ESF:MKP_PRFI Legal investor protection - Course Information

MKP_PRFI Legal investor protection

Extent and Intensity

0/0/0. 6 credit(s). Type of Completion: zk (examination).

Teacher(s)

Mgr. Ing. Filip Hampl, Ph.D., LL.M. (lecturer)

Guaranteed by

Mgr. Ing. Filip Hampl, Ph.D., LL.M.
Division of Legal Education – Faculty of Economics and Administration
Contact Person: Lenka Hráčková
Supplier department: Division of Legal Education – Faculty of Economics and Administration

Timetable

Sat 4. 11. 12:00–15:50 VT204, Sat 2. 12. 8:00–11:50 VT204, Fri 15. 12. 16:00–19:50 VT202

Prerequisites

The course requires basic knowledge and skills in the areas of:
- theory of law (financial market regulation),
- company organization,
- basics of private law (corporate law, regulation of contractual relations, consumer law),
- administrative procedure (general regulation of the administrative procedure and special regulation for an administrative procedure - Czech National Bank, Czech Trade Inspection Authority, etc.),
- European law
This knowledge can be acquired in the following courses:
Introduction to Law, Business Law 1, European Union and Law.

Course Enrolment Limitations

The course is also offered to the students of the fields other than those the course is directly associated with.

fields of study / plans the course is directly associated with

• Corporate Finance, Accounting, and Taxes (programme ESF, N-FIN)
• Financial Markets, Institutions and Technologies (programme ESF, N-FIN)

Course objectives

The course is designed as an introduction to legal protection of persons in a weaker position, investors, in the financial market and is intended for both specializations of the follow-up master's degree program Finance. The aim of the course is to introduce the public law protection of investors (i) in acting on the financial (capital) market from the point of view of substantive and procedural law (both Czech and European) with regard to financial innovations in recent years and (ii) in fulfilling tax obligations associated with investments. Public legal protection of investors on the capital market is placed in the context of the private legal protection of persons in a weaker position, especially consumers. Attention is paid to administrative procedure and other possibilities of alternative dispute resolution (ADR/ODR), which represent a procedural realization of substantive investor legal protection, as well as the means of legal protection within these procedures and tax administration.

Learning outcomes

After completing the course students will be able to:
1. to be familiar with the legal framework for the public legal protection of investor as a person in a weaker position on financial markets and to differentiate between private or public legal protection,
2. to clarify the basic theoretical basis of the legal regulation of investor protection on the financial market in the Czech Republic and the European Union,
3. to formulate basic principles of legal liability regarding investor protection on the financial market,
4. to make competent decisions to enforce legitimate claims resulting from the protection of a weaker party (investor) on the financial market in general and in the special case of the consumer,
5. to be familiar with basic concepts of administrative procedure and tax administration (tax procedure) for a realization of substantial law regarding investor protection regulation,
6. to apply means of protection within the framework of administrative proceedings and tax administration (tax procedure).

Syllabus

• 1. lecture:
• - Systematics of law. Concept, basic principles and differentiation of private and public law. The relation between Czech, European and international law. Sources of legal information.
• - Legal protection of investors in the financial (capital) market. Reasons and importance of investor legal protection for financial stability, fundamental principles of the legal regulation. Private and public investor protection law.
• - Private law context of investor protection in the capital market.
• - Substantive level of public law investor protection in the capital market I. The architecture of legal regulation (Lamfalussy process), the definition of basic terms and subjects as stipulated by MiFID II and the Act on Capital Market Business.
• 2. lecture:
• - Substantive level of public law investor protection in the capital market II. Direct investor protection while dealing with investment service providers - professional competence, conduct of business rules, consequences of duty violation. Guarantee fund of Investment Firms. Protection of the investor in selected areas of FinTech.
• - Procedural level of public law investor protection in the capital market. The Czech National Bank as the supervisory authority and guarantor of compliance with investor protection rules, investor-related alternative dispute resolution bodies (ADR/ODR) - administrative procedure, arbitration, conciliation, and mediation. Judicial protection.
• - Case studies and discussion.
• 3. lecture:
• - Procedural level of public law investor protection regarding investment tax obligations. Introduction to tax administration and tax procedure. Tax law in the system of law. Legal regulation of the tax administration and tax procedure. Basic terms and institutes of the tax administration and the course of tax procedure.
• - Overview of legal protection means provided by the Tax Code (ordinary and extraordinary remedies, supervisory means, other means of legal protection). Judicial means of protection.
• - Case studies and discussion.
• Students of this course use the services of the following web portal www.pravoesf.cz and legal information system ASPI during the classes. ASPI is accessible from the computer laboratories of the Faculty of Economics and Administration and via remote desktop by terminal server Orion. Detailed description of how to log in is posted on the main website of the Faculty of Economics and Administration.
• Interactive study materials were created for the purpose of education within the course Law and Finance. These materials can be found at the web portal pravoesf.econ.muni.cz. Law and Finance study materials are designated for self-study, which is considered as a substitute for standard lectures, and for preparation for seminars, where you will solve practical tasks independently. Please, also pay attention to the study materials of the following courses: Introduction to Law, Business Law, Administrative Law and Administrative Process, and European Law. There are basic legal concepts explained in the above-mentioned study materials. Knowledge of these concepts is assumed to understand the issues of the Legal Investor Protection course, which is conceived as a cross-section of several areas of law. Thanks to that, you will better understand the wider context of consumer protection in financial markets in the Czech Republic and also the risk connected with financial services.

