- J Benjamin, Interest in Securities: A Proprietary Law Analysis of the International Securities Markets (Oxford University Press, 2000), 68–69.
- UK Companies Act 2006, ss 768, 770.
- JS Rogers, “Policy Perspectives on Revised UCC Article 8” (1996) 43 UCLA Law Review 1431, 1442.
- Benjamin, supra n 1, 20.
- Global Clearing and Settlement – A Plan of Action (Group of Thirty, 2003).
- The UNIDROIT Convention on Substantive Rules regarding Intermediated Securities: Further Updated Advice to HM Treasury (Law Com, 2008), [2.7].
- Benjamin, supra n 1, 23, 26.
- See analysis of transparent systems below.
- Supra n 6, [2.11].
- Ibid, [2.12].
- Ibid, [2.13].
- Ibid, [2.14].
- Benjamin, supra n 1, 52–53.
- Working Paper regarding So-called “Transparent Systems” (UNIDROIT, 2006 Study LXXVIII – Doc 44), 2.
- Report of the Transparent Systems Working Group (UNID-ROIT, 2007 Study LXXVIII – Doc 70), 8.
- Supra n 14, 3.
- Ibid.
- Release (US Securities and Exchange Commission, No S7–13-04, 2004), 16.
- CW Mooney, “Beyond Negotiability: A New Model for Transfer and Pledge of Interests in Securities Controlled by Intermediaries” (1990) 12 Cardozo Law Review 305, 319.
- Ibid, 320.
- US Uniform Commercial Code (UCC), § 8–503(a).
- US UCC, § 8–503(b).
- US UCC, §§ 8–505, 8–506.
- Supra n 6, [2.21].
- UK Companies Act 2006, s 127, UK Uncertificated Securities Regulations 2001 SI 2001/3755, reg 24, displacing UK Law of Property Act 1925, s 53 (1) (c), s 136.
- Re Lehman Brothers International (Europe) (in administration); Pearson v Lehman Brothers Finance SA [2010] EWHC 2914 (Ch) [397]; RM Goode, “The Nature and Transfer of Rights in Dematerialised and Immobilised Securities” (1996) 11 Journal of International Banking and Financial Law, 167.
- Goode, Ibid.
- Supra n 6, [4.26].
- B Geier, “Comparison of the Electronic Securities Settlement Systems for the Secondary Securities Markets in Germany and England” (2008) 23 Journal of International Banking Law and Regulation 97, 100.
- D Einsele, “Modernising German Law: Can the UNIDROIT Project on Intermediated Securities Provide Guidance?” (2005) 10 Uniform Law Review 251, 251.
- Ibid, 257.
- Supra n 14, 6–7.
- Supra n 6, [2.42].
- P Paech, “Harmonising Substantive Rules for the Use of Securities Held with Intermediaries as Collateral: the UNIDROIT Project” (2002) 7(4) Uniform Law Review 1140, 1140.
- Ibid, 1151.
- Ibid, 1140.
- Convention, Art 9.
- Ibid, Arts 11–13.
- Ibid, Arts 15–16.
- Ibid, Art 22.
- Ibid, Arts 19, 20.
- Ibid, Art 18.
- Ibid, Arts 14, 21.
- Ibid, Art 26.
- Ibid, ch V.
- Draft Official Commentary on the Draft Convention on Substantive Rules regarding Intermediated Securities (UNIDROIT 2009 CONF 11/2 – Doc 5), [9–3].
- Convention, Art 26; Draft Official Commentary, supra n 46, [26–7], [26–8].
- US Security Investor Protection Act 15 USC §§ 78aaa–111; CW Mooney and H Kanda, “Core Issues under the UNID-ROIT (Geneva) Convention on Intermediated Securities: Views from the United States and Japan” in L Gullifer and J Payne (eds), Intermediated Securities: Legal Problems and Practical Issues (Hart Publishing, 2010), 124.
- Mooney, supra n 19, 355.
- Barlow Clowes International v Vaughan [1992] 4 All ER 22; M Yates and G Montagu, The Law of Global Custody (Tottel Publishing, 3rd rev edn, 2009), 37; supra n 6, [4.177].
- See L Qiang, Financial Law (Law Press, 2004).
- Y Zhou (ed), New Survey on Securities Law (Law Press, 2007), 54–55.
- CSRC and POB, 5 November 2002.
- Zhou, supra n 52, 55.
