Harmonisation of Securities Law

Name: Harmonisation of Securities Law | Custody and Transfer of Securities in European Private Law
Brand: Kluwer Law International
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Custody and Transfer of Securities in European Private Law

Matthias Haentjens(Autor*in)

Kluwer Law International (Verlag)

Erschienen am 22. Oktober 2007

440 Seiten

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978-90-411-5113-1 (ISBN)

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Inhalt

Cover
Half Title Page
Editorial Page
Title Page
Copyright Page
Contents-Summary
Contents
Preface
Abbreviations
Part One Introductory Chapters
Chapter 1 Introduction
1.1 Global Convergence, Legal Responses
1.2 Methodology
1.2.1 Theoretical Framework
1.2.2 Comparative Law
1.2.3 Additional Method Issues
1.3 Outline
Chapter 2 System and Coherence
2.1 Introduction
2.2 Systemisation of Law
2.2.1 Relevance and Principles of Systemisation
2.2.2 A Mixed-Value Good
2.3 Coherence
2.3.1 Coherence in Systemisation
2.3.2 Relevance of Coherence
2.4 Coherence, Securities Laws and European Law
2.4.1 The EU and Systemisation
2.4.2 Horizontal and Vertical Coherence
2.4.3 Diagonal Coherence
2.5 Conclusion
Chapter 3 Immobilisation, Dematerialisation and the Law
3.1 Introduction
3.2 Reifi cation, Intermediation and Dematerialisation
3.2.1 Reifi cation
3.2.2 Intermediation
3.2.3 Fungibility and Dematerialisation
3.2.4 Contemporary Legal Characterisations
3.2.5 Conclusion
3.3 Conflict of Laws
3.3.1 Introduction
3.3.2 Lex Situs, Lex Societatis and Their Problems
3.3.3 PRIMA
3.4 Conclusion
Chapter 4 Practice and Risks of the Post-Trade Process
4.1 Trade, Confi rmation, Clearing, Settlement
4.2 Clearing
4.3 Settlement
4.3.1 Typical Sales and Security Arrangements
4.3.2 Cross-Border Dimensions
4.4 Discerned Risks
4.4.1 Systemic Risk
4.4.2 Specifi c Risks
4.4.3 Legal Risk
4.5 Conclusion
Part Two Securities Laws of Selected Jurisdictions
Chapter 5 Belgium
5.1 Introduction
5.1.1 Trading, Clearing and Settlement
5.1.2 Sedes Materiae
5.2 Categories of Securities
5.3 Custody of Book-Entry Securities
5.3.1 Introduction
5.3.2 Securities Accounts
5.3.2.1 Entries in Securities Accounts
5.3.2.2 Ownership of Book-Entry Securities
5.3.2.3 Challenges to the Ownership of Book-Entry Securities
5.3.3 KB no. 62 custody
5.3.3.1 Custody Structure
5.3.3.2 Securities Eligible
5.3.3.3 Deposit
5.3.4 Dematerialised Securities
5.3.5 Accountholder/Intermediary Relationship
5.3.6 Nature of Accountholder Interests
5.3.7 Intermediary Insolvency and the Treatment of Shortfalls
5.3.8 Intermediary Preference/Statutory Lien
5.4 Securities Transfers
5.4.1 Introduction
5.4.2 Moment of Transfer
5.4.3 Annulment and Finality
5.5 Creation and Enforcement of Security Rights
5.5.1 Introduction
5.5.2 Transfer of Title
5.5.3 Pledge and Attachment
5.5.3.1 Creation of a Pledge
5.5.3.2 Enforcement of a Pledge
5.5.3.3 Freezing of Securities Circulation
5.6 Conflict of Laws
5.7 Conclusion
5.7.1 Questions and Answers
5.7.2 Coherence
