This thesis deals with the phenomenon of the uncertificated securities in the context of financial law. Proper and prudential legal regulation of the securities is considered to be key element of efficient financial markets of which the importance for the economics is systematically growing in past few decades. From the beginning, financial markets were dominated by certificated securities represented by legal fiction incorporating rights arising from the security into a certificate and considering this certificate as a tangible movable asset. In the consequence of the development of financial markets and securities trading uncertificated securities were developed to make transfers of the securities and asset management feasible. Uncertificated securities can be defined as substitutable physical securities incorporating private rights which are prerequisite for the exercise and transfer of those rights and which are replaced by a record entered in the central register of securities, mainly central securities depositories. The form of the uncertificated securities determines the necessity of their special legal regulation taking into account their legal nature and connected legal aspects of record keeping. The purpose of my thesis is to analyse relevant Czech legislation and highlight both...

The dissertation consists of two essays. In the first essay we study the efficiency of banks during the period of (2000-2017) that witnessed a fierce financial crisis in the light of the regulatory acts enacted in response to the crisis (Basel III 2010). We investigate the combined impact of compliance with Tier 1 and Tier 2 capital, common equity Tier 1, and leverage requirements on bank operating efficiency. We measure operational efficiency of 68 insured, U.S. federally and state-chartered, commercial banks, with consolidated assets of $15 billion or more, over a sampling period of 18 years. We seek to identify whether different dimensions of bank regulation are efficient in stabilizing US financial system by improving efficiency of large commercial banks; whether they impede bank efficiency by limiting its risk-taking endeavors and tightening its capital usage; or whether no impact on efficiency exists altogether. We build an empirical model measuring the impact of capital and leverage regulation and credit risk on banks’ operational efficiency. Empirical findings show a positive and statistically significant impact of capital adequacy on operating efficiency of large U.S. commercial banks, with common equity Tier 1 having more power in determining efficiency. Leverage requirements and net charge-offs are also found to be significant determinants that promote bank operating efficiency. In the second essay we investigate determinants for government’s choice of sovereign Sukuk over conventional bonds. Using a sample of 143 sovereign Sukuk and 602 sovereign conventional bonds issued in 16 OIC countries during (2000-2015), we analyze factors affecting the government's choice of employing sovereign Sukuk structure as substitute to sovereign bonds instruments. Results suggest that countries having developed financial markets, higher credit quality, and strong economic and financial prospects are more likely to issue sovereign Sukuk rather than sovereign bonds, mainly as a strategy to diversify and develop their current debt markets by introducing newly-developed debt tools. However, countries with weaker economic and financial indicators are more likely to opt for the classic sovereign bonds. We conclude that government’s choice of sovereign debt is mainly determined by a country’s financial characteristics, macroeconomic indicators and certain specific events.

Central securities depository Abstract The topic of this diploma thesis is the person of a central securities depository, with a specific focus on its legal regulation. In relation to this topic, two main areas are accentuated - on the one hand, the authorisation procedure of a central securities depository and, on the other hand, its subsequent functioning. The aim of the paper is to comprehensively cover all relevant aspects of the legislation, to reflect on its suitability, assess its necessity, analyse its current issues, and also present its potential future direction. The thesis contains an introduction, five systematically segmented chapters and a conclusion. The first chapter serves as an obligatory introduction to the subject and at first deals with the definition of the financial and capital market. In the second subchapter of this chapter, a brief introduction to the central securities depository and a description of its position within the latter mentioned market takes place. This chapter is then concluded by a segment concerning supervision and its genesis in the Czech Republic. The second chapter tackles the procedure for the authorisation to operate a central securities depository, analysing both the already repealed domestic legislation and the regulation coming from the representatives of...

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Assignment of master project was find a solution of new entrance to Vejvanovského street in Kroměříž. The location is situated on the edge of the historic center. The proposal define new function to this location and there is a gallery, art studio, bicycle depository, atd.

