A presente tese estuda o negócio fiduciário e suas potencialidades no direito brasileiro, especialmente quando associado à técnica do patrimônio separado. Embora o legislador tenha se utilizado da titularidade fiduciária elemento essencial do negócio fiduciário e da afetação patrimonial para variadas atividades, não previu modelo geral que habilitasse os particulares a entabularem ajustes fiduciários com patrimônio separado para as mais diversas finalidades. Por isso que, no Brasil, falta instituto que pudesse ser equiparado ao trust contido na Convenção de Haia sobre a Lei Aplicável aos Trusts e sobre o Reconhecimento Deles. As tentativas de incorporação de tal modelo jurídico no direito pátrio não lograram êxito até o momento e o cenário normativo brasileiro permanece fragmentado. A tese, assim, examina a conformação atual do direito pátrio em relação ao negócio fiduciário e as utilidades que adviriam da introdução da fidúcia como categoria ampla de negócio fiduciário com patrimônio separado. Nessa direção, a tese investiga (i) a admissibilidade do negócio fiduciário no direito brasileiro; (ii) a disciplina jurídica que lhe é aplicável; (iii) os efeitos da utilização da propriedade resolúvel aos negócios fiduciários, bem como da aposição das cláusulas de inalienabilidade, impenhorabilidade e incomunicabilidade; (iv) as potencialidades funcionais e limites do negócio fiduciário; (v) a disciplina jurídica do trust a que se refere a Convenção de Haia; (vi) a adoção pelo legislador da técnica da separação patrimonial conjugada com a titularidade fiduciária; (vii) a tipificação do negócio de fidúcia como aquele que possibilitaria a criação, pelos particulares, de titularidade fiduciária e patrimônio separado; (viii) o negócio de fidúcia como maneira de se incorporar os elementos essenciais do trust contido na Convenção de Haia; e (ix) a relevância da tipificação do negócio de fidúcia como meio de suprir determinadas lacunas do direito brasileiro / This thesis studies fiduciary contracts and their potentials in Brazilian law, especially when they are associated with the technique of separate estate. Although Brazilian law already deploys fiduciary ownership an essential element of the fiduciary contract and separate estate as a mean to regulate many activities, it does not lay down a legal model enabling people to use these techniques for general purposes. Therefore, still lacks in Brazil a legal framework similar to the trust as described by The Hague Convention on the Law Applicable to Trusts and on their Recognition. Attempts to incorporate this legal model in Brazilian law have not been successful so far; therefore, Brazilian legal framework remains fragmented. In this context, the thesis examines the current regulation of the fiduciary contract in Brazilian Law, and the benefits that would result from the introduction of fiducia, understood as a comprehensive legal model combining the techniques of fiduciary contract and separate estate. To this end, the thesis investigates (i) the admissibility of fiduciary contracts in Brazilian law; (ii) the rules applicable to it; (iii) the stipulation of resoluble ownership in fiduciary contracts and the stipulation in these contracts of inalienability, unseazability and incommunicability clauses; (iv) the potentials and limitations of fiduciary contracts in Brazilian law; (v) the legal regulation of trusts as they are described by the Hague Convention; (vi) the use by Brazilian legislator of the legal technique of separate estate combined with fiduciary ownership; (vii) the adoption by Brazilian law of fudicia as the type of contract that will enable people to use the techniques of fiduciary ownership and separate estate; (viii) fiducia as a mean to incorporate in Brazilian law the essential elements of the trust described by the Hague Convention; and (ix) the importance of fiducia as a mean to fill in several gaps of the Brazilian law.

