LES DROITS DES PROPRIETAIRES D'ACTIONS INSCRITES AU NOM DES INTERMEDIAIRES FINANCIERS ET DES AGENCES DE COMPENSATION
AbstractThe ever increasing volume of transactions within the Canadian securities market has inevitably led to the development of systems which allow such transactions to be concluded more efficiently. This may explain the considerable popularity of the nominee registration system which is used by such financial intermediaries as brokers and trust companies who hold shares in "street name" or "nominee name" for the account of their customers, the beneficial owners of the shares. By the same token, one is struck by the increasing importance of such clearing agencies as The Canadian Depository for Securities Limited whose main function is the post-trade settlement of securities transactions. In the future, these agencies will be called upon to play a fundamental role in the securities market. On the other hand, the use of the nominee registration system may have the effect of breaking the link between issuers and their non-registered shareholders or, at least, complicating the communication process. In this study, the author examines the problems that the use of this system may create in the light of empirical data which was collected for the purposes of this study. The author further undertakes an analysis of current legislation in this area and suggests possible reforms. In this connection, particular attention is given to recent developments in American federal legislation.
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