Literature

required literature
• Náhradní obsah: Šedová, J., Hampl, F. Studijní text “Právo a finance”. Terminálový server ESF MU (Návod na připojení na terminálový server je uveden zde: https://www.econ.muni.cz/it-sluzby/terminalovy-server-orion).
• VLACHOVÁ, Barbora. Rozhodování správních orgánů ve spotřebitelských sporech. Vydání první. V Praze: C.H. Beck, 2021, xv, 113. ISBN 9788074008115. info
• GORTSOS, Christos. Stricto Sensu Investor Protection under MiFID II: A Systematic Overview of Articles 24-30. 1. vyd. Cambridge: Cambridge Scholars Publishing, 2018. 248 s. ISBN 978-1-5275-1128-6. Dostupné online v EIZ MUNI.
• HRSTKOVÁ DUBŠEKOVÁ, Lenka. Daňový řád, 2022 : výklad je zpracován k právnímu stavu ke dni 1. 1. 2022. Praha: Wolters Kluwer, 2022, viii, 221. ISBN 9788076762657. URL info
• MOLONEY, Niamh. EU securities and financial markets regulation. Forth edition. Oxford: Oxford University Press, 2023. Oxford EU law library. 993 s. ISBN 9780192583413. Publikace dostupná jako e-kniha.

recommended literature
• TULÁČEK, Michal. Elektronizace správy daní : právní aspekty. Vydání první. Praha: Leges, 2020, 216 stran. ISBN 9788075024343. info
• TINTĚRA, Tomáš and Pavel PETR. Základy závazkového práva. 2. aktualizované vydání. Praha: Leges, 2020, 288 stran. ISBN 9788075024763. info
• Foltas, T. Studijní texty „Základy práva", "Správní proces“. ESF MU. Webová aplikace: http://pravoesf.econ.muni.cz/.

Teaching methods

Consultation, lectures, self-study, solving of case studies and POTs.

Assessment methods

The course is concluded with a written exam. To pass the written exam students need to get at least 60% points. The requirements for admission to the exam is positive evaluation of the completed POTs. Students can be rewarded with a given set of bonus points for their active lecture participation during the semester. These bonus points are added to the overall evaluation of the course if the written exam is successfully passed (i.e. min. 60% points).

The exact requirements for completing the course also apply to students studying abroad (e.g. Erasmus) with an individual study plan. Students are required to contact the guarantor in the first teaching week of the semester and agree on the course of study (possibility of obtaining bonus points).

Caution: "Any copying, recording or leaking tests, use of unauthorized tools, aids an communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination."

Language of instruction

Czech

Follow-Up Courses

• MKF_RDFT Regulation and Supervision FIMA

Further comments (probably available only in Czech)

Study Materials
The course is taught annually.
General note: Nezapisují si studenti, kteří absolvovali předmět KPPAFI.
Information on the extent and intensity of the course: tutorial 12 hodin.

• Enrolment Statistics (Autumn 2023, recent)
  
• Permalink: https://is.muni.cz/course/econ/autumn2023/MKP_PRFI