Osakeomistuksen julkisuus ja EU-oikeus: suomalainen hallintarekisteröintikielto Euroopan yhdentyvillä pääomamarkkinoilla
Avainsanat:
osakeyhtiöt, osakasluettelot, hallintarekisteröinti, Euroopan unionin oikeus, sisämarkkinatAbstrakti
Openness of corporate shareholdings and European law: The Finnish prohibition of nominee registration in the harmonisation of European capital markets
The article examines whether the prohibition on nominee registration applying to Finnish shareholders violates the basic freedoms guaranteed by the European Union Treaties, as well as certain specific EU legislation, such as the Regulation on Central Securities Depositories (909/2014/EU). The article argues that, at least in its current form, the Regulation allows the requirement on Finnish investors in Finland to submit to a so-called direct ownership system. The prohibition on nominee registration applying to Finnish investors is, however, problematic from the standpoint of the EU Treaties, particularly in the respect that the prohibition restricts the use of foreign custody and brokerage services. Based on an analysis of case-law, it can be considered probable that the European Court of Justice would regard this kind of prohibition of nominee registration as being an unjustified restriction on the free movement of services and capital.
