Intermediated securities : legal problems and practical issues / edited by Louise Gullifer and Jennifer Payne.
2010
KD1774.A75 I58 2010 (Map It)
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Title
Intermediated securities : legal problems and practical issues / edited by Louise Gullifer and Jennifer Payne.
Published
Oxford ; Portland, Or. : Hart Pub., 2010.
Call Number
KD1774.A75 I58 2010
ISBN
9781849460132 (cloth)
1849460132 (cloth)
1849460132 (cloth)
Description
xxxii, 291 pages : illustrations ; 24 cm
System Control No.
(OCoLC)502034756
Note
"Collection of essays by a number of ... academic and practising experts in the field from a number of jurisdictions, based on their contributions to a conference held at Harris Manchester College, Oxford, in March 2009"--P. vi.
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Added Author
Table of Contents
Foreword
v
Preface / Sir Roy Goode
vii
List of Contributors / Sir Roy Goode
xv
Table of Cases / Sir Roy Goode
xvii
Table of Legislation / Sir Roy Goode
xxi
Table of International Instruments / Sir Roy Goode
xxix
1.
Ownership of Securities: the Problems Caused by Intermediation / Sir Roy Goode
1
I.
Introduction / Louise Gullifer
1
II.
The Risks of Intermediation / Louise Gullifer
4
A.
The Risks in General / Louise Gullifer
4
B.
The Risk of Legal Uncertainty: Conflict of Laws Solutions / Louise Gullifer
5
C.
The Risk of Legal Uncertainty: Substantive Law Solutions / Louise Gullifer
6
III.
Pooled Accounts in the Intermediated Holding System / Louise Gullifer
12
IV.
The Nature of The Interest of a Holder of Intermediated Securities / Louise Gullifer
16
A.
Rights against the Intermediary / Louise Gullifer
16
B.
Protection on the Intermediary's Insolvency / Louise Gullifer
18
V.
Problems Arising from Pooled Accounts / Louise Gullifer
22
A.
The Identification Problem / Louise Gullifer
22
B.
The Shortfall Problem / Louise Gullifer
24
VI.
Protection of Good Faith Purchasers / Louise Gullifer
26
VII.
Taking Security over Intermediated Securities / Louise Gullifer
30
VIII.
Conclusion / Louise Gullifer
31
2.
Interests in Securities: Practical Problems and Conceptual Solutions / Louise Gullifer
33
I.
Introduction / Ben Macfarlane Robert Stevens
33
II.
Twelve Issues / Ben Macfarlane Robert Stevens
34
A.
Issue 1: What is the Nature of the Investor's Rights in Relation to the Securities? / Ben Macfarlane Robert Stevens
34
B.
Issue 2: Is there a Valid Trust at All? / Ben Macfarlane Robert Stevens
39
C.
Issue 3: What Happens if There is a Shortfall in the Assets Held by the Intermediary? / Ben Macfarlane Robert Stevens
40
D.
Issue 4: Can a Third Party Make a Claim to Assets in the Hands of the Intermediary? / Ben Macfarlane Robert Stevens
45
E.
Issue 5: Perfection of a Security Interest / Ben Macfarlane Robert Stevens
45
F.
Issue 6: The No-Look-Through Principle / Ben Macfarlane Robert Stevens
46
G.
Issue 7: Upper-Tier Attachment / Ben Macfarlane Robert Stevens
48
H.
Issue 8: How Should Priority Issues Be Resolved? / Ben Macfarlane Robert Stevens
48
I.
Issue 9: Protection of Purchaser in Good Faith / Ben Macfarlane Robert Stevens
52
J.
Issue 10: Assignments of Equitable Interests / Ben Macfarlane Robert Stevens
54
K.
Issue 11: The Conflict of Laws / Ben Macfarlane Robert Stevens
55
L.
Issue 12: Civilian Systems / Ben Macfarlane Robert Stevens
58
III.
Conclusion / Ben Macfarlane Robert Stevens
59
3.
Intermediated Securities: Issues arising on Insolvency / Ben Macfarlane Robert Stevens
61
I.
