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Univ. of Toledo College of Law

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Monday, August 4, 2014

Paech on Intermediated Securities

Philipp Paech has posted Intermediated Securities and Conflict of Laws on SSRN with the following abstract:

In developed financial markets securities are held through banks, brokers and other intermediaries. The question of which law governs the proprietary aspects in respect of securities in cross-jurisdictional holdings is subject of a fierce debate for about 10 years. There is agreement that the so called PRIMA approach is better than the older 'look-though approach'. However, PRIMA in itself is unclear as the concept is divided into a factual version of PRIMA and a consensual one. This dichotomy is perfectly reflected by the fact that the EU (using a fact based PRIMA in several instruments) is unlikely to implement the Hague Securities Convention which proposes a choice of law approach. This paper will look at the debate from a policy angle, analysing a number of issues which have probably fundamentally informed the earlier debate.

http://lawprofessors.typepad.com/securities/2014/08/paech-on-intermediated-securities.html

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