The implementation of blockchain in corporate governance and share tokenization
DOI:
https://doi.org/10.18272/ulr.v9i1.2567Keywords:
blockchain, tokenization of shares, corpotative governmentAbstract
Following the recommendations suggested by the Ibero-American Institute for Law and Finance, Ecuador implemented the most ambitious corporate law reforms observed in Latin America in the past decades. The Ecuadorian Parliament enacted the Corporate Modernization Act, intended to actualize its regulatory framework in several ways. Among other innovative reforms, the new legislation allows the use of electronic devices, including blockchain technology, to create and maintain corporate records. This article will analyze how Ecuador has become the first Ibero-American jurisdiction to facilitate the use of blockchain as a corporate governance tool.
Downloads
References
Armour, John, Dan Awrey, Paul Davies, Luca Enriques, Jeffrey Gordon, Colin Mayer, y Jennifer Payne. Principles of Financial Regulation. Oxford: Oxford University Press, 2016.
Cadbury, Adrian. Report of the Committee on the Financial Aspects of Corporate Governance, London: Gee and Co. Ltd., 1992.
Carreño, Daniel. "Ley de Modernización a la Ley de Compañías, cómo Ecuador pasó a estar a la Vanguardia del Derecho Societario en América Latina y lo que Significa para la Región." UNA Revista de Derecho 6, no.1. (Junio 2021): 136-64. https://una.uniandes.edu.co/images/sextaedicion/5carreno2021.pdf.
Código Civil. Registro Oficial Suplemento 46 de 24 de junio de 2005.
Código de Comercio. Registro Oficial Suplemento 497 de 29 de mayo de 2019.
Delgado de Molina, Alfonso, y Vicente García. "Los Contratos Inteligentes o Smart Contracts." En Fintech, Regtech y Legaltech: Fundamentos y Desafíos Regulatorios, editado por Aurelio Gurrea Martínez y Nydia Remolina, 417-439. Valencia: Tirant lo Blanch, 2020.
Delgado de Molina, Alfonso. "Blockchain: Concepto, Funcionamiento y Aplicaciones." En Fintech, Regtech y Legaltech: Fundamentos y Desafíos Regulatorios, editado por Aurelio Gurrea Martínez y Nydia Remolina. 31-60. Valencia: Tirant lo Blanch, 2020.
Gurrea Martínez, A, y Nydia Remolina. "Problemática Jurídica, Financiera y Contable de los Ofertas Iniciales de Moneda." En Fintech, Regtech y Legaltech: Fundamentos y Desafíos Regulatorios, editado por Aurelio Gurrea Martínez y Nydia Remolina, 275-318. Valencia: Tirant lo Blanch, 2020.
Gurrea Martínez, Aurelio y Nydia Remolina. "Corporate Governance Challenges in Initial Coin Offerings". En Technology and Corporate Law: How Innovation Shapes Corporate Activity, editado por Andrew Godwin, Pey Woan Lee y Rosemary Teele Langford, 205-226. Northampton: Elgar, 2021.
Gurrea Martínez, Aurelio, Esteban Ortiz Mena, y Paúl Noboa Velasco. "Modernizing Corporate Law in Latin America: Lessons from Ecuador." Oxford Business Law Blog. (Enero 2021). https://www.law.ox.ac.uk/business-law-blog/blog/2021/01/modernizing-corporate-law-latin-america-lessons-ecuador.
Gurrea Martínez, Aurelio, Guillermo Cabanellas, César Coronel, Javier García, José Mendoza, Candido Paz, Francisco Reyes, y Fernando Vives. "Propuesta para la Mejora y Modernización de la Legislación Societaria en Ecuador." Instituto Iberoamericano de Derecho y Finanzas Working Paper Series 4, no.2. (Junio 2019): 9. https://ssrn.com/abstract=3383861.
Gurrea Martínez, Aurelio. "Proposed regulatory framework of cryptoassets in the UK: A critical analysis." Oxford Business Law Blog. (Marzo 2019): https://www.law.ox.ac.uk/business-law-blog/blog/2019/03/proposed-regulatory-framework-cryptoassets-uk-critical-analysis?utm_source=dlvr.it&utm_medium=linkedin.
