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Contents
- Preliminary Material
- Main Text
- General Introduction
- Preamble
- Ch.I —Definitions, sphere of application and interpretation
- Contents and outline
- Commentary
- I Introduction
- II History
- III Analysis
- 1 Article 1(a)—“securities”
- 2 Article 1(b)—“intermediated securities”
- 3 Article 1(c)—“securities account”
- 4 Article 1(d)—“intermediary”
- 5 Article 1(e)—“account holder”
- 6 Article 1(f)—“account agreement”
- 7 Article 1(g)—“relevant intermediary”
- 8 Article 1(h)—“insolvency proceeding”
- 9 Article 1(i)—“insolvency administrator”
- 10 Article 1(j)—securities “of the same description”
- 11 Article 1(k) and (l)—“control agreement” and “designating entry”
- 12 Article 1(m)—“non-Convention law”
- 13 Article 1(n)—“securities settlement system”
- 14 Article 1(o)—“securities clearing system”
- 15 Article 1(p)—“uniform rules”
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- I Introduction
- II History
- III Analysis
- 1 Paragraph 1: Recognition and specification of the sharing of functions by declaration
- 2 Paragraph 2: Specifications contained in the declaration
- 3 Paragraph 3: Consequences for the application of the Convention
- Commentary
- Ch.II —Rights of the account holder
- Contents and outline
- Commentary
- I Introduction
- II History
- III Analysis
- 9-13
- 1 Sub-paragraph 1(a): Rights attached to securities
- 2 Sub-paragraph 1(b): Right to dispose of intermediated securities in accordance with the Convention
- 3 Sub-paragraph 1(c): Right to hold securities otherwise than through a securities account
- 4 Sub-paragraph 1(d): Other rights conferred by non-Convention law
- 5 Paragraph 3: Rights in respect of a limited interest, including a security interest
- Commentary
- Ch.III —Transfer of intermediated securities
- Contents and outline
- Commentary
- Commentary
- I Introduction
- II History
- III Analysis
- 1 Interest in intermediated securities
- 2 Agreement between grantor and grantee
- 3 Grant of an interest to the relevant intermediary
- 4 Grant of an interest by means of a designating entry
- 5 Grant of an interest by means of a control agreement
- 6 Designating entry and control agreement compared
- 7 No further step required
- 8 Declaration by Contracting State
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- I Introduction
- II History
- III Analysis
- Commentary
- Ch.IV —Integrity of the intermediated holding system
- Contents and outline
- Commentary
- I Introduction
- II History
- III Analysis
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- I Introduction
- II History
- III Analysis
- 27-12
- 1 Chapeau: Scope and conditions
- (i) “To the extent permitted by the law governing a system”
- (ii) “the following provisions shall have effect”
- (iii) “notwithstanding the commencement of an insolvency proceeding”
- (iv) “in respect of the operator of that system or any participant in that system”
- (v) “and notwithstanding any invalidation, reversal or revocation that would otherwise occur under any rule applicable in an insolvency proceeding”
- 2 Paragraph (a): Limiting revocation of instructions
- 3 Paragraph (b): Limiting invalidation and reversal
- Commentary
- Commentary
- Commentary
- Ch.V —Special provisions in relation to collateral transactions
- Contents and outline
- Commentary
- I introduction
- II History
- III Analysis
- 1 Article 31(1): Scope of Chapter V
- 2 Article 31(2): Minimum harmonisation approach
- 3 Article 31(3): Definitions
- Commentary
- Commentary
- Commentary
- Commentary
- Commentary
- I Introduction
- II History
- III Analysis
- 36-10
- 1 Rule no. 1: Top-up
- 36-11
- 36-12
- (i) The additional collateral is delivered in order to take account of changes in the value of the collateral delivered under the collateral agreement or in the amount of the relevant obligations
- (ii) The additional collateral is delivered in order to take account of any circumstances giving rise to an increase of the credit risk incurred by the collateral taker as determined by objective criteria relating to creditworthiness, financial performance or financial condition of the collateral provider or other person by whom the relevant obligations are owed
- (iii) The additional collateral is delivered in other circumstances than mentioned in points (i) and (ii), provided the obligation to do so is included in the collateral agreement and this is permitted by the non-Convention law
- 2 Rule no. 2: Substitution
- 3 The scope of protection
- Commentary
- Commentary
- Ch.VI —Transitional provision
- Ch.VII —Final provisions
- Further Material
- Annexes
- Annex 1 English and French texts of the Unidroit Convention on Substantive Rules for Intermediated Securities
- Annex 2
- FINAL ACT of the first session of the diplomatic Conference to Adopt a Conventionon Substantive Rules regarding Intermediated Securities held under the auspices of the International Institute for the Unification of Private Lawin Geneva from 1 to 12 September 2008
- Resolution No 1 relating to the State of Work and Further Proceedings for the Adoption of the draft Convention on Substantive Rules regarding Intermediated Securities
- Resolution No 2 relating to the Official Commentary on the Convention
- Annex 3
- FINAL ACT of the final session of the diplomatic Conference to Adopt a Conventionon Substantive Rules regarding Intermediated Securitiesheld under the auspices of the International Institute for the Unification of Private Law ( Unidroit ) in Geneva from 5 to 9 October 2009
- Appendix Unidroit Convention on Substantive Rules for Intermediated Securities
- Resolution No.1 expressing the gratitude of the Conference to the Swiss Government for organising the two sessions of the Conference
- Resolution No.2 relating to the Official Commentary on the Convention
- Resolution No. 3 relating to activities to support promotion of the entry into force and implementation of the convention
- Index
- Annexes
