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TRANSNATIONAL SECURITIES LAW. Ed Thomas Keijser Oxford: Oxford University Press (www.oup.com), 2014. xxxiii+334 pp. ISBN 978019967786. £155.

Document Cited in Related
Vincent
Pages442-443
Published date01 September 2015
DOI10.3366/elr.2015.0315
Author
Date01 September 2015

This is a collection of essays written by academics, regulators and practitioners on the effect that holding securities through an intermediary has on the exercise of the ownership, pledge, and disposition of investment securities. In the light of the rise in the volumes of cross-border transactions in financial instruments, this book discusses in particular the operational changes in post-trading arrangements, critically engaging with the policy debate on the respective rights of market participants in intermediated holding systems and the legislative initiatives aimed at modernising and harmonising this area of law.

While the fundamental ambition of the book, as set out in the preface, is to analyse the 2002 Hague Securities Convention (HSC) and the 2009 Geneva Securities Convention (GSC) in their broader context, and to give “ample attention to issues not addressed by either, including corporate, regulatory and certain insolvency matters,” it is perhaps disappointing that the substantive law inquiry is effectively tackled – albeit from a comparative angle – only from chapter 4, with a comparison between Chapters III and V of the GSC and the relevant parts of the United Nations Convention on the Assignment of Receivables in International Trade and the UNCITRAL Legislative Guide on Secured Transactions, and that only one chapter in the entire book is dedicated to conflict of laws rules. There is surely a strong connection between the various contributions, ranging from the need to reform the law of non-intermediated securities to the regulation of post-trading infrastructure supporting the intermediated holding and transfer of securities, but the book does not offer a convincing systematic and comprehensive treatment of the law of intermediated securities or guidelines on the boundaries...

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