The course is taught every week during the summer semester of the academic year.
The number of students is limited to 20. Over-enrolment is not possible. The reason for the limited number of students is an attempt to create sufficient space for individual attention to students.
Course characteristics. This course is designed for students with a deeper interest in business and financial law and capital markets. Students will use the knowledge from the course especially if they work as lawyers, corporate /financial institutions lawyers or lawyers of public authorities.
The aim of the Capital market course is to introduce students to the workings of capital markets. Upon completion of the course, students should understand how capital markets work and what they are used for. The student will gain an understanding of the actors involved in the capital market and the instruments traded on the capital markets. The student will learn about the historical development of capital markets and their regulation, including turning points such as the transition to a market economy and privatisation in selected countries and the financial crisis of 2007. The student will gain an orientation in the supervision of capital markets. The student will also be familiar with the specific rules of public offerings of securities. The course will also include a commentary on current issues in capital markets law, especially on issues of sustainability or cybersecurity.
The course requires active participation of students. Students continuously prepare for each lesson according to the assignment. In addition, five continuous assignments are required and are given throughout the semester. Some work is presented orally in class. A midtermtest is given in the sixth or seventh week of class.
Last update: Šicnerová Barbora, Mgr. (13.05.2025)
The course is taught every week during the summer semester of the academic year.
The number of students is limited to 20. Over-enrolment is not possible. The reason for the limited number of students is an attempt to create sufficient space for individual attention to students.
Course characteristics. This course is designed for students with a deeper interest in business and financial law and capital markets. Students will use the knowledge from the course especially if they work as lawyers, corporate /financial institutions lawyers or lawyers of public authorities.
The aim of the Capital market course is to introduce students to the workings of capital markets. Upon completion of the course, students should understand how capital markets work and what they are used for. The student will gain an understanding of the actors involved in the capital market and the instruments traded on the capital markets. The student will learn about the historical development of capital markets and their regulation, including turning points such as the transition to a market economy and privatisation in selected countries and the financial crisis of 2007. The student will gain an orientation in the supervision of capital markets. The student will also be familiar with the specific rules of public offerings of securities. The course will also include a commentary on current issues in capital markets law, especially on issues of sustainability or cybersecurity.
The course requires active participation of students. Students continuously prepare for each lesson according to the assignment. In addition, five continuous assignments are required and are given throughout the semester. Some work is presented orally in class. A midtermtest is given in the sixth or seventh week of class.
Last update: Šicnerová Barbora, Mgr. (13.05.2025)
Requirements to the exam -
1)For successful completion of the course it is necessary to actively participate in full-time teaching (min. 75 % attendance). The final course grade consists of three parts:
(i) a written final test (40 % of the classification),
(ii) homework elaborated during the semester (40 % of the classification) and
(iii) a written midterm test (20% of the classification).
2)In the course of semester, the student will complete four (4) graded homework assignments. The maximum points per assignment is 10, and the grade is based on correctness, adherence to instructions for preparation of the paper, diligence in researching sources, and accuracy of expression, persuasiveness of the argument, and conciseness of the conclusion.
In the preparation of homework assignments, students may use any sources, however the assignment must be prepared independently. The work must adhere to the rules of authorship (originality and correct use of sources). Violation of any of these rules means that the student will receive 0 points for the assignment. For late submission, the assignment will be given 0 points.
Each assignment will be assigned in advance and will be related to the topic(s) of the following seminar. It must be submitted at least 2 days before the seminar. At the seminar itself, the topic will be elaborated and further developed together with the students.
Up to 40 points can be awarded for homework assignments.
3)The midterm test will be a 20 minutes SBA test (closed book exam), composed of 20 questions. Students are allowed to use dictionaries (native language - English; English - native language).
4)The course will end with a written final 40 minutes test (closed book exam), composed of 20 SBA questions (1 point) and 10 explanatory questions (2 points). Students are allowed to use dictionaries (native language - English; English - native language).
5)The course is classified as follows: excellent (1) - 100 - 87 points, very good (2) - 86 - 73 points, good (3) - 72 - 60 points, fail (4) - 59 points or less.
Last update: Šicnerová Barbora, Mgr. (13.05.2025)
1)For successful completion of the course it is necessary to actively participate in full-time teaching (min. 75 % attendance). The final course grade consists of three parts:
(i) a written final test (40 % of the classification),
(ii) homework elaborated during the semester (40 % of the classification) and
(iii) a written midterm test (20% of the classification).
2)In the course of semester, the student will complete four (4) graded homework assignments. The maximum points per assignment is 10, and the grade is based on correctness, adherence to instructions for preparation of the paper, diligence in researching sources, and accuracy of expression, persuasiveness of the argument, and conciseness of the conclusion.
