HARMONISATION OF SECURITIES LAW CUSTODY AND TRANSFER OF SECURITIES IN EUROPEAN PRIVATE LAWPDF|Epub|txt|kindle电子书版本网盘下载

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Part One Introuctory Chapters1

Chapter 1 Introduction3

1.1 Global Convergence, Legal Responses3

1.2 Methodology6

1.2.1 Theoretical Framework6

1.2.2 Comparative Law7

1.2.3 Additional Method Issues10

1.3 Outline12

Chapter 2 System and Coherence13

2.1 Introduction13

2.2 Systemisation of Law14

2.2.1 Relevance and Principles of Systemisation14

2.2.2 A Mixed-Value Good16

2.3 Coherence17

2.3.1 Coherence in Systemisation17

2.3.2 Relevance of Coherence20

2.4 Coherence, Securities Laws and European Law21

2.4.1 The EU and Systemisation21

2.4.2 Horizontal and Vertical Coherence22

2.4.3 Diagonal Coherence23

2.5 Conclusion26

Chapter 3 Immobilisation,Dematerialisation and the Law29

3.1 Introduction29

3.2 Reification,Intermediation and Dematerialisation30

3.2.1 Reification30

3.2.2 Intermediation31

3.2.3 Fungibility and Dematerialisation32

3.2.4 Contemporary Legal Characterisations33

3.2.5 Conclusion35

3.3 Conflict of Laws36

3.3.1 Introduction36

3.3.2 Lex Situs,Lex Societatis and Their Problems37

3.3.3 PRIMA38

3.4 Conclusion40

Chapter 4 Practice and Risks of the Post-Trade Process43

4.1 Trade,Confirmation,Clearing,Settlement43

4.2 Clearing44

4.3 Settlement46

4.3.1 Typical Sales and Security Arrangements46

4.3.2 Cross-Border Dimensions48

4.4 Discerned Risks49

4.4.1 Systemic Risk49

4.4.2 Specific Risks50

4.4.3 Legal Risk52

4.5 Conclusion54

Part Two Securities Laws of Selected Jurisdictions55

Chapter 5 Belgium57

5.1 Introduction57

5.1.1 Trading,Clearing and Settlement57

5.1.2 Sedes Materiae58

5.2 Categories of Securities60

5.3 Custody of Book-Entry Securities61

5.3.1 Introduction61

5.3.2 Securities Accounts63

5.3.2.1 Entries in Securities Accounts63

5.3.2.2 Ownership of Book-Entry Securities64

5.3.2.3 Challenges to the Ownership of Book-Entry Securities65

5.3.3 KB no.62 custody67

5.3.3.1 Custody Structure67

5.3.3.2 Securities Eligible68

5.3.3.3 Deposit69

5.3.4 Dematerialised Securities70

5.3.5 Accountholder/Intermediary Relationship71

5.3.6 Nature of Accountholder Interests73

5.3.7 Intermediary Insolvency and the Treatment of Shortfalls75

5.3.8 Intermediary Preference/Statutory Lien76

5.4 Securities Transfers77

5.4.1 Introduction77

5.4.2 Moment of Transfer77

5.4.3 Annulment and Finality79

5.5 Creation and Enforcement of Security Rights80

5.5.1 Introduction80

5.5.2 Transfer of Title80

5.5.3 Pledge and Attachment81

5.5.3.1 Creation of a Pledge81

5.5.3.2 Enforcement of a Pledge83

5.5.3.3 Freezing of Securities Circulation84

5.6 Conflict of Laws85

5.7 Conclusion87

5.7.1 Questions and Answers87

5.7.2 Coherence90

Chapter 6 France93

6.1 Introduction93

6.1.1 Trading,Clearing and Settlement93

6.1.2 Sedes Materiae94

6.1.3 Complete Dematerialisation95

6.2 Categories of Securities96

6.3 Custody of Book-Entry Securities98

6.3.1 Introduction98

6.3.2 Structure of Intermediated Custody99

6.3.3 Non-Dematerialised Titres Au Porteur and Titres Nominatifs101

6.3.3.1 Historic Background101

