The Holding and Transfer of Interests in Securities in England and Japan: Compared with the Holding and Transfer of Funds

The Holding and Transfer of Interests in Securities in England and Japan: Compared with the Holding and Transfer of Funds

Tomonori Fujiike (Hori & Partners, Japan)
DOI: 10.4018/978-1-59904-828-4.ch005
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Abstract

This chapter compares account-based securities settlement systems with payment systems in which funds are transferred through bank accounts in England and Japan and examines a desirable securities system to harmonize the relevant countries’ jurisprudence considering US securities system and relevant international trends. It argues that there should be two broad areas of similarity in both systems; compartmentalization of a legal relationship between related parties and the method of transfer of securities and funds. It also argues, however, that, due to the differences in the legal nature of both financial assets, there are some differences between both systems in order to response intermediary risk. The purpose of this chapter is not only to propose that similar legal issues in both systems should be resolved in same ways as much as possible, but also to distinguish issues which could be resolved in commercial law from issues which should be resolved in the field of regulations by financial authorities in securities system.

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Table of Contents
Foreword
Yoshiaki Nomura
Preface
Takashi Kubota
Acknowledgment
Chapter 1
Pauline C. Reich
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Chapter 2
Junji Hiwatashi
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Enhancing Cyber Risk Management with the Framework of ERM and Basel II
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Chapter 3
Takashi Kubota
Unlike the UK, Germany, France and some major countries that permit entries from banking to commerce and vice versa (“two-way” regulation), the... Sample PDF
IT Development and the Separation of Banking and Commerce: Comparative Perspectives of the U.S. and Japan
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Chapter 4
Motoaki Tazawa
In order to improve convenience for investors through competition among stock exchanges, operation of Proprietary Trading Systems (PTS) was... Sample PDF
Laws and Regulations on Proprietary Trading System (PTS) in Japan: Japanese Alternative Trading System (ATS)
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Chapter 5
Tomonori Fujiike
This chapter compares account-based securities settlement systems with payment systems in which funds are transferred through bank accounts in... Sample PDF
The Holding and Transfer of Interests in Securities in England and Japan: Compared with the Holding and Transfer of Funds
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Chapter 6
Masaaki Nakajima
This chapter investigates the evolutionary process of the payment system against the background of structural changes. At the early stage, most... Sample PDF
Global Trends of Payment Systems and the Next-Generation RTGS Project in Japan
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Chapter 7
Fernando Barrio
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Technical and Legal Concerns about Global Card Payments
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Chapter 8
Takashi Nakazaki
In this article, after surveying existing Japanese public laws that regulate the transfer of funds via the Internet, and focusing on electronic... Sample PDF
The Regulation of New Forms of Electronic Fund Transfers in Japan Focusing on Electronic Money
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Chapter 9
Evelyn Lim Meow Hoong
Financial innovations bring new challenges and new risks besides advantages to the world of finance in cyberspace and in the real world. These... Sample PDF
Commodity Based Digital Currency: A Legal Analysis
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Chapter 10
Masao Yanaga
Some courts have recently ruled in Japan with regard to mistakes in remittance to account. While the Supreme Court held that the recipient has... Sample PDF
Mistakes in Remittance to Account
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Chapter 11
Sam Edwards
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Doing International Business Online for the Small and Medium Enterprise
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Chapter 12
Shino Uenuma
Due to the development of the Internet, global e-commerce markets are growing greatly. From the viewpoint of consumers, cross-border transactions... Sample PDF
Consumer Protection in Cross-Border E-Commerce Markets
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Chapter 13
Jibitesh Mishra, Biswajit Tripathy
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Cyber Contract and Indian Law
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Chapter 14
Naoshi Takasugi
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E-Commerce and Dispute Resolution: Jurisdiction and Applicable Law in a Dispute Arising from a Computer Information Transaction
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Chapter 15
Takeshi Kawana
The purpose of this chapter is to examine international jurisdiction and choice of law for e-commerce involving economic legal issues. International... Sample PDF
Cross-Border Court Jurisdiction and Economic Law Application in Electronic Commerce
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