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Intermediated Securities
The Impact of the Geneva Securities Convention and the Future European Legislation

$165.00 (C)

Luc Thévenoz, Philipp Paech, Philippe Dupont, Pierre-Henri Conac, Luc Thévenoz, Charles Mooney, Hubert de Vauplane, Michel Tison, Lientje Van den Steen, Philippe Langlet, Ulrich Segna, Hans Kuhn, Habib Motani, Francisco Garcimartín
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  • Date Published: July 2013
  • availability: Available
  • format: Hardback
  • isbn: 9781107023475

$ 165.00 (C)
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About the Authors
  • 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.

    • Helps the reader understand the unique legal problems relating to intermediated securities and why various harmonisation initiatives have been started at the European and international levels
    • Comparative analysis of the Geneva Securities Convention and future EU legislation highlights the main objectives and provisions of both and how they interact with each other
    • Country reports demonstrate the impact of the Geneva Securities Convention and future EU legislation on various important jurisdictions
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    Reviews & endorsements

    "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, 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, Journal of International Banking Law and Regulation

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    Product details

    • Date Published: July 2013
    • format: Hardback
    • isbn: 9781107023475
    • length: 444 pages
    • dimensions: 229 x 152 x 25 mm
    • weight: 0.76kg
    • contains: 2 b/w illus. 5 tables
    • availability: Available
  • Table of Contents

    Part I. The Geneva Securities Convention and the Future European Legislation in Comparison:
    1. The Geneva Securities Convention: objectives, history, and guiding principles Luc Thévenoz
    2. Objectives and policies underlying the harmonisation of securities law in the EU Philipp Paech
    3. Rights of the account holder relating to securities credited to its securities account Philippe Dupont
    4. The rights of the investor under the Geneva Securities Convention and the proposal of a European securities law legislation Pierre-Henri Conac
    5. The transfer of intermediated securities Luc Thévenoz
    6. The truth about shortfall of intermediated securities: perspectives under the Geneva Securities Convention, United States law, and the future EU Legislation on Securities Holding Charles Mooney
    7. The concept of integrity in intermediated holding systems Hubert de Vauplane
    Part II. Impact on Securities Laws of Selected European Jurisdictions:
    8. Intermediated securities under Belgian law: assessing the impact of the UNIDROIT Convention on the regulatory environment Michel Tison and Lientje Van den Steen
    9. The Geneva Securities Convention, the future European legislation and their impact on French securities laws Philippe Langlet
    10. The Geneva Securities Convention, the future European legislation and their impact on German law Ulrich Segna
    11. The Geneva Securities Convention and the Swiss intermediated securities law reform Hans Kuhn
    12. The proposed EU legislation on securities holding Habib Motani
    13. The Geneva Convention: a Spanish perspective Francisco Garcimartín
    Appendix I. UNIDROIT Convention on Substantive Rules for Intermediated Securities
    Appendix II. EU Securities Law Directive: compilation of the rules discussed so far by the Member States' Working Group.

  • Editors

    Pierre-Henri Conac, Université du Luxembourg
    Pierre-Henri Conac is Professor of Commercial and Company Law at the University of Luxembourg.

    Ulrich Segna, Université du Luxembourg
    Ulrich Segna is an assistant researcher at the University of Luxembourg.

    Luc Thévenoz, University of Geneva
    Luc Thévenoz is Professor at the Faculty of Law, University of Geneva, Switzerland, where he also directs the Centre for Banking and Finance Law.

    Contributors

    Luc Thévenoz, Philipp Paech, Philippe Dupont, Pierre-Henri Conac, Luc Thévenoz, Charles Mooney, Hubert de Vauplane, Michel Tison, Lientje Van den Steen, Philippe Langlet, Ulrich Segna, Hans Kuhn, Habib Motani, Francisco Garcimartín

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