Intermediated Holding of Securities: dispositions, conflict-of-laws issues, public policy aspects

Doctoral thesis: Intermediated Holding of Securities: dispositions, conflict-of-laws issues, public policy aspects (Mgr. Ondřej Vondráček Ph.D., LL.M) ABSTRACT This thesis analyses the dynamic aspects of intermediated holdings of securities. It deals with issues concerning legal relations which stem from the circulation of intermediated securities. The first part maps voluntary and involuntary dispositions with intermediated securities. In the framework of voluntary dispositions it describes rules concerning transfers of intermediated securities - both stock market and over-the-counter (OTC) - as well as collateral arrangements comprising intermediated securities. The second part concentrates on the aspects of private international law of dispositions with intermediated securities, and in particular on difficulties with localisation of intermediated securities and accounts where they are recorded. The third part examines public policy aspects of intermediated holdings. It asks whether the theory of incorporation of the right in a certificate applying to directly held certificated equity securities - which allows their holder to hide their identity - contributes to negative social effects, like corruption, tax evasion, conflict of interest or money-laundering. The first two parts are based on an identical..