Introduction / Gabriel Moss
61
II.
Legal Concepts and Practical Problems / Gabriel Moss
62
III.
The Nature of the Investor's Right in Intermediated Securities / Gabriel Moss
65
IV.
Is There a Valid Trust At All? / Gabriel Moss
66
V.
Shortfall / Gabriel Moss
66
VI.
The Conflict of Laws / Gabriel Moss
67
VII.
Conclusion / Gabriel Moss
68
4.
Core Issues under the UNIDROIT (Geneva) Convention on Intermediated Securities: Views from the United States and Japan / Gabriel Moss
69
I.
Introduction / Charles W. Mooney, Jr Hideki Kanda
69
II.
Structure and Background / Charles W. Mooney, Jr Hideki Kanda
72
A.
Intermediated Securities Holding Systems / Charles W. Mooney, Jr Hideki Kanda
72
B.
Goals and Approach / Charles W. Mooney, Jr Hideki Kanda
74
C.
Significance of Relevant Legal Doctrine and Relationship to Systemic Risk / Charles W. Mooney, Jr Hideki Kanda
76
III.
Overview of Convention and United States and Japanese Legal Regimes / Charles W. Mooney, Jr Hideki Kanda
79
A.
Background on Legal Frameworks / Charles W. Mooney, Jr Hideki Kanda
79
B.
Dematerialisation / Hideki Kanda Charles W. Mooney, Jr
82
C.
Basic Attributes of Intermediated Securities / Hideki Kanda Charles W. Mooney, Jr
83
D.
Acquisition of Intermediated Securities / Charles W. Mooney, Jr Hideki Kanda
85
E.
Duties of Intermediary / Hideki Kanda Charles W. Mooney, Jr
87
IV.
Innocent Acquisition and Priorities / Charles W. Mooney, Jr Hideki Kanda
94
A.
Innocent Acquisition of Intermediated Securities Mood Faith Purchase') / Hideki Kanda Charles W. Mooney, Jr
95
B.
Priority Rules / Charles W. Mooney, Jr Hideki Kanda
108
V.
Relationship of Convention to Insolvency Law / Hideki Kanda Charles W. Mooney, Jr
119
A.
Background / Charles W. Mooney, Jr Hideki Kanda
119
B.
Convention Interests in an Insolvency Proceeding: In General / Hideki Kanda Charles W. Mooney, Jr
120
C.
Convention Interests in the Relevant Intermediary's Insolvency Proceeding / Hideki Kanda Charles W. Mooney, Jr
122
D.
Special Provisions for Collateral Transactions / Hideki Kanda Charles W. Mooney, Jr
127
VI.
Conclusion / Charles W. Mooney, Jr Hideki Kanda
129
5.
The Legal Nature of Securities: Inspirations from Comparative Law / Charles W. Mooney, Jr Hideki Kanda
131
I.
Introduction / Eva Micheler
131
A.
Property Rights in Intermediated Securities / Eva Micheler
132
B.
Quasi-Negotiability / Eva Micheler
134
II.
The Legal Nature of Securities in German and Austrian Law / Eva Micheler
135
A.
Modern German Theory / Eva Micheler
135
B.
Earlier Theory: Securities as Intangibles / Eva Micheler
136
C.
Securities as Assets of their own Kind / Eva Micheler
140
D.
Savigny's Contribution / Eva Micheler
141
III.
The Legal Nature of Securities in English Law / Eva Micheler
143
IV.
The Characteristics of Securities / Eva Micheler
144
V.
Securities as Circulating Rights / Eva Micheler
146
VI.
Conclusion / Eva Micheler
148
6.
Reuse of Financial Collateral Revisited / Eva Micheler
151
I.
Introduction / Erica Johanssen
151
II.
The Financial Collateral Directive / Erica Johanssen
152
III.
Financial Collateral Arrangement Regulations / Erica Johanssen
152
IV.
Geneva Securities Convention on Substantive Rules for Intermediated Securities / Erica Johanssen
159
V.
Protective Mechanisms Developed in the Financial Markets / Erica Johanssen
160
VI.
