Правна природа на финансовите инструменти, различни от ценните книжа
Legal nature of financial instruments which are different from transferable securities

Summary/Abstract: According to the definition for financial instruments subject to Art. 3 of Markets in Financial Instruments Act 2007 and in conformity with Section C of Annex I of Directive 2004/39/EC on markets in financial instruments, they are divided into two major groups – transferable securities and financial instruments which are different from transferable securities. The list of the second type of financial instruments is very long and rather complex. Nevertheless, their number could be summarized into three groups, as follows: money-market instruments, units in collective investment undertakings, and derivative instruments. The essence of the article is to try to find enough theoretical arguments in order to prove that there are remarkable differences between the legal nature of transferable securities on one hand, and that of the other types of financial instruments on the other, which make the division said above quite rational and important for the investment business.

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