O estudo da responsabilidade civil dos administradores de companhias abertas na doutrina nacional trata usualmente dos deveres fiduciários, do ato regular de gestão e da teoria ultra vires, da culpa ou dolo do administrador, das ações ut universi e ut singuli e da solidariedade entre a responsabilidade do administrador e a da companhia. Poucos abordam as causas extintivas dessa responsabilidade, e raro são os que tratam da hipótese de exclusão de responsabilidade do artigo 159, § 6º, da Lei nº 6.404/76. Como a disciplina dos deveres fiduciários prevista na lei societária brasileira tem forte influência do Direito norte-americano, buscou-se na legislação, doutrina e jurisprudência daquele país os fundamentos necessários à melhor interpretação e aplicação da regra de exclusão e, em especial, na business judgment rule, doutrina que protege os administradores contra responsabilização por prejuízos à companhia decorrentes de decisões por eles adotadas, proteção esta também conferida pela hipótese do artigo 159, § 6º, da Lei nº 6.404/76, ao administrador leal e de boa-fé. / The study of corporate directors civil liability in national doctrine usually deals with fiduciaries duties, regular management act and the ultra vires theory, directors malpractice or deceit, ut universi and ut singuli actions and solidarity between directors and companies responsibility. Few address the extinctive causes of such liability, and rare are those who address the liability exclusion hypothesis of the Article 159, § 6º, of the Law n. 6.404/76. Whereas that the fiduciary duties discipline provided for in Brazilian corporate law has strong influence of American law, was sought in the legislation, doctrine and jurisprudence of that country the fundamentals for a better understanding and application of the exclusion rule and, particularly, in the business judgment rule, a doctrine that protects directors against liability for damages to the company arising from their acts, protection also afforded by the Article 159, § 6º, of the Law n. 6.404/76, to the loyal and good faith director.

The master´s thesis focuses on fiduciary funds (svěřenské fondy) in the Czech Republic and trusts in the Canadian province of Quebec and Great Britain. First, a brief history of these funds and trusts is given, followed by an explanation of their importance, their basic characteristics, and the specific laws pertaining to them, with an emphasis on the differences between civil law and common law. Furthermore, the thesis investigates these trusts for accounting and tax purposes. Throughout the thesis, each chapter is concluded by a comparison of the fiduciary funds in the Czech Republic and trusts in Quebec and Great Britain in order to explore the similarities and differences in each observed area.

OPSOMMING Alhoewel die trustfiguur reeds sedert die 19e Eeu in Suid-Afrika erken word, en as `n suiwer trustfiguur tipeer kan word, is die hantering van die regte van sekere trustbegunstigdes steeds in onsekerheid gehul. Die hoofrede hiervoor is die oorbeklemtoning van die wyse waarop trusts tot stand kom en die onderbeklemtoning van die unieke fidusiêre aard van die trust na oprigting daarvan. In Engeland, Skotland, Sri Lanka, Louisiana en Quebec, waar die suiwer trustfiguur ook aanwending vind, bestaan, in teenstelling met die oënskynlike regsposisie in Suid-Afrika, die moontlikheid van trustbegunstigdes sonder regte glad nie. In hierdie jurisdiksies speel die oprigtingsinstrument `n ondergeskikte rol en ontstaan die regte van trustbegunstigdes ex lege uit hoofde van die trustfiguur as `n vertrouensverhouding sui generis. Alhoewel die Suid-Afrikaanse trustreg die fidusiêre aard van die verhouding tussen trustee en trustbegunstigde erken, word die aard en omvang van die regte wat hieruit voort behoort te vloei nog nie voldoende deur die howe erken nie. Vertrouensverhoudinge waaruit regte en verpligtinge ex lege voortspruit, is bekend aan die gemenereg en word steeds hedendaags aangetref in verskeie ander vakdissiplines binne die Suid-Afrikaanse reg, waaronder die maatskappyereg. Die suiwer trustfiguur stel verder noodwendig `n vertrouensverhouding daar wat juis daarop gemik is om die regte van trustbegunstigdes te beskerm. Die standpunt word dus ingeneem dat alle trustbegunstigdes in Suid-Afrika derhalwe oor ex lege regte beskik. Daar word aan die hand gedoen dat trustbegunstigdes se regte nie uitsluitlik voortvloei uit hoofde van die tersaaklike oprigtingshandeling nie, maar dat unieke regte ontstaan as gevolg van die onderliggende fidusiêre verhouding wat tot stand kom wanneer, maar ongeag hoe, die trust opgerig word. Kortom: Die fidusiêre verhouding behoort erken te word as eie, onafhanklike bron van trustbegunstigdes se moontlike regte teen die trustee in die geval van trustbreuk. Nie net is dit `n logiese stap in die ontwikkeling van die gemenereg nie, maar sal dit ook die beskerming van trustbegunstigdes