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Показано, що сучасність висуває якісно нові умови існування та функціонування цінних паперів, які на фондових ринках більшості країн перебувають у бездокументарній формі як дематеріалізовані цінні папери, що існують у вигляді облікових записів у системі депозитарного обліку цінних паперів. Визначено, що процес дематеріалізації не означає втрату носія майнових прав, інкорпорованих у цінних паперах, а є процесом, який зумовив його трансформацію у відповідності до потреб сучасного часу. Показано, что современность выдвигает качественно новые условия существования и функционирования ценных бумаг, которые на фондовых рынках большинства стран находятся в бездокументарной форме как дематериализованые ценные бумаги, существующие в виде учетных записей в системе депозитарного учета ценных бумаг. Определено, что процесс дематериализации не означает потерю носителя имущественных прав, инкорпорированных в ценных бумагах, а является процессом, который обусловил его трансформацию в соответствии с потребностями современного времени. Permanently continuing the process of the dematerialization of securities, that lies in changing of the paper repository of rights, that are incorporated in securities to electronic records to corresponding accounts of securities and appears the opportunity of emission of securities that don’t have external paper form. It is deemed to be useful to research dematerialization as a process that conditioned the changing of repository of valuable rights that are incorporated to securities transforming paper form to record entry that exists in informational space. The division of the topic: non-documentary securities are of interest for many practices and scientists. Nowadays scientists recognize a range of reasons that conditioned the process of dematerialization of securities. Among them are: objective, economic, juridical, the subjective reasons. The term dematerialization is equated with the changing of objective form of securities from separate documents, in which are objectified property rights to corresponding benefits, to opening records in special mass registers. Consequently, according to our opinion the term dematerialization doesn’t mean the disappearance of the material form of securities, but only its transfiguration. This term is conventional and intended to emphasize the absence of the necessity for the certification of property rights by a separate paper document, while giving the opportunity to appeal to professional registrars for confirming the rights of securities. It is believed that the terms «dematerialization» and «immobilization» in accordance with the current legislation are identical in terms of their semantic load. Yes, they recognize a certain set of actions which ultimate goal is to change the form of existence of paper securities on a non-documentary basis by involving professional participants in the depository system, which are entrusted with the functions of ensuring their existence in the depository system and functioning as a full-fledged financial instrument. Proposed the following definition of the term «dematerialization» in relations in the stock market: dematerialization of securities is the process of changing the objective form of the implementation of property rights, certified by securities, from separate paper repositories to mass registers, conducted by professional subjects of the stock market and perform the same function of certification of property rights for the corresponding goods. The process of dematerialization of securities has changed the form of the repository of property rights incorporated in them. Non-documentary securities have become a new «step» in the process of evolution of trade relations from real commodity exchanges – to the objectification of property benefits in financial instruments, which are presented as accounts on property rights of securities in the information space. |