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12611nam 2200457 u 4500 |
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VRH01000000000000000917756 |
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t s2013 r ||| eng |
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|a 978-1-107-02347-5
|c hardback : alk. paper
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|a 1107023475
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|a VR XIX Uc 12
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|a Conac, Pierre-Henri <<[Hrsg.]>>
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|a Intermediated securities
|b the impact of the Geneva Securities Convention and the future European legislation
|c ed. by Pierre-Henri Conac, Ulrich Segna and Luc Thevenoz. [Contributors: ... Philippe Dupont ...]
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|a 1. publ.
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|a Cambridge [u.a.]
|b Cambridge Univ. Press
|c 2013, 2013
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|a XXXV, 406 S.
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|a Segna, Ulrich <<[Hrsg.]>>
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|a Thévenoz, Luc <<[Hrsg.]>>
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|a Dupont, Philippe
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|a eng
|2 ISO 639-2
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|a 1403
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|a ToC
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|a 1401bb
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|t Online-Ausg.: Intermediated securities
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|a 9781107023475
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|a 9781107023475
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| 084 |
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|a VR: XIX Uc
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|a VR 19.1
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|a VR: XIX Uc
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|a Internationales Privatrecht. Handelsrecht. Wertpapierrecht.
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|a VR: XIX Uc
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|u https://aleph.mpg.de:443/F?func=service&doc_library=VRH01&local_base=VRH01&doc_number=000917756&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
|3 ToC
|m Völkerrecht Heidelberg
|z VIEW
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| 992 |
