Intermediated Securities
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| Author | : Louise Gullifer |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 211 |
| Release | : 2010-06-17 |
| Genre | : Law |
| ISBN | : 1847318010 |
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.
| Author | : Pierre-Henri Conac |
| Publisher | : Cambridge University Press |
| Total Pages | : 443 |
| Release | : 2013-05-30 |
| Genre | : Business & Economics |
| ISBN | : 1107023475 |
An overview of the latest developments in intermediated securities, via analysis of the Geneva Securities Convention and future EU legislation.
| Author | : Pierre-Henri Conac |
| Publisher | : Cambridge University Press |
| Total Pages | : 443 |
| Release | : 2013-05-30 |
| Genre | : Law |
| ISBN | : 1107244803 |
In today's financial markets, investors no longer hold securities physically. Instead, securities such as shares or bonds are mostly held through intermediaries and transferred by way of book-entries on securities accounts. However, there are remarkable conceptual differences between the various jurisdictions with regard to the legal treatment of intermediated securities. It is widely agreed that this patchwork creates considerable legal risks, especially in cross-border situations. Two initiatives are in place to reduce these risks. In 2009, the UNIDROIT Convention on Substantive Rules for Intermediated Securities (the 'Geneva Securities Convention') was adopted, aimed at harmonisation on the international level. The EU Commission is also running a legislative project, to achieve harmonisation at the regional level. This book compares both initiatives and analyses their impact on the securities laws of selected European jurisdictions.
| Author | : Louise Gullifer |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 469 |
| Release | : 2019-01-24 |
| Genre | : Law |
| ISBN | : 1509919937 |
The global shift from the direct holding of securities by investors to the current intermediated holding system raises many important legal issues. These include the impact of the intermediated holding system on the rights of investors, and the enforcement of those rights against intermediaries and issuers. The cross-border nature of many holding patterns adds another layer of complexity to these issues, and reduces legal certainty. Against this, intermediation offers benefits for many investors, including the ability to hold a cross-border portfolio with one intermediary, a reduction in costs and the facilitation of the use of securities in the collateral, repo, and securities lending markets. This book covers a number of legal topics relating to intermediated securities including the history of intermediation, the benefits and problems in the current intermediated holding system, 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 in the issuing, holding and settlement of securities, the extent to which this will solve some of the difficulties that currently exist, and whether the use of Blockchain will create new difficulties that will need to be overcome. This book, which originated in a series of workshops organised by the Commercial Law Centre at Harris Manchester College, Oxford, will appeal to those interested in financial and corporate law, including academics, practitioners, policy makers and students.
| Author | : Justin Monsenepwo |
| Publisher | : Mohr Siebeck |
| Total Pages | : 450 |
| Release | : 2023-01-03 |
| Genre | : Law |
| ISBN | : 3161612825 |
| Author | : Changmin Chun |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 517 |
| Release | : 2012-08-04 |
| Genre | : Law |
| ISBN | : 3642278531 |
This work aims to analyse substantive and conflict of laws rules regarding intermediated securities in a comparative way. For this purpose, it examines major jurisdictions’ rules for intermediated securities and the intermediated securities holding systems, such as the rules of the German, US, Korean, Japanese and Swiss systems, as well as the relevant EU regimes and initiatives. Above all, it analyses the two international instruments related to intermediated securities, i.e. the Geneva Securities Convention and the Hague Securities Convention. Through a functional comparative approach based upon legal traditions of the various jurisdictions, this book gives readers theoretical and practical information on intermediated securities and their national and international aspects.
| Author | : United Nations Commission on International Trade Law |
| Publisher | : |
| Total Pages | : 96 |
| Release | : 2016 |
| Genre | : Law |
| ISBN | : |
The "Model Law" deals with security interests in all types of tangible and intangible movable property, such as goods, receivables, bank accounts, negotiable instruments, negotiable documents,
| Author | : Jean-Pierre Danthine (Prof.) |
| Publisher | : Academic Press |
| Total Pages | : 391 |
| Release | : 2005-07-19 |
| Genre | : Business & Economics |
| ISBN | : 0123693802 |
The second edition of this authoritative textbook continues the tradition of providing clear and concise descriptions of the new and classic concepts in financial theory. The authors keep the theory accessible by requiring very little mathematical background. First edition published by Prentice-Hall in 2001- ISBN 0130174467. The second edition includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor. "This book does admirably what it sets out to do - provide a bridge between MBA-level finance texts and PhD-level texts.... many books claim to require little prior mathematical training, but this one actually does so. This book may be a good one for Ph.D students outside finance who need some basic training in financial theory or for those looking for a more user-friendly introduction to advanced theory. The exercises are very good." --Ian Gow, Student, Graduate School of Business, Stanford University Completely updated edition of classic textbook that fills a gap between MBA level texts and PHD level texts Focuses on clear explanations of key concepts and requires limited mathematical prerequisites Updates includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor
| Author | : Marek Dubovec |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 251 |
| Release | : 2014-04-25 |
| Genre | : Business & Economics |
| ISBN | : 1782549021 |
The author identifies and explains the critical components and functions of the systems for the holding of rights in accounts with intermediaries, identifying underlying principles that should be embodied in modern legislation underpinning the law of a
| Author | : Spyridon V Bazinas |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 411 |
| Release | : 2017-10-19 |
| Genre | : Business & Economics |
| ISBN | : 1509901159 |
The law of secured transactions has seen dramatic changes in the last decade. International organisations, particularly the United Nations Commission on International Trade Law (UNCITRAL), have been working towards the creation of international legal standards aimed at the modernisation and harmonisation of secured financing laws (eg, the United Nations Convention on the Assignment of Receivables in International Trade, the UNCITRAL Legislative Guide on Secured Transactions and its Intellectual Property Supplement, the UNCITRAL Guide on the Implementation of a Security Rights Registry and the UNCITRAL Model Law on Secured Transactions). The overall theme of this book is international (or cross-border) secured transactions law. It assembles contributions from some of the most authoritative academic voices on secured financing law. This publication will be of interest to those involved in secured transactions around the world, including policy-makers, practitioners, judges, arbitrators and academics.
