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Transnational Securities Law edited by Keijser, Thomas (1st March 2014)

1 The Best Rules for Non-Intermediated Securities

Michel Deschamps

From: Transnational Securities Law

Edited By: Thomas Keijser

Subject(s):
Non-intermediated securities — Transfer of securities — Geneva Securities Convention — Hague Securities Convention — Bank resolution and insolvency — Money and the conflict of laws
1.01 Securities were formerly held in the form of certificates issued directly to the investor. Over time, the holding of securities through intermediaries became a general practice, at least for securities intended to be sold and traded on capital markets. In a simple case, the intermediary is registered in the books of the issuer as security holder and maintains for the investor an account into which the securities are credited; a certificate may, or may not, have been issued by the issuer to the intermediary but the investor itself holds no certificate. 1.02...
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