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1 Institutional arrangement of regulation and supervision of the financial market in the Czech Republic Abstract The diploma thesis analyzes institutional arrangement of regulation and supervision of the financial market in the Czech Republic, it aims to compare the arrangement with theoretical concepts, models, as well as development abroad. The thesis is structured into five sections. The first section defines the most important concepts, describes the rationale and objectives of financial markets regulation and adds a short exposition regarding the scope of regulation, proportionality and regulatory failure. The rationale is primarily approached through the lens of market failure, which is then supplemented by description of financial market specifics, which could also give a reason for regulation. The objectives are primarily described in relation to the policies used to achieve them. The second section presents the theoretical concepts of institutional arrangement, different approaches to it, and select models. The thesis distinguishes vertical and horizontal view of institutional arrangement, and within the latter, institutional, functional, objective-based, and unified approaches. The thesis also deals with related issues, such as the role of the central bank, questions of supervisors' independence... |
