1Обухова_RESUME_Civil law regulation of n..mentary securitiies holding_УАД (Гражданско-правовое регулирование учёта прав на бездокументарные ценные бумаги), страница 2

A.Sukhanov13, G.N. Shevchenko14 and other authors. The focus of the research of theperiod 2012-2017 in general is rather narrow15. At the same time, some aspects ofthe current securities accounting and holding system reform (introduction of thecentral depository institution) and reform of corporate actions are discussed inspecial and economic literature.At the same time the issues of legal nature and securities holding systems havebeen developed to a much greater extent in foreign literature. The legal regulation                                                            10Gabov A.V., 2009.

'Securities in Russian law: some chapters of history of its definitioncreation' [Cennaja bumaga v rossijskom prave: nekotorye stranicy istorii pojavlenija eesovremennogo opredelenija], Business law [Predprinimatel'skoe pravo], no 4, pp. 41 – 46.Doctoral thesis by that author. Gabov A.V., 2010. 'Problems of civil law regulation oftransactions on securities market' [Problemy grazhdansko-pravovogo regulirovanija otnoshenijna rynke cennyh bumag]: dissertacija ...

doktora juridicheskih nauk: 12.00.03 / Moscow, 465 p.11Stepanov D.I., 2002. 'Problems of theory and practice of equity securities' [Voprosy teorii ipraktiki jemissionnyh cennyh bumag] / Hozjajstvo i pravo, no 3. Stepanov D.I., 2004. 'Legalremedies for the holder of the book-entry securities' [Zashhita prav vladel'ca cennyh bumag,uchityvaemyh zapis'ju na schete]. Moscow, Statut, 127 p. Stepanov D.I., 2010.

'On the theory ofnotion of securities in Russia and on the theory of legal concepts in general. Relevance ofdogmatic reflections' [O teorii cennyh bumag v Rossii i o teorii ponjatij voobshhe.Razmyshlenija o vostrebovannosti dogmaticheskih postroenij] / Vestnik grazhdanskogo prava,no 4, pp.

58 - 96. Stepanov D.I., 2000. 'The modern Russian legal understanding of securities'[Sovremennoe rossijskoe pravoponimanie cennyh bumag] / Zhurnal rossijskogo prava, no 7.12Juldashbaeva L.R. The legal nature of securities [Pravovaja priroda bezdokumentarnyh cennyhbumag] / Hozjajstvo i pravo, 1998, № 4. Juldashbaeva L.R. The legal regulation of the eqitysecurities transactions [Pravovoe regulirovanie oborota jemissionnyh cennyh bumag (akcij,obligacij)].

M., Statut, 199913Suhanov E.A., 2011. 'On the concept of securities' [O ponjatii cennyh bumag]. Chastnoe pravoi finansovyj rynok, no.1, pp. 1-20.14Shevchenko G.N., 2009. 'Absoluteness of title to securities' [Absoljutnoe pravo nabezdokumentarnye cennye bumagi]. Pravovaja real'nost' v fokuse juridicheskoj nauki iuniversitetskogo prosveshhenija: materialy mezhdunarodnoj nauchno-prakticheskoj konferencii.- Vladivostok: Izd-vo Dal'nevost. un-ta, pp. 322-325; Shevchenko G.N., 2004. 'The legalregulation of securities' [Pravovoe regulirovanie cennyh bumag]. Moscow, Statut, 173 p.15Trifonenkova T.Ju., 2010.

'Central depository as an element of the international financialcenter' [Central'nyj depozitarij kak jelement mezhdunarodnogo finansovogo centra //Finansovaja analitika: problemy i reshenija, no. 16, pp.11-17. Kirichenko D., 2016. 'Corporateactions and execution of shareholders' rights' [Korporativnye dejstvija i osushhestvlenie pravakcionerov]. Depozitarium, no. 1 (141), pp. 24-32.

Nikiforov A.Ju., 2014. 'Non-documentarysecurities' [Bezdokumentarnye cennye bumagi] / Legal Reference System 'Consultant Plus'.6  of the securities market in Russia is to a great extent oriented toward theexperience of foreign countries.Among foreign researches it is necessary to emphasize: fundamental doctrinalresearches of the legal nature of paperless securities by prof. Joanna Benjamin16,Erica Johansen17; prof. Matthias Lehmann18 on the legal issues of electronicaccounting and the form of securities; comparative legal studies, as well as issuesand a monograph on the indirect holding by Eva Micheler19; monographs andarticles by prof.

David Donald20 on securities settlement systems; the article by theprof. Charles Mooney21 on certain issues in this field in the law of the UnitedStates and Japan; Wenwen Liang'22s work on the correlation of titles in indirectholding and on the securities holding model of China; Changmin Chang's23monograph on the private international regulation of securities holding.                                                            16Benjamin J., 2000. 'Interests in securities. A proprietary law analysis of the internationalsecurities markets'. Oxford, 392 p. See also: Stevens R.

and McFarlane B., 2009. 'Interests inSecurities: Practical Problems and Conceptual Solutions'. In L. Gullfer and J. Payne (eds),Intermediated Securities, pp. 34-47. Zaccaria E.C. 'Proprietary rights in indirectly heldsecurities: legal risks and future challenges' (Ph.D. thesis) The London School of Economicsand Political Science.17Johansson E., 2009. 'Property Rights in Investment Securities and the Doctrine of Specificity'.Springer-Verlag Berlin Heidelberg, 220 p.18Lehmann, M., 2009. 'Finanzinstrumente: vom Wertpapier- und Sachenrecht zum Recht derunkörperlichen Vermögensgegenstände'.

