Emission of uncertificated securities as grounds of their emergence

Abstract

During the formation and development of science on
securities and emergence on stock market of uncertificated securities, the majority
of scientists investigated these instruments of stock market as objects of the civil
turnover from the point of view of «bodiless things» or stressed their dualistic nature
composing features of things and obligations.
Recent researches and publications analysis. Such works have been carried
out both by domestic and foreign scientists, namely, V.A.Belov, A.G.Karantsev,
L.R.Yudashbayeva, V. Pospolitak, I. Bezklubyi, O. Mozgovaya, D.V. Murzin,V.A.
Barulin, V.L.Yarotskyi, G.N.Shevchenko,V.A.Kologoyda, O.Vygovskyi, S.I.Shymon
and others.
The concept of uncertificated securities emission as grounds of their
emergence and definition of such an emission features has been devoted insufficient
number of scientific papers.
Paper objective. Objective of this article is the definition of the concept of
emission of uncertificated securities as grounds of their emergence, legal nature of
such an emission and its place in the civil turnover of uncertificated securities as
objects with capacity to turnover.
Paper main body. In the article the concept of «emission of securities» both as
certificated so uncertificated ones given to the employees and economists has been
analyzed. The author made the conclusion that legal nature of emission of any
securities is legal composition including sequence of certain actions directed to the
emergence in the civil turnover such objects of the civil rights as securities.
On the base of the comparative analyses of certificated and uncertificated
securities it has been proved that emission of uncertificated securities as grounds of
their emergence has certain peculiarities permitting to single out these securities
concept from the general concept of emission of security given under current
legislation of Ukraine.
Conclusions of the research. It has been given by the author the definition of
the concept of emission of uncertificated securities as emission legal relations being
the grounds of their emergence and set up legal ( actual) composition of t certain
consistent legal actions regulated by the rules of law and being part of the legal
relations of the civil turnover of uncertificated securities as objects of civil rights with
the capacity to turnover.
To the legal actions that has been taken by the issuer of uncertificated
securities for their emergence as certain property and non-property rights it is related
the following:
1) conclusion of the temporary (preliminary) unilateral transactions as to
the opening of a personal account for the entire issue of emission securities with
depositories and registrars;
2) coordination and execution of certain organizational and administrative
actions with the National Commission on Securities and Stock Market of Ukraine.
One of the main actions of the issuer is working out and approval of the
administrative acts with the National Comission on Securities and Stock Market of
Ukraine in the form of the Terms of issue of securities.
3) In the Terms of issue (emission) it is the issuer that takes the certain
obligations depending from those rights identifying certain types of uncertificated
securities