in die Suid-Afrikaanse trustreg op dieselfde voet plaas as trustbegunstigdes in die ander jurisdiksies wat nagevors is. So 'n stap sal bydra tot regsekerheid en nie tot `n wesentlike omwenteling in die Suid-Afrikaanse trustreg en -administrasie lei nie. SYNOPSIS Although the trust figure has been recognised in South Africa since the 19th century and can be characterised as a proper trust, uncertainty still prevails regarding the scope and acknowledgement of the rights of some trust beneficiaries. The main reason for this is the over-emphasis of the manner in which trusts are created, and the under-emphasis of the unique fiduciary nature of the trust once it has been established. In England, Scotland, Sri Lanka, Louisiana and Quebec where the proper trust figure is also applied, there is no possibility, contrary to the apparent legal position in South Africa, of trust beneficiaries without rights. In these jurisdictions the instrument used to create a trust plays a subordinate role and the rights of trust beneficiaries originate ex lege by virtue of the trust itself as a relationship of trust sui generis. Although South African trust law acknowledges the fiduciary nature of the relationship between trustee and trust beneficiary, the nature and extent of the rights that should emanate from this relationship are not adequately acknowledged by the courts. / Jurisprudence / L.L.D.

OPSOMMING Alhoewel die trustfiguur reeds sedert die 19e Eeu in Suid-Afrika erken word, en as `n suiwer trustfiguur tipeer kan word, is die hantering van die regte van sekere trustbegunstigdes steeds in onsekerheid gehul. Die hoofrede hiervoor is die oorbeklemtoning van die wyse waarop trusts tot stand kom en die onderbeklemtoning van die unieke fidusiêre aard van die trust na oprigting daarvan. In Engeland, Skotland, Sri Lanka, Louisiana en Quebec, waar die suiwer trustfiguur ook aanwending vind, bestaan, in teenstelling met die oënskynlike regsposisie in Suid-Afrika, die moontlikheid van trustbegunstigdes sonder regte glad nie. In hierdie jurisdiksies speel die oprigtingsinstrument `n ondergeskikte rol en ontstaan die regte van trustbegunstigdes ex lege uit hoofde van die trustfiguur as `n vertrouensverhouding sui generis. Alhoewel die Suid-Afrikaanse trustreg die fidusiêre aard van die verhouding tussen trustee en trustbegunstigde erken, word die aard en omvang van die regte wat hieruit voort behoort te vloei nog nie voldoende deur die howe erken nie. Vertrouensverhoudinge waaruit regte en verpligtinge ex lege voortspruit, is bekend aan die gemenereg en word steeds hedendaags aangetref in verskeie ander vakdissiplines binne die Suid-Afrikaanse reg, waaronder die maatskappyereg. Die suiwer trustfiguur stel verder noodwendig `n vertrouensverhouding daar wat juis daarop gemik is om die regte van trustbegunstigdes te beskerm. Die standpunt word dus ingeneem dat alle trustbegunstigdes in Suid-Afrika derhalwe oor ex lege regte beskik. Daar word aan die hand gedoen dat trustbegunstigdes se regte nie uitsluitlik voortvloei uit hoofde van die tersaaklike oprigtingshandeling nie, maar dat unieke regte ontstaan as gevolg van die onderliggende fidusiêre verhouding wat tot stand kom wanneer, maar ongeag hoe, die trust opgerig word. Kortom: Die fidusiêre verhouding behoort erken te word as eie, onafhanklike bron van trustbegunstigdes se moontlike regte teen die trustee in die geval van trustbreuk. Nie net is dit `n logiese stap in die ontwikkeling van die gemenereg nie, maar sal dit ook die beskerming van trustbegunstigdes in die Suid-Afrikaanse trustreg op dieselfde voet plaas as trustbegunstigdes in die ander jurisdiksies wat nagevors is. So 'n stap sal bydra tot regsekerheid en nie tot `n wesentlike omwenteling in die Suid-Afrikaanse trustreg en -administrasie lei nie. SYNOPSIS Although the trust figure has been recognised in South Africa since the 19th century and can be characterised as a proper trust, uncertainty still prevails regarding the scope and acknowledgement of the rights of some trust beneficiaries. The main reason for this is the over-emphasis of the manner in which trusts are created, and the under-emphasis of the unique fiduciary nature of the trust once it has been established. In England, Scotland, Sri Lanka, Louisiana and Quebec where the proper trust figure is also applied, there is no possibility, contrary to the apparent legal position in South Africa, of trust beneficiaries without rights. In these jurisdictions the instrument used to create a trust plays a subordinate role and the rights of trust beneficiaries originate ex lege by virtue of the trust itself as a relationship of trust sui generis. Although South African trust law acknowledges the fiduciary nature of the relationship between trustee and trust beneficiary, the nature and extent of the rights that should emanate from this relationship are not adequately acknowledged by the courts. / Jurisprudence / L.L.D.

