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Sak- och associationsrättsliga aspekter av aktieöverlåtelser - i synnerhet avseende blankning och värdepapperslån

Gustafsson, Emma LU (2012) JURM02 20122
Department of Law
Abstract (Swedish)
Uppsatsen tar sikte på att behandla sak- och associationsrättsliga aspekter inom ramen för en aktietransaktion, i synnerhet fokuseras på dispositioner såsom värdepapperslån (eng. securities lending) och blankning (eng. short selling).

Det torde vara mycket svårt att föra en talan avseende att en aktieförvärvare skulle vara i ond tro och att denne därigenom inte gjort ett godtrosförvärv av en aktie, när köparen aldrig vet vem säljaren är och vice versa. Avseende blankning torde såväl nakna som äkta blankade aktier vara möjliga att godtrosförvärva. Lagstiftningen är således illa överensstämmande med aktiers fungibla natur. Mot bakgrund av att det dessutom skulle medföra stora problem utifall t.ex. klander av röstlängden skulle uppkomma... (More)
Uppsatsen tar sikte på att behandla sak- och associationsrättsliga aspekter inom ramen för en aktietransaktion, i synnerhet fokuseras på dispositioner såsom värdepapperslån (eng. securities lending) och blankning (eng. short selling).

Det torde vara mycket svårt att föra en talan avseende att en aktieförvärvare skulle vara i ond tro och att denne därigenom inte gjort ett godtrosförvärv av en aktie, när köparen aldrig vet vem säljaren är och vice versa. Avseende blankning torde såväl nakna som äkta blankade aktier vara möjliga att godtrosförvärva. Lagstiftningen är således illa överensstämmande med aktiers fungibla natur. Mot bakgrund av att det dessutom skulle medföra stora problem utifall t.ex. klander av röstlängden skulle uppkomma på bolagsstämma pga. att en aktietransaktion inte utgjorde ett godtrosförvärv, så torde det vara kontraproduktivt att uppställa högre krav beträffande godtrosförvärv av aktier. Kopplingen mellan sak- och associationsrätt ifråga om aktietransaktioner blir genom förevarande resonemang tydlig.

Rättsläget beträffande huruvida huvudman äger separationsrätt i förvaltares konkurs ifråga om förvaltarregistrerade aktier efter ett avtal om fri förfoganderätt slutits emellan huvudmannen och förvaltaren, får anses vara oklart. HD har i fallet NJA 2009 s 79 behandlat frågan, vad gäller leasingegendom och dömde därmed att huvudmannen äger separationsrätt i konkursen såtillvida förfoganderätten inte utnyttjats. HD konstaterade i domen att motsvarande kan komma att appliceras ifråga om förvaltarregistrerade aktier. Tolkat e contrario torde fallet kunna medföra att huvudmannen inte skulle äga separationsrätt i konkursen för de fall förfoganderätten har utnyttjats. Åsikterna går emellertid isär i fråga om vilken lag som är tillämplig i förevarande fall. Om aktierna istället har utlånats till tredje man och förvaltaren går i konkurs torde huvudmannen istället få en oprioriterad fordran i förvaltarens konkurs, snarare än att erhålla separationsrätt till aktierna.

Värdepapperslån kan även användas för att erhålla rösträtt på ett bolags bolagsstämma, s.k. empty voting. Mot bakgrund av att låntagaren endast betalar en lånepremie och inte köper aktierna står denne inte heller någon ekonomisk risk. Emellertid överförs samtliga rättsverkningar knutna till aktierna i samband med värdepapperslånet. Empty voting eller risk-decoupling kan även åstadkommas genom flertalet andra upplägg och genom en mängd olika dispositioner tillgängliga på värdepappers-marknaden. Agenter får således möjligheten att genom sådana företeelsen rösta igenom exempelvis en företagsöverlåtelse på en extrainsatt bolagsstämma, utan att utsätta sig själva för någon som helst ekonomisk riskexponering. Beteendet i fråga riskerar att skada såväl aktiebolag som mindre aktieägare genom att sätta exempelvis minoritetsregleringar ur spel. Företeelsen har ännu inte uppmärksammats i Sverige, dock har den rönt stor uppmärksamhet i samband med rättsfall i bland annat USA, Tyskland och Storbritannien. (Less)
Abstract
The purpose of this paper is to examine a number of property- and corporate law aspects within the framework of a transaction of shares, targeting primarily dispositions such as securities lending and short selling.

Since it ought to be difficult to bring a successful claim against a share purchaser, claiming that he was in bad faith while acquiring the shares and thus did not make an acquisition made in good faith. In reality the buyer never know who the seller is, and vice versa. It would also be possible to acquire shares in good faith which were sold through covered as well as naked short selling. Hence, the legislation hardly applies satisfactorily when it comes to shares of fungible nature. On the other hand, if there would be an... (More)
The purpose of this paper is to examine a number of property- and corporate law aspects within the framework of a transaction of shares, targeting primarily dispositions such as securities lending and short selling.

