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1 The Best Rules for Non-Intermediated Securities »

Michel Deschamps
From: Transnational Securities Law
Edited By: Thomas Keijser
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...