6.3.3.2 Non-Dematerialised Titres Au Porteur102

6.3.3.3 Titres Nominatifs103

6.3.4 Accountholder/Intermediary Relationship104

6.3.5 Nature of Accountholder Interests108

6.3.6 Intermediary Insolvency and the Treatment of Shortfalls111

6.4 Securities Transfers112

6.4.1 Introduction112

6.4.2 Moment of Transfer113

6.4.3 Annulment and Finality114

6.5 Perfection and Enforcement of Security Rights117

6.5.1 Introduction117

6.5.2 Transfer of Title117

6.5.3 Pledge and Attachment119

6.5.3.1 Creation of a Pledge119

6.5.3.2 Enforcement of a Pledge121

6.5.3.3 Attachment121

6.6 Conflict of Laws122

6.7 Conclusions124

6.7.1 Questions and Answers124

6.7.2 Coherence128

Chapter 7 The Netherlands131

7.1 Introduction131

7.1.1 Trading,Clearing and Settlement131

7.1.2 Sedes Materiae132

7.1.3 Historic Background133

7.2 Categories of Securities135

7.3 Custody of Book-Entry Securities136

7.3.1 Three Types of Custody136

7.3.2 Custody With Loss of Ownership136

7.3.2.1 Issues of Classification138

7.3.2.2 Globals140

7.3.3 Wge Custody141

7.3.4 Accountholder/Intermediary Relationship142

7.3.4.1 Wge Deposit143

7.3.4.2 Retrieval and Distribution145

7.3.4.3 Additional Contracts147

7.3.5 Accountholder Interests148

7.3.5.1 Section 3.7 BW149

7.3.5.2 Community149

7.3.6 Intermediary Administration151

7.3.6.1 Instances of Representation152

7.3.6.2 Direct and Indirect Representation153

7.4 Securities Transfers154

7.4.1 Introduction154

7.4.2 Object and Moment of Transfer155

7.4.3 Annulment and Finality156

7.5 Creation and Enforcement of Security Rights158

7.5.1 Transfer of Title158

7.5.2 Pledge and Attachment160

7.6 Conflict of Laws161

7.6.1 Introduction161

7.6.2 PRIMA163

7.6.3 Securities Transfers and Security Rights165

7.7 Conclusions166

7.7.1 Questions and Answers166

7.7.2 Coherence170

Chapter 8 The United States of America173

8.1 Introduction173

8.1.1 Trading,Clearing and Settlement173

8.1.2 Sedes Materiae174

8.1.3 Harmonisation of State Law175

8.2 Categories of Securities177

8.3 Custody of Book-Entry Securities178

8.3.1 Introduction178

8.3.2 Indirect Holding Under the UCC180

8.3.2.1 Securities Eligible181

8.3.2.2 Securities Accounts182

8.3.3 Accountholder/Intermediary Relationship184

8.3.3.1 Common Law Concepts184

8.3.3.2 Flexible Duties186

8.3.4 Nature of Accountholder Interests189

8.3.5 Intermediary Insolvency and the Treatment of Shortfalls191

8.3.5.1 Federal Law191

8.3.5.2 UCC191

8.4 Securities Transfers194

8.4.1 Introduction194

8.4.2 Negotiability195

8.5 Creation and Enforcement of Security Rights199

8.5.1 Introduction199

8.5.2 Pledge and Attachment199

8.5.2.1 Creation200

8.5.2.2 Perfection200

8.5.2.3 Creation and Perfection for Intermediaries201

8.5.2.4 Enforcement,Priorities202

8.5.2.5 Attachment203

8.6 Conflict of Laws203

8.6.1 Introduction203

8.6.2 Accountholder Interests204

8.6.3 Security Interests206

8.7 Conclusions207

8.7.1 Questions and Answers207

8.7.2 Coherence212

Part Three Harmonisation and Modernisation215

Chapter 9 Harmonisation Initiatives217

9.1 Introduction217

9.1.1 The Case for Harmonisation217

9.1.2 Three Levels of Challenge222

9.2 Global Harmonisation224

