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The legal nature of debt securities in South African law
Thesis (LLD)--Stellenbosch University, 2021.
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| Format: | Thesis |
| Language: | en_ZA |
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Stellenbosch : Stellenbosch University
2021
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| _version_ | 1867613860455776256 |
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| access_status_str | Open Access |
| author | De Beer, Philip Johan |
| author2 | Sutherland, Philip |
| author_browse | De Beer, Philip Johan Sutherland, Philip |
| author_facet | Sutherland, Philip De Beer, Philip Johan |
| author_sort | De Beer, Philip Johan |
| collection | Thesis |
| dc_rights_str_mv | Stellenbosch University |
| description | Thesis (LLD)--Stellenbosch University, 2021. |
| format | Thesis |
| id | oai:scholar.sun.ac.za:10019.1/110018 |
| institution | Stellenbosch University (South Africa) |
| language | en_ZA |
| last_indexed | 2026-06-10T12:42:51.481Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from SUNScholar — Stellenbosch University Repository |
| publishDate | 2021 |
| publishDateRange | 2021 |
| publishDateSort | 2021 |
| publisher | Stellenbosch : Stellenbosch University |
| publisherStr | Stellenbosch : Stellenbosch University |
| record_format | dspace |
| source_str | SUNScholar — Stellenbosch University Repository |
| spelling | oai:scholar.sun.ac.za:10019.1/110018 The legal nature of debt securities in South African law De Beer, Philip Johan Sutherland, Philip Stellenbosch University. Faculty of Law. Dept. of Mercantile Law. Securities -- South Africa Security (Law) -- South Africa Debt and equity securities Securities industry -- Law and legislation Beneficial ownership UCTD Thesis (LLD)--Stellenbosch University, 2021. ENGLISH ABSTRACT: The problem statement of this thesis is ascertaining the legal nature of debt securities in furtherance of a consistent and coherent legal description of the South African positive law as it relates to this class of instruments. It focuses on four core issues: the legal history, legal nature, classification, and current legal issues relating to debt securities. Historical and analytic-systemic approaches to the problem statement make up Part 1 of the study. The historical approach shows an emergent commoditisation of debt, which is an important phenomenon in the analysis of securities law. It further shows a great deal of English influence in the development of the South African legal environment, most notably in terms of company law (as the primary driver of securities law) and the financial marketplace, its institutions and its regulation. Also highlighted is a notable scarcity of debt securities relative to equities, which materially impacted legislative developments. Finally, it points to an increase in the legal importance of the “securities” concept as a legal term to describe and govern debt and equity securities. Thereafter the analytic-systemic approach is used to identify a set of private law-rooted first principles applicable to South African registered securities, and herefore to debt securities as well. It posits that these securities should be understood conceptually as comprised two interdependent but functionally separate legal objects, rather than in terms of two different kinds of ownership (i.e. beneficial and registered). The first object is the "security instrument”, a locus for (holdership of) the incidents that flow from the entitlement of determination (beskikkingsbevoegdheid) over the underlying complex of rights and competencies of registered securities. These can be understood as incidents of execution. The second is the "security asset”, a locus for (holdership of) the incidents that flow from the entitlement of enjoyment (genotsbevoegdheid) over that underlying complex, and corresponds with the proprietary, patrimonial dimension of securities. These can be understood as incidents of enjoyment. This construction enables a more coherent understanding of the sui generis relationship of agency between beneficial owner and her nominee, as well as of the dynamics of ownership and quasi-possessio. These insights are then applied to the uncertificated environment, addressing a number of difficult and uncertain problems within the system that enables uncertificated securities and their holdership. Finally the particularly difficult issue of how to classify (and therefore identify) debt securities is dealt with. Here it is concluded that a typological approach is the only viable methodology to deal with this problem, and a number of necessary and thereafter possible classificatory indicia are outlined for this purpose. The functional-policy approach makes up Part 2 of the study. It is a policy-aware application of the theoretical framework developed to a select number of themes and legal issues of the current environment. Principally it shows that the reconceptualisation of registered securities has explanatory and problem-solving