Chapter 6 France
6.1 Introduction
6.1.1 Trading, Clearing and Settlement
6.1.2 Sedes Materiae
6.1.3 Complete Dematerialisation
6.2 Categories of Securities
6.3 Custody of Book-Entry Securities
6.3.1 Introduction
6.3.2 Structure of Intermediated Custody
6.3.3 Non-Dematerialised Titres Au Porteur and Titres Nominatifs
6.3.3.1 Historic Background
6.3.3.2 Non-Dematerialised Titres Au Porteur
6.3.3.3 Titres Nominatifs
6.3.4 Accountholder/Intermediary Relationship
6.3.5 Nature of Accountholder Interests
6.3.6 Intermediary Insolvency and the Treatment of Shortfalls
6.4 Securities Transfers
6.4.1 Introduction
6.4.2 Moment of Transfer
6.4.3 Annulment and Finality
6.5 Perfection and Enforcement of Security Rights
6.5.1 Introduction
6.5.2 Transfer of Title
6.5.3 Pledge and Attachment
6.5.3.1 Creation of a Pledge
6.5.3.2 Enforcement of a Pledge
6.5.3.3 Attachment
6.6 Conflict of Laws
6.7 Conclusions
6.7.1 Questions and Answers
6.7.2 Coherence
Chapter 7 The Netherlands
7.1 Introduction
7.1.1 Trading, Clearing and Settlement
7.1.2 Sedes Materiae
7.1.3 Historic Background
7.2 Categories of Securities
7.3 Custody of Book-Entry Securities
7.3.1 Three Types of Custody
7.3.2 Custody With Loss of Ownership
7.3.2.1 Issues of Classifi cation
7.3.2.2 Globals
7.3.3 Wge Custody
7.3.4 Accountholder/Intermediary Relationship
7.3.4.1 Wge Deposit
7.3.4.2 Retrieval and Distribution
7.3.4.3 Additional Contracts
7.3.5 Accountholder Interests
7.3.5.1 Section 3.7 BW
7.3.5.2 Community
7.3.6 Intermediary Administration
7.3.6.1 Instances of Representation
7.3.6.2 Direct and Indirect Representation
7.4 Securities Transfers
7.4.1 Introduction
7.4.2 Object and Moment of Transfer
7.4.3 Annulment and Finality
7.5 Creation and Enforcement of Security Rights
7.5.1 Transfer of Title
7.5.2 Pledge and Attachment
7.6 Conflict of Laws
7.6.1 Introduction
7.6.2 PRIMA
7.6.3 Securities Transfers and Security Rights
7.7 Conclusions
7.7.1 Questions and Answers
7.7.2 Coherence
Chapter 8 The United States of America
8.1 Introduction
8.1.1 Trading, Clearing and Settlement
8.1.2 Sedes Materiae
8.1.3 Harmonisation of State Law
8.2 Categories of Securities
8.3 Custody of Book-Entry Securities
8.3.1 Introduction
8.3.2 Indirect Holding Under the UCC
8.3.2.1 Securities Eligible
8.3.2.2 Securities Accounts
8.3.3 Accountholder/Intermediary Relationship
8.3.3.1 Common Law Concepts
8.3.3.2 Flexible Duties
8.3.4 Nature of Accountholder Interests
8.3.5 Intermediary Insolvency and the Treatment of Shortfalls
8.3.5.1 Federal Law
8.3.5.2 UCC
8.4 Securities Transfers
8.4.1 Introduction
8.4.2 Negotiability
8.5 Creation and Enforcement of Security Rights
8.5.1 Introduction
8.5.2 Pledge and Attachment
8.5.2.1 Creation
8.5.2.2 Perfection
8.5.2.3 Creation and Perfection for Intermediaries
8.5.2.4 Enforcement, Priorities
8.5.2.5 Attachment
8.6 Conflict of Laws
8.6.1 Introduction
8.6.2 Accountholder Interests
8.6.3 Security Interests
8.7 Conclusions
8.7.1 Questions and Answers
8.7.2 Coherence
Part Three Harmonisation and Modernisation
