Selected legal issues of property management comparable to management according to § 15 ZISIF

Selected legal issues of asset management comparable to the management of an investment fund under Section 15 of the Act on Management Companies and Investment Funds Abstract The thesis examines asset management comparable to the management of an investment fund pursuant to Section 15 of Act No. 240/2013 Coll., on Management Companies and Investment Funds, as amended (Act on Management Companies and Investment Funds), conceived as a national reflection of the de minimis exemption under Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (AIFMD). The thesis connects the legal framework with practical application and analyses the implications of the structural flexibility of this regime. The introductory part places the legal concept in its historical and European context and explains why the Czech model - operating without a full licence and ongoing supervision by the Czech National Bank - represents a flexible alternative for smaller investment structures that do not in themselves pose systemic risk. It further explores the nature of the so-called quasi-fund, i.e. a vehicle through which assets are managed, as a legally unrecognized pool of assets without legal personality, and systematically defines the main characteristics of asset...