Abstract
This monograph deals with the issue of distribution of financial instruments and its legal regulation. The primary objective of the monograph is to theoretically define and analyze the issue of legal framework governing the distribution of financial instruments.
The secondary objective is to highlight the partial incoherence of legislation regulating the various forms of distribution, namely the Act on Capital Market Undertakings and Act on Investment Companies and Investment Funds, and propose possible legislative solutions. The general theoretical part of the monograph , comprising first two chapters, is devoted to the concept of distribution in the financial market, concept of financial instruments and incorporation of the presented topic into the system of financial law, including the comparative perspective.
The chapter three focuses on subjects involved in the process of distribution of financial instruments, namely the investors as addressees of distribution and certain categories of distributors. The accent is put on the investment fund managers and investment intermediaries as distributors.
The external distribution models common in the Czech capital markets are briefly mentioned. The fourth chapter analyzes certain legal forms of distribution of financial instruments and their correlation, namely distributional investment services and marketing of investment funds with a focus on private placement of investment funds and marketing of qualified investors' funds to general public.
According to the author, the criterion of minimal investment should be revised and supplemented by the appropriateness test in order to enable general public to take advantage of investments into the qualified investors' funds. In the conclusion the author's views on the issue and proposals de lege ferenda are given.
Furthermore, the future legislative changes, their aspects and implication are discussed.