ΕΜΜΕΣΗ ΚΑΤΟΧΗ ΚΙΝΗΤΩΝ ΑΞΙΩΝ ΣΤΟ ΙΔΙΩΤΙΚΟ ΔΙΕΘΝΕΣ ΔΙΚΑΙΟ

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ÒÎ×Õ ÅÌÒÅÕ ÒÎ×Õ ËÁÉ ÑÅ ÌÌÁ, ÁÌÌÎÄÁÁÎÓÅÒ¼ÐÉÁ. ŸÒÈ ÅнÒÔÑÈ Á×Ò¼, ÒÎ ½ÄÉÎ ÒÎ §ÅÍÒÐÉ-
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ÍÒÁÕ ÔÕ ÅÍÄɌÅÑÎÕ.
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ÁÆÎÐ΍ÎÉŽÒÁÉ ÁÍÌÎÇÁ ŒÅ ÒÉÕ ÁÍÇËÅÕ ËÁÉ ÒÎ Œ»ÇÅÓ¾Õ ÒÎ×. ŸÅ ËÓÅ, ¾ŒÔÕ, ÅнÒÔÑÈ, ÒÎ ÑÀ-
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ÖÁÐÒÎÆ×ÌËÉÎ Ò½ÒÌÔÍ Î× ÂнÑËÎÍÒÁÉ ËÁÒÁÒÅÓÅɌ»ÍÎÉ ÑÅ ÎÌ×ÐÉӌÁ ÁÍ ÒÎÍ Ë¾ÑŒÎ §ÅÍÒÐÉ-
Ë¡ÎÓÅÒ¼ÐÉÁ ¡ÊÉÏÍ. µÒÑÉ, ÇÉÁ ÒÎÍ ÅÅÍÄ×Ò¼, ÒÎ ÖÁÐÒÎÆ×ÌËÉÎ Ò½ÒÌÔÍ ÒÎ×, ËÁ½ÒÎÉ ÄÉэÁÐÒÎ
ÁÍ ÒÈÍ ×ƼÌÉÎ, ŒÎÐŽ ÍÁ Ñ×ÇËÅÍÒÐÏÍÅÒÁÉ ËÁÉ ÍÁ Ò×ÇÖÍÅÉ ÄÉÁÖŽÐÉÑÈÕ Œ»ÑÔ ÅÍ¾Õ ËÁÉ Œ¾ÍÎ×
ÅÍÄɌÅÑÎ×. ¨Å ÒÎÍ ÒоÎ Á×Ò¾ ÅÍÉÑÖÀÅÒÁÉ Å½ÑÈÕ ËÁÉ ÄÉÅ×ËÎÌÀÍÅÒÁÉ ÑȌÁÍÒÉËÈ Ä×ÍÁÒ¾ÒÈÒ
ÒÎ× ÍÁ ÁлÖÅÉ Œ»ÐÎÕ ¼ ËÁÉ ÒÎ ÑÀÍÎÌÎ Á×ÒÎÀ, ÄÉÁ ŒÉÁÕ ËÁÉ Œ¾ÍÈÕ Ñ×ÍÁÌÌÁǼÕ, ÔÕ ÁÑÆÌÅÉÁ,
ÅƾÑÎÍ Â»ÂÁÉÁ ÒΠōÉÒлÅÉ È ËŽŒÅÍÈ ÍΌÎÓÅѽÁ.