The trustee has a fiduciary responsibility towards the parties with an interest in the trust. The parties with an interest in the trust may have certain expectations and requirements of the trustee. The main responsibility and accountability ascribed to and expected of the trustee are for the proper maintenance and administration of the trust and its assets. The parties with an interest in the trust may be classified according to how closely involved or affected they are by the existence of the trust. The parties closest to the trust are listed as the founder, beneficiaries and co-trustees. Parties with a judiciary, legislative and administrative interest in the trust include the Master of the High Court, the High Court and the auditors as well as accountants of the trust. The parties with an interest in the trust may not be satisfied with the actions or performance of the trustee. These parties may seek actions and remedies to hold the trustee accountable. These actions and remedies may be found in legislation, the literature, common law or court judgements. It would also be in the trustee’s interest to be informed of the different actions and remedies that could be utilised to hold him accountable. Different types of action are available to hold the trustee accountable, including civil and criminal remedies. The Trust Property Control Act 57 of 1988 does not provide for criminal remedies, but provides an array of civil remedies to hold trustees accountable. The Aquilian action is also available to parties to hold a trustee accountable who committed a breach of trust. The focus of the mini-dissertation is to determine the landscape of remedies and actions available to parties with an interest in the trust in order to hold the trustee accountable. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015

The trustee has a fiduciary responsibility towards the parties with an interest in the trust. The parties with an interest in the trust may have certain expectations and requirements of the trustee. The main responsibility and accountability ascribed to and expected of the trustee are for the proper maintenance and administration of the trust and its assets. The parties with an interest in the trust may be classified according to how closely involved or affected they are by the existence of the trust. The parties closest to the trust are listed as the founder, beneficiaries and co-trustees. Parties with a judiciary, legislative and administrative interest in the trust include the Master of the High Court, the High Court and the auditors as well as accountants of the trust. The parties with an interest in the trust may not be satisfied with the actions or performance of the trustee. These parties may seek actions and remedies to hold the trustee accountable. These actions and remedies may be found in legislation, the literature, common law or court judgements. It would also be in the trustee’s interest to be informed of the different actions and remedies that could be utilised to hold him accountable. Different types of action are available to hold the trustee accountable, including civil and criminal remedies. The Trust Property Control Act 57 of 1988 does not provide for criminal remedies, but provides an array of civil remedies to hold trustees accountable. The Aquilian action is also available to parties to hold a trustee accountable who committed a breach of trust. The focus of the mini-dissertation is to determine the landscape of remedies and actions available to parties with an interest in the trust in order to hold the trustee accountable. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015

A legally protectable trade secret is secret information which is applicable in trade or industry, in respect of which the owner has the will to keep it secret, which has economic value, and which is concrete enough to be embodied in a tangible form and to exist separately form its owner. A comparative study reveals that while trade secrets can be infringed in three ways - namely unauthorized acquisition, use and disclosure - contemporary legal systems differ in respect of both the ambit and juridical bases of protection against such infringing conduct. The legal protection of trade secrets is promoted by the recognition of a subjective right to the trade secret. This right is an intellectual property right independent of statutory intellectual property rights like patent rights and copyright, the common law intellectual property right to goodwill, and the personality right to privacy. In South African private law, trade secrets can be adequately protected by the application of general delictual and contractual principles. Delictual wrongfulness of trade secret misappropriation is constituted by an infringement of the right to the trade secret. Thus any act that interferes with the powers of use, enjoyment and disposal exercised by