9.2.1 Introduction224

9.2.2 Recommendations224

9.2.3 UNIDROIT Instrument on Substantive Law227

9.2.4 Hague Convention on Private International Law231

9.3 European Harmonisation234

9.3.1 Introduction234

9.3.2 Sector-Driven Harmonisation234

9.3.3 Harmonisation of Financial Law236

9.3.3.1 Settlement Finality Directive237

9.3.3.2 Winding-Up Directive239

9.3.3.3 Financial Collateral Directive239

9.3.3.4 MiFID240

9.3.3.5 Shareholders’Rights Directive242

9.3.4 Harmonisation of Securities Custody and Transfer Law243

9.3.4.1 Giovannini Group 2001 Report243

9.3.4.2 Giovannini Group and EFMLG 2003 Reports244

9.3.4.3 ESCB-CESR 2004 Report246

9.3.4.4 Recent Developments247

9.4 Conclusion248

Chapter 10 National Securities Laws Compared and Evaluated251

10.1 Introduction251

10.2 Principles of Modernisation and Policy Perspectives252

10.2.1 Introduction252

10.2.2 Securities Infrastructure254

10.2.2.1 Securities Eligible254

10.2.2.2 Intermediaries Eligible255

10.2.3 Characterisation of Accountholder Interests256

10.2.4 Effects of a Credit Entry258

10.2.4.1 Tracing258

10.2.4.2 Evidence260

10.2.5 Accountholder Protection Against the Intermediary261

10.2.5.1 Illegal Disposal by Intermediaries261

10.2.5.2 Right of Disposal263

10.2.5.3 Double Bookkeeping263

10.2.5.4 Segregation265

10.2.5.5 Right of Retrieval266

10.2.6 Intermediary Insolvency267

10.2.6.1 Preservation of Accountholder Interests268

10.2.6.2 Exception: Secured Creditors269

10.2.6.3 Shortfalls271

10.2.7 Corporate Action Processing272

10.2.8 Securities Transfer274

10.2.8.1 Finality274

10.2.8.2 Negotiability276

10.2.8.3 Causality279

10.2.8.4 Consensualism280

10.2.9 Security Interests282

10.2.9.1 Creation282

10.2.9.2 Enforcement, Right of Use285

10.2.10 Upper-Tier Attachment286

10.2.11 Conflict of Laws287

10.2.11.1 Lex Situs288

10.2.11.2 PRIMA289

10.2.11.3 Party Autonomy291

10.3 Conclusion292

Chapter 11 Harmonisation and Coherence of National Laws295

11.1 Introduction295

11.2 Modernisation and Coherence Perspectives297

11.2.1 Accountholder/Intermediary Relationship297

11.2.2 Accountholder Interests299

11.2.2.1 Principles of Property Law299

11.2.2.2 Characteristics of Property Interests302

11.2.3 Securities Transfer305

11.2.3.1 Consensualism305

11.2.3.2 Causality and Bona Fide Acquirer Protection306

11.2.3.3 Conclusion308

11.2.4 Security Interests308

11.2.5 Intermediary Insolvency311

11.2.6 Conflict of Laws314

11.2.7 Clearing and Settlement Systems315

11.3 Conclusion317

Chapter 12 Towards the European Harmonisation of Securities Law321

12.1 Introduction321

12.2 Legal Basis322

12.3 Scope and Interoperability323

12.3.1 Introduction323

12.3.2 Definitions324

12.3.3 Characterisation326

12.3.4 Accountholder Protection in Intermediary Insolvency327

12.3.5 Corporate and Other Areas of Law328

12.3.6 Uncovered Credits331

12.3.7 Securities Transfers331

12.4 Form334

12.4.1 Introduction334

12.4.2 European Uniform Securities Code334

12.4.3 Directive, Regulation and Other Forms336

12.5 Conclusion338

Summary and Recommendations341

Summaries in Dutch and French351

Bibliography371

Table of Cases393

Table of Legislation397

Index407