A Multi-faceted Legal Analysis of Intermediated Shares

2022 Fiscal Year Final Research Report

• Project/Area Number: 16K03408
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Aichi University (2017-2022); Kyushu University (2016)
• Principal Investigator: Ueda Junko 愛知大学, 法務研究科, 教授 (40267894)
• Project Period (FY): 2016-04-01 – 2023-03-31
• Keywords: 振替株式 / 株主権 / コーポレート・ガバナンス / 準拠法 / カストディアン / 議決権行使プラットフォーム / 比較法

Outline of Final Research Achievements

Along with the current wave of digital transformation, listed shares have been dematerialized and transferred through the computerized central clearing system in Japan like many other jurisdictions. This study focuses on legal issues revolving around the mandatory intermediation of shares through the central clearing system as well as the voluntary intermediation of them held by global and local custodians in the context of cross-border share holdings. It develops into corporate governance issues empowering investors towards the issuer from a comparative perspective.

Free Research Field

会社法

Academic Significance and Societal Importance of the Research Achievements

証券取引の国際化および技術開発の進展が企業法務に大いなる影響をもたらしている現状に鑑み、伝統的法理論との接合を図りつつ、新たな株式保有形態を巡る法的構成や新たな株式保有形態がもたらすコーポレート・ガバナンス上の問題点を摘示し、検討した点に本研究の学術的意義があると考えている。