This book examines property issues in respect of intermediated securities under English law, namely title and title conflicts between a true owner and a purchaser. Intangible book entry securities held with an intermediary, often commingled with the holdings of other clients of the intermediary, often give rise to uncertainty in property rights in the securities of an investor under most legal systems, for example, whether property rights can be established and how title conflicts are dealt with. This book identifies the flexible framework of English property law for establishing property rights over commingled intangibles, in particular through trusts; establishes the policy of priority rules as of comparing the merits of rights and preferring a vested right of a true owner over a subsequent purchaser, particularly a vested right under fiduciary relations. The book works towards the conclusion that, given the general principle of English property law for vested rights, title conflicts may be tilted towards purchasers in a mild rather than a radical way, by introducing a good faith purchaser rule to intermediated securities or leaving it to judicial discretion where an estoppel might work in favour of a purchaser. This book is suitable for lawyers, officials and academics in the field of intermediated securities, as well as trust, property and financial regulation.

The second edition of this acclaimed book continues to provide a discussion of key theoretical and policy issues in corporate finance law. Fully updated, it reflects developments in the law and the markets in the continuing aftermath of the Global Financial Crisis. One of its distinctive features is that it gives equal coverage to both the equity and debt sides of corporate finance law, and seeks, where possible, to compare the two. This book covers a broad range of topics regarding the debt and equity-raising choices of companies of all sizes, from SMEs to the largest publicly traded enterprises, and the mechanisms by which those providing capital are protected. Each chapter analyses the present law critically so as to enable the reader to understand the difficulties, risks and tensions in this area of law, and the attempts made by the legislature and the courts, as well as the parties involved, to deal with them. This book will be of interest to practitioners, academics and students engaged in the practice and study of corporate finance law.

This book examines property issues in respect of intermediated securities under English law, namely title and title conflicts between a true owner and a purchaser. Intangible book entry securities held with an intermediary, often commingled with the holdings of other clients of the intermediary, often give rise to uncertainty in property rights in the securities of an investor under most legal systems, for example, whether property rights can be established and how title conflicts are dealt with. This book identifies the flexible framework of English property law for establishing property rights over commingled intangibles, in particular through trusts; establishes the policy of priority rules as of comparing the merits of rights and preferring a vested right of a true owner over a subsequent purchaser, particularly a vested right under fiduciary relations. The book works towards the conclusion that, given the general principle of English property law for vested rights, title conflicts may be tilted towards purchasers in a mild rather than a radical way, by introducing a good faith purchaser rule to intermediated securities or leaving it to judicial discretion where an estoppel might work in favour of a purchaser. This book is suitable for lawyers, officials and academics in the field of intermediated securities, as well as trust, property and financial regulation.

Globally, there has been a shift from securities being held directly by an investor, to a situation in which many securities are held via an intermediary. The existence of one or more intermediaries between the investor and the issuer has a potentially significant impact on the rights of the investor, the role and obligations of the issuer, and on the position and responsibilities of the intermediary. However, different jurisdictions have dealt with the issues arising from intermediation in a variety of ways. In the UK, for example, the concept of a trust is used to explain the different rights and obligations which arise in this scenario, whereas in the US the issues have been addressed by legislation, in the form of UCC Article 8. This variety is problematic, given that it is possible for an investor to hold securities in a number of different jurisdictions. A new UNIDROIT Convention on the issue of Intermediated Securities, the Geneva Securities Convention 2009, aims to create a common framework for dealing with these issues. This collection of essays explores the issues that arise when securities are held via an intermediary, and in particular assesses the solutions put forward by the new Convention on this issue. It will be essential reading for practitioners and academics.

Personal property security is an important subject in commercial practice, as it is the key to much of the law of banking and sale. This second edition has been fully updated and expanded to cover all important issues and changes within this highly complex area of law. It explains traditional methods of securing debts (such as mortgages, charges, and pledges) on property other than land, describing how these are created, how they must be registered (or otherwise 'perfected') if they are to be valid, the rights and duties of the parties, and how the security is enforced if the debt is not paid. The new edition includes an expanded section on priorities in which it explains how 'priority' disputes between competing interests over the same property are resolved. In addition the book covers the law governing other transactions that perform a similar economic function (such as finance leases, retention of title clauses, and sales of a company's book debts). These are not currently treated by the law as security and are therefore subject to different rules on perfection, priority, and enforcement. There is much expansion of the discussion relating to enforcement including the issue of 'right of use' following Lehman, more analysis on administration and all forms of non-possessory security and quasi-security, and a new chapter on enforcement of security addressing the right of appropriation under FC/FCAR and the Cukurova case. The conflict of laws section includes developments under the Rome I Regulation affecting assignment issues, the UNIDROIT Convention 2009 in relation to tiered holdings and the Cape Town Convention's extensions made to coverage of asset-backed security over equipment. It also addresses the changes brought about by the abolition of Slavenburg registration. This edition contains relevant points from the Banking Act 2009 concerning its impact on security, such as the power to protect certain interests on a transfer of property, and also considers amendments regarding liquidators' expenses under the Insolvency Rules. The authors additionally deal with the role of step-in rights and why they are part of the statutory definition of project finance in the Enterprise Act. Previously published as The Law of Personal Property Security, this new edition brings together all of the law on this complex area, providing guidance in the context of commercial practice, especially with increased coverage of conflict of laws, priority, insolvency, and enforcement.

