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Transfer of ownership rights in book-entry securities
Lukačovič, Filip ; Čech, Petr (advisor) ; Josková, Lucie (referee)
In my thesis, I attempt to settle several legal issues pertaining to the matter of transfer of ownership title to book-entry securities. In our law, many legal instruments are only provided for in relation to certificated securities. The Civil Code then extends the scope of application of provisions on certificated securities to book-entry securities, except for where the nature of the latter or a different statutory provision prohibits it. Hence, the key question of my thesis is whether book-entry securities must be observed in a manner that respects their particular nature, and if so, how do said particularities influence the transfer of ownership title to the same. The core text of the thesis is contained within Part 2., designated Nature of Book-Entry Securities, and Part 3., designated Transfer of Book-Entry Securities. Part 2. is devoted to the nature and particularities of book-entry securities that often lie between private and public law and which influence means of their transfers. Consecutively, using their individual characteristics, I distinguish book-entry securities from the certificated ones, I theorize on the possibility of a "reverse-substitution", I conclude some regulatory as- pects of the current law (from deposition and extracts therefrom, to changes of records as con-...
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Financial Collateral with an International Element wiht Respect to Booked Securities
Šovar, Jan ; Pauknerová, Monika (advisor) ; Kučera, Zdeněk (referee)
This paper deals with the phenomenon of the financial collateral arrangements, under which parties transfer book-entry securities. It focuses on the legal questions link to the international element. Financial collateral arrangements typically occur in securities repurchase and securities lending. These transactions play important role in order to guarantee liquidity cash and proper functioning of capital markets in the European Union. Simultaneously, securities are no longer only of a tangible goods nature; instead they exists as electronic records in securities accounts. This is why conflicts of law issues have become so paramount. This study analyses the approach of Czech law to financial collateral arrangements. In particular, if the collateral is represented by a book-entry share, bond or fund unit. It pays attention to such a matter from the national as well as the harmonised EU perspective. On an EU level, such arrangements are primarily regulated by the Collateral Directive (FCAD). The Hague Convection on the Law Applicable to Certain Rights in Respect of Securities held with Intermediaries, which has had a profound impact on the notion of book-entry securities conflicts of law rules, is specifically discussed too. Both methods to provide financial collateral, i.e. the outright transfer and...
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Deposit of Securities and Book-entry Securities Held Through Intermediaries
Dvorský, Václav ; Pauly, Jan (referee)
Deposit of Securities and Book-Entry Securities Held through Intermediaries Abstract The subject of this work is the analysis the deposit (i. e. safe custody) of securities in several Central European legal systems performed in a dogmatic, historical and comparative context. Firstly, the particular types of deposit contracts are introduced. These are a regular (individual), aggregate, mingled and irregular deposit. These types of contracts are discussed in more detail, especially in terms of the rights and obligations of the parties. It is determined who is the owner of the things deposited, the degree of responsibility of each party, the extent of the obligation to restore the deposited thing, etc. Although the types of contracts are analysed primarily in terms of deposit of securities, these are general types of deposit contracts that can be applied much more widely. Therefore overlaps with other legal institutes, such as a storage contract, are also indicated. Then follows an analysis of the historical development of the regulation of deposit of securities from the 19th century to the present, with emphasis on the Central European context, especially the law applicable on the territory of today's Czech Republic. This analysis states that until the beginning of the communist regime, regulations in...
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Securities and book-entry securities - changes after recodification
Koláček, Petr ; Čech, Petr (advisor) ; Elek, Štefan (referee)
61 Abstract The purpose of this thesis is to analyse new legislation on securities and book- entry securities enacted during the recodification of private law. The main legislation moved from the Act no. 591/1992 Coll., On Securities, into the Act no. 89/2012 Coll., The Civil Code. This thesis is divided into five chapters. The first chapter deals with the general definition of the concept of securities and booked-entry securities. It describes the definition of security that has been adopted from the Swiss Code of Obligations and describes the new concept of book-entry securities, which are now a substitute to securities and a separate legal institute. The second chapter briefly describes the functions of the securities. The third chapter describes forms of securities that are crucial for determination of methods of transfer of the securities. It also discusses enactment of legal presumptions of the form of the security that are used to determine form of securities in the case the form of the security is not entirely clear. Finally, this chapter deals with the question, whether the forms of book-entry securities are no longer distinguished. The fourth chapter analyses the transfer of ownership of the securities according to their various forms and discusses the conditions under which the securities in each...
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Financial Collateral with an International Element wiht Respect to Booked Securities
Šovar, Jan ; Pauknerová, Monika (advisor) ; Kučera, Zdeněk (referee)
This paper deals with the phenomenon of the financial collateral arrangements, under which parties transfer book-entry securities. It focuses on the legal questions link to the international element. Financial collateral arrangements typically occur in securities repurchase and securities lending. These transactions play important role in order to guarantee liquidity cash and proper functioning of capital markets in the European Union. Simultaneously, securities are no longer only of a tangible goods nature; instead they exists as electronic records in securities accounts. This is why conflicts of law issues have become so paramount. This study analyses the approach of Czech law to financial collateral arrangements. In particular, if the collateral is represented by a book-entry share, bond or fund unit. It pays attention to such a matter from the national as well as the harmonised EU perspective. On an EU level, such arrangements are primarily regulated by the Collateral Directive (FCAD). The Hague Convection on the Law Applicable to Certain Rights in Respect of Securities held with Intermediaries, which has had a profound impact on the notion of book-entry securities conflicts of law rules, is specifically discussed too. Both methods to provide financial collateral, i.e. the outright transfer and...
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