Organizations in the financial services industry are coming under increasing pressure. Regulatory compliance, operational inefficiencies, and the higher cost of capital are all forcing incumbents to adapt. As such, there are strong incentives for technological innovations that either reduce costs or generate new revenue. Distributed ledger technology (DLT), the foundation of bitcoin, is one of the latest innovations that appear to be the source of an imminent solution. An identified area with great potential for DLT is the post-trade market where market players, such as central securities depositories (CSDs), are heavily investing in pilot studies of how DLT may affect their business activities. In fact, the practical potential of adoption has been demonstrated by experiments and proof of concepts. However, while technological and regulatory aspects have been more frequently discussed in academia, the business dimension of the adoption of DLT within CSDs has received less attention. In this thesis, the business opportunities and challenges of the adoption of DLT within CSDs were explored, coupled with an analysis of the contextual factors affecting the rate of adoption. Further, this thesis compares the throughput performance between a centralized system and a private permissioned network. By performing a multiple-case study with a mixed-methodology approach, the researcher analyzed the literature, conducted a performance evaluation, and interviewed several industry experts. The conclusions suggest that the main business opportunities are the incorporation of digital assets and CSDs potential role as the gatekeeper of private networks. The main identified challenges related to adoption were interoperability, standardization, collaboration, scalability, defining applicable use cases, and governance and regulatory frameworks. Further, the performance evaluation suggests that the throughput performance of the centralized system outperforms the private permissioned network by an average of 6.5 times. The findings have both practical and academic implications. In academics, this thesis lays the foundation for further studies and provides new insights into the business dimensions of the adoption of DLT within CSDs. For practitioners, this thesis provides a basis for discussion and assessment of the entailed challenges related to the adoption of DLT within the post-trade market. / Organisationer inom finansbranschen utsätts för ökande press. Regelverksefterlevnad, operationell ineffektivitet och den högre kapitalkostnaden tvingar aktörer att anpassa sig. Som sådan finns det starka incitament för tekniska innovationer som antingen minskar kostnaderna eller genererar nya intäkter. Distribuerade liggare (DLT), grunden för bitcoin, är en av de senaste innovationerna som visar stor potential. Ett identifierat område med stor potential för DLT är post-trade-marknaden där marknadsaktörer, såsom centrala värdepappersförvarare (CSD), har investerat i pilotstudier av hur DLT kan påverka deras affärsverksamhet. Faktum är att den praktiska potentialen har demonstrerats genom experiment och bevis på koncept. Men även om tekniska och regulatoriska aspekter har diskuterats mer frekvent i den akademiska världen, har affärsdimensionen med införandet av DLT inom CSD:er fått mindre uppmärksamhet. I det här examensarbetet utforskades affärsmöjligheterna och utmaningarna med införandet av DLT inom CSDs, tillsammans med en analys av de marknadsmässiga faktorerna som påverkar spridningen av teknologin. Vidare jämför denna avhandling genomströmningsprestandan mellan ett centraliserat system och ett private permissioned nätverk. Genom att utföra en flerfallsstudie med en blandad metodologi analyserade forskaren litteraturen, genomförde en prestandautvärdering och intervjuade flera branschexperter. Slutsatserna tyder på att de huvudsakliga affärsmöjligheterna är integreringen av digitala tillgångar och CSD:s potentiella roll som gatekeeper för privata nätverk. De främsta identifierade utmaningarna i samband med införandet av DLT var interoperabilitet, standardisering, samarbete, skalbarhet, definition av tillämpliga användningsfall samt styrning och regelverk. Vidare antyder prestandautvärderingen att genomströmningsprestandan för det centraliserade systemet överträffar det private permissioned nätverket med i genomsnitt 6,5 gånger. Resultaten har både praktiska och akademiska implikationer. Inom akademin lägger denna avhandling grunden för fortsatta studier och ger nya insikter om affärsdimensionerna av införandet av DLT inom CSDs. För praktiker ger detta examensarbete ett underlag för diskussion och bedömning av de medförda utmaningarna relaterade till införandet av DLT inom post-trade-marknaden.

