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This official UNIDROIT commentary provides the most authoritative guidance on the interpretation and practical application of the Geneva Securities Convention which harmonises the law relating to book-entry securities.
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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.
Securities --- Intermediation (Finance) --- Financial intermediation --- Finance --- Law and legislation --- Unidroit Convention on Substantive Rules for Intermediated Securities --- Convention on Substantive Rules for Intermediated Securities --- Geneva Securities Convention --- Convention d'Unidroit sur les règles matérielles relatives aux titres intermédiés --- Intermediated securities. --- 333.131.2 --- 333.153 --- 347.731 --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- U60 - Titres et instruments financiers - Effecten en financiële instrumenten --- Effectenzaken --- Effectendepositokassen en girokassen. CIK --- Wetgeving op effectenbeurzen, de goederenbeurzen en de deviezenbeurzen. Raider --- Intermediated securities --- Law --- General and Others
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This book examines property issues in respect of intermediated securities under English law, namely title and title conflicts between a true owner and a purchaser. Intangible book entry securities held with an intermediary, often commingled with the holdings of other clients of the intermediary, often give rise to uncertainty in property rights in the securities of an investor under most legal systems, for example, whether property rights can be established and how title conflicts are dealt with. - - This book identifies the flexible framework of English property law for establishing property rights over commingled intangibles, in particular through trusts; establishes the policy of priority rules as of comparing the merits of rights and preferring a vested right of a true owner over a subsequent purchaser, particularly a vested right under fiduciary relations. The book works towards the conclusion that, given the general principle of English property law for vested rights, title conflicts may be tilted towards purchasers in a mild rather than a radical way, by introducing a good faith purchaser rule to intermediated securities or leaving it to judicial discretion where an estoppel might work in favour of a purchaser. - - This book is suitable for lawyers, officials and academics in the field of intermediated securities, as well as trust, property and financial regulation. -
Securities --- Intermediation (Finance) --- Financial intermediation --- Finance --- Law and legislation --- Unidroit Convention on Substantive Rules for Intermediated Securities --- Convention on Substantive Rules for Intermediated Securities --- Geneva Securities Convention --- Convention d'Unidroit sur les règles matérielles relatives aux titres intermédiés
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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"--
Intermediation (Finance) --- Securities. --- Law and legislation. --- Money. Monetary policy --- Financial law --- Institutions financières --- Intermédiation financière --- Finances --- Titres intermédiés (droit financier) --- Droit --- Droit. --- E-books --- Banking law --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities --- Securities law --- Underwriting --- Investments --- Investment banking --- Law and legislation --- Intermediated securities --- Institutions financières --- Intermédiation financière --- Titres intermédiés (droit financier)
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Adoptée à Genève le 9 octobre 2009, la Convention d'Unidroit sur les règles matérielles relatives aux titres intermédiés est un instrument international visant à améliorer le cadre juridique pour la détention et le transfert ainsi que la constitution de garanties sur des titres détenus auprès d'intermédiaires. La "Convention de Genève sur les titres" (c'est son titre abrégé officiel) contribue ainsi à renforcer la solidité des marchés financiers nationaux et leur compatibilité transfrontalière. Cet ouvrage en est le commentaire officiel. Il a été préparé conformément aux résolutions de la conférence diplomatique et il est destiné à faciliter le travail de celles et ceux qui seront appelés à mettre en oeuvre cet instrument.
AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 347.730 --- 347.731 --- 333.131.2 --- 333.153 --- U60 - Titres et instruments financiers - Effecten en financiële instrumenten --- Financiële instellingen: algemeen. --- Wetgeving op effectenbeurzen, de goederenbeurzen en de deviezenbeurzen. Raider. --- Effectenzaken. --- Effectendepositokassen en girokassen. CIK. --- Unidroit Convention on Substantive Rules for Intermediated Securities --- Intermediation (Finance) --- Securities --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Investments --- Investment banking --- Law and legislation --- Effectenzaken --- Effectendepositokassen en girokassen. CIK --- Financiële instellingen: algemeen --- Wetgeving op effectenbeurzen, de goederenbeurzen en de deviezenbeurzen. Raider --- Convention on Substantive Rules for Intermediated Securities --- Geneva Securities Convention --- Convention d'Unidroit sur les règles matérielles relatives aux titres intermédiés --- Securities. --- Law and legislation. --- E-books --- Intermediation (Finance) - Law and legislation --- Convention d'Unidroit sur les règles matérielles relatives aux titres intermédiés (2009) --- Banques --- Valeurs mobilières --- Droit
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