Explanatory report on the Hague convention on the law applicable to certain rights in respect of securities held with an intermediary

Door: Goode, Roy; Hideki Kanda, & Karl Kreuzer.

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• ISBN: 9789004148369
• Uitgever: Leiden : Martinus Nijhoff, c2005. Hardcover. viii,196 pp. English text. Conditie: goed
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• Details: Conditie: goed. RECHT
• Extra informatie: - The need for uniform conflict of laws rules that comport with the reality of how securities are held and transferred today (i.e., by electronic book- entry debits and credits to securities accounts of primarily dematerialised or immobilised securities) has become critical. The last several decades have seen a dramatic increase in the value, number and speed of cross- border securities transactions, facilitated by advances in technology. Legal uncertainty as to the law governing the perfection, priority and other effects of transfers imposes significant friction costs on even routine transactions and operates as an important constraint on desirable reductions in credit and liquidity exposures. Increased exposure to unsecured credit risk amplifies systemic risk and the potential proliferation of the number of bankruptcies. Not surprisingly, the international legal and financial community has been emphasising, for more than a decade, the need for uniform conflict of laws rules applicable to transactions involving securities held with intermediaries.To address the current uncertainties, the 19th Diplomatic Session of the Hague Conference on Private International Law unanimously adopted the Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary (the Hague Securities Convention). The Convention reflects a pragmatic approach, based on real world needs, aimed at achieving ex ante certainty and predictability as to the law governing issues that are of crucial practical importance for holding and transfer of securities held with an intermediary, in particular their effects against the intermediary and third parties. The present volume contains the Explanatory Report of the Convention. It was prepared by leading experts in the field: Professor Roy GOODE (United Kingdom), Professor Hideki KANDA (Japan), Professor Karl KREUZER (Germany), with the assistance of Dr Christophe BERNASCONI (Permanent Bureau). This Report provides the most authoritative and comprehensive explanations of the Convention. It is divided into two parts: A General Introduction, which offers a helpful overview of the Convention and succinctly describes its key features, and a full commentary on each article of the Convention. Numerous practical examples effectively illustrate the nature and content of the commentaries.
• € 18.00