Developements of Book-entrty Securities in Financial Transactions

• Project/Area Number: 15K03192
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Yamagata University
• Principal Investigator: Koens Kumiko 山形大学, 人文社会科学部, 教授 (00375312)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Project Status: Completed (Fiscal Year 2017)
• Budget Amount: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000); Fiscal Year 2017: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000); Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
• Keywords: 証券 / 振替決済 / 口座振替 / 担保制度 / 証券振替制度 / 支配契約 / コントロール合意 / Control Agreements

Outline of Final Research Achievements

This project first considered the introduction of the “control agreement” method for third-party effectiveness of transfers of interests in book-entry securities under the book-entry holding system in Japan. A follow-up to this was to build on the control agreement approach to explore and develop the legal frameworks for secured transactions for deposit accounts and electronically recorded money claims in order to increase efficiency and benefits for transaction parties. More recently it has become clear that it is important to address new structures for securities holding involving digital architectures such as distributed ledger (or “blockchain”) technology (DLT). Therefore the research now has shifted to analyze and explore how DLT might be adapted to systems and legal frameworks for holding securities.

Research Products

• [Journal Article] SECURIITY INETERESTS IN BOOK-ENTRY IN JAPAN: SHOULD JAPANESE LAW EMBRACE PERFECTION BY CONTROL AGREEMENT AND SECURITY INTERESTS IN SECURITIES ACCOUNTS? (2017)
  • Author(s): Kumiko Koens and Charles W. Mooney
  • Journal Title: University of Pennsylvania Journal of International Law Volume: 38
  • Int'l Joint Research
• [Journal Article] SECURITY INTERESTS IN BOOK-ENTRY SECURITIES IN JAPAN: SHOULD JAPANESE LAW EMBRACE PERFECTION BY CONTROL AGREEMENT AND SECURITY INTERESTS IN SECURITIES ACCOUNTS? (2017)
  • Author(s): Kumiko Koens and Charles W. Mooney, Jr.
  • Journal Title: University of Pennsylvania Journal of International Law Volume: vol38, no3
• [Presentation] To Modernize or Not to Modernize:Secured Transactions Law in Japan (2017)
  • Author(s): Kumiko Koens
  • Organizer: Forth International Colloquium on Secured Transactions
  • Place of Presentation: United Nations Vienna International Center
  • Year and Date: 2017-03-15
  • Int'l Joint Research
• [Presentation] PLEDGE OF BOOK-ENTRY SECURITIES IN JAPAN: SHOULD JAPANESE LAW EMBRACE PERFECTION BY CONTROL AGREEMENT AND SECURITY INTERESTS IN SECURITIES ACCOUNTS? (2015)
  • Author(s): Kumiko Koens and Charles W. Mooney, Jr.
  • Organizer: 日本銀行金融研究所
  • Place of Presentation: 日本銀行
  • Year and Date: 2015-07-21
• [Book] 澤田壽夫先生追悼 国際取引の現代的課題と法 (2018)
  • Author(s): 阿部博友他
  • Publisher: 信山社