The standardisation of conflicts of laws rules for intermediated securities within the EU: Holy Grail or red herring?

Moffatt, P. ORCID: 0000-0001-7219-4092, 2018. The standardisation of conflicts of laws rules for intermediated securities within the EU: Holy Grail or red herring? Nederlands Internationaal Privaatrecht, pp. 50-71. ISSN 0167-7594

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Abstract

The quest to standardise conflicts of laws rules for intermediated securities is fraught with difficulty. Whilst harmonisation will provide certainty in the market place, its critics argue that its introduction impinges on substantive rules of property law. This matter has vexed policymakers and academics for almost two decades and, despite the development by UNIDROIT of the Geneva Convention on Substantive Rules for Intermediated Securities, is at an impasse. In the light of the EU’s recent consultation on conflicts of laws rules for third party effects of transactions in securities and claims, this paper will reflect upon the discussion thus far and consider whether there is a need for overarching reform in this area of law at EU level, mindful that the EU forms only part of the global market place. Through a critical analysis of the consultation proposals, a consideration of the ‘real world’ experience of the courts and the application of complexity theory as a tool of normative reconstruction, this paper provides a new perspective to the debate and argues that, whilst some minor reforms may be appropriate, overarching reform in this area is unnecessary.

Item Type: Journal article
Publication Title: Nederlands Internationaal Privaatrecht
Creators: Moffatt, P.
Publisher: T.M.C. Asser Press
Date: 6 April 2018
ISSN: 0167-7594
Divisions: Schools > Nottingham Law School
Depositing User: Jonathan Gallacher
Date Added: 11 Apr 2018 12:27
Last Modified: 11 Apr 2018 12:27
URI: http://irep.ntu.ac.uk/id/eprint/33245

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