Trust Regulation in the Czech Republic: the Model Law for Introduction of the Trust Instrument in the Republic of Latvia?

In the last decades, thanks to the process of globalization, there is the diversification of forms and kinds of the economic relations. Therefore the trust instrument is used more and more in the countries where before it was practically unknown legal instrument. The author has defended dissertation paper "The Essence of Trusts, its Recognition and Legal Regulation in the Roman - German Law System Countries and Possible Introduction in Latvia" on September 12, 2008. In this dissertation paper it was advised to introduce trust instrument in the Republic of Latvia I order to improve the existing regulation in Latvia; draft law on trusts was prepared. The Czech Republic had introduced trust instrument from January 1 2014. This article will be devoted to the comparative analysis of the Czech regulation on trusts; therefore it is a very important both from academic and practical point of view. Till now there are a few researches on this theme. The survey and comparative analysis are the main methods used in the present article. Based on the comparative analysis it is recommended to use regulation of the Czech Republic and Province of Quebec in order to draft similar legislation in the Republic of Latvia. The present research is a very topical for the academics, Members of the Saeima (Latvian Parliament), practitioners in the financial and legal field. This is unique research on comparative basis, using Civil Code of the Czech Republic and Province of Quebec, the Principles of European Trust Law, the Hague Convention on the Law Applicable to Trusts and on their Recognition and existing regulation and prepared draft legislation on trusts of the Republic of Latvia. [ABSTRACT FROM AUTHOR]