Mohr Siebeck, 558 p.19Micheler E., 2007. 'Property in Securities. Comparative Study'. Cambridge studies in corporatelaw, 253 p. See also the research by her colleague by LSE, Ph. Paech: Paech P., 2012. 'Marketneeds as Paradigm: Breaking Up the Thinking on EU Securities Law'. LSE Law, Society andEconomics Working Papers 11/2012. London.20Donald D.C., 2013.

'Securities settlement systems. Handbook of Key Global FinancialMarkets, Institutions and Infrastructure'. Hong Kong, pp. 595–611. Donald D.C. 2007. 'The riseand effects of the indirect holding system: how corporate America ceded its shareholders tointermediaries'. Institute for law and finance, Johann Wolfgang Goethe-Universitaet Frankfurt,Working paper series № 68.21Mooney Ch. W. Jr., 2008. 'Law and Systems for Intermediated Securities and the Relationshipof Private Property Law to Securities Clearance and Settlement: United States, Japan, and theUNIDROIT Draft Convention'. IMES Discussion Paper Series 2008-E-7.22Liang W., 2013.'Title and title conflicts in respect of intermediates securities under Englishlaw'. Cambridge Scholars Publishing, 220 p.23Changmin Chun, 2012.

'Cross-Border Transactions of Intermediated Securities. AComparative Analysis in Substantive Law and Private International Law'. Berlin, Heidelberg,504 p.7  It is also necessary to mention the reports of the Working Groups: UNIDROITStudy Group on harmonised substantive rules regarding securities held with anintermediary24; The Commission chaired by Christophe Bernasconi on the lawapplicable to dispositions of securities through indirect holding systems25. At thenational level, the reports and analytical documents of the commissions should bealso noted: in the EU - the Alberto Giovanni Group26, as well as the experts of theEU Commission on Domestic Markets and Services27; in the UK, the FinancialServices Authority; in the USA - special committees of the Congress28 and others.Theoretical base of the researchThe present dissertation is based on examination of large amount of domesticand foreign studies.

The problems considered in this dissertation were discussed inRussian literature by the following authors: M.M. Agarkov, A.V. Asoskov, V.A.Belov, A.V. Gabov, D.D. Grimm, V.V. Dolinskaya, E.N. Kabatova, E.A.Krasheninnikov, A.N. Lysenko, A.N. Latyev, D.V. Lomakin, N.O. Nersesov,A.Yu. Nikiforov, D.A. Pentsov, S.V. Sarbash, A.S. Selivanovsky, S.A. Sinitsyn,D.I.

Stepanov, E.A. Sukhanov, Yu.K. Tolstoy, P.P. Tsitovich, G.N. Shevchenko,L.R. Yuldashbaeva and others. Several narrowly specialized studies that enrichedthe subject area of the research were conducted by: A.E. Abramova, K.R.                                                            24E.g. UNIDROIT Study Group. On Harmonised Substantive Rules Regarding Securities HeldWith An Intermediary. Rome, December 2004, Doc.19.25Bernasconi C. The Law Applicable to Dispositions of Securities through Indirect HoldingSystems. Report for the Hague Conference on Private International Law, November 2001.

R.Goode, H. Kanda & K. Kreuzer, with the assistance of Christophe Bernasconi. ExplanatoryReport on the Hague Convention on the Law Applicable to Certain Rights in Respect ofSecurities held with an Intermediary (Hague Securities Convention). Hague. 2005.26The Giovannini Group. Second Report on EU Clearing and Settlement Arrangements.Brussels, April 2003.27European Commission - Directorate General, Internal Market and Services. Summary of theseventh meeting of the Member States working group on securities law legislation.

Brussels,24.05.2013.28U.S. Congress, Office of Technology Assessment, Trading Around the 1 Clock: GlobalSecurities Markets and Information Technology--Background Paper, OTA-BP-W-66.Washington, DC: U.S. Government Printing Office, July 1990.8  Adamova, E.V. Agapeeva, A. Barshchevsky, M.L.

Bashkatov, I.N. Butina, I.V.Getman-Pavlova, N.Yu. Yerpyleva, M.N. Klevchenkova, E.N. Puzyreva, M.Samoylova, T.Yu. Trifonenkovaya, I.A. Frolova and others. In the foreign doctrinethe problems of non-documentary securities holding were discussed in thefundamental works of the following authors: Cristophe Bernasconi, JoannaBenjamin, Changmin Chun, David C.

Donald, France Drummond, Roy Goode,Ben McFarlane, Louise Gullifer, Matthias Haentjens, Erica Johansson, HerbertKronke, Wenwen Liang, Eva Micheler, Charles Mooney, Georg Opitz, PhilipPaech, Roben Steves, Luc Thevenoz, Elena Christine Zaccaria.The empirical base of the research.The research is based on domestic and foreign precedents and court practice ingeneral. The materials of the court practice, analysis of the Plenum and thePresidium of the Supreme Arbitration Court and the Supreme Court of the RussianFederation decisions as well as judicial acts of the courts of lower instances.