"Mémoire présenté à la faculté des études supérieures en vue de l'obtention du grade de Maître en droit (LL.M.)" / Au cours de la dernière année, la régie d'entreprise a subi des bouleversements majeurs. Autrefois reléguée au second plan comme relevant des affaires internes de la compagnie, les récents scandales financiers aux États-Unis ont poussé à l'avant plan la problématique de la régie d'entreprise et le rôle que doivent assumer les divers intervenants du marché. Le congrès américain a réagi très rapidement aux scandales par l'adoption d'une loi. Les autorités canadiennes durent se questionner sur le type de réforme qui devrait conduire le Canada vers une meilleure régie d'entreprise tout en conservant sa compétitivité dans un contexte de mondialisation. Le présent mémoire se veut une approche pratique à la problématique de la régie d'entreprise. Au-delà des théories élaborées, le contexte actuel requiert une action concrète adaptée au milieu et au contexte économique canadien. En ce sens, la réaction des autorités canadiennes aux changements en place aux États-Unis nous renseignera non seulement sur la philosophie des autorités canadiennes, mais également sur l'approche qui sera privilégiée par celles-ci dans l'évolution de la régie d'entreprise qui doit mener à la reprise de confiance des investisseurs dans le marché, confiance durement ébranlée par les récents scandales financiers. / Over the past year, corporate governance has suffered many hits. Traditionnally pushed aside as management's problem, the recent wave of financial scandais in the United-States has put corporate governance at the front end. In that context, the role of market participants must be redefined. The United-States Congress reacted very rapidly to the scandais by adopting a new by-Iaw, the Sarbanes-Oxley Act. The Canadian authorities had to question themselves as to what kind of reform Canada would need to put it on the path of better Corporate Governance without compromising its competitiveness in a global market. The present paper follows a practical approach to the recent Corporate Governance problems. Beyond the theories elaborated on Corporate Governance, today's context requires concrete action adapted to the Canadian economic environment. In this sense, the reaction of the Canadian authorities to the new rules in the United-States will give insight as to what is the Canadian authorities' philosophy on the subject and what lies ahead for regulatory changes in Canada in the market's search to regain investor confidence after a wave of financial scandais.

Shares as Securities The purpose of this Master's degree thesis is to analyse the general characteristics of shares as securities with regard to amendments contained in the Act No. 90/2012 Coll., on Companies and Cooperative associations (hereinafter the "Act on Companies") and the Act No. 89/2012 Coll., the Civil Code (hereinafter the "Civil Code"). This thesis is composed of eight chapters, each of them dealing with different aspects of the aforementioned topic. Chapter One introduces the term "share" from the general point of view. Furthermore, this chapter contains a brief introduction into legal history of statutes, which were governing shares. Chapter Two explains the characteristics of shares as securities. The opening part of this chapter also focuses on the legal definition of security. Subsequently, this chapter deals with the provisions of the Act on Companies concerning the definition of share and the rest of this chapter examines various attributes of share with respect to the classification of securities. Chapter Three describes an issuance of share. This chapter is concerned with the legal regulation of issuance of securities and the process of issuance of shares governed by the Act on Companies. The last part of this chapter is focused on fractional value shares, which are referred...

Transaction in securities and their legal regulation The aim of this thesis is to define transactions with securities which are executed on capital market by investment firm. Theses is composed of 7 main chapters. Introductory chapters briefly provide evolution of securities in history. Afterwards the thesis focuses on the definition of securities according to contemporary legal regulation and reflects recent multiple changes in legal regulation. Attention is concentrated also to classification of securities in legal regulation. Types of contracts used in transactions with securities are also described. Consequently thesis concentrates on capital market regulation and supervision from the perspective of European and national law and reflects ongoing harmonization process. Primary attention is concentrated on position and activities of investment firm. It is the investment firm which provides investment services to customers and executes transactions with securities on capital market. Thesis focuses particularly on prudential requirements for providing investment services, categorization of customers, execution of client orders on terms that are most favorable to the client, scope of information which must be provided and requirements regarding qualification of personnel. The final part is devoted...

Resumé Název: Právní problematika operací s cennými papíry a finančními deriváty Title: Legal issues of transactions with securities and financial derivatives Klíčová slova: deriváty, cenné papíry, kapitálový trh Key words: derivatives, securities, capital market Resume: The crucial aspect in the economic development was and still is the way of financial payments and fund raising. The historical development had a number of forms (barter, gold coins), the more modern methods led to the introduction of securities and financial derivatives. From the beginning of introducing securities and financial derivatives to the market the methods of their trading became increasingly sophisticated and thus grew the importance and need of their legal definition and assessment of their use. Given the current importance of these financial instruments, which are increasingly affecting the economic and social life of many countries, I decided to at least generally analyze this area in this thesis. My thesis primarily analyzes the regulation of securities, financial derivatives and trading with them in the Czech legal system in order to highlight the imperfections that may in practice lead to ambiguous interpretation and tries to help to eliminate these gaps. The focus of the thesis lies in the comparison of the institutional...

