Paperless Securities

This book undertakes to sum up the results of more than five years discussion of the problem of so-called paperless securities in Russia. It demonstrates that for the successful use of paperless securities in contemporary Russia it is necessary neither to resort to a principle of Anglo-American law (the right of ownership in a right or an incorporeal thing), nor to destroy established legal traditions (to vindicate the right). It is based on the rather simple, but not obvious, solution of a most urgent practical problem - defence of the rights comprising paperless securities. Investors, investment consultants, financial specialists, bankers, brokers, and the business community at large are the targeted audience of the Russian version, and our English translation is directed at the same community, together with the legal profession and auditors, outside the Russian Federation.The text will repay careful study, perhaps repeatedly, to master the definitions and assumptions that Dr Belov makes when levelling his criticisms and assessing his concerns. One would expect to see the implications of this study reflected in securities filings in the United States and the United Kingdom, for investors are plainly on notice as to the state of affairs in the laws. Although addressed to Russian practitioners in the legal, financial and securities professions, it is conceptual, abstract, argumentative, even polemical and occasionally rude, uncompromisingly critical, but always stimulating, thoughtful, and, in the end, constructive. The translation follows closely the Russian terminology, style and cadence of the text, minimizing the element of polemic where that would not be appropriate to, or lost upon a foreign audience. For general legal terminology used in this translation, see W.E. Butler, Russian-English Legal Dictionary (Dobbs Ferry, Transnational Publishers 2001).Belov, V. A. is the author of 'Paperless Securities', published 2003 under ISBN 9781898029649 and ISBN 1898029644.