Is harmonisation of European securities law a good idea? According to
this original analysis, the answer is a qualified yes. If it can be done
without undermining the various systems that now govern the custody and
transfer of securities in national European jurisdictions, harmonisation will
be well received. The author first shows that such an acceptable outcome is
indeed possible, and then offers a detailed analysis of the form it might
take. Along the way he compares the current infrastructure of securities law
in three European countries (Belgium, France, and the Netherlands) with
generally accepted standards of modern securities custody and transfer
practice, as well as with the harmonisation inherent in the United States
Universal Commercial Code.
Among the elements of securities law discussed in this comparative context are
eligible categories of securities;
moment of transfer;
enforcement of securities rights;
and conflict of laws.
In approaching the actual form of a European securities instrument, the
author considers important relevant initiatives taken by various groups, such
as Unidroit, the Hague Convention on Private International Law, and some
industry sectors. As an in-depth contribution to this important aspect of the
ongoing debate about the harmonisation of European private law, and as an
assessment of the possible impact of harmonisation measures by means of a
coherence account, this book will be especially valuable to European
policymakers and securities regulatory officials. It will also interest
practitioners and academics in such diverse fields as commercial law, European
law, insolvency law, contract law, and property law.
Part I. Introductory Chapters. 1.
Introduction. 2. System and Coherence. 3. Immobilisation,
Dematerialisation and the Law. 4. Practice and Risks of the Post-Trade
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. Summary and
Recommendations. Summaries in Dutch and French. Bibliography. Table of Cases.
Table of Legislation. Index.