Емісія бездокументарних цінних паперів як підстава їх виникнення
Emission of uncertificated securities as grounds of their emergence

Summary/Abstract: During the formation and development of science onsecurities and emergence on stock market of uncertificated securities, the majorityof scientists investigated these instruments of stock market as objects of the civilturnover from the point of view of «bodiless things» or stressed their dualistic naturecomposing features of things and obligations.Recent researches and publications analysis. Such works have been carriedout 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.Shymonand others.The concept of uncertificated securities emission as grounds of theiremergence and definition of such an emission features has been devoted insufficientnumber of scientific papers.Paper objective. Objective of this article is the definition of the concept ofemission of uncertificated securities as grounds of their emergence, legal nature ofsuch an emission and its place in the civil turnover of uncertificated securities asobjects with capacity to turnover.Paper main body. In the article the concept of «emission of securities» both ascertificated so uncertificated ones given to the employees and economists has beenanalyzed. The author made the conclusion that legal nature of emission of anysecurities is legal composition including sequence of certain actions directed to theemergence in the civil turnover such objects of the civil rights as securities.On the base of the comparative analyses of certificated and uncertificatedsecurities it has been proved that emission of uncertificated securities as grounds oftheir emergence has certain peculiarities permitting to single out these securitiesconcept from the general concept of emission of security given under currentlegislation of Ukraine.Conclusions of the research. It has been given by the author the definition ofthe concept of emission of uncertificated securities as emission legal relations beingthe grounds of their emergence and set up legal ( actual) composition of t certainconsistent legal actions regulated by the rules of law and being part of the legalrelations of the civil turnover of uncertificated securities as objects of civil rights withthe capacity to turnover.To the legal actions that has been taken by the issuer of uncertificatedsecurities for their emergence as certain property and non-property rights it is relatedthe following:1) conclusion of the temporary (preliminary) unilateral transactions as tothe opening of a personal account for the entire issue of emission securities withdepositories and registrars;2) coordination and execution of certain organizational and administrativeactions 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 theadministrative acts with the National Comission on Securities and Stock Market ofUkraine in the form of the Terms of issue of securities.3) In the Terms of issue (emission) it is the issuer that takes the certainobligations depending from those rights identifying certain types of uncertificatedsecurities

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