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ÒÎ×Õ ÅÌÒÅÕ ÒÎ×Õ ËÁÉ ÑÅ ÌÌÁ, ÁÌÌÎÄÁÁÎÓÅÒ¼ÐÉÁ. ÒÈ ÅнÒÔÑÈ Á×Ò¼, ÒÎ ½ÄÉÎ ÒÎ §ÅÍÒÐÉ-
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ÍÒÁÕ ÔÕ ÅÍÄÉÅÑÎÕ.
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ÍÎ ÑÈŽΠÁÍÁÆÎÐÕ, ÄÈÌÁļ »ÍÁÍ ÅÍÄÉÅÑÎ, »ÑÔ ÒÎ× ÎνÎ× ÍÁ ËÁÒ»ÖÅÉ, »ÅÑÁ »ÂÁÉÁ,
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Ë¡ÎÓÅÒ¼ÐÉÁ ¡ÊÉÏÍ. µÒÑÉ, ÇÉÁ ÒÎÍ ÅÅÍÄ×Ò¼, ÒÎ ÖÁÐÒÎÆ×ÌËÉÎ Ò½ÒÌÔÍ ÒÎ×, ËÁ½ÒÎÉ ÄÉÑÁÐÒÎ
ÁÍ ÒÈÍ ×ƼÌÉÎ, ÎÐŽ ÍÁ Ñ×ÇËÅÍÒÐÏÍÅÒÁÉ ËÁÉ ÍÁ Ò×ÇÖÍÅÉ ÄÉÁÖŽÐÉÑÈÕ »ÑÔ ÅÍ¾Õ ËÁÉ ¾ÍÎ×
ÅÍÄÉÅÑÎ×. ¨Å ÒÎÍ ÒоΠÁ×Ò¾ ÅÍÉÑÖÀÅÒÁÉ Å½ÑÈÕ ËÁÉ ÄÉÅ×ËÎÌÀÍÅÒÁÉ ÑÈÁÍÒÉËÈ Ä×ÍÁÒ¾ÒÈÒ
ÒÎ× ÍÁ ÁлÖÅÉ »ÐÎÕ ¼ ËÁÉ ÒÎ ÑÀÍÎÌÎ Á×ÒÎÀ, ÄÉÁ ÉÁÕ ËÁÉ ¾ÍÈÕ Ñ×ÍÁÌÌÁǼÕ, ÔÕ ÁÑÆÌÅÉÁ,
ÅƾÑÎÍ Â»ÂÁÉÁ ÒÎ ÅÉÒлÅÉ È ËŽÅÍÈ ÍÎÎÓÅѽÁ.
¬ÑÒ¾ÑÎ, ÁÐ ÒÁ ÁÍÁÆÉѼÒÈÒÁ ÐÁËÒÉËÌÅÎÍÅËÒ¼ÁÒ ÒÈÕ, È ÁÐÅÂÎ̼ ÒÔÍ ÅÍÄÉÅÑÔÍ
ÑÒÈ ÄÉÁÑ×ÍÎÐÉÁ˼ ËÁÒÎÖ¼ Ò½ÒÌÔÍ ÇÅÍÍ ÑÅÉÐ ËнÑÉÔÍ ÍÎÉËÏÍ ØÈÒÈÒÔÍ, Î ÒоÎÕ ÁÍÒÉ-
ÅÒÏÉÑÈÕ ÒÔÍ ÎνÔÍ ÅÁƽÅÒÁÉ ÑÒÈÍ ÅËÑÒÎÒÅ »ÍÍÎÈ ÒÊÈ. ¯É ÑÈÁÍÒÉË»Õ ÄÉÁÆÎÐ»Õ ÑÒÉÕ
ÑÖÅÒÉË»Õ Ð×Ó½ÑÅÉÕ ÒÔÍ ÄÉÁƾÐÔÍ ÅÓÍÉËÏÍ ÄÉËÁ½ÔÍ, ÎÉ ÎνÅÕ ËÁÓÉÑÒÎÀÍ ÑÅ ÎÐÉÑ»ÍÅÕ ÅÐÉ-
ÒÏÑÅÉÕ ÒÉÕ ÑÖÅÒÉË»Õ Ñ×ÍÁÌÌÁÇ»Õ È ÁÑÆÁÌÅ½Õ ËÁÉ Ä×ÑÖÅÐŽÕ, ÎļÇÈÑÁÍ ÑÒÈÍ ÅÉѼÁÍÑÈ ÒÈÕ