¬ÑÒ¾ÑÎ, ÁÐ ÒÁ ÁÍÁŒÆÉѼÒÈÒÁ ÐÁËÒÉˍÌÅÎÍÅËÒ¼ŒÁÒ ÒÈÕ, È ÁÐŌÂÎ̼ ÒÔÍ ÅÍÄɌÅÑÔÍ
ÑÒÈ ÄÉÁÑ×ÍÎÐÉÁ˼ ËÁÒÎÖ¼ Ò½ÒÌÔÍ ÇÅÍÍ ÑÅÉÐ ËнÑɌÔÍ ÍΌÉËÏÍ ØÈÒȌÒÔÍ, Î ÒоÎÕ ÁÍÒÉ-
ŒÅÒύÉÑÈÕ ÒÔÍ ÎÎ½ÔÍ ÅÁƽÅÒÁÉ ÑÒÈÍ ÅËÑÒÎÒÅ »ÍÍÎŒÈ ÒÊÈ. ¯É ÑȌÁÍÒÉË»Õ ÄÉÁÆÎÐ»Õ ÑÒÉÕ
ÑÖÅÒÉË»Õ Ð×ӌ½ÑÅÉÕ ÒÔÍ ÄÉÁƾÐÔÍ ÅÓÍÉËÏÍ ÄÉËÁ½ÔÍ, ÎÉ ÎÎ½ÅÕ ËÁÓÉÑÒÎÀÍ ÑÅ ÎÐÉь»ÍÅÕ ÅÐÉ-
ÒÏÑÅÉÕ ÒÉÕ ÑÖÅÒÉË»Õ Ñ×ÍÁÌÌÁÇ»Õ ŒÈ ÁÑÆÁÌÅ½Õ ËÁÉ Ä×ÑÖÅÐŽÕ, ÎļÇÈÑÁÍ ÑÒÈÍ ÅÉѼŒÁÍÑÈ ÒÈÕ
ÁÍÇËÈÕ ÍÁ ÐÎÔÓÈÓŽ ÑÅ ÄÉÅÓÍ»Õ Å½ÅÄÎ ŒÉÁ ÑÅÉÐ ÁÌÌÁÇÏÍ ÑÒÉÕ ÅÓÍÉË»Õ ÍΌÎÓÅѽÅÕ ÐÎÕ
ÄÉÁÑÆÌÉÑÈ ÒÈÕ ÎŒÁÌ¼Õ ÌÅÉÒÎ×ÐǽÁÕ ÒÈÕ ÁÇËÎьÉ΍ÎÉȌ»ÍÈÕ Ì»ÎÍ ÁÇÎÐÕ ËÅÆÁÌÁ½ÔÍ253. ¯
ÑË΍ÎÀŒÅÍÎÕ ÅËÑ×ÇÖÐÎÍÉь¾Õ ÒÔÍ ÅÓÍÉËÏÍ ÍΌÎÓÅÑÉÏÍ »ÖÅÉ ÄÉÒÒ¾ ÖÁÐÁËÒ¼ÐÁ. ¡ÆÅÍ¾Õ ÑÒÎ-
ÖÅÀÅÉ ÑÒÈÍ ÅÊΌÌ×ÍÑÈ ÒÔÍ ÄÉÁÆÎÐÅÒÉËÏÍ ÐÎÑÅÇǽÑÅÔÍ ËÁÉ Î×ÑÉÁÑÒÉËÏÍ Ð×ӌ½ÑÅÔÍ ËÓÅ
žÎÌÉÒŽÁÕ ÐÎËÅɌ»ÍÎ× ÍÁ ŒÈ ׍ÐÖÎ×Í ÑȌÁÍÒÉËÍΌÉË ÅŒ¾ÄÉÁ ÑÒÈ ÄÉÁÑ×ÍÎÐÉÁ˼ »ŒŒÅÑÈ
ËÁÒÎÖ¼ Ò½ÒÌÔÍ. ¡ÆÅÒ»ÐÎ× ÐÎڍÎÓ»ÒÅÉ, ÑÒÎ Œ»ÒÐÎ Î× È Ì¼ÐÈÕ ËÁÉ Á¾Ì×ÒÈ ÎŒÎÉΌÎÐƽÁ
¾ÌÔÍ ÒÔÍ ÅÓÍÉËÏÍ ÄÉËÁ½ÔÍ ÁÎÒÅÌŽ ŒÌÌÎÍ Î×Ò΍É˾ ÑÒ¾ÖÎ, ÑÒÈÍ ËÁÓÉ»ÐÔÑÈ ÎŒÎɾŒÎÐÆÔÍ
ËÁ;ÍÔÍ ÉÄÉÔÒÉËÎÀ ÄÉÅÓÍÎÀÕ ÄÉËÁ½Î×, ÐÎËÅɌ»ÍÎ× ÍÁ ŽÍÁÉ ÑÁÆ»Õ ÒÎ ÅÆÁЌÎÑһΠĽËÁÉÎ Î×
ÄÉ»ÅÉ ÒÁ ËнÑɌÁ ÅÐÔÒ¼ŒÁÒÁ ÒÁ ΍νÁ ÁÍÁËÀÒÎ×Í ÑÒÎ ÌÁ½ÑÉÎ ÒÈÕ »ŒŒÅÑÈÕ ËÁÒÎÖ¼Õ Ò½ÒÌÔÍ.