Chapter 9 Harmonisation Initiatives
9.1 Introduction
9.1.1 The Case for Harmonisation
9.1.2 Three Levels of Challenge
9.2 Global Harmonisation
9.2.1 Introduction
9.2.2 Recommendations
9.2.3 UNIDROIT Instrument on Substantive Law
9.2.4 Hague Convention on Private International Law
9.3 European Harmonisation
9.3.1 Introduction
9.3.2 Sector-Driven Harmonisation
9.3.3 Harmonisation of Financial Law
9.3.3.1 Settlement Finality Directive
9.3.3.2 Winding-Up Directive
9.3.3.3 Financial Collateral Directive
9.3.3.4 MiFID
9.3.3.5 Shareholders' Rights Directive
9.3.4 Harmonisation of Securities Custody and Transfer Law
9.3.4.1 Giovannini Group 2001 Report
9.3.4.2 Giovannini Group and EFMLG 2003 Reports
9.3.4.3 ESCB-CESR 2004 Report
9.3.4.4 Recent Developments
9.4 Conclusion
Chapter 10 National Securities Laws Compared and Evaluated
10.1 Introduction
10.2 Principles of Modernisation and Policy Perspectives
10.2.1 Introduction
10.2.2 Securities Infrastructure
10.2.2.1 Securities Eligible
10.2.2.2 Intermediaries Eligible
10.2.3 Characterisation of Accountholder Interests
10.2.4 Effects of a Credit Entry
10.2.4.1 Tracing
10.2.4.2 Evidence
10.2.5 Accountholder Protection Against the Intermediary
10.2.5.1 Illegal Disposal by Intermediaries
10.2.5.2 Right of Disposal
10.2.5.3 Double Bookkeeping
10.2.5.4 Segregation
10.2.5.5 Right of Retrieval
10.2.6 Intermediary Insolvency
10.2.6.1 Preservation of Accountholder Interests
10.2.6.2 Exception: Secured Creditors
10.2.6.3 Shortfalls
10.2.7 Corporate Action Processing
10.2.8 Securities Transfer
10.2.8.1 Finality
10.2.8.2 Negotiability
10.2.8.3 Causality
10.2.8.4 Consensualism
10.2.9 Security Interests
10.2.9.1 Creation
10.2.9.2 Enforcement, Right of Use
10.2.10 Upper-Tier Attachment
10.2.11 Conflict of Laws
10.2.11.1 Lex Situs
10.2.11.2 PRIMA
10.2.11.3 Party Autonomy
10.3 Conclusion
Chapter 11 Harmonisation and Coherence of National Laws
11.1 Introduction
11.2 Modernisation and Coherence Perspectives
11.2.1 Accountholder/Intermediary Relationship
11.2.2 Accountholder Interests
11.2.2.1 Principles of Property Law
11.2.2.2 Characteristics of Property Interests
11.2.3 Securities Transfer
11.2.3.1 Consensualism
11.2.3.2 Causality and Bona Fide Acquirer Protection
11.2.3.3 Conclusion
11.2.4 Security Interests
11.2.5 Intermediary Insolvency
11.2.6 Conflict of Laws
11.2.7 Clearing and Settlement Systems
11.3 Conclusion
Chapter 12 Towards the European Harmonisation of Securities Law
12.1 Introduction
12.2 Legal Basis
12.3 Scope and Interoperability
12.3.1 Introduction
12.3.2 Defi nitions
12.3.3 Characterisation
12.3.4 Accountholder Protection in Intermediary Insolvency
12.3.5 Corporate and Other Areas of Law
12.3.6 Uncovered Credits
12.3.7 Securities Transfers
12.4 Form
12.4.1 Introduction
12.4.2 European Uniform Securities Code
12.4.3 Directive, Regulation and Other Forms
12.5 Conclusion
Summary and Recommendations
Summaries in Dutch and French
Bibliography
Table of Cases
Table of Legislation
Index
Back Cover

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