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|a IMAGE 1 CONTENTS LIST OF CONTRIBUTORS PAGE XIII PREFACE XXI TABLE OF LEGISLATION XXIV TABLE OF INTERNATIONAL INSTRUMENTS XXXIII PART I: THE GENEVA SECURITIES CONVENTION AND THE FUTURE EU LEGISLATION IN COMPARISON 1 THE GENEVA SECURITIES CONVENTION: OBJECTIVES, HISTORY, AND GUIDING PRINCIPLES 3 LUC THEVENOZ 1.1 MONEY, SECURITIES AND THE INTERMEDIARY HOLDING SYSTEM 3 1.2 NEW RISKS, NEW LEGAL ISSUES 6 1.3 THE GOVERNING LAW ISSUE 9 1.4 A BRIEF HISTORY OF THE GENEVA SECURITIES CONVENTION 12 1.5 OBJECTIVES AND GUIDING PRINCIPLES OF THE CONVENTION 16 1.6 THE ONGOING EU HARMONISATION PROCESS 19 MARKET NEEDS AS PARADIGM - BREAKING UP THE THINKING ON EU SECURITIES LAW 22 P H I L I PP PAECH 2.1 INTRODUCTION 22 2.2 MIND THE GAP - BETWEEN DOMESTIC THINKING AND LEGAL REALITY 27 2.2.1 SOME NOTES ON MARKET PRACTICE 28 2.2.2 INSULAR SUBSTANTIVE LAW - AN IDEAL WORLD 30 2.2.3 THE FINANCIAL MARKET IS NOT AN ISLAND UNTO ITSELF 35 2.2.4 THE PROBLEM DRIVEN BEYOND PRIVATE INTERNATIONAL LAW 36 2.2.4.1 PRIMA AND TIERED HOLDING STRUCTURES 36 2.2.4.2 INCOMPATIBILITY AND DOMESTIC FLAWS 39 2.3 RISK, COST AND THE LEGISLATIVE MANDATE 41 2.3.1 DIFFICULTIES IN QUANTIFYING RISK AND COST 42 2.3.2 MODEL FOR SPLITTING EXCESS COST 43 IMAGE 2 CONTENTS 2.4 FUNCTIONALITY VS CONCEPTUALITY - OR THE RISK OF PERPETUATING THE PROBLEM 45 2.4.1 MARKET NEEDS AS DRIVERS OF THE LEGAL CONCEPT OF SECURITIES 46 2.4.2 PROPERTY, INTERMEDIATION AND STRETCHED EXPECTATIONS 48 2.4.3 SENSE AND NON-SENSE OF THE DIRECT/INDIRECT DIVIDE 50 2.4.4 PRIMA AND PROPERTY 51 2.4.5 STRIPPING SHEEP'S CLOTHING AND THE 28TH REGIME 53 2.4.5.1 THE REMIT OF THE FUNCTIONAL APPROACH 53 2.4.5.2 FUNCTIONALITY, UNIFORM LAW AND THE 28TH REGIME 55 2.5 CONCLUSION 60 THE PROPOSED EU LEGISLATION ON SECURITIES HOLDING 65 H A B IB MOTANI 3.1 FUNCTIONAL APPROACH 66 3.2 REGULATORY CONTEXT AND SCOPE OF APPLICATION 68 3.3 ACQUISITIONS AND DISPOSALS 73 3.4 SECURITIES IN BOOKS OF INTERMEDIARY TO MATCH SECURITIES HELD 75 3.5 VARIATION BY CONTRACT 77
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|a 3.5.1 RIGHTS CONFERRED BY SECURITIES 78 3.5.2 LEGAL EFFECTIVENESS AND CONDITIONS 79 3.5.3 PRIORITY OF INTERESTS 79 3.5.4 FACILITATING EXERCISE OF RIGHTS 80 3.5.5 EXERCISE OF RIGHTS BY THE ACCOUNT PROVIDER 81 3.6 RISK ALLOCATION 81 3.7 INSOLVENCY 85 3.8 PROHIBITION OF CROSS-BORDER DISCRIMINATION 87 3.9 CONCLUSION 89 RIGHTS OF THE ACCOUNT HOLDER RELATING TO SECURITIES CREDITED TO ITS SECURITIES ACCOUNT 90 PHILIPPE DUPONT 4.1 INTRODUCTION 90 4.2 ACCOUNT HOLDERS AND INTERMEDIARIES 92 4.3 RIGHTS ATTACHED TO THE SECURITIES 94 4.3.1 NATURE OF THE RIGHTS 94 4.3.2 BENEFICIARY 95 4.3.3 EXERCISE OF RIGHTS 96 4.3.4 OBLIGATIONS OF INTERMEDIARIES 97 4.3.5 RELATIONSHIP WITH CORPORATE LAW 98 4.4 RIGHT TO DISPOSE OF THE SECURITIES 99 4.4.1 RIGHT 99 4.4.2 EXERCISE RESTRICTIONS 99 IMAGE 3 CONTENTS VII 4.5 RIGHT TO HOLD SECURITIES OTHER THAN THROUGH A SECURITIES ACCOUNT 100 4.5.1 PRINCIPLE 100 4.5.2 EXCEPTION 101 4.6 RESTRICTIONS ON THE RIGHTS OF THE ACCOUNT HOLDER 103 4.7 CONCLUSION 103 RIGHTS OF THE