| Annotation |
This article deals with the most significant provisions of the UNIDROIT Geneva Securities Convention 2009. The author focuses on the conventional rules concerning the concept of the intermediated securities, main duties of the intermediary, legal regime of protection of an innocent acquirer of the securities, influence of the intermediary's insolvency proceedings on its relations with the securities account holder, as well as certain issues regarding securities collateral. The author reveals the theoretical underpinnings for formulation of the concept of the intermediated securities determination of the criteria for protection of the innocent acquirer of the securities. The author raises the issue of the influence of the intermediary's insolvency proceedings on performance of its obligations of securities holding. Special attention is drawn to the conventional regulation of the issues of use and disposal of the collateral securities, replacement of the collateral and its top-up in case of market depreciation of the collateral securities, as well as enforcement of the collateral securities. Special emphasis was put on so called «functional approach» taken as a basis of the most provisions of this Convention. |
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