Decreasing the number of materialised securities for the benefit of electronic securities has led to distinctions between commercial and legal opinions on securities transactions. Contemporary financial markets only trade electronic securities held in securities accounts. Securities law enhances adjustments to economic realities and not to legal principles. Discrepancies between economic realities and securities regulation should be resolved in order to find a balance between successfully functioning transactions of electronic securities and legal schemes which are based on transfers of physically existing assets, which include securities, as a result of the theory of incorporations, in certain legal regulations. This article is a theoretical and legal reflection on selected issues connected with the transfer of securities with reference to discrepancies between economic realities and legal regulations.
The article provides characteristics of legal regulation of the conduct of entrepreneurs, including the analysis of a new element of the Slovak law -so-called "disqualification". It consists in a prohibition (by a court order) to perform functions of a member of the statutory or supervisory body in a company or co-operative, as well as in a prohibition to act as a director of the organisational unit of an enterprise, as a director of an enterprise of a foreign party, or as a procurator. Entrepreneurs are entitled to act on their own name. We distinguish direct and indirect (mediated) acts of entrepreneurs. When acting directly, the entrepreneur acts personally (for individuals) or through the statutory body (for legal entities). Indirect (mediated) acts of entrepreneurs consist in manifestation of the will through a third person, who acts on behalf of the entrepreneur (so-called statutory representation).
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