59
Чигринская А.П. Интеграция рынков ценных бумаг России и стран СНГ: диссертация на соискание ученой степени кандидата экономических наук – М., 2011 г. – 219 с.
60
С текстом закона можно ознакомиться, например, на сайте
http://pravo.levonevsky.org/bazazru/texts14/txt14306.htm
61
Чигринская А.П. Интеграция рынков ценных бумаг России и стран СНГ: диссертация на соискание ученой степени кандидата экономических наук – М., 2011 г. – 219 с.
62
Чигринская А.П. Интеграция рынков ценных бумаг России и стран СНГ: диссертация на соискание ученой степени кандидата экономических наук – М., 2011 г. – 219 с.
63
Чигринская А.П. Интеграция рынков ценных бумаг России и стран СНГ: диссертация на соискание ученой степени кандидата экономических наук – М., 2011 г. – 219 с.
64
Правда, стоит отметить следующую специфику корреспондентских отношений: открытие счетов имеет разное юридическое оформление в части их видов (счет собственника, счет номинального держания, междепозитарный счет), что определенным образом затрудняет взаимодействие.
65
Ассоциация национальных нумерующих агентств (АННА) отвечает за присвоение ценным бумагам кодов ISIN и CFI
66
Чигринская А.П. Интеграция рынков ценных бумаг России и стран СНГ: диссертация на соискание ученой степени кандидата экономических наук – М., 2011 г. – 219 с.
67
Путин В.В. Новый интеграционный проект для Евразии – будущее, которое рождается сегодня // Известия. 2011. 3 окт.
68
http://www.eurasiancommission.org/ru/nae/news/Pages/10-04-2014-1.aspx
69
См.: Решение Совета Евразийской экономической комиссии от 16.07.2014 N 58 "О рабочем плане разработки актов и международных договоров в соответствии с Договором о Евразийском экономическом союзе от 29 мая 2014 года"
70
Подробно будут рассмотрены ниже.
71
Начало такому сближению было положено только в первой половине 2000-х гг.: директивой 2001 г. по уставу европейской компании (Council Regulation (EC) № 2157/2001 of 8 October 2001 on the Statute for a European company (SE)) и директивой 2005 г. по межстрановым слияниям компаний с ограниченной ответственностью (Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies)
72
Источники: Hallgrímur Ásgeirsson. Integration of European securities markets. Monetary Bulletin 2004/2.Pp. 50–59; Iris H.-Y.Chiu.Regulatory Convergence in EU Securities Regulation. London: Kluwer Law International, 2008; Noah Vardi. The Integration of European Financial Markets: The Regulation of Monetary Obligations. UT Austin Studies in Foreign and Transnational Law, 2011;
73
В силу большого объема нормативно-правовой базы Европейского союза приведены только первоначальные документы, принятые в рамках каждого этапа интеграции (без документов, вносящих изменения в первоначальные документы, которые отменены к настоящему времени), и документы, действующие в настоящее время. Источники: Database ‘EUR-Lex’ (Access to European Union Law) // http://eur-lex.europa.eu/homepage.html; Database on German and European Economic Law // www.kapitalmarktrecht-im-internet.eu/en; Database ‘Summaries of EU legislation’ // http://europa.eu/legislation_summaries
74
В данную директиву внесены изменения следующими документами: Directive 2002/47/EC,Directive 2009/44/EC,Regulation (EU) № 648/2012, Regulation (EU) № 909/2014
75
В данную директиву внесены изменения директивой 2005/1/EC (Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees), директивой 2003/71/EC
76
В данную директиву внесены изменения решением Европейской комиссии: Commission decision of 5 November 2003 amending Decision 2001/528/EC establishing the European Securities Committee
В данную директиву внесены изменения директивой 2000/12/EC (Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions), директивой UCIT IV и др.