- CSRC and SAFE, 21 February 2001.
- People's Republic of China (PRC) Interim Measures on the Administration of QFIIs' Investment in Domestic Securities (Order of the CSRC and PBC, No 12, adopted on 5 November 2002), Art 18.
- PRC Provisions on the Administration of QFIIs' Investment in Domestic Securities (Order of the CSRC, POB and SAFE, adopted on 24 August 2006), Art 2.
- Zhou, supra n 52, 678.
- Order of SAFE, No 1 2009, adopted on 29 September 2009.
- PRC Provisions on the Administration of QFIIs' Investment in Domestic Securities, Arts 6, 7.
- Ibid, Art 3.
- Ibid, Arts 11, 12.
- Ibid, Art 13; For discussions on QFII in general, see T Lin, “Comparing Qualified Foreign Institutional Investors (QFII) Mechanisms in Mainland China and Taiwan” (2006) 24 Chinese (Taiwan) Yearbook of International Law and Affairs 87; J Wang, “Dancing with Wolves: Regulation and Deregulation of Foreign Investment in China's Stock Market” (2005) 5 Asian-Pacific Law and Policy Journal 1; YN Ni, “China's Capital Flow Regulations: The Qualified Foreign Institutional Investor and the Qualified Domestic Institutional Investor Programs” (2008) 28 Review of Banking and Financial Law 299.
- PRC Provisions on the Administration of QFIIs' Investment in Domestic Securities, Art 14.
- Ibid, Art 16.
- Ibid, Arts 18–20.
- Ibid, Arts 24–28; PRC Provisions on Foreign Exchange Administration of QFIIs' Investment in Domestic Securities.
- PRC Securities Law, Art 157.
- PRC Measures on the Administration of Securities Registration and Settlement (promulgated by the CSRC on 7 April 2006, as revised on 20 November 2009), Art 31.
- Ibid, Art 18.
- Ibid, Art 19.
- PRC Measures on the Administration of Securities Registration and Settlement (promulgated by the CSRC on 7 April 2006), Art 20; PRC Ordinances on Securities Firm Supervision and Administration (Order of the State Council, No 522, adopted on 23 April 2008), Art 28.
- Chinaclear, “Securities Accounts Administration Rules”, rule 1.4.
- Ibid, rule 3.14.
- Chinaclear, “Securities Registration Rules” (25 July 2006), rule 5.
- Ibid, 5.
- PRC Ordinances on Securities Firm Supervision and Administration (Order of the State Council, No 522, adopted on 23 April 2008), Art 32.
- Chinaclear, “Securities Registration Rules” (25 July 2006), rule 53.
- PRC Insolvency Law, Arts 2, 134.
- Order of the State Council, No 523, adopted on 23 April 2008.
- PRC Measures on the Administration of Securities Registration and Settlement (promulgated by the CSRC on 7 April 2006, as revised on 20 November 2009), Art 41: participants of settlement with the CSD are limited to securities firms; Art 42: participants of settlement designate eligible commercial banks as settlement banks; Art 43: the CSD settles with participants of the settlement system, securities firms settle with clients.
- For example, PRC Measures on the Administration of Securities Registration and Settlement (promulgated by the CSRC on 7 April 2006, as revised on 20 November 2009), Art 43.
- PRC Provisions on the Administration of QFIIs' Investment in Domestic Securities (Order of the CSRC, POB and SAFE, adopted on 24 August 2006), Art 16.
- PRC Measures on the Administration of Financial Bonds Offering on the Inter-bank Bonds Market (POB, adopted on 27 April 2005), Art 2.
- PRC Tentative Measures on the Administration of Deposit of Government Bonds (Ministry of Finance, 10 April 1997), Art 17.
- Ibid, Art 12.
- PRC Measures on the Administration of Financial Bonds Offering on the Inter-bank Bonds Market (POB, adopted on 27 April 2005), Art 25.
- PRC Tentative Measures on the Administration of Deposit of Government Bonds (CGZZ No [1997] 25, 10 April 1997), Art 19.
- Ibid, Art 10.
- Supra n 46, [1–37].
- Ibid, [1–39].
- For example, PRC Ordinances on Securities Firm Supervision and Administration (Order of the State Council, No 522, adopted on 23 April 2008), Art 59.
- Ibid, Art 3.
Law and Financial Markets Review
Volume 6, 2012 - Issue 4