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  1. Home
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  3. Intermediated Securities
Publisher:
Cambridge University Press
Online publication date:
June 2013
Print publication year:
2013
Online ISBN:
9781139151238
DOI:
https://doi.org/10.1017/CBO9781139151238
Subjects:
Corporate Law, Law, Private Law
Information

Book description

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.

Reviews

'It is essential that the issues considered here are kept within the sphere of debate, and the discussion in the book will help to inform the deliberations when (and it must surely be 'when' rather than 'if') harmonizing legislation in relation to the holding of securities through intermediaries results. The high quality of the book, informed by both practical knowledge and depth of academic thinking, means that it will be of use not only to policy makers and those involved in the harmonization process, but also to those working in the field under the existing legal regime … an important contribution to that debate in Europe, and deserves to be widely read.'

Louise Gullifer Source: Common Market Law Review

'The book offers insights into the securities holding systems and their legal implications, and the adaptation of traditional law to new situations - and creation of new legal mechanisms - with its comparative law survey. … This book is a great contribution to the scholarship and legislative efforts on intermediated securities.'

Wenwen Liang Source: Journal of International Banking Law and Regulation

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