Hacker, Phillip y Chris Thomale. "Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law." European Company and Financial Law Review 15, no.10. (Noviembre 2017): 645. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3075820.
Jiménez, Daniel. "Empresa ecuatoriana logra tokenizar acciones en Waves Blockchain." CoinTelegraph. (Octubre 2021): https://es.cointelegraph.com/news/ecuadorian-company-manages-to-tokenize-shares-in-wave-blockchain.
Kahan, Marcel, y Edward B. Rock. "The Hanging Chads of Corporate Voting." Georgetown Law Journal 96, no. 164. (Junio 2008): 1227-1279. https://scholarship.law.upenn.edu/faculty_scholarship/164.
Kraakman, Reinier, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda, Mariana Pargendler, Wolf-Georg Ringe, y Edward Rock. The Anatomy of Corporate Law. New York: OUP, 2017.
Levy, Karen. "Book-Smart, Not Street-Smart: Blockchain-Based Smart Contracts and the Social Workings of Law." Engaging Science, Technology and Society Journal 3, no.3. (Febrero, 2017): 1. https://estsjournal.org/index.php/ests/article/view/107.
Lucking, David. "Delaware Passes Law Permitting Companies to Use Blockchain Technology to Issue and Track Shares." Allen & Overy. (Septiembre 2017): https://www.allenovery.com/en-gb/global/news-and-insights/publications/delaware-passes-law-permitting-companies-to-use-blockchain-technology-to-issue-and-track-shares.
Ley de Compañías. Registro Oficial 312 de 5 de noviembre de 1999.
Ley de Modernización a la Ley de Compañías. Registro Oficial Suplemento 347 de 10 de diciembre de 2020.
Matera, Pierluigi. "Delaware´s Dominance, Wyoming"™s Dare-Blockchain Companies and the Market for Corporate Charters." Oxford Business Law Blog. (Marzo 2021): https://www.law.ox.ac.uk/business-law-blog/blog/2021/03/delawares-dominance-wyomings-dare-blockchain-companies-and-market.
Möslein, Florian. "Blockchain Applications and Company Law." Legal technology transformation in practice (Octubre 2020): 2. https://ssrn.com/abstract=3720222.
Möslein, Florian. "Blockchain Applications and Company Law." Oxford Business Law Blog. (Febrero 2021): https://www.law.ox.ac.uk/business-law-blog/blog/2021/02/blockchain-applications-and-company-law.
Narayanan, Arvind, y Jeremy Clark. "Bitcoin"™s Academic Pedigree." Communications of the ACM 15, no. 4. (Agosto, 2017): 36-45. https://queue.acm.org/detail.cfm?id=3136559.
Noboa Velasco, Paúl y Esteban Ortiz. "Diversas Clases de Acciones en las Sociedades por Acciones Simplificadas del Ecuador." LawyersEC Magazine 2, no.1. (Febrero 2021): 26. https://www.yumpu.com/es/document/read/65700443/lawyersec-magazine-ii-edicion.
Noboa Velasco, Paúl. "La Implementación de las Acciones Derivadas en Ecuador." Blog Instituto Iberoamericano de Derecho y Finanzas. (Agosto2021): https://www.derechoyfinanzas.org/la-implementacion-de-las-acciones-derivadas-en-ecuador/.
Noboa Velasco, Paúl. "Oponibilidad de los Pactos Parasociales bajo el Ordenamiento Ecuatoriano." SSRN. (Junio 2018): 17, https://ssrn.com/abstract=3182072.
Noboa Velasco, Paúl. "Regulación de las Operaciones entre Partes Relacionadas en el Derecho Societario del Ecuador." Blog Instituto Iberoamericano de Derecho y Finanzas. (Enero 2021): https://www.derechoyfinanzas.org/regulacion-de-las-operaciones-entre-partes-relacionadas-en-el-derecho-societario-del-ecuador/.
Oliva, Ricardo. "Transformación digital y tecnología de la Justicia." En Fintech, Regtech y Legaltech: Fundamentos y Desafíos Regulatorios, editado por Aurelio Gurrea Martínez y Nydia Remolina, 441-93. Valencia: Tirant lo Blanch, 2020.
Ortega, Andrea, y Omar Puertas. "Blockchain, admitido como medio de prueba en China." Lexology. (Julio 2018). https://www.lexology.com/library/detail.aspx?g=4467f458-af0f-4c80-b685-32cd22a89aec.
