Kontorätt: Rätt till kontoförda värdepapper
2009 (Swedish)Doctoral thesis, monograph (Other academic)Alternative title
Book-entry securities (English)
Paper-backed securities are no longer the norm in today´s financial world. However, securities laws are still often based on traditional legal principles for paper-backed securities. Therefore legal rules as well as doctrine relating to modern financial instruments not only uses fictions as a tool, but is actually dominated by fiction. This fiction is termed by the author the "Physical Model" (den Fysiska Modellen). One aim of the work is to investigate and clarify the content of the current Swedish rules relating to book-entry securities as a legal construct. The investigation explores how the Physical Model influences both legal theory and practice pertaining to rights in relation to financial instruments. However the overarching objective of the investigation, which is presented in the thesis, is to form a foundation for a totally new perception of book-entry securities as objects of property.
The author suggests that the traditional legal principle of specificity, as applied to book-entry securities, needs to be re-constructed. Also the traditional assumption, the so called Commission Sales Construct, i.e. the perception of all dealings in securities as fundamentally "trades in commission" is questioned. The application of the Physical Model - it is argued - leads to unnecessary and incoherent rules and regulations. Comparison between book-entry securities and book-entry money suggests that these two kinds of property are rather two sides of the same "thing".
All in all the author concludes and suggests that property consisting of book-entry securities - and possibly in the long run also other book-entry rights - should be classified in all legal context, theory and practice, as a class of property of its own. To facilitate this, the author launches a new legal term (in Swedish) - kontorätt - meaning "the rights of an account holder in relation to an account provider as regards securities credited to the account". This term is also the title of the book.
Place, publisher, year, edition, pages
Stockholm: Jure , 2009. , 372 p.
securities, book-entry securities, securities accounts
värdepapper, konto, kontorätt, finansiella instrument
Law (excluding Law and Society)
Research subject Private Law
IdentifiersURN: urn:nbn:se:su:diva-26718ISBN: 978-91-7223-349-2OAI: oai:DiVA.org:su-26718DiVA: diva2:212100
2009-05-28, sal G, Arrheniuslaboratorierna, Svante Arrhenius väg 14-18, Stockholm, 10:00 (Swedish)
Martinson, Claes, Universitetslektor
Millqvist, Göran, Universitetslektor