Issue 3 (17) 2012

Latypov Akinfiyeva Some Problems of Legal Regulation of the Circulation of the Stocks Placed Without the State Registration Before Federal Law 22.04.1996 №39-FZ «About Securities Market» Came into Effect

Some Problems of Legal Regulation of the Circulation of the Stocks Placed Without the State Registration Before Federal Law 22.04.1996 №39-FZ «About Securities Market» Came into Effect

D.N. Latypov

Perm State National Research University
15, Bukirev st., Perm, 614990
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

V.V. Akinfiyeva

Perm State National Research University
15, Bukirev st., Perm, 614990
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In article the chronology of standard regulation and law - enforcement practice of a question of the address in the territory of the Russian Federation of the securities ( actions ) issued by joint - stock companies in the absence of the state registration of issue of such securities ( actions ) reveals. In the 90th years in the Russian Federation the mass of the joint - stock companies emitting actions at the establishment is created that in turn, generated need of implementation of the state registration of issues of securities ( actions ). Taking into account dynamically developing legal base of rather specified question there were the serious problems connected with a turn of securities (actions), not passed such registration. This circumstance was the basis for adoption of the Federal law from 10.12.2003 №174-FZ « About the state registration of the share issues placed before coming into effect of the Federal law " About securities market " without the state registration ", providing so-called " amnesty " of all transactions with such securities made before coming into effect of the called law. Nevertheless, in jurisprudence there were far not identical examples of application of the specified law under comparable circumstances.

The review of opinions of a number of сivilist is provided in article, the wide range of the various points of view of rather set perspective is visually illustrated.

The so-called concept « amnesties of transactions with the actions made for lack of the state registration of issue of such stocks » is analyzed.

In article the analysis is carried out, and tendencies of development of judicial interpretation and jurisprudence according to transactions with the actions, made to their state registration are considered, at operating legislative regulation.

The conclusion about existence of opposite legal positions on a case in point within court of one district is drawn. Thus, the urgency of research of a case in point, it appears, undoubtedly proves to be true.

Possible options of permission of legal disputes on a considered problem are offered.


Keywords: the stocks issued by joint-stock companies; in the absence of the state registration of release; the address in the territory of the Russian Federation of securities; transactions with the actions; made before the state registration of such actions; tendencies of development of the legislation and law-enforcement practice in the sphere of legal regulation of the circulation of stocks


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ISSN 1995-4190 ISSN (eng.) 2618-8104
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DOI 10.17072/1995-4190
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