Аннотация на английском языке (793727), страница 2
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ТЬе place and possible waysto provide safeguarding and protection of the rights exercised Ьу the owners of6uncertificated shares as wel1 as other persons entitled to exercise the rights foruncertificated shares Ьауе been ёегеппшес. ТЬе main findings to Ье defended,which offer new scientific and practical approaches to solving the issues of thedissertation research according to the set out ацп, Ьауе been fопnulаtеd.
Scientificnovelty 1S a1so attached to the suggestions for improving the current legislation madein the dissertati оп.The provisions to Ье defended are as follows:1. The need тог айосаппя and introducing into civil circulation а new type ofshares - an electronic share which is not supposed to represent just а record in theregister but а full-fledged electronic document containing the issue number as wel1as an identifier, individualizing еасЬ electronic share, in the топп of an electronicshare number - has Ьееп validated.2. ТЬе practicality of introducing the distributed ledger technology to registeruncertificated shares and trапsfепiпg the rights granted Ьу them has been justifiedsince this technologyis basedоп decentralizedinformationstorageandsimultaneous confmnation of information reliability Ьу аН the participants of thesystem.
The introduction of this technology wil1 lead to an increase in the safety ofuncertificated shares as ргорепу since the distributed ledger technology providesresistance to unauthorized changes of information оп the owners of uncertificatedshares and the reasons for acquiring and transferring the rights to this property.3. There has Ьееп formulated а conclusion that the shareholder's failure toapply any measures of operational impact as а measure for protecting ownershiprights to the uncertificated share has to Ье considered as waiver of the right but notas violation оп the рап of the shareholder.4.
The need has been validated to exclude enforcing the rules of civillegislation оп the pledge of goods to the pledge of uncertificated shares whilepreserving in the сuпепt legislation ofthe Russian Federation the rule оп transfer ofrights granted Ьу pledged uncertificated7shares to pledgee оп condition of5.
lt has Ьееп established that safeguarding the rights to цпсегпйсшеё впагезIScarried out through taking static and dynamic measures. Static measures ofsafeguarding include: setting the term of dividend payment; mandatory redemptionand preemption right; receiving Ьу the shareholder reliable штоппапоп about jointstock сотпрапу; licensing securities market registration institutions; establishingtheir accountability to the securities market regulator and SRO participants of thefmaпcial market; lеgislабvе consolidationог the mandatory deve]opment апоapproval of the basic staпdards of SRO Ьу the Bank of Russia.
Dynamic measuresof safeguarding include: appropriate fulfil1ment of duties Ьу owners of uncertificatedshares with regard to maintenance ot' ownership; shareholder's exercise ofthe rightto receive an extract from the register of shareholders;confirmationof theshareholders record at the general meeting апс the decisions made Ьу the personperforming the functions ofthe counting соппшвзюп; the Bank of Russia' sperformance of соппойшя and supervision functions in relation to the issuers ofuncertificated shares, financiaI organizations and their SRO.6. It has also Ьееп established that unIike safeguardingthe rights touncertificated shares, protecting is possible to Ье сагпес out through taking оупаггпсmeasures опlу.
These measures include:а) taking measures of operational impact (application of interim measures;exercise of the right to demand callil1g of general shareholder meeting and exerciseofthe right ofredemption; shareholders' арреаl for judicial protection ofthe violatedrights with demand (to expel from membership the shareholder who has doneessential Ьarш to the joint-stock сотрапу with their action / inaction; to appealagainst the decisions of goveming bodies conceming transactions which Ьауеcaused damage to th.ejoint-stock согпрапу); inspections Ьу SROs and the Bank ofRussia;Ь) taking restorative measures (enforcing shareholders' claims to ехреl fromшешоегэшр the shareholder whose action / inaction has done essential harrn to thejoint-stock сотрanу; to арреаl against the decisions of governing bodies concemingthe transactions which l1ауе caused damage to the ioint-stock сопшапу; the return8of uncertificated shares Ьу the person whose account uncertificated shares haveillegally Ьееп transfепеd to ; restoration of registry data Ьу applying the procedurestipulated Ьу legislation);с) applying liability measures (recovery of damages, penalties, compensationfor moral harm, fines, delicensing and decertification of а specialist in the financialmarket, compulsory community service, сопесtivе labor, arrest, restriction oflibertyor imprisonment).7.