In the preparation of homework assignments, students may use any sources, however the assignment must be prepared independently. The work must adhere to the rules of authorship (originality and correct use of sources). Violation of any of these rules means that the student will receive 0 points for the assignment. For late submission, the assignment will be given 0 points.
Each assignment will be assigned in advance and will be related to the topic(s) of the following seminar. It must be submitted at least 2 days before the seminar. At the seminar itself, the topic will be elaborated and further developed together with the students.
Up to 40 points can be awarded for homework assignments.
3)The midterm test will be a 20 minutes SBA test (closed book exam), composed of 20 questions. Students are allowed to use dictionaries (native language - English; English - native language).
4)The course will end with a written final 40 minutes test (closed book exam), composed of 20 SBA questions (1 point) and 10 explanatory questions (2 points). Students are allowed to use dictionaries (native language - English; English - native language).
5)The course is classified as follows: excellent (1) - 100 - 87 points, very good (2) - 86 - 73 points, good (3) - 72 - 60 points, fail (4) - 59 points or less.
Last update: Šicnerová Barbora, Mgr. (13.05.2025)
Syllabus -
The subject covers following topics:
1. Introduction to capital markets law - characteristics of capital markets, legal regulation (private/public law) and its background and objectives, principles
2. Privatization and financial market development
3. Structure of the capital markets - division of capital markets, capital market participants and their roles, investor motivation, corporate governance
4. Securities and other capital market trading objects, investment instruments
1. Introduction to capital markets law - characteristics of capital markets, legal regulation (private/public law) and its background and objectives, principles
2. Privatization and financial market development
3. Structure of the capital markets - division of capital markets, capital market participants and their roles, investor motivation, corporate governance
4. Securities and other capital market trading objects, investment instruments
Mejstrik, M., Pecena, M., Teply, P. Banking in theory and practice, Praha, Karolinum, 2014
Overtveldt, J. The Mystic Hand: How Central Banks Shaped the 21st Century Global Economy, Agate Publishing, 2022
Basic legislation (always in wording in force and effect as on the date of examination):
Act. No 89/2012 Coll., Civil Code (available in english)
Act. No 90/2012 Coll., Business Corporatins Act (available in english)
Act No. 256/2004 Coll. Capital Market Undertakings Act (available in english)
Act. No. 240/2013 Coll., on Investment Companies and Investment Funds (available in english)
Act No. 15/1998 Coll, on capital market supervision
Act No. 6/1993 Coll., on the Czech National Bank
Act No. 408/2010 Coll., on financial collateral
Act No. 240/2013 Coll., on Investment Companies and Investment Funds
Act No. 229/1992 Coll., on Commodity Exchanges
Other legal regulations (always in wording in force and effect as on the date of examination):
Directive 2007/36/EC on the exercise of certain rights of shareholders in listed companies
Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement
Directive 2004/25/EC on takeover bids
Directive (EU) 2024/2810 of the European Parliament and of the Council of 23 October 2024 on multiple-vote share structures in companies that seek admission to trading of their shares on a multilateral trading facility
Last update: Šicnerová Barbora, Mgr. (28.08.2025)
Basic literature:
Hopt., K. J., Wymeersch, E. Capital Markets and Company Law. Oxford, 2023
Other literature:
https://academic.oup.com/cmlj
G20/OECD Principles of Corporate Governance (latest edition)
Mejstrik, M., Pecena, M., Teply, P. Banking in theory and practice, Praha, Karolinum, 2014
Overtveldt, J. The Mystic Hand: How Central Banks Shaped the 21st Century Global Economy, Agate Publishing, 2022
Basic legislation (always in wording in force and effect as on the date of examination):
Act. No 89/2012 Coll., Civil Code (available in english)
Act. No 90/2012 Coll., Business Corporatins Act (available in english)
Act No. 256/2004 Coll. Capital Market Undertakings Act (available in english)
Act. No. 240/2013 Coll., on Investment Companies and Investment Funds (available in english)
Act No. 15/1998 Coll, on capital market supervision
Act No. 6/1993 Coll., on the Czech National Bank
Act No. 408/2010 Coll., on financial collateral
Act No. 240/2013 Coll., on Investment Companies and Investment Funds
Act No. 229/1992 Coll., on Commodity Exchanges
Other legal regulations (always in wording in force and effect as on the date of examination):
Directive 2007/36/EC on the exercise of certain rights of shareholders in listed companies
Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement
Directive 2004/25/EC on takeover bids
Directive (EU) 2024/2810 of the European Parliament and of the Council of 23 October 2024 on multiple-vote share structures in companies that seek admission to trading of their shares on a multilateral trading facility