Since it ought to be difficult to bring a successful claim against a share purchaser, claiming that he was in bad faith while acquiring the shares and thus did not make an acquisition made in good faith. In reality the buyer never know who the seller is, and vice versa. It would also be possible to acquire shares in good faith which were sold through covered as well as naked short selling. Hence, the legislation hardly applies satisfactorily when it comes to shares of fungible nature. On the other hand, if there would be an issue to make an acquisition in good faith, difficulties might occur such as a civil protest regarding the electoral role upon a general meeting. Problems like that would cost a lot of money and time. The link between property- and corporate law becomes, through the discussion above, very obvious.

The legal position whether a principal has the right of separation of assets in case of an intermediary´s bankruptcy, where the principal has registered its shares, after an agreement on free disposition has been signed, is unclear. In the case NJA 2009 s. 79 which deals with leasing property, HD declares that a principal owns the right to separation in the intermediary´s bankruptcy given that the free disposition of the assets was not used. Furthermore, HD declares that this might similarly apply to the case where shares are registered at an intermediary. Read e contrario the case might suggest that the principal does not own a right to separate his assets if the intermediary has used the free disposition right. However, opinions differ concerning which law that would be applicable in the situation. If the shares instead has been lend out to a third party and the intermediary goes bankrupt, the principal would rather get an unsecured claim in the bankruptcy trustee.

Security lending can also be used to obtain voting rights at a general meeting, so called empty voting. Given that the borrower only pays a loan fee, and is not buying the shares, he does not bare the economic risk related to the voting results on the general meeting. Empty voting or risk-decoupling can be created thru a number of different structures and dispositions. Hence, agents enable the possibility to vote, for instance, a merger at an extra general meeting, without exposing himself for any economic risks related to the decision. Consequently, the behavior can jeopardize both companies as minority shareholders, while minority regulations easily can be put aside at the general meeting. The phenomenon has not been observed in Sweden as of yet. However, it has attracted considerable attention through a number of cases mainly in Germany, The United States and in the United Kingdom. (Less)
Please use this url to cite or link to this publication:
author
Gustafsson, Emma LU
supervisor
organization
alternative title
Property- and Corporate Law Aspects Within Share Transactions - Focusing on Short Selling and Securities Lending
course
JURM02 20122
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
aktielån, associationsrätt, blankning, börsrätt, empty voting, godtrosförvärv av aktier, risk-decoupling, sakrätt, värdepapperslån
language
Swedish
id
3350156
date added to LUP
2013-01-14 13:59:12
date last changed
2013-01-14 13:59:12
@misc{3350156,
  abstract     = {The purpose of this paper is to examine a number of property- and corporate law aspects within the framework of a transaction of shares, targeting primarily dispositions such as securities lending and short selling. 

Since it ought to be difficult to bring a successful claim against a share purchaser, claiming that he was in bad faith while acquiring the shares and thus did not make an acquisition made in good faith. In reality the buyer never know who the seller is, and vice versa. It would also be possible to acquire shares in good faith which were sold through covered as well as naked short selling. Hence, the legislation hardly applies satisfactorily when it comes to shares of fungible nature. On the other hand, if there would be an issue to make an acquisition in good faith, difficulties might occur such as a civil protest regarding the electoral role upon a general meeting. Problems like that would cost a lot of money and time. The link between property- and corporate law becomes, through the discussion above, very obvious.

The legal position whether a principal has the right of separation of assets in case of an intermediary´s bankruptcy, where the principal has registered its shares, after an agreement on free disposition has been signed, is unclear. In the case NJA 2009 s. 79 which deals with leasing property, HD declares that a principal owns the right to separation in the intermediary´s bankruptcy given that the free disposition of the assets was not used. Furthermore, HD declares that this might similarly apply to the case where shares are registered at an intermediary. Read e contrario the case might suggest that the principal does not own a right to separate his assets if the intermediary has used the free disposition right. However, opinions differ concerning which law that would be applicable in the situation. If the shares instead has been lend out to a third party and the intermediary goes bankrupt, the principal would rather get an unsecured claim in the bankruptcy trustee.

Security lending can also be used to obtain voting rights at a general meeting, so called empty voting. Given that the borrower only pays a loan fee, and is not buying the shares, he does not bare the economic risk related to the voting results on the general meeting. Empty voting or risk-decoupling can be created thru a number of different structures and dispositions. Hence, agents enable the possibility to vote, for instance, a merger at an extra general meeting, without exposing himself for any economic risks related to the decision. Consequently, the behavior can jeopardize both companies as minority shareholders, while minority regulations easily can be put aside at the general meeting. The phenomenon has not been observed in Sweden as of yet. However, it has attracted considerable attention through a number of cases mainly in Germany, The United States and in the United Kingdom.},
  author       = {Gustafsson, Emma},
  keyword      = {aktielån,associationsrätt,blankning,börsrätt,empty voting,godtrosförvärv av aktier,risk-decoupling,sakrätt,värdepapperslån},
  language     = {swe},
  note         = {Student Paper},
  title        = {Sak- och associationsrättsliga aspekter av aktieöverlåtelser - i synnerhet avseende blankning och värdepapperslån},
  year         = {2012},
}