The aim of this diploma thesis is to describe and analyze supervision of financial activities in the Czech Republic. The thesis is structured into three chapters, which focuses on analysis of actual acts of CNB supervision in connection to the legal basis. The first chapter defines supervision of financial activities reflecting its historical development, economical aspect and basic trends in financial market regulation. The second chapter is the main part which describes the status and activities of the Czech National Bank in the position of the supervisory authority. The emphasis is placed especially on supervisory and regulatory activity, which represents the core of this thesis. Supervision is characterized from the methodological point of CNB's approach. Different types of supervision and regulation executions are also analyzed in this thesis.

This diploma work describes the financial and economical crisis that has emerged in the USA during the year 2007. In the work the preceding recessions and the flow of the current crisis are being analyzed. Attention is also given to a detailed study of the pre-crisis period in the USA economics and the identification of the root causes of the crisis and their interrelationship. The final part of the work is dedicated to the examination of the crisis consequences and the possible ways of its progress

La question du niveau optimal de transparence sur les marchés financiers a trouvé un terrain de débat exemplaire : celui de la propriété économique des sociétés cotées. La conception de nouveaux produits financiers et le développement de stratégies activistes ont provoqué une remise en question des règles de déclaration de franchissements de seuils de contrôle. Cette thèse analyse les conséquences économiques des évolutions réglementaires, évalue la pertinence des déclarations de l’acquéreur, et propose un nouveau cadre conceptuel intégrant la possibilité de comportements stratégiques des acteurs concernés. Selon nos résultats empiriques, les informations contenues dans les annonces sont pertinentes, même lorsque le blockholder s’engage à rester passif. Notre modèle théorique suggère que les blockholders utilisent le délai de déclaration de manière stratégique, et qu’un raccourcissement de ce délai serait favorable aux actionnaires minoritaires. / The debate on the optimum level of transparency in financial markets found a major point of controversy: the ownership of public companies. The design of new financial products and the development of shareholder activism called the blockholding disclosure rules into question. This thesis analyzes the economic impact of changes in regulation, measures the value relevance of the content of blockholding announcements, and introduces a new conceptual framework allowing strategic behavior of the involved economic agents. According to our empirical results, the information disclosed by blockholders are value relevant, even when the blockholder commits to remain passive. Our theoretical model suggests that blockholders make a strategic use of the reporting window, and predicts that a shortening of the legal time period would be favorable to minority shareholders.