The law applicable to third-party effects of transactions in intermediated securities

2019 ◽  
Vol 24 (4) ◽  
pp. 685-710
Author(s):  
Florian Heindler
Keyword(s):  
Third Party ◽  
The European Union ◽  
Conflict Of Laws ◽  
Settlement Systems ◽  
The Third ◽  
International Trends ◽  
Current Trends ◽  
Recent Developments ◽  
The Third Party ◽  
The Eu

Abstract The conflict-of-laws rules applicable to the third-party effects of transactions in intermediated securities have attracted a great deal of interest in legal practice and academia. The article reviews the current legal developments in the European Union (EU), the international trends (Geneva Securities Convention and Hague Securities Convention), and the challenges of technological innovation. The article proposes interpreting the category of conflict-of-laws rules applicable to the third-party effects of transactions in intermediated securities in a concise, short, functional, and abstract way. Furthermore, it puts the discussions on the proper connecting factor into context and comments on the most recent developments in the EU in this respect. Finally, it adds to the discussion on proper connecting factors for digital ledger technology-based settlement systems (blockchain) and other current trends.

scholarly journals Kolizyjnoprawna problematyka skuteczności przelewu wierzytelności wobec osób trzecich Glosa do wyroku Trybunału Sprawiedliwości Unii Europejskiej z dnia 9 października 2019 r. w sprawie BGL BNP Paribas SA c/a TeamBank AG Nürnberg (C‑548/18)

2020 ◽  
Vol 26 ◽  
pp. 223-236
Author(s):  
Witold Kurowski
Keyword(s):  
European Union ◽  
Third Party ◽  
The European Union ◽  
Conflict Of Laws ◽  
The Third ◽  
Common Opinion ◽  
The Law ◽  
The Third Party ◽  
Rome I ◽  
The Eu

The question of the law applicable to the third-party effects of assignments of claims is widely discussed in the doctrinal debates. In common opinion, the existing European conflict-of-laws regulations do not provide for a rule governing this issue. In the case BGL BNP Paribas SA v. TeamBank AG Nürnberg (C‑548/18), the Court of Justice of the European Union confirmed this gape of the Rome I Regulation.The gloss presents the justification of the European Union Court’s judgment, the reasons for the lack of the uniform conflict-of-laws regulation, and the consequences of this state. It also analyses briefly the European Commission’s proposal for the EU Regulation concerning the law applicable to the third-party effects of assignments of claims (COM(2018) 96 final), as a response to this situation. Finally, it examines the appropriate conflict-of-laws rules for proprietary effects of assignments of claims (the law of the assignor’s habitual residence and the law of the assigned claim).

The Consequences of a Third Party Decision on Coopetition Strategies

2016 ◽  
Vol 14 (2) ◽  
pp. 1-19
Author(s):  
Anne-Sophie Fernandez ◽  
Francoise Pierrot
Keyword(s):  
Third Party ◽  
The European Union ◽  
Longitudinal Case Study ◽  
Accounting Standard ◽  
The Third ◽  
Setting Process ◽  
The Us ◽  
The Third Party ◽  
Accounting Standard Setting

Coopetition is a paradoxical strategy combining simultaneously cooperation and competition. Previous scholars investigated the role of the third-party in coopetition dynamics: it can initiate and drive the coopetition strategy or it can be involved in the management of the relationship. But the consequences of this involvement remain under-investigated. This research aims to fill this gap: what are the consequences of the involvement of a third-party in a coopetition strategy on the partners and their relationship? To answer this question, we conducted a longitudinal case study of coopetition strategies between two institutions the FASB and the IASB in the specific context of the global accounting standard-setting process and convergence process between the US GAAPs and the IFRSs.Our findings enable us to identify three different phases in the process. We provide evidence on the role of the third-party (the European Union in the case) in the evolution of the coopetition dynamic between the FASB and the IASB, and analyze the consequences on both partners and their relationship.

scholarly journals Subrogation of the Guarantee Fund and liability of the persons failing to take out mandatory insurance: an endorsement of the prevailing opinion of Portuguese courts

2019 ◽  
Vol 4 (2019/4) ◽  
Keyword(s):  
Case Law ◽  
Third Party ◽  
The Third ◽  
Current Trends ◽  
Motor Insurance ◽  
The Third Party

The paper discusses the problem of subrogation of the Guarantee Fund, especially in a case when a person who failed to take out the third-party liability motor insurance was not liable for the accident. The author presents current trends in Portuguese case-law on this matter and examines whether the Guarantee Fund should be entitled to claim the redress.

