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Intermediated Securities: Legal Problems and Practical Issues

Edited by: Louise Gullifer, Jennifer Payne

ISBN13: 9781849460132
Published: June 2010
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £140.00

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Globally, there has been a shift from securities being held directly by an investor, to a situation in which many securities are held via an intermediary.

The existence of one or more intermediaries between the investor and the issuer has a potentially significant impact on the rights of the investor, the role and obligations of the issuer, and on the position and responsibilities of the intermediary.

However, different jurisdictions have dealt with the issues arising from intermediation in a variety of ways. In the UK, for example, the concept of a trust is used to explain the different rights and obligations which arise in this scenario, whereas in the US the issues have been addressed by legislation, in the form of UCC Article 8.

This variety is problematic, given that it is possible for an investor to hold securities in a number of different jurisdictions. A new UNIDROIT Convention on the issue of Intermediated Securities, the Geneva Securities Convention 2009, aims to create a common framework for dealing with these issues.

This collection of essays explores the issues that arise when securities are held via an intermediary, and in particular assesses the solutions put forward by the new Convention on this issue. It will be essential reading for practitioners and academics.

Banking and Finance
1. Ownership of Securities: the Problems Caused by Intermediation
2. Interests in Securities: Practical Problems and Conceptual Solutions
3. Intermediated Securities: Issues arising on Insolvency
4. Core Issues under the UNIDROIT (Geneva) Convention on Intermediated Securities: Views from the United States and Japan
5. The Legal Nature of Securities: Inspirations from Comparative Law
6. Reuse of Financial Collateral Revisited
7. Taking Security over Intermediated Securities: Chapter V of the UNIDROIT (Geneva) Convention on Intermediated Securities
8. Intermediated Securities and the Right to Vote in the UK
9. Intermediated Securities: The Choice of a Choice of Law Rule
10. Remarks on the development of the UNIDROIT (Geneva) Convention on Intermediated Securities and its future
11. Views from Europe
Appendix: UNIDROIT Convention on Substantive Rules for Intermediated Securities: the Geneva Securities Convention 2009