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Annexes, Annex 2 »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Annexes, Annex 3 »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Contents »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Ch.I —Definitions, sphere of application and interpretation »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
I-1 Chapter I contains definitions and other general provisions, including provisions relating to the scope of the Convention’s application and its interpretation. The provisions in Chapter I generally apply to the Convention as a whole. I-2 Article 1 contains the Convention’s general definitions. These definitions are essential to the application of the Convention’s substantive provisions and also to the scope of its application. I-3 Article 2 determines the sphere of application of the Convention. It applies when the applicable conflict of laws rules point to...

Annexes, Annex 1 English and French texts of the Unidroit Convention on Substantive Rules for Intermediated Securities »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Ch.VII —Final provisions »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
VII-1 Chapter VII contains a set of Final Provisions that are commonly found in international commercial law treaties. Article 40 relates to the signature, ratification, acceptance, approval of or accession to the Convention. In relation to such signature, etc., Article 41 sets out special rules for Regional Economic Integration Organisations. Article 42 relates to the entry into force of the Convention. Article 43 contains rules for States with two or more territorial units. Article 44 prohibits reservations under the Convention, whereas Article 45 allows...

General Introduction »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
Int-1 The Unidroit Convention on Substantive Rules for Intermediated Securities (official shorthand: the “Geneva Securities Convention”; hereafter: the “Convention”) is intended as an international instrument to improve the legal framework for holding, transfer and collateralisation of securities held through intermediaries, or intermediated securities, in order to enhance the internal soundness of national financial markets and their cross-border compatibility and, as such, to promote capital formation. Int-2 Over the past fifty years, the practice of holding and...

Index »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Ch.IV —Integrity of the intermediated holding system »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
IV-1 Chapter IV contains several articles that are essential to the Convention’s functional, substantive approach to intermediated holding systems. Chapter IV addresses a broad range of issues that arise in all intermediated systems. IV-2 Article 21 ensures the effectiveness of the rights of account holders, and those to whom interests have been granted by account holders under Article 12, in any insolvency proceeding in respect of the relevant intermediary. Article 21 makes exceptions to this effectiveness for the avoidance of preferences and transfers in fraud...

The International Institute for the Unification of Private Law (UNIDROIT) »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

List of abbreviations »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

List of contributors »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Preamble »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
THE STATES SIGNATORY TO THIS CONVENTION, CONSCIOUS of the growth and development of global capital markets and recognising the benefits of holding securities, or interests in securities, through intermediaries in increasing the liquidity of modern securities markets, RECOGNISING the need to protect persons that acquire or otherwise hold intermediated securities, AWARE of the importance of reducing legal risk, systemic risk and associated costs in relation to domestic and cross-border transactions involving intermediated securities so as to facilitate the flow of...

Preface »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Ch.II —Rights of the account holder »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
II-1 Chapter II contains two provisions that address the rights of an account holder (Article 9) and the corresponding duties of an intermediary (Article 10). II-2 Article 9 describes and characterises the rights conferred on the account holder by the credit of securities to a securities account. II-3 Article 10 provides for the most basic obligations that an intermediary owes to its account holders. Article 10(1) sets out a general rule and requires an intermediary to take the appropriate measures so that its account holders enjoy the rights provided in Article...

Ch.V —Special provisions in relation to collateral transactions »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
V-1 Chapter V provides a special set of rules with respect to collateral transactions. Most rules in this Chapter are modelled on the European Financial Collateral Directive (European Directive 2002/47/EC of 6 June 2002 on financial collateral arrangements), but they are not identical to the Directive. Contracting States are given the opportunity to make declarations for opting-out of Chapter V entirely or part of it in accordance with Articles 38 and 36(2). V-2 Article 31 sets out the scope of Chapter V and provides that the rules in Chapter V set minimum...

Table of conventions »

From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)

Ch.III —Transfer of intermediated securities »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
III-1 Chapter III deals with the methods by which account holders acquire and dispose of intermediated securities or may grant any type of interest in intermediated securities to third parties. III-2 Article 11 provides that credits (and debits) can be used for transferring intermediated securities or any limited interest therein. Article 12 provides for three additional methods, each of which may be elected by any Contracting State for the purpose of granting any interest in intermediated securities, including a full (unlimited) interest. It is important to note...

Ch.VI —Transitional provision »

Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser
From: Official Commentary on the UNIDROIT Convention on Substantive Rules for Intermediated Securities
Hideki Kanda, Charles Mooney, Luc Thévenoz, Stéphane Béraud, Thomas Keijser (assistant author)
VI-1 Article 39 provides a transitional provision that deals with priority conflicts between the interests in intermediated securities created and made effective against third parties before and those after the entry into force of the Convention in respect of a particular Contracting State. 39-1 Article 39 is a transitional provision and deals with priority conflicts between the interests in intermediated securities created and made effective against third parties both before and after the entry into force of the Convention in respect of a particular Contracting...