Panisi, Federico, Ross P. Buckley y Douglas Arner. "Blockchain and Public Companies: A Revolution in Share Ownership Transparency, Proxy-Voting and Corporate Governance?." Stanford Journal of Blockchain Law & Policy 2, no.39. (Junio 2019): 189. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3389045.
Paz-Ares, Cándido. "El enforcement de los pactos parasociales." Actualidad Jurídica Uría & Menéndez 5, no.5. (Mayo, 2003), 20. https://www.uria.com/documentos/publicaciones/1052/documento/03Candido.pdf.
Piazza, Fiammetta. "Bitcoin and the Blockchain as Possible Corporate Governance Tools: Strengths and Weaknesses." Penn State Journal of Law & International Affairs 5, no.2. (Junio 2017): 295. https://elibrary.law.psu.edu/cgi/viewcontent.cgi?article=1163&context=jlia.
Ramírez, Alejandro. Sociedad por Acciones Simplificada. Buenos Aires: Astrea, 2019.
Sharwood, Simon. "South Korea bans Initial Coin Offerings." The Register. (Septiembre 2017): https://www.theregister.com/2017/09/29/south_korea_bans_initial_coin_offerings/.
Spoke, Matthew. "How Blockchain Tech will Change Auditing for Good." COINDESK. (Julio 2015): https://www.coindesk.com/markets/2015/07/11/how-blockchain-tech-will-change-auditing-for-good/.
Staley, Oliver. "The Unsexy Future of Blockchain is Accounting." QUARTZ. (Marzo 2016): http://qz.com/629662/the-unsexy-future-of-blockchain-isaccounting/.
Swiss Financial Market Supervisory Authority. "Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs)." FINMA. (Febrero 2018). https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/.
Szabo, Nick. "Formalizing and Securing Relationships on Public Networks." First Monday 2, no.9. (Septiembre 1997): https://firstmonday.org/ojs/index.php/fm/article/view/548/469.
The Law Commission. Smart Legal Contracts. Londres: Law Com, 2021. https://s3-eu-west-2.amazonaws.com/lawcom-prod-storage-11jsxou24uy7q/uploads/2021/11/Smart-legal-contracts-accessible.pdf.
Torres, Ricardo. "Problemática jurídica de las ICOs: Un análisis desde el Derecho de sociedades." Blog Instituto Iberoamericano de Derecho y Finanzas. (Marzo 2018): https://www.derechoyfinanzas.org/problematica-juridica-de-las-icos-un-analisis-desde-el-derecho-de-sociedades/.
Vatiero, Massimiliano. "Smart contracts and transaction costs." Oxford Business Law Blog. (Octubre 2018): https://www.law.ox.ac.uk/business-law-blog/blog/2018/10/smart-contracts-and-transaction-costs.
Walport, Mark. "Distributed Ledger Technology: beyond block chain." Government Office for Science. (Noviembre 2015): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf.
Wyman, Oliver. Blockchain in Capital Markets - The Prize and the Journey. Nueva York: Oliver Wyman, 2016.
Yilun, Lulu, y Justina Lee. "Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal." Bloomberg. (Septiembre 2017): https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-saysinitial-coin-offerings-are-illegal.
Zetzsche, Dirk, Ross Buckley, Douglas Arner, y Linus Fohr. "The ICO Gold Rush: It's a Scam, It's a Bubble, It's a Super Challenge for Regulators." Harvard International Law Journal 63, no. 2. (Noviembre 2017): 4. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3072298.
Zhao, Wolfie. "Russian Finance Ministry Proposes Draft Law on ICO Regulation." CoinDesk. (Enero 2018): https://www.coindesk.com/markets/2018/01/26/russian-finance-ministry-proposes-draft-law-on-ico-regulation/.
Downloads
Published
How to Cite
Issue
Section
License
In relation to copy rights, authors publishing with USFQ Law Review know and accept its internal policies, including but not limited to:
1. Open Access Policy.
2. Authorship Policy.
3. Copyright Policy.
4. Pre-Publication Policy.
5. Post-Publication Policy.
6. Intellectual Property Protection Policy.
7. Digital Preservation Policy.
