Izvorni znanstveni članak
https://doi.org/10.32984/gapzh.12.1.2
The Impact of Modern Technologies on Intermediated Securities – National Models and Global Perspectives
Edita Čulinović-Herc
orcid.org/0000-0002-6177-8057
; Pravni fakultet Sveučilišta u Rijeci, Rijeka, Hrvatska
Antonija Zubović
orcid.org/0000-0001-8238-3495
; Pravni fakultet Sveučilišta u Rijeci, Rijeka, Hrvatska
Morana Derenčinović Ruk
orcid.org/0000-0002-6624-7896
; HANFA, Zagreb Hrvatska
Sažetak
The development of modern, globally applicable technologies has had a special impact on public limited companies. One of those is the blockchain technology (BC), a subcategory of the so-called Distributed Ledger Technology (DLT). Since shares constitute intangible securities, data on intangible securities and their holders are most often managed by a central body, i.e. the operator of the central depository of securities both in Croatian law and in the other legal systems. Moreover, it is commonly accepted that shares are held via intermediaries who are often globally linked, especially in cross-border trade. However, the question of whether the legal owner of securities is the investor or (some of) the intermediaries has been resolved in different ways on a comparative basis and has been subject to legal harmonisation. After presenting comparative models related to the question of the legal owner of intermediated securities, the author presents the characteristics of the Croatian legal system in the development context and present-day perspective, also bearing in mind the impact of European law. Having presented the fundamental features of BC technology, in the final part of the paper the author analyses how this technology could be applied to the existing system of securities depository on the one hand, and how it impacts on intermediated securities.
Ključne riječi
Blockchain; Distributed Ledger Technology (DLT); intermediated securities; central securities depository (CSD)
Hrčak ID:
260589
URI
Datum izdavanja:
16.7.2021.
Posjeta: 1.539 *