The "Model Law" deals with security interests in all types of tangible and intangible movable property, such as goods, receivables, bank accounts, negotiable instruments, negotiable documents,

This work aims to analyse substantive and conflict of laws rules regarding intermediated securities in a comparative way. For this purpose, it examines major jurisdictions’ rules for intermediated securities and the intermediated securities holding systems, such as the rules of the German, US, Korean, Japanese and Swiss systems, as well as the relevant EU regimes and initiatives. Above all, it analyses the two international instruments related to intermediated securities, i.e. the Geneva Securities Convention and the Hague Securities Convention. Through a functional comparative approach based upon legal traditions of the various jurisdictions, this book gives readers theoretical and practical information on intermediated securities and their national and international aspects.

Personal property security is an important subject in commercial practice as it is the key to much of the law of banking and sale. This book examines traditional methods of securing debts (such as mortgages, charges and pledges as well as so-called 'quasi-security') on property other than land, describing how these are created, how they must be registered (or otherwise 'perfected') if they are to be valid, the rights and duties of the parties and how the security is enforced if the debt is not paid. This fourth edition has been updated to incorporate recent political and legal developments, including Brexit. The 'Edinburgh Reforms', which have followed the United Kingdom's exit from the European Union, promise a thorough overhaul of the consumer credit regime. The Retained EU Law (Revocation and Reform) Act 2023 potentially affects the interpretation of EU assimilated law, including the Financial Collateral Arrangements (No2) Regulations (FCARs). This edition further assesses the implications of the Business Contract Terms (Assignment of Receivables) Regulations 2018, taking pledges over electronic documents of title in the light of the Electronic Trade Documents Act 2023, the outlawing of 'ipso facto' clauses by the Corporate Insolvency and Governance Act 2020, and the reduced scope of the EU Insolvency Regulation. The treatment of insolvency matters within the framework of the Cape Town Convention is also considered, as are recent cases on pledges of bills of lading when the carrier no longer has possession of the goods, the distinction between fixed and floating charges, equitable liens and the right of appropriation of financial collateral. There is a full discussion of the taking of security over digital assets and the relevance of the FCARs. The only full-length treatment covering both traditional security over personal property and also devices that fulfil a similar economic function, such as retention of title and sales of receivables, The Law of Security and Title-Based Financing is a frequently-cited and indispensable reference work both for practitioners and academics.

As the volume of transactions in European financial markets continues to grow, the use of financial collateral, be it in the form of cash, shares, bonds or credit claims, has become a critical tool in supporting and managing risk in financial transactions. This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets. Key features: • Analytical rigour combined with insight into how financial collateral works in practice, covering both English and Scots law • Valuable discussion of control and possession tests, right of use, remedy of appropriation, close-out netting and impact of ‘bail-in’ • Explains use of financial collateral in the derivatives market, clearing houses, direct and indirect securities holding systems and use of repos, securities lending and prime brokerage • Highlights key issues on regulatory treatment and conflicts of laws • Discusses direction of future law reform • Written by leading experts in the field.

The global shift from the direct holding of securities by investors to the current intermediated holding system raises many important legal issues. These include the impact of the intermediated holding system on the rights of investors, and the enforcement of those rights against intermediaries and issuers. The cross-border nature of many holding patterns adds another layer of complexity to these issues, and reduces legal certainty. Against this, intermediation offers benefits for many investors, including the ability to hold a cross-border portfolio with one intermediary, a reduction in costs and the facilitation of the use of securities in the collateral, repo, and securities lending markets. This book covers a number of legal topics relating to intermediated securities including the history of intermediation, the benefits and problems in the current intermediated holding system, and how future legal and technological developments could help to resolve these problems while retaining the benefits of intermediation. It also examines the possible impact of FinTech on this area, in particular the potential for Blockchain to be used in the issuing, holding and settlement of securities, the extent to which this will solve some of the difficulties that currently exist, and whether the use of Blockchain will create new difficulties that will need to be overcome. This book, which originated in a series of workshops organised by the Commercial Law Centre at Harris Manchester College, Oxford, will appeal to those interested in financial and corporate law, including academics, practitioners, policy makers and students.