INVESTOR 105 PIERRE-HENRI CONAC 5.1 INTRODUCTION 105 5.2 DETERMINATION OF THE 'INVESTOR': BEYOND THE SCOPE OF THE CONVENTION AND THE EU LEGISLATION 108 5.2.1 THE LACK OF 'INVESTOR' DETERMINATION BY THE CONVENTION AND THE EU LEGISLATION 108 5.2.1.1 THE LIMITED SCOPE OF THE CONVENTION AND THE EU LEGISLATION 109 5.2.1.2 DETERMINATION OF THE 'INVESTOR' DECIDED BY NATIONAL LAW 112 5.2.2 DISTINCTION BETWEEN THE 'INVESTOR' AND THE TERMS USED IN THE CONVENTION AND THE EU LEGISLATION 113 5.2.2.1 DISTINCTION BETWEEN 'INVESTOR' AND 'ACCOUNT HOLDER' 113 5.2.2.2 THE 'NOMINEE' 118 5.3 THE EXERCISE OF RIGHTS OF THE 'INVESTOR' UNDER THE CONVENTION AND THE EU LEGISLATION 121 5.3.1 THE RIGHTS OF AN INVESTOR AS AN 'ACCOUNT HOLDER' 121 5.3.1.1 RIGHTS FLOWING DOWNSTREAM FROM THE ISSUER TO THE ACCOUNT HOLDER 122 5.3.1.2 RIGHTS EXERCISED UPSTREAM BY THE ACCOUNT HOLDER TOWARDS THE
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|a ISSUER 125 5.3.2 THE RIGHTS OF AN INVESTOR THROUGH A 'NOMINEE' 125 5.3.2.1 THE RECOGNITION OF THE NOMINEE 126 5.3.2.2 THE POSSIBILITY OF CONDITIONS SET UP BY NATIONAL LAWS 131 5.4 CONCLUSION 132 TRANSFER OF INTERMEDIATED SECURITIES 135 LUC THEVENOZ 6.1 INTRODUCTION 135 6.2 METHODS FOR ACQUISITION AND DISPOSITION 138 6.2.1 DEBITS AND CREDITS 138 6.2.2 CHOICE AMONG OTHER METHODS 141 6.2.3 DESIGNATING ENTRY (OR EARMARKING) 142 6.2.4 CONTROL AGREEMENT 143 IMAGE 4 CONTENTS 6.2.5 AGREEMENT WITH AND FOR THE BENEFIT OF THE RELEVANT INTERMEDIARY 144 6.3 RIGHTS AND INTERESTS TRANSFERRED 145 6.4 EFFECTIVENESS 147 6.5 INNOCENT ACQUISITION 150 6.6 PRIORITY 153 6.7 HARMONISATION AND THE NON-CONVENTION LAW 157 7 THE TRUTH ABOUT SHORTFALL OF INTERMEDIATED SECURITIES - PERSPECTIVES UNDER THE GENEVA SECURITIES CONVENTION, UNITED STATES LAW, AND THE FUTURE EU LEGISLATION 160 CHARLES W. MOONEY, JR. 7.1 INTRODUCTION 160 7.2 CAUSES OF SHORTFALL: THE GOOD, THE BAD, AND THE UGLY 162 7.3 SHORTFALL UNDER THE GENEVA SECURITIES CONVENTION, US LAW (AS THE NON-CONVENTION LAW), AND THE DRAFT EUROPEAN PRINCIPLES 163 7.3.1 PAST AS PROLOGUE 163 7.3.2 THE CONVENTION APPROACH 164 7.3.3 THE US APPROACH: APPLICATION OF THE CONVENTION WITH US LAW AS THE NON-CONVENTION LAW 165 7.3.3.1 PROTECTION OF ACCOUNT HOLDERS FROM SHORTFALL UNDER US LAW 165 7.3.3.2 COMPLIANCE WITH US LAW AS COMPLIANCE WITH THE CONVENTION 182 7.3.3.3 EPILOGUE: US LAW ON BANKS AND VOTING RIGHTS 186 7.3.4 THE DRAFT EUROPEAN LEGISLATION APPROACH 188 7.4 CONCLUSION 190 8 THE CONCEPT OF INTEGRITY IN SECURITIES HOLDING SYSTEMS 193 HUBERT DE VAUPLANE AND JEAN-PIERRE YON 8.1 INTRODUCTION 193 8.2 WHAT IS INTEGRITY? 195 8.2.1 INTEGRITY IS BASED ON ARITHMETIC EQUALITY... 196 8.2.2 ... AND AN EXCLUSIVE RIGHT 197 8.2.3 ... BUT IS NOT A UNIVERSAL CONCEPT 198 8.2.4 INTEGRITY ACCORDING TO THE GENEVA SECURITIES CONVENTION 199 8.2.5 INTEGRITY IN EUROPEAN LAW 200 8.2.6 WHAT PURPOSE DOES INTEGRITY SERVE? 202
