Publication: El sistema del registro contable de valores admitidos a negociación
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2018-06-12
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Universidad Complutense de Madrid
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Abstract
La presente tesis doctoral, como su título expresa, tiene como objetivo abordar un estudio detallado del sistema del registro contable de valores español admitidos a negociación en mercados secundarios oficiales y en sistemas multilaterales de negociación, a través del desarrollo de cuatro grandes bloques o líneas de investigación, que se identifican con: (i) el origen y la razón de ser del mismo, que se remonta al título-valor, su posterior crisis, y el surgimiento, a consecuencia de la misma, de sistemas de depósito de valores cuya evolución daría lugar a las anotaciones en cuenta, verdadera pieza clave del registro contable de los valores anotados y de los valores admitidos a negociación en un mercado secundario oficial o en un sistema multilateral de negociación; (ii) su peculiar y propia estructura de doble escalón, respecto de la que analizamos temas como su naturaleza jurídica, la identificación de las cuentas existentes, con mención a las novedades introducidas por la reforma del Sistema de Compensación, Liquidación y Registro de Valores español, o el procedimiento especial y opcional de intermediario financiero desde una perspectiva registral, en el que nos centramos especialmente en el caso del concurso del mismo; (iii) las diferentes inscripciones susceptibles de producirse en el registro contable, que nos permitirán analizar diferentes temas jurídicos relevantes como el carácter constitutivo o no de la inscripción para la constitución del valor anotado o la transmisión del mismo, o la posibilidad de hacer rectificaciones en el registro contable, tema que analizamos bajo la óptica del caso de la oferta pública de suscripción de acciones de Bankia de 2011 y las Sentencias dictadas por el Tribunal Supremo en el seno de la misma; y (iv) finalmente, el estudio de las entidades encargadas del registro contable, que abordamos a través de tres bloques que se corresponden con la Sociedad de Sistemas (IBERCLEAR), las entidades participantes, y las relaciones jurídicas que se establecen entre ambas, con especial atención en este último caso al régimen de responsabilidad de las mismas frente a terceros...
The purpose of this thesis, as the name indicates, is to perform a detailed study on the book-entry system for Spanish securities admitted to trading on official secondary markets and multilateral trading systems. It develops four large blocks or lines of research: (i) the origin and purpose of the system, which dates back to the beginning of titles, the subsequent crisis and the advent, as a result of the crisis, of a securities deposit system, which evolved into the book entries that are the cornerstone of the accounting for book-entry securities and securities admitted to trading on an official secondary market or a multilateral trading system; (ii) the peculiar and inherent double-tier structure, which addresses issues such as legal nature and identification of existing accounts, and includes comments on the reform of the Spanish Securities Clearing, Settlement and Registration System or the special and optional procedure for financial intermediaries, in which we focus especially on insolvency; (iii) the various entries that may appear in the book-entry system, which allows us to analyse different key legal issues such as the constitutive nature or not of the entry for the creation of the security recorded or its transfer, or the possibility of amending accounting entries, which is analysed through the case of the public offer of Bankia shares in 2011 and the related Supreme Court rulings; and (iv) the study of entities in charge of the book-entry system, addressed through three blocks: the Systems Company (IBERCLEAR), participating entities and the legal relationships established between the two, with a special focus in the latter case on their system of liability vis-à-vis third parties...
The purpose of this thesis, as the name indicates, is to perform a detailed study on the book-entry system for Spanish securities admitted to trading on official secondary markets and multilateral trading systems. It develops four large blocks or lines of research: (i) the origin and purpose of the system, which dates back to the beginning of titles, the subsequent crisis and the advent, as a result of the crisis, of a securities deposit system, which evolved into the book entries that are the cornerstone of the accounting for book-entry securities and securities admitted to trading on an official secondary market or a multilateral trading system; (ii) the peculiar and inherent double-tier structure, which addresses issues such as legal nature and identification of existing accounts, and includes comments on the reform of the Spanish Securities Clearing, Settlement and Registration System or the special and optional procedure for financial intermediaries, in which we focus especially on insolvency; (iii) the various entries that may appear in the book-entry system, which allows us to analyse different key legal issues such as the constitutive nature or not of the entry for the creation of the security recorded or its transfer, or the possibility of amending accounting entries, which is analysed through the case of the public offer of Bankia shares in 2011 and the related Supreme Court rulings; and (iv) the study of entities in charge of the book-entry system, addressed through three blocks: the Systems Company (IBERCLEAR), participating entities and the legal relationships established between the two, with a special focus in the latter case on their system of liability vis-à-vis third parties...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Derecho, Departamento de Derecho Mercantil, leída el 23/6/2017