur une obligation fondamentale, selon laquelle toutes les opérations financières effectuées doivent être conformes à la Charia. De plus, les personnes ayant recours à la finance islamique visent principalement à exercer des activités financières en toute conformité avec leurs principes religieux et éthiques issus de la législation islamique. L’étude a également montré que les modes amiables de règlement des litiges contribuent à prendre en considération la particularité de la finance islamique. Cependant, cette prise en compte reste insuffisante. En effet, ces modes ne présentent pas un mécanisme complet, homogène et cohérent de règlement des litiges relatifs à la finance islamique. Leur contribution à la construction d’un système juridique propre à la finance islamique est très limitée. De ce fait, ils ne peuvent pas participer efficacement à la promotion de l’industrie financière islamique. De plus, ils souffrent d’un défaut majeur au niveau de la force de la solution proposée : l’efficacité de cette solution dépend en principe de la bonne volonté des parties. Face à ce dysfonctionnement de la justice étatique et des modes amiables, la solution a été recherchée du côté de l'arbitrage. En effet, l’arbitrage connaît une expansion spectaculaire dans le monde actuel au point de devenir le mode normal de règlement des litiges. Cet essor exceptionnel de l’arbitrage se constate notamment dans la vie économique et financière. A l’heure actuelle, cette vie est devenue inconcevable sans l’arbitrage. En matière de finance islamique, l’arbitrage en tant que mécanisme reposant sur la liberté et la volonté apparaît comme la meilleure voie permettant la prise en considération de la spécificité de cette activité, l’application de la Charia dans le domaine de la résolution des litiges. C’est pourquoi, ce mode alternatif de règlement des litiges s’adapte parfaitement aux exigences des litiges relatifs à la finance islamique et pourrait contribuer à la promotion de ce secteur d’activité. Grâce aux avantages qu’il offre aux opérateurs de la finance islamique, l’arbitrage s’affirme comme la justice naturelle des litiges relatifs à la finance islamique. Pour renforcer le rôle de l’arbitrage dans le domaine de la finance islamique, un projet de réforme a été présenté. Ce projet vise à moderniser l’arbitrage dans toutes ses étapes. Dans cette optique, l’accent a été mis sur la convention d’arbitrage, le statut de l’arbitre, le droit applicable et la sentence arbitrale. Tout cela a été achevé par l’élaboration d’un projet de charte éthique de l’arbitrage en matière de finance islamique. Une fois modernisé et renouvelé, l’arbitrage peut devenir un pilier essentiel de l’industrie financière islamique, en participant efficacement à la promotion de cette activité. Avec une justice équitable, pratique, efficace, conforme à la Charia et adaptée, la finance islamique se trouve renforcée et consolidée / AbstractThe rise of modern Islamic finance will logically raise the issue of dispute resolution. Indeed, recourse to state justice leads to negative impacts on the achievement of the objectives of Islamic finance and on the development of this sector of activity. In this context, the application of national legislation by the state judge results in the reclassification of Islamic financing contracts into conventional financing contracts. In addition, this recourse to the State Judge leads to the neutralization of Shariah as an applicable law. All this leads to the denaturation of Islamic finance. This denaturing is a source of contradictions. It is well known that Islamic financial institutions are based on a fundamental obligation that all financial transactions must conform to Sharia law. In addition, people who use Islamic finance primarily aim to conduct financial activities in accordance with their religious and ethical principles derived from Islamic legislation. The study also showed that amicable dispute resolution modes help to take into account the peculiarity of Islamic finance. However, this consideration remains insufficient. Indeed, these modes do not present a complete, homogeneous and coherent mechanism for resolving disputes relating to Islamic finance. Their contribution to the construction of a legal system specific to Islamic finance is very limited. As a result, they can not participate effectively in promoting the Islamic financial industry. In addition, they suffer from a major flaw in the strength of the proposed solution: the effectiveness of this solution depends in principle on the good will of the parties. Faced with this dysfunction of state justice and amicable modes, the solution was sought on the side of arbitration. Indeed, arbitration is expanding dramatically in today's world to the point of becoming the normal mode of dispute resolution. This exceptional growth of arbitration can be seen in particular in economic and financial life. At present, this life has become inconceivable without arbitration. In the area of Islamic finance, arbitration as a mechanism based on freedom and will appears as the best way to take into account the specificity of this activity, the application of Shari'a in the field of the resolution of litigation. For this reason, this alternative dispute resolution method is perfectly suited to the demands of Islamic finance litigation and could contribute to the promotion of this sector of activity. Thanks to the advantages it offers to operators of Islamic finance, arbitration is asserting itself as the natural justice of disputes relating to Islamic finance. To strengthen the role of arbitration in the field of Islamic finance, a reform project was presented. This project aims to modernize arbitration in all its stages. From this perspective, the focus was on the arbitration agreement, the status of the arbitrator, the applicable law and the arbitration award. All this has been completed by the elaboration of a draft ethical charter of arbitration on Islamic finance. Once modernized and renewed, arbitration can become an essential pillar of the Islamic financial industry, effectively participating in the promotion of this activity. With fair, practical, effective, Sharia-compliant and responsive justice, Islamic finance is strengthened and consolidated

This paper tries to analyze the legal phenomenon of the public expenditure in Brazil, especially of the Budget, the juridic means by wich the State politics are formulated, and avaluate its importance to effectivate the constitutional rights, observing the direct relation between the appearance of generations of fundamental rights and the financial activity developed by the State. Tries to understand, on the basis of a proper and defined system of reference, the logical structure of the public expenditure and how the rule that disposes about it acts in the Brazilian positive law. It verifies the positivation process of the public expense, analyzing its structure and function, therefore, since the Federal Constitution until its effective payment. The analysis of the role of each of the three Powers evidences an hipertrofy of the Executive, that formulates and executes public politics many times in contradiction with the Legislative; the importance of the Legislative Power in the control and execution of the positivated by law, and the function of the Judiciary of controlling inspector of the Budget and the execution of the expenditures of the other public organs, establishing standards for the judge to take decisions about problems that involve public expenses and the efectivation of the State politics. / A presente dissertação busca analisar o fenômeno jurídico da despesa pública, especialmente do Orçamento, meio jurídico pelo qual as políticas do Estado são formuladas no Brasil, e avaliar a sua importância na efetivação dos direitos constitucionalmente estabelecidos, observando a relação existente entre o surgimento das gerações de direitos fundamentais e a atividade financeira desenvolvida pelo Estado. Busca entender, com base num sistema de referência próprio e definido, a estrutura lógica da despesa pública e como a norma que a dispõe atua no direito positivo brasileiro. Verifica o processo de positivação que leva a essa despesa pública, analisando sua estrutura e função, portanto, desde a Constituição Federal até o efetivo pagamento. Da análise do papel de cada um dos três Poderes constata-se uma hipertrofia do Executivo, que formula e executa políticas públicas muitas vezes em contradição com o Legislativo; a importância do Legislativo no controle e execução do positivado por lei e a função do Judiciário de fiscal controlador do Orçamento e da execução das despesas dos demais órgãos do poder público, estabelecendo ainda critérios para que o juiz tome decisões diante de problemas que envolvam despesas públicas e efetivação de políticas do Estado.