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Abstract:
The article discusses the issue of the existence of several legal barriers in the process of clearing and settlement of cross-border securities transactions within the European Union. A prerequisite for such ana analysis is the understanding of the nature, scope, objectives and structure of securities indirect holding systems. The different national approaches towards these systems create a major problem for clearing and settlement of cross-border securities transactuins and encumber the effort for the consolidation of the European Securities Market. Furthermore, there is a great differentiation between different national jurisdictions, as far as subjects, such as the method of establishment of legal possession of the final investor on the securities, the exact time when the final investor establishes possession, the legal nature of the registration in securities accounts and some tax law issues, are concerned. We also describe and explain the different national views towards the issue of the voting rights, deriving by securities, which are the object of cross-border transactions and the relevant issues about clearing and settlement and we present the problem of uncertainty about the identification of the final beneficiary in a securities indirect holding system and about the applicable law for securities registered in collective securities accounts. Furthermore, the article emphasizes the relevant solutions introduced by EU, such as PRIMA principle. We focus on the cross-examination of Greek Securities Market Regulation and the European Efforts for a Consolidated Securities Market Regulation. We have to mention that the issues, discussed in the article, are mainly related to private and especially property law and corporate and financial law as well.

clearing and settlement, securities clearing, Giovannini Report, securities indirect holding systems, Securities Market Regulation, European Securities Law, Greek Law, Stock Markets Regulation, cross-border securities transactions, international securities transactions, PRIMA

Abstract:
Management Contracts are a type of contract, whose content and legal purpose is the contractual transfer of corporate management from its board of directors to a third party, usually another corporation. Management Contracts are used by corporations as a method to succeed international growth, to transfer know-how, to achieve or sell corporate efficiency, to conceal some business activities and to gain the control of another corporation without participating in its capital. We conduct a comparative analysis of Management Contracts Regulation in three jurisdictions: USA, UK and Germany. The purpose of the paper is to show that management contracts, although facing some distrust, continue to grow and become acceptable by different legal orders. However, in all three jurisdictions examined, severe restraints and limitations are posed before the recognition of a management contract as valid.

Management Contracts, Outsourcing, Corporate Management Transfer, Comparative Law

Abstract:
The article (written in Greek) discusses the issue of the -under greek law- prerequisites for the validity of a contract, by which one party transfers the right of exervise of the chattel real of usufruct to another party for certain time. It deals with a very common legal practice in Greece, mainly used for purposes of legal tax evasion, as by that, the usufructuary can avoid taxes concerning the earnings from his/her chose. Although this kind of contracts mainly have a nominal character and do not result to an actual -even temporary- transfer of the right and the relevant earnings, it can be recognized by greek tax authorities under some circumstances, regarding the formality of the contract.

usufruct, property law, greek law, greek property law, tax evasion in Greece, contracts law, greek contracts law