Abstract
The article reveals the issues of legal nature of derivative securities and derivatives as financial instruments, their characteristic features in comparison with ordinary securities, explores theoretical background for their differentiation and distinct qualification of these two different legal categories. The author of the article analyzes broad and narrow interpretation of the concept of a derivative security in doctrinal and practical dimensions, specific features of derivatives as standardized financial contracts and outlines their key attributes which allows to distinguish them from similar instruments. This article also deals with an important theoretical issue concerning the possibility of qualification of depositary receipts as derivative securities, taking into consideration the distinctive features of legal relationship arising in the area of issue and trading in depositary receipts.
Highlights
The article reveals the issues of legal nature of derivative securities and derivatives
outlines their key attributes which allows to distinguish them from similar instruments
This article also deals with an important theoretical issue concerning the possibility of qualification
Summary
Мета статті – проаналізувати правову природу деривативів та можливість їх юридичної кваліфікації як похідних цінних паперів, розкрити їх особливості у порівнянні із звичайними цінними паперами, а також розглянути питання щодо можливості віднесення депозитарних розписок до категорії похідних фінансових інструментів. No448/96-ВР, похідними є цінні папери, механізм випуску та обігу яких пов’язаний з правом на придбання чи продаж протягом строку, встановленого договором, цінних паперів, інших фінансових та/або товарних ресурсів.
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