Issues of the Use of Intermediated Securities in Cross-Border Transactions

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14220%2F23%3A00132241" target="_blank" >RIV/00216224:14220/23:00132241 - isvavai.cz</a>

Výsledek na webu

<a href="https://journals.muni.cz/cpvp/article/view/33157/28770" target="_blank" >https://journals.muni.cz/cpvp/article/view/33157/28770</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.5817/CPVP2023-1-3" target="_blank" >10.5817/CPVP2023-1-3</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Issues of the Use of Intermediated Securities in Cross-Border Transactions

Popis výsledku v původním jazyce

This paper explores issues arising from international transactions using securities either in sale and purchase contracts or as collateral. Once paper securities were transferred to registered ones and book-keeping took virtual form, the complexity of the financial international system further increased. At the same time it facilitated trades across the globe that previously would not take place due to high transaction cost and legal uncertainty.Logical step in this evolution was, therefore, the introduction of intermediated securities holding systems where one or more securities intermediaries can hold securities for their clients across various jurisdictions and perform book-keeping and corporate proxy roles for a plethora of customers. Nevertheless, the system is still not harmonized as various legal regimes implement holdings of securities differently.This paper analyzes the structure of these systems and discusses the legal issues they pose on the transacting parties. The analytical part discusses possible solutions and provides alternatives to the current academic literature proposals by implementing private sector participants where the public and international community struggles to succeed.

Název v anglickém jazyce

Issues of the Use of Intermediated Securities in Cross-Border Transactions

Popis výsledku anglicky

This paper explores issues arising from international transactions using securities either in sale and purchase contracts or as collateral. Once paper securities were transferred to registered ones and book-keeping took virtual form, the complexity of the financial international system further increased. At the same time it facilitated trades across the globe that previously would not take place due to high transaction cost and legal uncertainty.Logical step in this evolution was, therefore, the introduction of intermediated securities holding systems where one or more securities intermediaries can hold securities for their clients across various jurisdictions and perform book-keeping and corporate proxy roles for a plethora of customers. Nevertheless, the system is still not harmonized as various legal regimes implement holdings of securities differently.This paper analyzes the structure of these systems and discusses the legal issues they pose on the transacting parties. The analytical part discusses possible solutions and provides alternatives to the current academic literature proposals by implementing private sector participants where the public and international community struggles to succeed.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50501 - Law

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Časopis pro pravní vědu a praxi

ISSN

1210-9126

e-ISSN

1805-2789

Svazek periodika

31

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

19

Strana od-do

93-111

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85159378741