¬Õ ÐÎÕ ÒÎ ÒÅÌÅ×ÒÁ½Î Á×Ò¾ ؼÒȌÁ, ǽÍÅÒÁÉ Å×ÖÅÐÏÕ ÁÍÒÉÌȍҾ ¾ÒÉ Î Ò¾ÎÕ ÒÔÍ §ÅÍÒÐÉËÏÍ ¡Î-
ÓÅÒÈнÔÍ ¡ÊÉÏÍ ÑÒÁ ΍νÁ Ñ×ÇËÅÍÒÐÏÍÎÍÒÁÉ ÎÉ Ò½ÒÌÎÉ, ÒÁ ĽËÁÉÁ Î× ÄÉ»Î×Í ÒÉÕ Ñ׌ÂÑÅÉÕ
ŒÅÒÁÊÀ ÁÎÓÅÒÈнÔÍ, ÅÍÄɌÅÑÔÍ ËÁÉ ÅÅÍÄ×ÒÏÍ, Î Ò¾ÎÕ ÒÔÍ ÅÅÍÄ×ÒÏÍ ËÁÉ ÒÔÍ ÅÍÄɌÅ-
ÑÔÍ Œ»ÑÔ ÒÔÍ ÎÎ½ÔÍ ÁÎËÒÎÀÍ ËÁÉ ÄÉÁÒÈÐÎÀÍ ÄÉËÁÉόÁÒÁ ō½ Ò½ÒÌÔÍ, Î Ò¾ÎÕ ËÁÒÐÒÉÑÈÕ
253. ¢Ì. Group of Thirty, ¾.Á., passim, Bank for International Settlements, Cross-border Securities
Settlement, Basel 1995, passim, Gyunn R., Modernizing Securities Ownership, Transfer and Pledging
Laws, A Discussion Paper on the Need for International Harmonization, with Responding Comments
by Professor James Steven Rogers (USA), Professor Kazuaki Sono (Japan) and Dr Jürgen Than
(Germany); Capital Markets Forum, Section on Business Law, IBA 1996, passim, Group of Thirty,
Global Clearing and Settlements: A Plan of Action, Washington, D.C. 2003, passim, Committee
of Wise Men, Initial report of the Committee of Wise Men on the Regulation of the European
Securities Markets, Brussels 2000 ËÁÉ Committee of Wise Men, Final report of the Committee of
Wise Men on the Regulation of the European Securities Markets, Brussels 2001 (ÅËÓ»ÑÅÉÕ ÇÍÔÑÒ»Õ ÔÕ
Lamfalussy reports), Giovannini Group, Cross-Border Clearing and Settlement Arrangements in the
European Union, Brussels, 2001, Giovannini Group, Second Report on EU Clearing and Settlement,
Brussels, 2003, UNDROIT Study LXXVIII, Doc. 8, UNIDROIT Study Group on Harmonised
Substantive Rules Regarding Indirectly Held Securities, Position Paper, August 2003.
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