This thesis deals with identification and analysis of weak points of current management of National museum's collections and aimes to apply selected logistic technologies and to propose efficient logistic network operating in actual situation of Central depository Terezín II. The issue is handled in connection with moving of the museum collection, which represents not only unique project in the history of modern museum praxis but also an appropriate opportunity for reengineering and improving of existing procedures connected with legal mission of the most important and largest museum institution in the Czech Republic.

A liquidação das operações internacionais com valores mobiliários suscita questões de grande relevância em decorrência das diferenças entre os sistemas jurídicos envolvidos e a pluralidade de participantes. O objetivo desta tese é analisar as normas jurídicas brasileiras em relação às estrangeiras relevantes, por força de operações transfronteiriças que tenham por objeto valores mobiliários escriturais, notadamente operações de compra e venda de ações, para verificar a situação do sistema jurídico brasileiro e sua estrutura de pós-negociação em relação a outros países. Haverá descrição e análise da estrutura de liquidação de operações domésticas e da estrutura envolvida em operação com componente estrangeiro. Como aspectos necessários para a compreensão do tema, abordam-se as consequências jurídicas decorrentes da imobilização e desmaterialização dos valores mobiliários e da interposição de intermediários entre o investidor final e o emissor dos valores mobiliários usual nas operações transfronteiriças. Todo o trabalho considera as tendências e esforços de harmonização das normas aplicáveis que vem ocorrendo no plano internacional, podendo-se verificar que as normas e estruturas brasileiras para liquidação de operações com valores mobiliários são sólidas, adequadas e precisam apenas de aprimoramentos pontuais para atingir os melhores padrões internacionais. / The settlement of international securities transactions raises important issues due to the differences among legal systems and the pluralism of participants involved. The purpose of this thesis is to analyze Brazilian legal rules in relation to relevant foreign rules by virtue of cross border transactions involving book entry securities, mainly purchase and sale of shares, in order to assess the situation of the Brazilian post trading system and structure compared to other countries. There will be a description and analysis of domestic settlement structure and cross border structures involved in transactions with foreign elements. Other relevant topics are the legal consequences arising from securities immobilization and dematerialization and from the existence of intermediaries between the final investor and the issuer, frequent in cross-border transactions. The whole thesis considers the existing trends and efforts to harmonize legal rules, and the conclusion is that Brazilian rules and structure for securities settlement are sound, appropriate and meet the best international standards, although minor adjustments may be implemented.

The subject of this thesis is the analysis of the legal regulation of mutual funds in the Czech Republic. The thesis aims to provide a complex view on the issue. The introductory chapters provide the historic background of mutual funds and demonstrate the legislative evolution of the legal concept and its definition in the Czech Republic. The analytical part is focused on the particular problems of each institution and suggests a possible solution. These chapters point to the complications around the real estate funds and the possible breach of one of the freedoms of the European law. The last chapters point out the ways of protecting the assets of the funds by the depository, as well, as the ways to recover the damages when suffered

Legal deposit and its sustainability is a major problem that cannot be ignored in South Africa. The value of preserving and making accessible information is of primary importance for legal deposit collections. The concept of legal deposit is evolving from decade to decade as many factors continue to influence it. Among the challenges facing legal deposit libraries is the problem of publishers failing to comply with legal deposit requirements. This study investigated the problems and constraints experienced by publishers in KwaZulu- Natal concerning legal deposit. Thirty five publishers were surveyed by means of a selfadministered questionnaire which utilized both open and closed questions. The results of the study reveal that while the vast majority of publishers in KwaZulu-Natal are compliant with legal deposit requirements, they do experience a number of problems while doing so. These problems include financial costs and time constraints while a lack of knowledge about certain aspects of legal deposit on the part of the publishers was evident. Recommendations, which would require participation from all the stakeholders, to address the problems identified were made. The study concluded with suggestions for further research. / Thesis (M.I.S.)-University of KwaZulu-Natal, Pietermaritzburg, 2005.