FMLC backs Hague convention for EC
NEW YORK AND LONDON – Law Committee (FMLC) has urged the European Commission to sign up to the Hague Securities Convention (HSC). According to a FMLC spokesperson: "The Hague Securities Convention provides a workable solution to a significant issue in the international financial markets.
"There is currently no common legal approach internationally to the determination of the applicable law governing proprietary issues affecting securities holdings in securities accounts maintained by an intermediary. This absence of a common approach leads to serious legal uncertainty in the cross-border securities markets."
In July 2005, the European Commission asked the FMLC for comments on the HSC's contribution to legal certainty in the field of indirectly held securities. In response, the
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