Thoughts on German Electronic Securities Code (eWpG) Dated 9 June 2021
Aydın Alber YüceThe formation of the classic negotiable instruments depends on the drawing of a deed. Therewith, the interaction between technological progress and practical needs continues to increase. In this sense, there are developments in the dematerialization of some types of negotiable instruments and even share certificates, as in capital market instruments. With the German Electronic Securities Code dated June 16, 2021, the drawer has been given the opportunity to issue debenture bonds electronically. This opportunity is an important convenience for companies to meet their financial needs. Electronic securities are also a crucial step in removing paper from the markets. In the system brought by the articles of eWpG, there are two types of electronic negotiable instruments that are tracked through a central and a decentralized registers. The first of these is called the central registry of negotiable instruments. The second type of electronic register is crypto register of negotiable instruments. With the articles of eWpG, the relevance between physical and electronic negotiable instruments is also regulated. In this regard, it has been stated that there is no discrepancy between physical and electronic negotiable instruments in terms and conditions they have. In addition, conversion between physical and electronic negotiable instruments has been accepted. According to the system adopted with the regulation of eWpG, only bearer bonds can be issued electronically. However, one of the first criticisms brought to the eWpG-E is that the draft should at least include joint stock company shares. The draft has been written by considering the most up-to-date state of technology. However, it should be acknowledged that the eWpG is equidistant from all existing and future technologies. It is inevitable that the developments in technology, especially the crypto money phenomenon, which affects the whole world, will also affect Turkish legal system. In a world-integrated economic order, it would not be surprising that regulations analogue to eWpG are also adopted in Turkish law. The statutory obligation to monitor the bearer joint stock company share certificates is an indication of this headway. In this study, the German Electronic Securities Code will be examined and the possible effects of this regulation on Turkish law will be evaluated.
9 Haziran 2021 Tarihli Alman Elektronik Kıymetli Evrak Kanunu (eWpG) Üzerine Düşünceler
Aydın Alber YüceKlasik kıymetli evrakın ortaya çıkması, bir varakanın düzenlenmesine bağlıdır. Buna karşılık, teknolojik gelişmeler ve pratik ihtiyaçlar arasındaki etkileşim artarak devam etmektedir. Bu anlamda, sermaye piyasası araçlarının kaydileştirilmesinde olduğu gibi bazı tür kıymetli evrakın ve hatta pay senetlerinin de demateryalize edilmesi yönünde gelişmeler yaşanmaktadır. Anılan gelişme, etkileşim ve ihtiyaçlar doğrultusunda, 9 Haziran 2021 tarihinde kabul edilen Alman Elektronik Kıymetli Evrak Kanunu ile hâmiline yazılı tahvillerin elektronik olarak düzenlenebilmesi imkânı getirilmiştir. Bu imkân işletmelerin finansman ihtiyaçlarını sağlamalarında önemli bir kolaylıktır. Elektronik kıymetli evrak aynı zamanda kâğıdın piyasalardan kaldırılmasında önemli bir adımdır. eWpG hükümlerinin getirdiği sistemde, merkezî ve merkezî olmayan nitelikte iki sicil üzerinden (kayden) izlenen iki tür elektronik kıymetli evrak vardır. Bunlardan birincisi, merkezî sicil kıymetli evrakı olarak isimlendirilmektedir. İkinci tür elektronik kıymetli evrak ise, kripto kıymetli evraktır. eWpG hükümleriyle, fizikî ve elektronik kıymetli evrak arasındaki ilişki de düzenlenmiştir. Bu bağlamda, fizikî kıymetli evrak ve elektronik kıymetli evrak arasında, doğurdukları hüküm ve sonuçlar açısından hiçbir fark olmadığı belirtilmiştir. Ayrıca, fizikî kıymetli evrak ile elektronik kıymetli evrak arasında dönüşüm kabul edilmiştir. eWpG hükümleriyle kabul edilen sisteme göre, sadece hâmiline yazılı tahviller elektronik olarak düzenlenebilir. Ancak, düzenlemeye henüz Tasarı halinde iken getirilen ilk eleştirilerden biri, düzenleme taslağının en azından anonim şirket pay senetlerini de kapsaması gerektiği yönündedir. Kanun, teknolojinin en güncel hali göz önüne alınarak kaleme alınmıştır. Ancak, Kanun’un mevcut ve ileride ortaya çıkabilecek her türlü yeni teknolojiye eşit mesafede olduğunu da kabul etmek gerekir. Tüm dünyayı etkisi altına alan, başta kripto para fenomeni olmak üzere, teknolojideki gelişmelerin Türk hukukuna da etki etmesi kaçınılmazdır. Dünyaya entegre bir ekonomik düzen içinde, eWpG benzeri düzenlemelerin Türk hukukunda da kabul edilmesi sürpriz olmayacaktır. Hâmiline yazılı anonim şirket pay senetlerinin kayden izlenmesi zorunluluğunun getirilmesi bunun bir göstergesidir. Bu çalışmada, Alman Elektronik Kıymetli Evrak Kanunu incelenerek, bu düzenlemenin Türk hukukuna olası etkileri değerlendirilecektir.