ÁÍÇËÈÕ ÍÁ ÐÎÔÓÈÓŽ ÑÅ ÄÉÅÓÍ»Õ Å½ÅÄÎ ÉÁ ÑÅÉÐ ÁÌÌÁÇÏÍ ÑÒÉÕ ÅÓÍÉË»Õ ÍÎÎÓÅѽÅÕ ÐÎÕ
ÄÉÁÑÆÌÉÑÈ ÒÈÕ ÎÁÌ¼Õ ÌÅÉÒÎ×ÐǽÁÕ ÒÈÕ ÁÇËÎÑÉÎÎÉÈ»ÍÈÕ Ì»ÎÍ ÁÇÎÐÕ ËÅÆÁÌÁ½ÔÍ
253
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ÑËÎÎÀÅÍÎÕ ÅËÑ×ÇÖÐÎÍÉÑ¾Õ ÒÔÍ ÅÓÍÉËÏÍ ÍÎÎÓÅÑÉÏÍ »ÖÅÉ ÄÉÒÒ¾ ÖÁÐÁËÒ¼ÐÁ. ¡ÆÅÍ¾Õ ÑÒÎ-
ÖÅÀÅÉ ÑÒÈÍ ÅÊÎÌ×ÍÑÈ ÒÔÍ ÄÉÁÆÎÐÅÒÉËÏÍ ÐÎÑÅÇǽÑÅÔÍ ËÁÉ Î×ÑÉÁÑÒÉËÏÍ Ð×Ó½ÑÅÔÍ ËÓÅ
ÎÌÉÒŽÁÕ ÐÎËÅÉ»ÍÎ× ÍÁ È ×ÐÖÎ×Í ÑÈÁÍÒÉËÍÎÉË Å¾ÄÉÁ ÑÒÈ ÄÉÁÑ×ÍÎÐÉÁ˼ »ÅÑÈ
ËÁÒÎÖ¼ Ò½ÒÌÔÍ. ¡ÆÅÒ»ÐÎ× ÐÎÚÎÓ»ÒÅÉ, ÑÒÎ »ÒÐÎ Î× È Ì¼ÐÈÕ ËÁÉ Á¾Ì×ÒÈ ÎÎÉÎÎÐƽÁ
¾ÌÔÍ ÒÔÍ ÅÓÍÉËÏÍ ÄÉËÁ½ÔÍ ÁÎÒÅÌŽ ÌÌÎÍ Î×ÒÎÉ˾ ÑÒ¾ÖÎ, ÑÒÈÍ ËÁÓÉ»ÐÔÑÈ ÎÎɾÎÐÆÔÍ
ËÁ;ÍÔÍ ÉÄÉÔÒÉËÎÀ ÄÉÅÓÍÎÀÕ ÄÉËÁ½Î×, ÐÎËÅÉ»ÍÎ× ÍÁ ŽÍÁÉ ÑÁÆ»Õ ÒÎ ÅÆÁÐÎÑһΠĽËÁÉÎ Î×
ÄÉ»ÅÉ ÒÁ ËнÑÉÁ ÅÐÔÒ¼ÁÒÁ ÒÁ ÎνÁ ÁÍÁËÀÒÎ×Í ÑÒÎ ÌÁ½ÑÉÎ ÒÈÕ »ÅÑÈÕ ËÁÒÎÖ¼Õ Ò½ÒÌÔÍ.
¬Õ ÐÎÕ ÒÎ ÒÅÌÅ×ÒÁ½Î Á×Ò¾ ؼÒÈÁ, ǽÍÅÒÁÉ Å×ÖÅÐÏÕ ÁÍÒÉÌÈÒ¾ ¾ÒÉ Î Ò¾ÎÕ ÒÔÍ §ÅÍÒÐÉËÏÍ ¡Î-
ÓÅÒÈнÔÍ ¡ÊÉÏÍ ÑÒÁ ÎνÁ Ñ×ÇËÅÍÒÐÏÍÎÍÒÁÉ ÎÉ Ò½ÒÌÎÉ, ÒÁ ĽËÁÉÁ Î× ÄÉ»Î×Í ÒÉÕ Ñ×ÂÑÅÉÕ
ÅÒÁÊÀ ÁÎÓÅÒÈнÔÍ, ÅÍÄÉÅÑÔÍ ËÁÉ ÅÅÍÄ×ÒÏÍ, Î Ò¾ÎÕ ÒÔÍ ÅÅÍÄ×ÒÏÍ ËÁÉ ÒÔÍ ÅÍÄÉÅ-
ÑÔÍ »ÑÔ ÒÔÍ ÎνÔÍ ÁÎËÒÎÀÍ ËÁÉ ÄÉÁÒÈÐÎÀÍ ÄÉËÁÉÏÁÒÁ Ž Ò½ÒÌÔÍ, Î Ò¾ÎÕ 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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