DOI: 10.7256/2454-0633.2018.1.25540

Abstract: This article directs attention to the gaps in legal regulation of transboundary securities transactions in light on enactment of the Hague Convention on “Certain Rights in Respect of Securities held with an Intermediary”. The author examines the prerequisites for creating such document that emphasize its importance and relevance for the stock market participant, as well as describes the key features of the proposed by Convention legal regulation with examples. Analysis of applicability of the document for the Russian legal reality and prospects of potential implementation is provided. The scientific novelty lies in the insufficient familiarization with the topic of transboundary securities turnover in the Russian Federation. Using the practical examples, the author demonstrates the applicability and relevance of the new approaches suggested by the Convention, as well as analyzes their strong and weak aspects. The article also depicts the problems emerging in foreign countries in terms of the transboundary securities turnover and their causes. A conclusion is made on the possibilities of implementation of Convention regulations in the Russian Federation.

DOI: 10.25136/2409-7136.2017.7.23280

Abstract: The paper describes the prerequisites of formation and establishment of the system of indirect holding of securities. The article reflects the impact of dematerialization and immobilization processes on the formation of the modern recording system. The author defines the key qualifying functions of the recording system and describes the varieties of recording systems. Particular attention is given to the formation of the modern recording system in the Russian Federation and the comparative analysis of this process with similar processes in foreign countries. The author also gives attention to the origins of legal problems connected with cross-border transfer of securities. With regard to the research subject, goals and tasks, the author uses the comparative-legal method of research. The author also applies law of conflicts and the material-legal methods. In the author’s opinion, the acquired information will provide insight into the purpose of depository system and its functions and will help find out the prerequisites of formation and possible variants of development of collision problems connected with cross-border transfer and recording of securities in indirect holding and will help assess similar processes in the Russian Federation. 

DOI: 10.7256/2454-0633.2016.4.19021

Abstract: The object of this research is the formation and development of the PRIMA connection factor aimed at regulation of the relations associated with the transboundary transaction of the bonds. Currently, there is no single contentious approach for resolution of such issues.  The national substantive law and/or conflict of laws is most often implemented in practice. The formulated in 2000’s contentious principle of PRIMA, including its modifications, suggested by the Hague Convention on securities, is in need for further improvements and is not currently applied by the participants of the stock market. In absence of a single approach, the risk of invalidity of, for example, law selected by the parties in the aforementioned relations is rather high. The main goal of this work consist in determination of which law will be implemented for the regulation of certain relations. Due to the fact that conflict of laws method is capable to distinguish the applicable law, although the specific disposition, hypothesis or sanction of legal relation will be contained in the substantive norms of the selected in correspondences with the conflict of laws method of legal order, the author use the substantive legal method in this research. The main result of this work lies in the analysis of various options of the connection element PRIMA, determination of its positive and negative aspects (including the risks associated with the use of one or another option), as well as future direction of the development for regulation of the assigned area of relations.