Technology and law are two substantial components that take form in regard to human needs and occupy indispensable places in human life. It is beyond dispute that these two elements influence each other according to human needs. Beginning from the later past, the crypto cash marvel, which has influenced the entire world, is really a result of other progressed innovations, particularly blockchain. These progressed advances have moreover appeared their affect within the field of law, and the German legislator has interceded in this field in terms of the system of electronic securities.
Innovative technologies, particularly the blockchain innovation, which has influenced the entire world since the later past and made a unused slant in investment, have moreover appeared their impact within the field of law. The German legislator points to apply these innovations within the field of debatable instruments law in arrange to protect the attractiveness of the venture environment in this nation. To this conclusion, the German Electronic Securities Code (eWpG) dated 16 June 2021 has been published.
The eWpG arrangements basically present two sorts of electronic securities, which cover bearer bonds. One of them is of the sort traced by a central registry, and the other is of the sort followed by a decentralized registry built up by utilizing blockchain innovation.
eWpG, in spite of the fact that it appears like a framework arrangement, is a content that deals with the subject in all its lines. In this content, there are point by point directions on numerous issues like how possible is the transfer of electronic negotiable instruments by the holder and his instructions to the central registry and what kind of negotiable instruments can be arranged electronically and who can be the drawer and recipient.
When the eWpG framework is examined, it is seen that it is really a bridge course of action for the long run. Because, only bearer bonds were included within the Code. It is additionally expressed within the justification of the Draft that it is too early for valuable papers other than that (particularly joint stock company shares). The Code moreover has an objective perspective in terms of its approach to innovation. Whereas taking under consideration the foremost up-to-date conceivable outcomes of current innovation, precautions have been presented to cover future innovations as well.
What incited the German legislator to present the eWpG is the technical and legitimate progresses in this direction within the encompassing nations. It is incomprehensible for Turkey that needs to be integrated into the world to remain away from these improvements. Within the close future, it is inescapable that all current innovative opportunities, particularly blockchain innovation, will influence the economy and law.
Based on the possibility of dematerialization of capital market instruments in our legal system, it cannot be said that our country is totally new with improvements in this course. On the opposite, very as of late, regulations have been made to monitor the bearer share certificates of non-public joint stock companies some time recently by MKK. In any case, this advancement does not require the total abandonment of the paper form as within the eWpG provisions. Be that as it may, both within the field of negotiable instruments law and within the field of corporate law, the paper form ought to be abandoned on the grounds of guaranteeing exchange security and ensuring investor security.
In this study, to begin with of all, eWpG provisions were examined in detail in a systematic way. This research and analysis has been carried out by taking into account the most up-to-date scientific studies in both Turkish and German law. In addition to that, it is focused on how the digitalization wind, which too revealed the eWpG regulation, will have impacts on Turkish corporate law and debatable instruments law.
