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...

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...

Wohlverhaltenspflichten im Rahmen des Vertriebs von Kapitalanlage- und Versicherungsprodukten dienen dem System- und dem Kundenschutz und sind aus ökonomischer Sicht erforderlich, um den zwischen Finanzdienstleistern und Kunden bestehenden strukturellen Informationsasymmetrien zu begegnen. Da das Finanzdienstleistungsgeschäft von einer zunehmenden Finanzkonglomeration und dem Verschwimmen der althergebrachten Sektorengrenzen geprägt ist, ist eine sektorenübergreifende Regelung der Wohlverhaltenspflichten de lege ferenda zu begrüßen. Dies ist insbesondere auch wettbewerbspolitisch geboten, um die mehr und mehr mit ähnlichen Produkten um die gleichen Kundengruppen werbenden Finanzdienstleister der Versicherungs- und Wertpapierbranche vergleichbaren Vorschriften im Hinblick auf den Umgang mit dem Kunden zu unterwerfen. Der Katalog vertriebsbezogener Wohlverhaltenspflichten ist sowohl den unterschiedlichen Schutzbedürfnissen der Finanzdienstleistungsempfänger als auch dem Grad der Abhängigkeit des Vermittlers vom „Hersteller“ des Finanzprodukts anzupassen. Eine Auftrennung von Finanzdienstleistungen in einen von unterschiedlichen Dienstleistern geleisteten Vermittlungs- und Beratungsteil ist ökonomisch sinnvoll, dürfte aber praktisch aufgrund der Marktgegebenheiten selbst durch massive regulatorische Eingriffe kaum realisierbar sein. Im Hinblick auf die Vollendung des europäischen Binnenmarktes für Finanzdienstleistungen ist eine Vollharmonisierung gemeinsamer vertriebsbezogener Wohlverhaltensregeln für den Kapitalanlage- und den Versicherungssektor erforderlich. Europaweite Wohlverhaltenspflichten lassen im Zusammenhang mit der Entwicklung der einst getrennten Bank-, Wertpapier- und Versicherungsdienstleistungsunternehmen zu Allfinanzkonzernen eine einheitliche europäische Finanzmarktaufsicht näher rücken. / Conduct of Business rules governing the provision of investment and insurance services and products protect both the system and the customers of such services. They are essential from an economic point of view in order to counter the structural information asymmetries between financial services providers and their customers. Since the provision of financial services is marked by a growing conglomeration and a dissolution of the sectoral boundaries of old, cross-sector conduct of business rules should be introduced. This is required in particular in order to ensure a level playing field for the financial services providers in both the insurance and the investment sector that increasingly compete with similar products for the same groups of customers. Conduct of business rules have to be adapted according to the diverging needs for protection of the different financial services recipients as well as the degree of dependency of the provider/intermediary from the “producer” of the financial product/service. Economically financial services providing brokerage and those providing advice should be separate, however, practically such a separation is unlikely to change much even with massive regulatory intervention due to the well-established structure of the market. As regards the completion of a European Common Market for Financial Services a complete harmonisation of conduct of business rules in both the investment services and the insurance sector is necessary. In turn, European-wide conduct of business rules in conjunction with the growing financial conglomeration of the formerly separate banking, investment services and insurance sectors call for a common European Financial Services Authority.

La pratique contractuelle des prestataires de services d'investissements s'illustre tant à l'occasion de la fourniture des services d'investissement que lors de montage contractuel issu de la pratique. L'objet de cette étude est de cerner quelles sont les nouvelles règles d'ordre public susceptibles de mettre à mal la sécurité juridique des PSI à l'occasion de cette pratique contractuelle. / Contractual practice of providers of investment illustrates both the provision of investment services and contract assembly created by the practice . The purpose of this study is to identify what are the new public order rules that undermine the legal certainty of PSI during this contractual practice.

Актуальность темы определяется существующей экономической ситуацией как в России, так и за рубежом. После первого финансового кризиса XXI века прошло еще меньше десяти лет, но тем не менее сказать, что данный экономический этап пройдет никак нельзя. Наоборот, текущая внешняя политика, а также принятие все больших новых взаимных санкций все больше ухудшаю положение дел в экономике. Цель выпускной квалификационной работы состоит в исследовании текущих инвестиционных сервисов и инструментов, а также совершенствовании методики принятия инвестиционных решений частными инвесторами, в рамках розничного инвестирования. Объектом исследования является деятельность биржевых инвестиционных фондов банков БКС, Сбербанк, Тинькофф. Информационно-эмпирической базой исследования явились труды ученых, посвящённые проблемам инвестиций и инвестиционной деятельности. Структура выпускной квалификационной работы магистра, включает введение, три главы, заключение и список использованных источников. Первая глава посвящена анализу инвестиционной деятельности, разбору признаков инвестиций, а также анализу имеющихся инвестиционных программ для физ. лица в России. Кроме того, проанализированы существующие классификации инвестиций и определена роль инвестиций в современной экономике. Разобраны нюансы при работе на международном рынке инвестиций. Вторая глава содержит анализ влияния банковской деятельности на рынок инвестиции на примере Банка Тинькофф, а также рассматриваются возможности, которые предлагает данный банк для произведения инвестиционной деятельности физического лица. В третьей главе предлагается авторский вариант совершенствования инвестиционной банковской деятельности, описываются основные проблемы, а также возможные действия, способные нивелировать или решить данные проблемы. Проведены расчеты, доказывающие эффективность предложенной методики. / The relevance of the topic is determined by the current economic situation both in Russia and abroad. Even less than ten years have passed since the first financial crisis of the 21st century, but nevertheless it is impossible to say that this economic stage will pass. On the contrary, the current foreign policy, as well as the adoption of more and more new mutual sanctions, is worsening the state of affairs in the economy. The purpose of the final qualification work is to study current investment services and tools, as well as to improve the methodology for making investment decisions by private investors, as part of retail investment. The object of the study is the activity of exchange-traded investment funds of banks BCS, Sberbank, Tinkoff. The information and empirical basis of the study was the works of scientists devoted to the problems of investment and investment activity. The structure of the master's final qualification work includes an introduction, three chapters, a conclusion and a list of sources used. The first chapter is devoted to the analysis of investment activity, the analysis of signs of investment, as well as the analysis of existing investment programs for individuals. persons in Russia. In addition, the existing classifications of investments are analyzed and the role of investments in the modern economy is determined. The nuances of working in the international investment market are analyzed. The second chapter contains an analysis of the impact of banking activities on the investment market using the example of Tinkoff Bank, and also discusses the opportunities that this bank offers for the investment activities of an individual. The third chapter proposes the author's version of improving investment banking, describes the main problems, as well as possible actions that can level or solve these problems. Calculations proving the effectiveness of the proposed method have been carried out.

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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The thesis analyses legal environment of the financial services market in relation with business practice of retail financial products distribution in Czech republic. It describes current legislation and instruments of regulation of the distributional activities both on national and supra-national (european) level. Furthermore, it introduces the development of regulation in light of identified weaknesses of legislation, leading to specific recommendations and measures ensuring vast consumer protection and fixing the level-playing-field in distribution throughout various sectors of financial markets and their layovers. The conclusions are based on author´s theoretical studies of economic and legal context and private business practice.