Intermediated Securities: The Impact of the Geneva Securities Convention and the Future European Legislation
Pierre-Henri Conac · Ulrich Segna · Luc Thévenoz
May 2013 · Cambridge University Press
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About this ebook
In today's financial markets, investors no longer hold securities physically. Instead, securities such as shares or bonds are mostly held through intermediaries and transferred by way of book-entries on securities accounts. However, there are remarkable conceptual differences between the various jurisdictions with regard to the legal treatment of intermediated securities. It is widely agreed that this patchwork creates considerable legal risks, especially in cross-border situations. Two initiatives are in place to reduce these risks. In 2009, the UNIDROIT Convention on Substantive Rules for Intermediated Securities (the 'Geneva Securities Convention') was adopted, aimed at harmonisation on the international level. The EU Commission is also running a legislative project, to achieve harmonisation at the regional level. This book compares both initiatives and analyses their impact on the securities laws of selected European jurisdictions.
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About the author
Pierre-Henri Conac is Professor of Commercial and Company Law at the University of Luxembourg.
Ulrich Segna is an assistant researcher at the University of Luxembourg.
Luc Thévenoz is Professor at the Faculty of Law, University of Geneva, Switzerland, where he also directs the Centre for Banking and Finance Law.
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