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Croatian Academy of Legal Sciences Yearbook, Vol. XII No. 1., 2021.

Original scientific paper

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 id orcid.org/0000-0002-6177-8057 ; Faculty of Law, University of Rijeka, Rijeka, Croatia
Antonija Zubović orcid id orcid.org/0000-0001-8238-3495 ; Faculty of Law, University of Rijeka, Rijeka, Croatia
Morana Derenčinović Ruk orcid id orcid.org/0000-0002-6624-7896 ; Croatian Financial Services Supervisory Agency, Zagreb, Croatia

Full text: croatian pdf 304 Kb

page 21-44

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Abstract

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.

Keywords

Blockchain; Distributed Ledger Technology (DLT); intermediated securities; central securities depository (CSD)

Hrčak ID:

260589

URI

https://hrcak.srce.hr/260589

Publication date:

16.7.2021.

Article data in other languages: croatian

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