Circulation of Uncertificated Securities in Private International Law

The main purpose of the study is to identify gaps and contradictions in the norms of international private law governing the sphere of circulation of uncertificated securities, to establish possible ways of addressing such legal gaps as well as to determine the legal effects of using blockchain technology in the financial market. In this regard, the essential tasks of the research firstly are to review the legislation, literature and case law of different legal systems and analyze international conventions. Secondly, to determine the legal status of uncertificated securities in different countries as well as securities holding systems. Thirdly, to examine existing conflict and substantive rules applicable to such legal relations. Fourth, to consider the usage of blockchain mechanism in the circulation of non-documentary securities. Finally, to figure out the feasible ways of the amendment in legal regulation and incorporation of innovative instruments for the strengthening of non-documentary securities turnover. The project includes three chapters, which are devoted to specific matters regarding the main issue of the paper. The first chapter is focused on theoretical aspects of the circulation of non-documentary securities and includes information concerning the concept and nature of them as an object of law as well as the procedure and main stages of the circulation of non-documentary securities. The second chapter provides information concerning the basics of legal regulation of the circulation of non-documentary securities in international private law and covers basic conflict principles and international substantive regulation as well as key problems of cross-border circulation of uncertified securities. The third chapter examines legal aspects of using the blockchain technologies in the stock market and contains the blockchain technology overview as well as the information about the implementation of this mechanism in the non-documentary securities turnover.