Abstract: The evolution of the Romanian capital market, from learning, organization and adaptation to development in terms of functionality, liquidity, transparency and security of transactions requires becoming more and more an approach of legal issues that were seen as essentially taking part of the economic sciences. The recent appearance particularly in countries with developed economy of legal disciplines such as securities law, financial markets law, international law and comparative law of securities express the concerns and efforts of lawmakers in the field of capital markets. Transactions on regulated capital markets have an important role in national economy and became significant in number and value. The object of these transactions are dematerialized financial instruments. Consequently, the legal status of these instruments can not be indifferent, and assertions concerning the features of traditional legal doctrine debt securities having a material form can not be taken mutatis mutandis.The legal effects of the phenomenon of dematerialization and the specifics of trading on the capital market must be articulated under the new regulations give the measure a certain type of economic pragmatism. Registering in the securities account of the reduced difference between bearer securities and registered securities, and this trend is increasing unification of forms.

Keywords: capital market, bonds, material form, dematerialized form.