Nabiullina J.R. —
Stock Market Recording System For Indirected Securities In German Law
// Financial Law and Management.
– 2017. – № 2.
– P. 57 - 73.
DOI: 10.7256/2454-0765.2017.2.23068 URL: https://en. nbpublish.com/library_read_article.php?id=23068
Read the article
The article is devoted to the indirect holding system formed in the Republic of Germany as well as legal problems arising in this indirect holding system. It is established that the main feature of German indirect holding system is the co-ownership right to the securities held in safe custody. The main characteristics of this co-ownership model were identified and described in the article. Moreover, the author also analyzes situations with legal uncertainty that may be caused by the indirect holding system model. The ways to resolve this uncertainty in case study and in doctrine are specifically considered. In addition, the author also touches upon the questions of cross-border transactions of securities. The main research method chosen by the author is the comparative law analysis. According to the author, analysis of Germany's experience in accounting and securities turnover is of great scientific interest for further discussion and development of cross-border securities turnover regulation in the Russian Federation. The author describes traditional conflicts of law rules applicable to these issues as well as new international and EU approaches to the matter. The influence of the new conflict of law approaches to the German law is the subject of this article. In conclusion the author makes necessary comments about the future of German indirect holding system and possible ways of its modernization.
conflict of law rule, co-ownership model, central depositary, indirect holding system, securities market, depositary, securities, holding system, PRIMA, German law
Ulrich Segna. The Geneva Securities Convention, the future European legislation and their impact on German law. In book «Intermediated Securities: The Impact of the Geneva Securities Convention». Cambridge University Press, ss. 395, 2013.
Eisele. «Wertpapier als Schuldrecht, Funktionsverlust von Effektenurkunden im internationalen Rechtsverkehr», 1995, 65-68; Habersack and Mayer, Globalverbriefte Aktien, at 1680-I.
Cf. Canaris, Bankvertragsrecht, 2nd ed. 1981, note 2017 et seq.; Heinsius/Horn/Than, Depotgesetz, 1975, s. 6 note 84 et seq.; Kümpel, Bank und Kapitalmarktrecht, 3rd ed. 2004, note 11.218 et seq.
Cf. Schulze-Osterloh, das Prinzip der gesamthänderischen Bindung, 1972, p. 212; Langhein, in: Staudinger, Kommentar zum Bürgerlichen Gesetzbuch, 13th ed., 2002, s. 747 note 23; K. Schmidt, in: Münchener Kommentar zum Bürgerlichen Gesetzbuch, 4th ed., 2004, s. 747 note 20; Koller, der gutgläubiger Erwerb bei der Übertragung von Miteigentumsanteilen, (1972) Juriste