It Ьаз Ьееп substantiated that the financial market SRO occupies а special.place in the system of self-regulation, and саппот Ье regarded as а subject of privatelaw. The functions perforrned Ьу SRO (supervision, regulation) аге aimed primarilyat pursuing the state interest and involve fmancial market SROs in publicadministration.8. It has Ьееп supported that protection of rights for uncertificated sharesthrough measures of operational impact and restorative character, is provided in twostages: "the initiation stage" and "the implementation stage", and certain groups ofentities are authorized to act at еасЬ of the indicated stages.Considering the issues studied the following suggestions to improve theсuпепt legislation Ьауе Ьееп put forward:1. It is offered to introduce the following redraft into Art. 2 of the Federallaw«About Securities Market»: «The transfer of uncertificated shares fixes the receiptЬу а new owner of uncertificated shares of а practical possibility to exercise therights granted Ьу uncertificated shares to their owners».
It is proposed to use thiswording widely in regulatory enactments to deterrnine the time when the owner ofuncertificated shares receives а non-declaredbut practical opportunity to exercisethe rights granted Ьу uncertificated shares held Ьу him.2. Since this study has established the fact that issuance of uncertificatedshares does not involve their alienation to the first owners, it is suggested to redraftpara. 19 of Ап.
2 ofthe Federallaw «About Securities Market» excluding the term«alienation» and introducing the terrn "Placement ofUncertificated Shares» with thefbllowmg definition: «Placement of uncertificated9shares is their issuance inспешапоп Ьу writiпg off from the treasury ассошп of the issuer iп the shareholdersregister апd tгапsfеrriпg to the оwпег's регsопаl ассошп».3.
With regard to the detection of almost complete legal VLllпегаЬilityof theтапаgетепtсотпретепсе in the event ot' disposal of uncertificated shares [тот theshareholderownershipаgаiпst his will, ш simаtiопs when this disposal isассотрапiеd with а сhапgе ш а регсепtаgе ratio of the rights gгапtеd Ьу опе share,it is proposed го redraft Para.3 of Article 65.2 of the Civi1 Code of the RussiапFederation, аddiпg the fоllоwiпg phrase: «Uпlеss otherwise stipLllated Ьу this Code,а рartiсiрапt of а commercial сотрогапоп who, аgаiпst his will, as а result of illegalасtiопs Ьу other рartiсiрапts or third parties, lшs 10st the right to participate in it, isепtitlеd to dетапdthe гешгп of his share of раrtiсiраtiоп trапsfепеd to otherрегsопs, as well as fair согпрепвапоп dеtеrmiпеd Ьу court апd damages at theехрепзе оfрегsопs liable [от the [овз of shares.
Herewith, the rate of раrtiсiраtiопshare is ёегеппшсс at the time of its гешгп, basing оп its size ш the еvепt of' therights to it are пот violated. ТЬе сошт шау refuse го гешгп the рartiсiраtiоп share ifthis makes other регsопs uпfаirlу deprived of their rights to participate or results шextremely negative social and other publicly significant consequences. 1п this саве,а регвоп who, аgаiпst his will, has 10st the right to participate ш the сотрогапоп shallЬе paid fair сошрепзапоп dеtеrmiпеd Ьу the court Ьу the регsопs liable for the [оззofhis раrtiсipаtiоп зпаге».4.
While апаlуziпg the issue of practical imрlеmепtаtiоп of suЬsсгiрtiоп [отuпсеrtifiсаtеd shares, whеп а bilateral аgrееmепt is not knоwп to Ье concluded, апapplication for геdеmрtiоп апd securities раутпеш dОСLlmепtsаге пот provided tothe seHer (Рага.Зл of Article 41 of the Federal Law оп JSC stipulates that апapplication тог the асquisitiоп от' securities shalf Ье deemed to Ье fiJed with theсотрапу оп the day of its receipt Ьу the registrar of the согпрапу); the registrarтегпаша the опlу раrtiсiрапt ш the legal геlаtiопshiр uпdег сопsidегаtiоп who is аЫеto exercise the authority to monitor the proper регfоrmапсе of the duties Ьу theparties of the transaction.
