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1 The Best Rules for Non-Intermediated Securities

Thomas Keijser

From: Transnational Securities Law 2e (2nd Edition)

Edited By: Thomas Keijser

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 May 2024

Geneva Securities Convention — Non-intermediated securities — Transfer of securities

This chapter deals with non-intermediated securities, wherein securities are not held with intermediaries and may, or may not, be represented by certificates. It outlines the legal framework applicable to non-intermediated securities and compares it to the rules established by the Geneva Securities Convention (GSC) and the Model Law on Secured Transactions (MLST). It also examines how non-intermediated securities are created or established and addresses various issues relating to the transfer of non-intermediated securities, such as the requirements for a transfer. The chapter uses the term ‘security holder’ to refer to the holder of non-intermediated securities and the term ‘registered holder’ to refer to a security holder registered in the issuer’s books. It shows how modernization and harmonization are desirable in the area of non-intermediated securities.

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