Protection of Account Holders' Rights: Legislative Recommendations / Erica Johanssen
162
VII.
Conclusion / Erica Johanssen
164
7.
Taking Security over Intermediated Securities: Chapter V of the UNIDROIT (Geneva) Convention on Intermediated Securities / Erica Johanssen
167
I.
Introduction / Antony Zacaroli
167
II.
The Convention and the EC Directive / Antony Zacaroli
168
A.
Relaxation of Aspects of Insolvency Law / Antony Zacaroli
171
B.
Formal Validity and Perfection of Security / Antony Zacaroli
173
III.
Rights of Withdrawal and Substitution and the Fixed/Floating Charge Debate / Antony Zacaroli
174
IV.
Floating Charges and the EC Directive / Antony Zacaroli
180
V.
Floating Charges and the Convention / Antony Zacaroli
183
A.
The Concept of 'Control' and the Convention / Antony Zacaroli
183
B.
Floating Charges under English Law and Articles 11 and 12 of the Convention / Antony Zacaroli
184
8.
Intermediated Securities and the Right to Vote in the UK: / Antony Zacaroli
187
I.
Introduction / Jennifer Payne
187
II.
Corporate Governance in UK Public Companies / Jennifer Payne
188
III.
Why might shares be held through an intermediary? / Jennifer Payne
193
IV.
Enfranchising Indirect Investors Who May Want to Have a Corporate Governance Role / Jennifer Payne
195
A.
The Beneficiary Instructs the Intermediary to Vote on his Behalf / Jennifer Payne
197
B.
The Intermediary Delegates to the Beneficiary the Rights Attached to the Shares / Jennifer Payne
201
V.
Indirect Investors Who Hold Via Institutional Investors / Jennifer Payne
207
VI.
Assessment of The UK System / Jennifer Payne
212
VII.
Conclusion / Jennifer Payne
216
9.
Intermediated Securities: The Choice of a Choice of Law Rule: / Jennifer Payne
219
I.
Introduction / Maisie Ooi
219
II.
The Choice of Law Problem / Maisie Ooi
220
III.
The EU Directives / Maisie Ooi
221
IV.
The Hague Securities Convention / Maisie Ooi
222
V.
The Hague Securities Convention and EU Choice of Law Rules Compared / Maisie Ooi
223
VI.
Concerns About the Hague Securities Convention's Choice of Law Rule / Maisie Ooi
225
VII.
Substantive law solution to the choice of law problem? / Maisie Ooi
229
VIII.
Choice of Law Choices / Maisie Ooi
230
A.
The Law of the System / Maisie Ooi
231
B.
The Law Determined by Reference to the Transferor's Intermediary / Maisie Ooi
236
IX.
Comparison of Choice of Law Treatments / Maisie Ooi
238
A.
The Hague Securities Convention Rule / Maisie Ooi
239
B.
The EU Rule / Maisie Ooi
241
C.
The Law of the System / Maisie Ooi
242
D.
The Law Determined by Reference to the Transferor's Intermediary / Maisie Ooi
242
X.
Conclusion / Maisie Ooi
243
10.
Remarks on the development of the UNIDROIT (Geneva) Convention on Intermediated Securities and its future: / Maisie Ooi
245
I.
Introduction / Herbert Kronke
245
II.
Functional Approach / Herbert Kronke
246
III.
Scope of the Instrument / Herbert Kronke
247
IV.
Implementation / Herbert Kronke
248
11.
Views from Europe: / Herbert Kronke
253
Habib Motani: United Kingdom / Karin Wallin-Norman Teun Struycken Habib Motani
253
Karin Wallin-Norman: Sweden / Habib Motani Karin Wallin-Norman Teun Struycken
254
Teun Struycken: Netherlands / Karin Wallin-Norman Teun Struycken Habib Motani
255
Appendix: UNIDROIT Convention on Substantive Rules for Intermediated Securities: the Geneva Securities Convention 2009 / Habib Motani Karin Wallin-Norman Teun Struycken
259
Index / Teun Struycken Karin Wallin-Norman Habib Motani
285