Policing Maastricht

1997 ◽  
Vol 70 (1) ◽  
pp. 49-53
Author(s):  
N.S.J. Baxter
Keyword(s):  
European Union ◽  
Security Policy ◽  
Third Party ◽  
The European Union ◽  
Member States ◽  
The Third ◽  
Foreign And Security Policy ◽  
Free Movement Of Persons ◽  
New Community ◽  
The Eu

In February 1992 the Treaty of European Union was signed at Maastricht. It committed member States to new Community goals which included increasing government cooperation in the fields of foreign and security policy along with justice and home affairs (Steiner, 1994). The following “pillars” to develop the Union were identified. First of all, the protection of the rights and interests of people was strengthened by introducing citizenship of the European Union (EU); secondly a commitment was made to implement a common foreign and security policy indicated a movement towards a common defence of the Union against third party States. The third pillar seeks to facilitate the free movement of persons, while ensuring their safety and security through member States, by working closely in the areas of justice and home affairs (Benyon et al, 1993). It is this latter aspect which has implications for policing within the EU.

The law applicable to third-party effects of assignments of claims: the UN Convention and the EU Commission Proposal compared

2019 ◽  
Vol 24 (4) ◽  
pp. 609-632
Author(s):  
Spyridon V Bazinas
Keyword(s):  
Third Party ◽  
The Third ◽  
The Us ◽  
United Nations Convention ◽  
The Law ◽  
The Third Party ◽  
Draft Regulation ◽  
Proposed Regulation ◽  
Eu Commission ◽  
The Eu

Abstract In October 2019, the U.S. ratified the United Nations Convention on the Assignment of Receivables in International Trade (the “Convention”) by the US, thus creating a new impetus for the broad adoption and entry into force of the Convention and with that for the facilitation of international receivables finance. In March 2018, the E.U. Commission issued a Proposal for a Regulation of the European Parliament and of the Council on the law applicable to the third-party effects of assignments of claims (the “Commission Proposal” or “Proposal”). The Commission Proposal includes a first draft of the proposed Regulation (the “draft Regulation”). An alignment of the main rule of the draft Regulation with the equivalent rule in the Convention could result in an internationally uniform conflict-of-laws rule on this matter, which would remove the legal divergences existing among legal systems and reduce the uncertainty as to the law applicable to the third-party effects of assignments of claims. The purpose of this article is to compare the relevant rules of the Convention and the draft Regulation, determine whether this coordinated approach is achieved and, if not, make suggestions as to how it can be achieved to the benefit of all parties involved in international receivables finance.

The Applicable Law for the Third-Party Effects of Assignment of Claim – the Approach of the United Kingdom

2020 ◽  
Author(s):  
Michaela Garajová
Keyword(s):  
United Kingdom ◽  
European Commission ◽  
Market Integration ◽  
Transition Period ◽  
Third Party ◽  
The European Union ◽  
The Third ◽  
Cross Border ◽  
The United Kingdom ◽  
The Third Party

The European Commission proposed a new regulation related to the law applicable to third-party effects of the assignment of claims. By this regulation the European Commission is aiming at increasing cross-border transactions, investments and market integration. However, the proposal is facing negative positions of member states, especially the United Kingdom. Even though the United Kingdom will not be obliged to follow the rules from the proposal, because it will come into effect after the transition period ends, its approach on this matter will regulate the third party effects of the assignment of claims in case the of cross-border transactions between a person from a member state and from the United Kingdom. Taking into account the difference between the approaches of the European Union and the United Kingdom, persons involved may get into more legal uncertainty than before.

Resolving tension from the third-party forgiveness effect

2014 ◽  
Author(s):  
Jaclyn M. Moloney ◽  
Chelsea A. Reid ◽  
Jody L. Davis ◽  
Jeni L. Burnette ◽  
Jeffrey D. Green
Keyword(s):  
Third Party ◽  
The Third ◽  
The Third Party
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