value, specifically relating to transfer, the granting of limited real interests, good faith acquisition, and the protection of holdership of certificated and uncertificated securities. AFRIKAANSE OPSOMMING: Die probleemstelling van hierdie tesis is die vasstelling van die regsaard van skuldeffekte, ten einde ‘n konsekwente en koherente regsbeskrywing te formuleer van die Suid-Afrikaanse positiewe reg soos dit betrekking het op hierdie klas instrumente. Dit word gedoen deur te fokus op vier kernaangeleenthede, naamlik die regsgeskiedenis, regsaard, en klassifikasie van skuldeffekte, asook die huidige regsproblematiek hierom. Deel 1 van die studie vervat die historiese en analitiese-sistemiese benaderings tot die probleemstelling. Die historiese benadering wys op die voortkomende "kommoditisering” (“commoditisation”)van verbintenisse – ‘n verskynsel belangrik tot die ontleding van die effektereg. Dit beklemtoon verder die wesenlike Engelse invloed in die onwikkeling van die Suid-Afrikaanse reg, veral in terme van die maatskappyereg (as die primêre drywer van ontwikkeling in die effektereg) en die finansiële markte, sy instellings en die regulasie daarvan. Verder word die noemenswaardige afwesigheid van skuldeffekte relatief tot ekwiteite uitgelig as ‘n wesenlike beperkende faktor op wetgewende ontwikkeling. Laastens dui dit op die toenemende belang van die regskonsep van ‘n “effek” vir doeleindes van die beskrywing en regulering van skuldeffekte en aandele. Die analitiese-sistemiese benadering word vervolgens aangewend om ’n stel "eerste beginsels” te identifiseer, gegrond in die privaatreg, wat van toepassing is op Suid-Afrikaanse geregistreerde effekte en dus ook skuldeffekte. Dit word voorgestel dat díe effekte konseptueel verstaan moet word as twee interafhanklike – maar funksioneel afsonderlike – regsobjekte, eerder as in terme van twee verskillende tipes eienaarskap (i.e. voordelig en geregistreerd). Die eerste objek is die “effekte-instrument”, ‘n lokus vir (houerskap van) die uitvoeringsinsidente wat vloei vanuit die beskikkingsbevoegdheid oor die onderliggende kompleks regte en ander bevoegdhede van geregistreerde effekte. Tweede is die “effekte-bate”, ‘n lokus vir (houerskap van) die genotsinsidente wat vloei vanuit die genotsbevoegdheid oor daardie onderliggende kompleks, en wat ooreenstem met die eiendomsgeoriënteerde en vermoënsregtelike dimensie van effekte. Hierdie voorstelling illustreer ‘n meer samehangende konseptualisering van die sui generis verhouding van agentskap tussen die voordelige eienaar (“beneficial owner”) en haar genomineerde, asook van die dinamika van eienaarskap en quasi-possessio. Hierdie insigte word vervolgens toegepas in die “ongesertifiseerde” konteks ter adressering van verskeie problematiese en onsekere regsprobleme binne die stelsel wat ongesertifiseerde effekte en hul houerskap in staat stel. Laastens word die besonderse problematiek rondom die klassifisering (en derhalwe die identifisering) van skuldeffekte ontleed. Hier word die gevolgtrekking verdedig dat ‘n tipologiesebenadering die enigste haalbare metodologie daarstel om hierdie problematiek aan te spreek. ’n Aantal nodige en daarna moontlike indicia word geidentifiseer vir hierdie doeleindes. Deel 2 van die studie vervat ‘n funksionele beleids-analise van die probleemstelling. Hierdie analise behels ‘n beleidsbewuste toepassing van die teoretiese raamwerk wat ontwikkel is, inklusief van om ‘n reeks temas en regskwessies vanuit die huidige regsomgewing. Hoofsaaklik wys dit dat die “herkonseptualisering” van geregistreerde effekte verduidelikend en probleemoplossende waarde het, veral soos dit betrekking het op oordrag, die skep van beperkte saakregtelike belange, ter goede troue verkryging en die beskerming van houerskap. Doctoral 2021-03-04T18:03:43Z 2021-04-21T14:36:37Z 2021-03-04T18:03:43Z 2021-04-21T14:36:37Z 2021-03 Thesis http://hdl.handle.net/10019.1/110018 en_ZA Stellenbosch University ix, 569 pages application/pdf Stellenbosch : Stellenbosch University |
| spellingShingle | Securities -- South Africa Security (Law) -- South Africa Debt and equity securities Securities industry -- Law and legislation Beneficial ownership UCTD De Beer, Philip Johan The legal nature of debt securities in South African law |
| title | The legal nature of debt securities in South African law |
| title_full | The legal nature of debt securities in South African law |
| title_fullStr | The legal nature of debt securities in South African law |
| title_full_unstemmed | The legal nature of debt securities in South African law |
| title_short | The legal nature of debt securities in South African law |
| title_sort | legal nature of debt securities in south african law |
| topic | Securities -- South Africa Security (Law) -- South Africa Debt and equity securities Securities industry -- Law and legislation Beneficial ownership UCTD |
| url | http://hdl.handle.net/10019.1/110018 |
| work_keys_str_mv | AT debeerphilipjohan thelegalnatureofdebtsecuritiesinsouthafricanlaw AT debeerphilipjohan legalnatureofdebtsecuritiesinsouthafricanlaw |