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|a 8.2.7 (OVER-)ABUNDANCE OF SECURITIES 203 8.3 HOW TO IMPLEMENT THIS INTEGRITY? 204 8.3.1 SEGREGATION OF ASSETS 204 8.3.1.1 FRENCH LAW 204 IMAGE 5 CONTENTS IX 8.3.1.2 CONVENTION 206 8.3.1.3 POSITION OF THE LEGAL CERTAINTY GROUP (LCG) 207 8.3.2 THE PRINCIPLE OF DOUBLE ENTRY ACCOUNTING OR 'NO CREDIT WITHOUT DEBIT' 209 8.3.2.1 KEY FEATURES 209 8.3.2.2 CONVENTION 209 8.3.2.3 POSITION OF THE LEGAL CERTAINTY GROUP 210 8.4 CONCLUSION 212 PART II: IMPACT ON SECURITIES LAWS OF SELECTED EUROPEAN JURISDICTIONS 215 INTERMEDIATED SECURITIES UNDER BELGIAN LAW: ASSESSING THE IMPACT OF THE GENEVA SECURITIES CONVENTION ON THE REGULATORY ENVIRONMENT 217 MICHEL TISON AND LIENTJE VAN DEN STEEN 9.1 INTRODUCTION 217 9.2 THE LEGAL FRAMEWORK FOR INTERMEDIATED SECURITIES IN BELGIAN LAW 217 9.2.1 FRAGMENTED REGIMES BUT HARMONISED IN SUBSTANCE 217 9.2.2 THE NATURE OF INVESTORS' RIGHTS ON SECURITIES HELD IN AN ACCOUNT WITH AN INTERMEDIARY 221 9.2.3 LOWER-TIER LEVEL: TRANSACTIONS WITH DEMATERIALISED OR IMMOBILISED SECURITIES 222 9.2.3.1 TRANSFER OF SECURITIES 222 9.2.3.2 INCIDENTS IN THE TRANSACTION CHAIN 222 9.2.4 UPPER-TIER LEVEL: PROTECTION OF CLIENT SECURITIES 224 9.2.4.1 SEGREGATION OF ACCOUNTS AND PROHIBITION OF UPPER-TIER ATTACHMENT 224 9.2.4.2 CLIENT PROTECTION AGAINST INSOLVENCY OF THE FINANCIAL INTERMEDIARY OR THE CSD 225 9.2.5 INVESTORS' RIGHTS VIS-A-VIS THE ISSUER 228 9.3 THE IMPACT OF THE GENEVA SECURITIES CONVENTION ON BELGIAN LAW 229 9.3.1 SCOPE OF THE UNIDROIT INTERMEDIATED SECURITIES REGIME 229 9.3.2 THE NATURE OF THE INVESTORS' RIGHTS ON SECURITIES HELD IN AN ACCOUNT WITH AN INTERMEDIARY 230 9.3.3 TRANSFER OF INTERMEDIATED SECURITIES 231 9.3.4 TREATMENT OF UPPER-TIER ATTACHMENT 233 9.3.5 PROTECTION AGAINST INSOLVENCY OF THE FINANCIAL INTERMEDIARY 233 9.3.6 INVESTORS' RIGHTS VIS-A-VIS THE ISSUER 235 9.4 PRIVATE INTERNATIONAL LAW RULES IN BELGIUM 235 9.5 CONCLUSION 237 IMAGE 6 CONTENTS
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|a 10 THE GENEVA SECURITIES CONVENTION, THE FUTURE EUROPEAN LEGISLATION, AND THEIR IMPACT ON FRENCH SECURITIES LAWS 240 PHILIPPE LANGLET 10.1 INTRODUCTION 240 10.2 PRO RATA SHARING OF SECURITIES LOSS IN CASE OF BANKRUPTCY OF THE ACCOUNT PROVIDER 241 10.2.1 UNDER THE FUTURE EU LEGISLATION AND THE CONVENTION 241 10.2.2 UNDER FRENCH LAW 243 10.3 HOW COULD THE UNCERTAIN DEFINITION OF THE OWNER OF SECURITIES LEAD TO AN UNFAIR RESULT AT THE BANKS' EXPENSE? 