EMTA has been invited to participate in a Working Group meeting at the Hague Conference on Private International Law to discuss conflict of laws issues related to pledging securities as collateral. The meeting will take place from January 15 to January 19, 2001 at The Hague. The objective of the Working Group meeting is to develop an international convention, or other instrument, that will clarify which law to apply for purposes of perfecting a pledge or other disposition of securities, when such securities are held through several levels of intermediaries.
EMTA members may obtain a copy of the report entitled The Law Applicable to Dispositions of Securities Held Through Indirect Holding Systems, prepared by Christophe Bernasconi, First Secretary at the Permanent Bureau of the Hague Conference on Private International Law, which outlines the issues and provides the basis for discussions of the Working Group meeting. The EMTA Lawyers Group will be meeting in early January to discuss this report and any specific Emerging Markets issues that it may raise.
All EMTA members are invited to comment on the issues. Please forward comments or questions to Aviva Werner at awerner@emta.org. To obtain a copy of the report go to EMTA's Members Only section and click on HOT LINKS.