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11 Conflict-of-Laws Rules

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

Hague Securities Convention — Intermediated securities — Unidroit Convention on Substantive Rules for Intermediated Securities

This chapter highlights the vast majority of transactions in securities held with an intermediary that take place in an international context. It cites the Hague Convention of 5 July 2006 on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (HSC), which has been drafted to clarify the law applicable to a situation involving intermediated securities. It also defines the scope of the application and examines the choice-of-law rule set out in the HSC. The chapter discusses the factors that are not relevant to determining the applicable law and deals with the protection of third-party rights under the HSC, which may be compromised in case of a change of law or the opening of insolvency proceedings. It analyzes the relationships between the HSC and the UNIDROIT instruments for intermediated securities.

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