Property Rights in Investment Securities and the Doctrine of Specificity
Bearbeitet von Erica Johansson
1. Auflage 2009. Buch. xv, 220 S. Hardcover ISBN 978 3 540 85903 1
Format (B x L): 15,5 x 23,5 cm Gewicht: 1140 g
Recht > Europarecht , Internationales Recht, Recht des Auslands > Recht des Auslands > Ausländisches Recht: Nordeuropa (Skandinavien)
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1 Introduction. . . 1
1.1 Subject Matter . . . 1
1.2 Theme . . . 2
1.3 Background . . . 3
1.4 Sources and Methodology . . . 5
1.4.1 Comparative Legal Studies . . . 5
1.4.2 De Lege LatavsDe Lege Ferenda . . . 6
1.4.3 Sources and Methodology . . . 6
1.4.4 Terminology . . . 7
2 The New Order . . . 9
2.1 Introduction . . . 9
2.2 The EU Financial Services Action Plan . . . 9
2.3 The Financial Collateral Directive . . . 10
2.3.1 The Successful Lobbying for Law Reform . . . 10
2.3.2 Objective, Scope and Applicability . . . 12
2.3.3 Implementation and Opt-Out Possibilities . . . 13
2.3.4 The Rights of Reuse . . . 15
2.3.5 Substitution and Top-Up of Collateral and the Disapplication of Certain Insolvency Provisions . . . . 18
2.3.6 Perfection . . . 20
2.3.7 Set-Off and Netting . . . 21
2.3.8 Conflict of Laws . . . 23
2.4 The Settlement Finality Directive . . . 23
2.5 MiFID . . . 25
2.6 Related Initiatives . . . 28
2.6.1 The Hague Securities Convention . . . 29
2.6.2 The UNIDROIT Draft Convention on Substantive Rules regarding Intermediated Securities . . . 32
2.6.3 The Legal Certainty Group . . . 34
2.7 Summary and Conclusions . . . 36
ix
3 Developments of the Securities Markets . . . 39
3.1 Introduction . . . 39
3.2 Developments of the Securities Markets . . . 39
3.2.1 Background . . . 39
3.2.2 Risks . . . 42
3.2.3 Indirectly Held Securities . . . 43
3.2.4 Unallocated and Intermediated Securities . . . 44
3.2.5 Interest in Securities . . . 45
3.3 Clearing and Settlement . . . 47
3.3.1 Sweden . . . 47
3.3.2 United Kingdom . . . 48
3.3.3 United States . . . 51
3.4 Summary and Conclusions . . . 53
4 The Use of Collateral in the Securities Markets. . . 55
4.1 Introduction . . . 55
4.2 The Use of Collateral . . . 55
4.2.1 Repos and Securities Lending . . . 57
4.2.2 OTC Derivatives Markets . . . 58
4.2.3 Clearing and Settlement . . . 59
4.3 Risk Management Practices . . . 60
4.3.1 Collateral Management . . . 61
4.3.2 Other Methods of Mitigating Credit Risk . . . 63
4.4 Reuse of Financial Collateral . . . 65
4.4.1 Repledge . . . 66
4.4.2 Repos . . . 67
4.5 Examples of Market Documentation . . . 69
4.5.1 ISDA Credit Support Documentation . . . 69
4.5.2 Repo Documentation . . . 71
4.6 Summary and Conclusions . . . 72
5 Property Rights in Securities and the Doctrine of Specificity under English Law. . . 73
5.1 Introduction . . . 73
5.2 Interests in Securities . . . 73
5.2.1 Introduction to English Security Law . . . 73
5.2.2 The Concept of Trust . . . 76
5.2.3 Security over Investment Securities . . . 76
5.3 Reuse of Financial Collateral . . . 79
5.3.1 Repledge . . . 80
5.3.2 A Right of Reuse under the Financial Collateral Arrangements Regulations . . . 83
5.3.3 Repos . . . 86
5.4 The Doctrine of Specificity . . . 88
5.4.1 Identification . . . 88
5.4.2 Substitution . . . 90
5.4.3 Tracing vs. Mixing . . . 93
5.4.4 Unallocated Securities . . . 94
5.5 Summary and Conclusions . . . 99
6 Property Rights in Securities and the Doctrine of Specificity under Swedish Law . . . 103
6.1 Introduction . . . 103
6.2 Interest in Securities . . . 103
6.2.1 Introduction to Swedish Security Law . . . 103
6.2.2 Security over Investment Securities . . . 105
6.3 Reuse of Financial Collateral . . . 107
6.3.1 Repledge . . . 108
6.3.2 A Right of Reuse under the Financial Collateral Directive . . 112
6.3.3 The Use of Repos . . . 120
6.4 The Doctrine of Specificity . . . 122
6.4.1 Identification . . . 122
6.4.2 Substitution . . . 124
6.4.3 Mixtures . . . 127
6.4.4 Unallocated Securities . . . 129
6.5 Summary and Conclusion . . . 133
7 Property Rights in Securities and the Doctrine of Specificity under US Law . . . 137
7.1 Introduction . . . 137
7.2 Interests in Securities . . . 137
7.2.1 Introduction to US Security Law . . . 137
7.2.2 Article 9 of the Uniform Commercial Code . . . 139
7.2.3 Security over Investment Securities . . . 141
7.3 Reuse of Financial Collateral . . . 145
7.3.1 Repledge . . . 145
7.3.2 The Use of Repos . . . 152
7.4 The Doctrine of Specificity . . . 154
7.4.1 Identification . . . 154
7.4.2 Substitution . . . 156
7.4.3 Mixtures . . . 159
7.4.4 Unallocated Securities . . . 160
7.5 Summary and Conclusions . . . 164
8 Securities as Property . . . 167
8.1 Introduction . . . 167
8.2 Securities and Fungibility . . . 167
8.3 The Doctrine of Specificity . . . 171
8.4 Summary and Conclusions . . . 179
9 Property Rights in Securities and the Doctrine of Specificity:
A Comparative Analysis with an OutlookDe Lege Ferenda . . . 183
9.1 Introduction . . . 183
9.2 Reuse of Financial Collateral . . . 183
9.2.1 Repledge . . . 184
9.2.2 The Use of Repos . . . 188
9.3 The Doctrine of Specificity . . . 189
9.4 Concluding Remarks . . . 195
Table of Cases. . . 197
Table of Statutes . . . 201
Governmental Reports etc. . . 205
List of Literature. . . 207
Other Resources and Materials . . . 213
Index . . . 217