someone with a subjective right to that trade secret, is, in the absence of legal grounds justifying such interference, wrongful. Patrim·onial loss caused by both intentional and negligent infringement of trade secrets should be actionable under the actio legis Aquiliae. Wrongful trade secret infringements can - also in the absence of fault on the part of the infringer - be prevented by an interdict. Protection of trade secrets is not restricted to the contexts of either unlawful competition, or fiduciary relationships. Trade secret protection is on a sound footing in South African law, compares favourably with the position in other legal systems, and is in step with the international agreement on Trade-Related Aspects of Intellectual Property Rights to which South Africa is a signatory nation. / Private Law / LL.D. (Private Law)

Le présent mémoire analyse l'impact du contexte d'insolvabilité sur le devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie, devoir imposer aux administrateurs de compagnies par la législation corporative canadienne. L'objectif du mémoire est de déterminer un standard de conduite à être adopté par l'administrateur d'une compagnie insolvable en vue de répondre à ce devoir fiduciaire. Dans un premier temps, comment peut-on définir ce que constitue le « meilleur intérêt de la compagnie» ? L'auteur en vient à la conclusion que l'intérêt de la compagnie est au carrefour d'une communauté d'intérêts lui étant sous-jacents. L'intérêt de la compagnie, bien qu'indépendant de ces intérêts sous-jacents, ne peut s'analyser en faisant abstraction de ces derniers. La jurisprudence et la doctrine récentes laissent entrevoir que l'impact du contexte d'insolvabilité se fait sentir sur la détermination de ces intérêts sous-jacents à celui de la compagnie susceptibles d'être affectés par la finalité poursuivie par la compagnie, finalité axée sur la maximisation des profits à partir des opérations de l'entreprise exploitée par la compagnie. Dans un contexte d'insolvabilité, le créancier, à l'instar de l'actionnaire dans un contexte de solvabilité, supporte le risque commercial résiduel et doit recevoir une attention appropriée par les administrateurs. Par conséquent, dans la détermination de ce que constitue le meilleur intérêt de la compagnie, l'administrateur ne peut, lorsque la compagnie est insolvable, faire abstraction de l'intérêt des créanciers. Ainsi, dans un deuxième temps, qui sont les véritables bénéficiaires du devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie dans un contexte d'insolvabilité? L'auteur en vient à la conclusion que le créancier est un bénéficiaire indirect de ce devoir fiduciaire lorsque la compagnie est insolvable. Tout comme l'actionnaire dans un contexte de solvabilité, le créancier doit être en mesure d'intenter un recours de nature dérivée en vue d'obtenir réparation, pour et au nom de la compagnie. Le contexte d'insolvabilité fait naître, à l'endroit des administrateurs, une obligation de nature fiduciaire de prendre en considération l'intérêt des créanciers tout en permettant à ces derniers d'intenter un tel recours dérivé en vue d'obtenir réparation à la suite d'une violation du devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie. En plus d'être soutenue par une revue de la législation, de la jurisprudence et de la doctrine canadiennes, cette conclusion s'appuie sur une revue de la législation, de la jurisprudence et de la doctrine de certains pays du Commonwealth (Angleterre, Australie et Nouvelle-Zélande) et des États-Unis, juridictions avec lesquelles le Canada entretient des relations privilégiés, historiquement ou économiquement. Finalement, que doit faire l'administrateur d'une compagnie insolvable en vue de répondre à ce devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie? L'auteur arrive à la conclusion que cette obligation de prendre en considération l'intérêt du créancier dans un contexte d'insolvabilité se traduit par un exercice de conciliation entre les intérêts du créancier et ceux des actionnaires. Les paramètres de cet exercice de conciliation sont déterminés en fonction du scénario envisagé par les administrateurs face à la situation d'insolvabilité. Plus le scénario se rapproche d'une liquidation plus ou moins formelle des actifs tangibles et facilement dissociables de la compagnie, moins cet exercice en sera un de conciliation et plus l'intérêt du créancier devra recevoir une attention prépondérante. À l'opposé, plus le scénario en est un de restructuration fondée sur une relance de l'entreprise exploitée par la compagnie insolvable, plus l'intérêt de l'actionnaire devra recevoir une attention particulière. / The following thesis analyses the impact of a company's insolvency on the fiduciary duties of its directors and officers, as imposed by Canadian corporate law. More specifically it shall examine the repercussions of an insolvency on management's