Private International Law and the Issues of Securities Law Tomáš Borčin Acts No. 139/2011 Coll. and No. 172/2012 Coll. have introduced a set of brand new choice-of-law rules in respect to securities into the Czech legal system. The same set of rules has rather simultaneously been adopted by the new Act No. 91/2012 Coll., on Private International Law, coming into force on 1st of January 2014. However, despite the fact that these amendments had brought the much needed conflict of laws rules for cross border transactions involving securities, the actual subject of how the securities are treated in private international law remains mostly unexplored by Czech jurisprudence as of this date. Therefore, the core ambition of this thesis is to provide a complex legal analysis of the aforementioned rules by the means of examination of their theoretical basis as well as of practical implications of their application. The thesis consists of seven chapters of various extent and scope. The ratio behind the first chapter is to address the question of what securities are, and how are they treated pursuant to Czech legislation. The emphasis is given on the definition of securities and their respective classification, however, the chapter does not omit the upcoming changes in respect to the recodification of private...

in English This thesis deals with process of public offering in Czech capital market's environment. Public offering is an alternative to debt financing for companies concerning raising capital. However, In Czech Republic, when companies confronted with this dilemma, waste majority of them choose debt financing against equity financing. My thesis is divided between introduction, eight chapters and conclusion. In the introduction of my thesis, I set to myself a goal, to answer the question, whether legislative situation in Czech Republic is negatively influencing the number of public offerings, mainly initial public offerings, carried out on Prague stock exchange. Every two chapter of my thesis creates one logical part and therefore I shall describe them as such. In first two chapters, I am enlightening the topic of public offerings and I also try to analyze reasons, which lead companies to undertake the whole process. My concern is also about factors, which company should pay attention to when deciding about going public. In third and fourth chapter I try to analyze the steps, which are necessary for companies to take before engaging in public offering process itself. I take extra care of prospectus, which is the most important document presenting the issuing security to investors. Main analysis...

Master Thesis intends to introduce Value Investing as an alternative invetment philospohy. Topic of the text also includes a discussion about inefficiencies in the current investment industry. Lastly, Dow Jones 30 analysis is performed.

My work focuses on legal and accounting definition of securities distributed according to the type, form and other factors.It will focus in particular on simplification of stocks and bonds, their measurement and reporting. Work also includes a simlified example, which compares the methods of valuation of securities in accordance with IFRS applicable to their different impacts on basic finacial indicators. At the conclusion I tried to briefly compare the international financial system IAS/IFRS and US GAAP, and I added some informations from the securities trading and publishing.

Thesis submitted in fulfillment of the requirements for the degree of Master of Management in Finance & Investment in the Faculty of Commerce, Law and Management Wits Business School at the University of the Witwatersrand 2017 / There are 29 formal stock exchanges on the African continent with 23 based in sub-Saharan Africa. The pace and stage of stock market development has varied among most of the countries as only four stock markets have more than 50 listed stocks; five have at least 20 listed stocks; and the remaining 14 have less than 20 stocks. The Johannesburg Stock Exchange (JSE) stands out in Africa as by far the continent’s largest, most liquid and best regulated market and is home to some of the continent’s largest and most sophisticated companies. Cross listing refers to the listing of ordinary shares of a firm on an exchange other than the stock exchange in its registered jurisdiction. There are 24 JSE listed companies that have cross listed on other Sub-Saharan African stock exchanges. The bulk of these, (14), have cross listed on the Namibia Stock Exchange, 3 cross listed on Botswana Stock Exchange, 1 on the Nairobi Stock Exchange, 1 on the Ghanaian Stock Exchange, 3 on the Malawian Stock Exchange, 1 on the Zambian Stock Exchange and 1 on the Zimbabwean Stock Exchange. The study establishes the possible reasons and benefits of cross listing on other sub-Saharan exchanges for JSE listed companies. The study also provides insight into the possible effects, (financial as well as any others), of cross listing on other sub-Saharan African exchanges that a number of JSE listed entities have experienced. The study uses financial information collected from a public platform, (Sharedata), to compute financial ratio’s to determine the financial implications of the JSE companies cross listing on other sub-Saharan exchanges. The effects of cross listing on the JSE companies are then measured using latent growth curve modelling and a paired t test. The study concludes that there is no evidence to suggest that there are financial benefits for JSE listed companies to cross list on other sub-Saharan exchanges. The study further suggests that JSE listed companies should rather consider cross listing for qualitative reasons rather for any quantitative reasons. / MT2017

The objective of this project is to investigate and model the quantitative connection between market prices of credit default swaps and the market perceived probability and timing of default by the underlying borrower. We quantify the credit risk of a borrower in a two-way relationship: calculate the term structure of default probabilities from the market prices of traded CDSs and calculate prices of CDSs from the probability distribution of the time-to-default.