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Intermediation and Beyond

Edited by: Louise Gullifer, Jennifer Payne

ISBN13: 9781509919901
Published: January 2019
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £110.00

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The global shift from securities being held directly by an investor to many securities being held via an intermediary raises important legal issues, including the impact on the rights of investors and the enforcement of those rights against intermediaries and issuers.

The cross-border nature of such issues adds another layer of complexity and reduces legal certainty. Against this, intermediation offers benefits for many investors including a reduction in costs and the facilitation of the use of securities in the collateral, repo and securities lending markets.

This book will cover a number of topics relating to intermediated securities including the history of intermediation, the benefits and problems in the current system of intermediated securities and how future legal and technological developments could help to resolve these problems while retaining the benefits of intermediation. It also examines the possible impact of FinTech on this area, in particular the potential for Blockchain to be used, the extent to which this will solve some of the difficulties that currently exist, and whether it will create new difficulties that will need to be overcome.

This important statement on the question of intermediation will appeal to corporate law academics, practitioners and to students of corporate law.

Banking and Finance
1. Introduction
Louise Gullifer and Jennifer Payne
2. Historical Introduction: Th e Growth of Intermediation and Development of Legal Analysis of Intermediated Securities
Guy Morton
3. The Legal Nature of Intermediated Securities: An Insurmountable Obstacle to Legal Certainty?
Victoria Dixon
4. Why are Securities Held in Intermediated Form?
Christopher Twemlow
5. Intermediated Securities: The Long Haul to a Modern, Comprehensive Legal Structure
Roy Goode
6. Are Warranties in an Immobilised Bearer Note Enforceable?
Raymond Cox QC
7. Enforcing Debt Securities
Richard Salter QC
8. Two Consequences of the Intermediated Holding of Debt Securities: Examining Discharge of Debt and Set-off
Louise Gullifer
9. Intermediation and Bondholder Schemes of Arrangement
Jennifer Payne
10. Investment Chains and Corporate Governance
Paul Davies
11. Stewardship and Collateral: The Advantages and Disadvantages of the No Look Through System
Joanna Benjamin and Louise Gullifer
12. Intermediated Securities from the Perspective of Investors: Problems, Quick Fixes and Long-term Solutions
Eva Micheler
13. European Harmonisation of Intermediated Securities Law: Dispossession and Segregation in Regulatory and Private Law
Matthias Haentjens
14. Conflict of Laws and Relational Rights
Philipp Paech
15. Intermediated Securities Holding Systems Revisited: A View Through the Prism of Transparency
Thomas Keijser and Charles W Mooney, Jr
16. Intermediated Securities and Distributed Ledger Technology
Sarah Green and Ferdisha Snagg
17. Conclusion
Louise Gullifer and Jennifer Payne