fiduciary duty to act in accordance with the company's best interests. The objective shall therefore be to assess the extent of such fiduciary duty in the context of an insolvency and to establish a guideline to be followed by directors and officers in view of complying with said duty. Firstly, what constitutes the "best interests of the company"? The author concludes that a company's interests are comprised of a community of underlying interests. Although the interests of the company remain independent, it cannot be determined without taking into account said underlying interests. Amongst this community of underlying interests, shareholders and creditors, members of such community that supports the financing of the company's operations, occupy a predominant place. Recent case law and doctrinal authorities have concluded that the impact of a company's insolvency does not affect the ultimate objective pursued by the company, i.e. the maximisation of profit, but rather affects the determination of the members of the community of underlying interests that shall be affected by the pursuit of such finality. As such, in a context of insolvency, creditors, similar to shareholders in a context of solvency, are the residual risk-bearers of the company's commercial expenditure. Consequently, in view of determining what constitutes the best interests of the company, when it is insolvent, directors and officers may not ignore the creditors' interests. Secondly, who are the real beneficiaries of the fiduciary duty to act in a company's best interests when it becomes insolvent? The author concludes that creditors are indirect beneficiaries of such fiduciary duty in a context of insolvency. Similarly to shareholders in a context of solvency, creditors must be entitled to institute a derivative claim against directors and officers in order to obtain, in the name and for the company, compensation for the violation of said fiduciary duty. Insolvency triggers the existence of an obligation, fiduciary in nature, to take into account the creditors' interests. As such, directors and officers are to consider the creditors' interests in exercising their fiduciary duty to act in strict compliance with the best interests of the company. This conclusion is based on a review of the Canadian statutory law, jurisprudence and doctrinal authorities. Furthermore, this conclusion is supported by a review of same from certain Commonwealth jurisdictions (England, Australia and New-Zealand) and from the United States of America, jurisdictions with whom Canada has a privileged relationship, historically and/or economically. Finally, how does the obligation to take into account the creditors' interests translate in practice for directors and officers of an insolvent company? The author concludes that the obligation to take into account the creditors' interests is, in reality, an obligation to reconcile the shareholders' and creditors' interests with that of the company's best interests. The parameters of such obligation shall be determined with respect to the scenario conceived by directors and officers in order to effectively manage a situation of insolvency. Should such scenario focus on the liquidation of the core assets of the company, then the interests of the shareholders shall be subjugated to that of the creditors'. Conversely, should such scenario focus on the reorganisation of the company's commercial expenditures, based on the company's existing structures, then the shareholder's interest shall receive a more extensive attention by directors and officers.

Diploma thesis - abstract Due managerial care and diligence as a criterion for the determination of liability (a legal and comparative analysis) Lucie Krtoušová The purpose of this thesis is to critically analyse the interpretation of the concept of the due managerial care and diligence and consider the requirements that a director must comply with. The method used in this paper is the comparative analysis. As a basis of the comparative analysis it is chosen the British concept of fiduciary duties and duty of care, skill and diligence which is compared with the Czech concept of the care of a prudent manager. The thesis is composed of five chapters, each of them dealing with different aspects of the concept of the due managerial care and diligence. Chapter One is introductory and defines basic terminology used in the thesis such as the director, the care of a prudent manager, the duty of loyalty, fiduciary duties and the duty of care, skill and diligence. Chapter Two examines the British concept of fiduciary duties. The chapter consists of five parts. Part One focuses on introduction into the system of general duties of directors. Part Two explains the fiduciary position of a director. Part Three and Four address the two aspects of the duty of loyalty, i.e. the duty to act in the interest of the company and...