244 10.3.1 MADOFF CLAWBACK PROCEDURE 244 10.3.2 THE BUNDLE OF RIGHTS CONCEPT IN THE CONVENTION AND THE FUTURE EU LEGISLATION IS NOT COMPATIBLE WITH FRENCH LAW 245 10.4 CONCLUSION 246 11 THE GENEVA SECURITIES CONVENTION, THE FUTURE EUROPEAN LEGISLATION, AND THEIR IMPACT ON GERMAN LAW 248 ULRICH SEGNA 11.1 INTRODUCTION 248 11.2 THE CO-OWNERSHIP CONCEPT AND ITS MAUL PROBLEMS 251 11.2.1 MAIN CHARACTERISTICS 251 11.2.2 MAIN PROBLEMS 254 11.3 THE IMPACT OF THE GENEVA SECURITIES CONVENTION 257 11.3.1 FUNCTIONAL APPROACH 257 11.3.2 RIGHTS OF THE ACCOUNT HOLDER (ARTICLE 9) 258 11.3.3 TRANSFER OF INTERMEDIATED SECURITIES (ARTICLE 11) 260 11.4 EUROPEAN LEGISLATION ON LEGAL CERTAINTY OF SECURITIES HOLDING AND DISPOSITIONS 261 11.4.1 FUNCTIONAL APPROACH 262 11.4.2 RIGHTS OF THE ACCOUNT HOLDER 263 11.4.3 METHODS FOR ACQUISITION AND DISPOSITION 264 11.5 CONCLUSION 266 12 THE GENEVA SECURITIES CONVENTION: A SPANISH PERSPECTIVE 269 FRANCISCO GARCIMARTIN 12.1 INTRODUCTION 269 12.2 OUTLINE OF THE SPANISH SYSTEM 270 IMAGE 7 CONTENTS XI 12.2.1 SPANISH SECURITIES HELD DIRECTLY IN THE SPANISH CSD OR IN A PARTICIPANT IN THE SPANISH CSD 270 12.2.1.1 POINT OF DEPARTURE 270 12.2.1.2 ARCHITECTURE: CSD AND ITS PARTICIPANTS AS CENTRAL REGISTRY 273 12.2.1.3 CONSEQUENCES 274 12.2.1.4 A SYSTEM OF DIRECT PROPRIETARY RIGHTS 275 12.2.1.5 CREDITS AND DEBITS 276 12.2.1.6 LIABILITY 278 12.3 THE CONVENTION: CONCEPTUAL FRAMEWORK 279 12.3.1 CONTRACTUAL RIGHTS 279 12.3.2 PROPRIETARY RIGHTS 280 12.3.3
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|a CORPORATE RIGHTS 280 12.4 THE CONVENTION: SELECTED ISSUES 281 12.4.1 GENERAL COMMENT 281 12.4.2 ACQUISITION OF SECURITIES: CREDITS 281 12.4.3 TRANSFERS OF SECURITIES: DEBIT, CREDIT AND TITLE 283 13 THE GENEVA SECURITIES CONVENTION AND THE SWISS INTERMEDIATED SECURITIES LAW REFORM 288 HANS KUHN 13.1 INTRODUCTION 288 13.2 HISTORY AND POLICY OBJECTIVE OF SWITZERLAND'S SECURITIES LAW REFORM 289 13.2.1 KEY LEGAL CONCEPTS UNDER PREVIOUS LAW 289 13.22 HISTORY AND POLICY OBJECTIVES OF FISA 291 13.3 KEY CONCEPTS OF FISA COMPARED WITH THE CONVENTION 293 13.3.1 FORM, TERMINOLOGY AND STRUCTURE 293 13.3.2 INTERMEDIATED SECURITIES 294 13.3.3 PROTECTION OF THE INTEGRITY OF INTERMEDIATED HOLDING SYSTEM 296 13.3.4 DISPOSITION OF INTERMEDIATED SECURITIES 297 13.3.4.1 GENERAL 297 13.3.4.2 VALID UNDERLYING CONTRACT? 298 13.3.4.3 METHODS FOR THE DISPOSITION OF INTERMEDIATED SECURITIES 299 13.3.4.4 TRANSFEROR'S POWER TO DISPOSE OR TRANSFEREE'S GOOD FAITH 303 13.3.5 PRIORITIES 305 13.3.6 SECURITY INTERESTS IN INTERMEDIATED SECURITIES 306 13.4 FISA'S CROSS-BORDER DIMENSION 307 13.5 CONCLUSIONS 308 IMAGE 8 XLL CONTENTS APPENDIX 317 UNIDROIT CONVENTION ON SUBSTANTIVE RULES FOR INTERMEDIATED SECURITIES 319 EU CONSULTATION DOCUMENT 'LEGISLATION ON LEGAL CERTAINTY OF SECURITIES HOLDING AND DISPOSITIONS' 350 INDEX 395
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|c VR: XIX Uc: 12
|m BOOK
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|a VRH50
|b MPVRH
|c Institutsbibliothek
|d VR: XIX Uc: 12
|e available
|t Verfügbar
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