In this respect, detai1ed сопsidегаtiоп of the issue оп10providing the registrar with the documents сопбппшя раутпеш seems reasonable.Currently, in Рага. 3 of Article 41 of the F ederal Law оп JSC, it is оп1у mentionedthat а person enjoying the pre-emptive right is entitled to fully or partially exerciseit Ьу submitting ап аррйсацоп for its ехегсве and mаЮl1gраушепт. In this regard,it seems appropriate to redraft Рага. 3 of Ап. 41 about JSC, addil1g the obligationof the acquiring shareholder to provide the registrar with the original documentсопбппшя the раугпепг along with the application for exercising the right to acquireshares.Theoretical and practical significance of the dissertation research isdetermined Ьу theoretical апо practical developments aвd conclusions made in йтеdissertati 011.These conclusions and developments сan Ье такеп into account in the rulemaking process, law епюгсешепт, research and teaching activities - in teaching ofcorporate, entrepreneurial and civillaw disciplines.Testing the research results.
Certain issues addressed in the dissertationwere- solved wh-ile геропив;at циее инегпанопа!scientifican-d practicalconferences held in Moscow «Сштепт problems of business aвd corporate law шRussia and abroad» - II (22.04.2015), III (25.04.2016g .) ТУ (25.04.2017). ThescientifI-с геропз of th~ ашпот of ше disseItation wеП7 published in th~ ргосееёшязof the conferences mentioned аооус. Some provisions examined Ьу the author in thedissertation fопnеd the basis for methodological materials for teaching the corporatelaw discrpline as weB as а зресга! сошве «Legal Regulatioll of t11e SecuritiesMarket» at the Russian Academy of National Есопоmу and Public Administrationunder the President of the Russian Federation.Certain provisions of the dissertation were published Ьу the author in ] 3articles in scientific periodicals, including 6 articles in peer-reviewed scientificperiodicals included in the 1ist of the Higher Attestation Commission under the11Мinistry of Education апё Science of the Russian Federation ("Lawyer" and "Lawand Economics" joumals).ТНЕ STRUCTURE OF ТНЕ DISSERTATIONТЬе iпtгоduсtiопdescribes the irnportance and theехтетп of previousinvestigation of the scientific problem addressed in the dissertation, the object andsubject of the research, its ацп and tasks аге fonnu1ated.
ТЬе methodical, theoreticaland empirical foundations ofthe study аге indicated, the provisions to Ье defendedаге [оппшагес and the changes to the сuпепt legislation of the Russian Federationаге proposed. In addition, the introduction substantiates the theoretical and practicalsignificance of the dissertation, its structure is outlined. Also, the research evaluationresults ше given.In the Пгвт chapter - «ТЬе legal nature of uncertificated shares and theJegal grounds for the ггапвгег Qf rigbts graoJed Ьу them in the RussianFederation», the legaJ пашге of uncertificated shares and the Jega1 grounds for thetransfer of uncertificated shares and the rights сопfепеd Ьу them же examine.d.The first paragraph о/ the chapter - « Uncertificated shares [n the Russianlegislation and their legal папае» - is devoted to the study of the evolution of theRussian researchers views оп the legal category «uncertificated зпаге»; provides theinterpretation of the legal category under study contained in the сштепг legislationwhich refers the uncertificated share to the category of «ргорепу»; specifies thetypes of rights granted Ьу uncertificatedshares; suggests а classificationofcharacteristics of uncertificated shares and the author's defmition of the legalcategory of the «uncertificated share».ТЬе second paragraph of the chapter -«Legal grounds for tl1e trans/er01uncertificated shares and rights granted Ьу тет» - proposes ап analysis of the&-оuп.d" 1~a.dli16 1.0 а.
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