77
В данную директиву внесены изменения следующими директивами: Directive2009/44/EC,Directive2014/59/EU (BRRD)
В данную директиву внесены изменения директивой 2007/64/EC (Directive 2007/64/Ec of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market)
В данную директиву внесены изменения следующими директивами: 1) Directive 2008/25/Ec of the European Parliament and of the Council of 11 March 2008 amending Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, as regards the implementing powers conferred on the Commission; 2) Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate; 3) Directive 2013/36/EU (CRD IV)
78
Commission Directive 2003/124/EC of 22.12.2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation; Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest; Commission Regulation (EC) № 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments; Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions. В данную директиву внесены изменения: Directive 2008/26/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2003/6/EC on insider dealing and market manipulation (market abuse), as regards the implementing powers conferred on the Commission
В данную директиву внесены изменения следующими документами: 1) Directive 2008/11/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2003/71/EC on the proprospectus to be published when securities are offered to the public or admitted to trading, as regards the implementing powers conferred on the Commission; 2) Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 amending Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, Directive 2003/71/EC of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading and Commission Directive 2007/14/EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC; 3) Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) № 1060/2009, (EU) № 1094/2010 and (EU) № 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)
79
Вместе с имплементирующими актами: 1) Commission Decision of 4 December 2006 on the use by third country issuers of securities of information prepared under internationally accepted accounting standards; 2) Commission Regulation (EC) № 1787/2006 of 4 December 2006 amending Commission Regulation (EC) 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements; 3) Commission Regulation (EC) № 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements; 4) Commission Regulation (EC) № 211/2007 of 27 February 2007 amending Regulation (EC) № 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards financial information in prospectuses where the issuer has a complex financial history or has made a significant financial commitment.
80
Вместе с имплементирующими актами: 1) Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive; 2) Commission Regulation № 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Par liament and of the Council as regards recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive
81
Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive; Regulation (EC) № 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive. В данную директиву внесены изменения: Directive 2008/10/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2004/39/EC on markets in financial instruments, as regards the implementing powers 2conferred on the Commission
В данную директиву внесены изменения директивой 2014/59/EU (BRRD)
1) Commission Decision of 4 December 2006 on the use by third country issuers of securities of information prepared under internationally accepted accounting standards; 2) Commission Regulation (EC) № 1787/2006 of 4 December 2006 amending Commission Regulation (EC) 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements; 3) Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market; 4) Commission Recommendation of 11 October 2007 on the electronic network of officially appointed mechanisms for the central storage of regulated information referred to in Directive 2004/109/EC of the European Parliament and of the Council; 5) Commission Regulation (EC) № 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council.
В данную директиву внесены изменения следующими директивами: 1) Directive 2008/22/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as regards the implementing powers conferred on the Commission; 2) Directive 2010/73/EU amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market; 3) Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 amending Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, Directive 2003/71/EC of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading and Commission Directive 2007/14/EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC
82
В данную директиву внесены изменения директивой 2014/59/EU(BRRD) 4) Commission Directive 2010/42/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure; 2) Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company; 3) Commission Regulation (EU) № 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website; 4) Commission Regulation (EU) № 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities.
В данную директиву внесены изменения следующими директивами:
1) директивой AIFM;2) директивой 2013/14/EU (Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in respect of overreliance on credit ratings); 3) директивой 2014/91/EU (UCITS V)
83
В данную директиву внесены изменения директивой 2014/51/EU (Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) № 1060/2009, (EU) № 1094/2010 and (EU) № 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority))
84
1) Commission Delegated Regulation (EU) № 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision; 2) Commission Implementing Regulation (EU) № 447/2013 of 15 May 2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council; 3) Commission implementing regulation (EU) № 448/2013 of 15 May 2013 establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU of the European Parliament and of the Council
В данную директиву внесены изменения директивой 2013/14/EU(Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in respect of over-reliance on credit ratings)nMrFID II
В данную директиву внесены изменения директивой 2014/59/EU (BRRD)
85
В данную директиву внесены изменения регламентом Regulation (EU) № 909/2014
86
'К правам облигационера относятся только обязательственные права (возврат долга, выплата дохода по облигации), в то время как акционер обладает, в том числе, правами, связанными с управлением компанией, что делает акции более сильно связанными с особенностями правовой системы юрисдикции эмитента. Данный фактор затрудняет гармонизацию законодательства и интеграцию на практике рынков акций
87
FinancialIntegrationinEurope.European Central Bank, April 2014. Pp.97-98
88
^Financial Integration in Europe. European Central Bank, April 2014. P. 99–111
89
Основные директивы в данной области: Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent; Directive 2007/36/EC (Shareholder Rights Directive) (см. таблицу (выше) по содержательной характеристике развития интеграции финансовых рынков стран Европейского союза по этапам (на основе анализа наднационального законодательства))