учебный год 2023 / Haentjens, Harmonisation Of Securities Law. Custody and Transfer of Securities in European Private Law

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HARMONISATION OF SECURITIES LAW

Custody and Transfer of Securities in European Private Law

ACADEMISCH PROEFSCHRIFT

ter verkrijging van de graad van doctor aan de Universiteit van Amsterdam op gezag van de Rector Magnificus prof.dr. J.W. Zwemmer

ten overstaan van een door het college voor promoties ingestelde commissie, in het openbaar te verdedigen in de Aula der Universiteit op donderdag 27 september 2007, te 14.00 uur

door

MATTHIAS HAENTJENS

geboren te Amsterdam

Contents - summary

CONTENTS - SUMMARY

Preface

Abbreviations

PART I

INTRODUCTORY CHAPTERS

1)Introduction

2)System and coherence

3)Immobilisation, dematerialisation and the law

4)Practice and risks of the post-trade process

PART II

SECURITIES LAWS OF SELECTED JURISDICTIONS

5)Belgium

6)France

7)The Netherlands

8)The United States of America

PART III

HARMONISATION OF SECURITIES LAW

9)Harmonisation initiatives

10)National securities laws compared and evaluated

11)Harmonisation and coherence of national laws

12)Towards the European harmonisation of securities law

i

Contents - summary

SUMMARY AND RECOMMENDATIONS

Summaries in Dutch and French

Bibliography

Table of cases

Table of legislation

Index

ii

Contents

CONTENTS

Preface

Abbreviations

PART I

INTRODUCTORY CHAPTERS

1)Introduction

1.1Global convergence, legal responses

1.2Methodology

1.2.1Theoretical framework

1.2.2Comparative law

1.2.3Additional method issues

1.3Outline

2)System and coherence

2.1Introduction

2.2Systemisation of law

2.2.1Relevance and principles of systemisation

2.2.2A mixed-value good

2.3Coherence

2.3.1Coherence in systemisation

2.3.2Relevance of coherence

2.4Coherence, securities laws and European law

2.4.1The EU and systemisation

2.4.2Horizontal and vertical coherence

2.4.3Diagonal coherence

2.5Conclusion

3)Immobilisation, dematerialisation and the law

3.1Introduction

3.2Reification, intermediation and dematerialisation

3.2.1Reification

3.2.2Intermediation

3.2.3Fungibility and dematerialisation

3.2.4Contemporary legal characterisations

3.2.5Conclusion

3.3Conflict of laws

3.3.1Introduction

iii

Contents

3.3.2Lex situs, lex societatis and their problems

3.3.3PRIMA

3.4Conclusion

4)Practice and risks of the post-trade process

4.1Trade, confirmation, clearing, settlement

4.2Clearing

4.3Settlement

4.3.1Typical sales and security arrangements

4.3.2Cross-border dimensions

4.4Discerned risks

4.4.1Systemic risk

4.4.2Specific risks

4.4.3Legal risk

4.5Conclusion

PART II

SECURITIES LAWS OF SELECTED JURISDICTIONS

5)Belgium

5.1Introduction

5.1.1Trading, clearing and settlement

5.1.2Sedes materiae

5.2Categories of securities

5.3Custody of book-entry securities

5.3.1Introduction

5.3.2Securities accounts

entries in securities accounts ownership of book-entry securities

challenges to the ownership of book-entry securities

5.3.3KB no. 62 custody custody structure securities eligible deposit

5.3.4Dematerialised securities

5.3.5Accountholder – intermediary relationship

5.3.6Nature of accountholder interests

5.3.7Intermediary insolvency and the treatment of shortfalls

5.3.8Intermediary preference/statutory lien

5.4Securities transfers

5.4.1Introduction

5.4.2Moment of transfer

iv