Some Problems of Legal Regulation of Responsibility of a Shareholder Register Holder and an Issuer to Shareholders

The article is devoted to the problems of legal regulation of the registrar and issuer’s liability to shareholders. According to paragraph 2 of Article 149 of the Civil Code, Article 8 of the Law on the Securities Market, the registration of rights on shares that are undocumented securities is carried out by the registrar, and, accordingly, an extract from the register is a confirmation of such rights. In this regard, the issues of responsibility for improper maintenance of the register are of particular importance. The conflict between clause 3.10 of Article 8 of the Law on the Securities Market and clause 4 of Article 149 of the Civil Code of the Russian Federation is shown. Judicial practice on the application of legal norms enshrined in these articles is considered. The problem of determining the content of the illegality of the behavior of the issuer and the holder of the register of shareholders is touched upon. The necessity of fixing the individual responsibility of the issuer to the shareholders for maintaining the register is substantiated.