Report on the Law Applicable to Dispositions of Securities Held Through Indirect Holding Systems
This report contains a comprehensive presentation of the issues relating to the securities project. It identifies and illustrates the most important questions relating to the topic and provides possible solutions. Part One explains the basic structure and functioning of the indirect holding system. Part Two contains an analysis of how the legal nature of the investor’s interest in respect of securities held in an indirect holding system might be categorised. Part Three contains the conflict of laws analysis. When producing this report, in order to assess the current situation as to the law applicable to these issues, a questionnaire was sent to 28 jurisdictions. The information collected from this survey is collated in Appendix B to the report.
The final chapter describes the Hague securities project and explains its utility in the context of the lack of certainty in this area, made evident by the results of the survey.
Prel. Doc. No 1 of November 2000