SICAV in the Czech Republic – success story of continuing failure?

Filip Horák
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Abstract

This paper explores the introduction of SICAV in Czech law, its development and the related difficulties including the tax perspective. Although this legal form helped to boost the collective investment sector in the Czech Republic, in particular for qualified investors’ funds, it is under constant threat of law amendments, which have a negative impact on further progress in the popularity of SICAVs as well as other forms of investment funds. SICAV, as a legal form governed by both private (corporate) and public (regulatory) law, presents a good example of how the two sets of partly autonomous rules may clash and cause undesirable effects. The paper highlights the main inefficiencies and discrepancies, which lead to interpretation difficulties and legal uncertainty. The hypothesis of this paper lies in investigating how local factors in one country, such as the influence of other pieces of legislation and tax environment, negatively impact solutions and models which are standardised and successfully deployed across the EU. It is argued that not only legal and regulatory aspects determine the popularity of investment funds, but a wider landscape, including the activities and approach of the supervisory authority and network of professionals (legal and tax advisors or auditors), plays a crucial role in capital markets development
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捷克共和国的SICAV -持续失败的成功故事?
本文探讨了捷克法律中SICAV的引入、发展和相关困难,包括税收角度。虽然这种法律形式有助于促进捷克共和国的集体投资部门,特别是对合格投资者的基金,但它不断受到法律修订的威胁,这对进一步普及sicav和其他形式的投资基金产生了负面影响。SICAV作为一种由私人(公司)和公共(监管)法律管辖的法律形式,提供了一个很好的例子,说明两套部分自治的规则如何发生冲突并造成不良影响。本文强调了导致解释困难和法律不确定性的主要效率低下和差异。本文的假设在于调查一个国家的当地因素,例如其他立法和税收环境的影响,如何对解决方案和模型产生负面影响,这些解决方案和模型在整个欧盟标准化并成功部署。有人认为,不仅法律和监管方面决定了投资基金的受欢迎程度,而且更广泛的领域,包括监管当局和专业人士(法律和税务顾问或审计师)网络的活动和方法,在资本市场发展中起着至关重要的作用
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来源期刊
CiteScore
1.00
自引率
16.70%
发文量
13
期刊介绍: In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.
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