A transactional approach to the Hague Securities Convention |
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| Authors: | Bjerre, Carl S. Rocks, Sandra M. |
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| Affiliation: | *Carl S. Bjerre is Professor of Law at the University of Oregon School of Law. |
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| Abstract: | The first 150 words of the full text of this article appear below. Key points- Transactions involving intermediated securities –ie securities that are held in an account with a broker, bank,clearing agency or other intermediary – demand a highdegree of ex ante legal certainty. However, for intermediatedsecurities accounts and transactions that reach across bordersas is increasingly prevalent, the traditional conflicts of lawrules for many of the most important commercial law issues failto provide this certainty.
- The Hague Securities Conventionprovides a modern and practical approach for determining theapplicable law. In most cases, the express terms of the agreementbetween the applicable account holder and its intermediary willbe determinative, including as against third parties, providedthat at the time of the agreement the intermediary is engagedin the business of maintaining securities accounts in the specifiedjurisdiction. The Convention is expected to be ratified in somenations fairly soon.
- Once the Convention becomes effective,it . . . [Full Text of this Article]
| 1. The Convention as a response to evolving markets | 2. Certainty as to applicable law as the result of express agreement | Scope of the law chosen: issues, definitions and internationality Express agreement in either of two forms The Qualifying Office requirement 3. Fall-back rules and pre-Convention agreements | The fall-back rules Pre-Convention agreements 4. Conclusion |
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