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Intermediated Holding of Securities
Vondráček, Ondřej ; Černá, Stanislava (advisor) ; Elek, Štefan (referee) ; Pelikánová, Irena (referee)
Ph.D Thesis Mgr. Ondřej Vondráček LL.M Intermediated Holding of Securities September 2010 1 ABSTRACT This thesis deals with the phenomenon of the intermediated holding of securities which has recently changed the perception of the legal nature of securities as well as the rights connected with them. The intermediated holding of securities is a relatively new notion in the area of capital markets and securities law. In the same way globalisation has transformed the approach to the commerce of tangible goods it has also changed the market environment for the abstract creations represented by securities and rights connected with them. The impact of this metamorphosis has meant that securities are no longer traded as goods requiring physical transfer and delivery but are instead increasingly traded as intangibles circulating only through changes made to electronic records in securities accounts. When financial markets were dominated by certificated securities their holders had a direct relationship, both to the security and to its issuer. Due to the operation of a double legal fiction which, on the one hand, incorporated the rights flowing from the securities in the certificate serving as a corporeal means of transport for the record of these rights, and, on the other, granted to this certificate the status of...
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Intermediated Holding of Securities: dispositions, conflict-of-laws issues, public policy aspects
Vondráček, Ondřej ; Brodec, Jan (referee) ; Elek, Štefan (referee)
Doctoral thesis: Intermediated Holding of Securities: dispositions, conflict-of-laws issues, public policy aspects (Mgr. Ondřej Vondráček Ph.D., LL.M) ABSTRACT This thesis analyses the dynamic aspects of intermediated holdings of securities. It deals with issues concerning legal relations which stem from the circulation of intermediated securities. The first part maps voluntary and involuntary dispositions with intermediated securities. In the framework of voluntary dispositions it describes rules concerning transfers of intermediated securities - both stock market and over-the-counter (OTC) - as well as collateral arrangements comprising intermediated securities. The second part concentrates on the aspects of private international law of dispositions with intermediated securities, and in particular on difficulties with localisation of intermediated securities and accounts where they are recorded. The third part examines public policy aspects of intermediated holdings. It asks whether the theory of incorporation of the right in a certificate applying to directly held certificated equity securities - which allows their holder to hide their identity - contributes to negative social effects, like corruption, tax evasion, conflict of interest or money-laundering. The first two parts are based on an identical...
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Intermediated Holding of Securities: dispositions, conflict-of-laws issues, public policy aspects
Vondráček, Ondřej ; Brodec, Jan (referee) ; Elek, Štefan (referee)
Doctoral thesis: Intermediated Holding of Securities: dispositions, conflict-of-laws issues, public policy aspects (Mgr. Ondřej Vondráček Ph.D., LL.M) ABSTRACT This thesis analyses the dynamic aspects of intermediated holdings of securities. It deals with issues concerning legal relations which stem from the circulation of intermediated securities. The first part maps voluntary and involuntary dispositions with intermediated securities. In the framework of voluntary dispositions it describes rules concerning transfers of intermediated securities - both stock market and over-the-counter (OTC) - as well as collateral arrangements comprising intermediated securities. The second part concentrates on the aspects of private international law of dispositions with intermediated securities, and in particular on difficulties with localisation of intermediated securities and accounts where they are recorded. The third part examines public policy aspects of intermediated holdings. It asks whether the theory of incorporation of the right in a certificate applying to directly held certificated equity securities - which allows their holder to hide their identity - contributes to negative social effects, like corruption, tax evasion, conflict of interest or money-laundering. The first two parts are based on an identical...
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Intermediated Holding of Securities
Vondráček, Ondřej ; Černá, Stanislava (advisor) ; Elek, Štefan (referee) ; Pelikánová, Irena (referee)
Ph.D Thesis Mgr. Ondřej Vondráček LL.M Intermediated Holding of Securities September 2010 1 ABSTRACT This thesis deals with the phenomenon of the intermediated holding of securities which has recently changed the perception of the legal nature of securities as well as the rights connected with them. The intermediated holding of securities is a relatively new notion in the area of capital markets and securities law. In the same way globalisation has transformed the approach to the commerce of tangible goods it has also changed the market environment for the abstract creations represented by securities and rights connected with them. The impact of this metamorphosis has meant that securities are no longer traded as goods requiring physical transfer and delivery but are instead increasingly traded as intangibles circulating only through changes made to electronic records in securities accounts. When financial markets were dominated by certificated securities their holders had a direct relationship, both to the security and to its issuer. Due to the operation of a double legal fiction which, on the one hand, incorporated the rights flowing from the securities in the certificate serving as a corporeal means of transport for the record of these rights, and, on the other, granted to this certificate the status of...
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