Research objectives and content
Due to the globalisation of capital markets an increasing number of investors buy and sell foreign shares. Whereas investment decisions are taken based on economic data and research, the question whether the buyer's propriety interest is protected when problems arise with respect to the transfer of shares is often neglected. This research project will deal with basic legal problems arising when the transfer of shares is carried out. It shall form the basis of a comparative legal analysis I am going to carry out for my "Habilitation" in Austria. I would like to do research on the English system because the England is Europe's financial centre. Until a few years ago shares were transferred in England by means of share certificates and entries on the register of the members of the company. In recent years, a computer system called CREST has been introduced. Now shares can be transferred by entries in the computer system. The scope of this paper is a detailed legal analysis of the solutions English law provides to solve problems arising when shares are transferred. Based on this analysis of the English law I would like to determine what the basic legal problems that arise with respect to the settlement of shares are, and what legal principles guide the solutions to these problems.
Training content (objective, benefit and expected impact)
The proposed research project will increase my skills and experience in doing comparative legal research. As the relations between the member states of the European Union become more intense, member of law faculties will have to have skills in doing comparative legal work in the future. Many European universities have already introduced courses on comparative law, some of them even created research centres specialised in comparative law. Besides the topic is dealing with legal structure of Europe's capital markets, which will become even more important in the future.
Links with industry / industrial relevance (22) None