What is required to be a governing law?
— Part Three of Four —
Two things are required. First, the choice should be expressly made. If an express choice is not made, there are a series of fallback rules under the Convention, but clearly the far better approach is to make an express choice.
Second, the jurisdiction whose law is chosen must be a jurisdiction (i.e.» Read More
Co-Written by John Gabrielski
Barely thirty minutes after Prime Minister Theresa May commenced her address to Parliament at noon today, Tim Barrow, the UK’s representative to the EU, hand delivered its Article 50 Notice to Donald Trusk, the President of the European Counsel , in Brussels. The speculation is over – the UK is formally withdrawing from the EU.
Prime Minister May told Parliament that “[t]oday, the government acted on the democratic will of the British people, and it acts too on the clear and convincing position of this house.» Read More
What do these provisions accomplish?
— Part Two of Four —
The cited provisions are choice-of-law provisions that select the governing law for the intermediary account agreement, which under the Hague Securities Convention will then also dictate the governing law for other issues regarding the securities, enumerated in Article 2(1) of the Convention, such as perfection of liens and priority of interests. » Read More
Lending Against Securities in the U.S. After April 1, 2017
— Part One of Four —
The Hague Securities Convention, which goes into effect in the United States on April 1, 2017, will have significant impact on the law applied to all transactions – past and future – collateralized by securities held by an intermediary (e.g. a brokerage firm, bank trust department, etc.), where there is any international aspect to the security, such as the nationality of the security issuer, security holder, intermediary, party to the security transfer, adverse claimant, or the location of the security certificates.» Read More
As expected and reported on the blog last week, Fed Chair Janet Yellen and her team raised the Fed’s key interest rate by 0.25 percentage point today. While it’s the third time that the Fed has increased rates since the financial crisis, the US economy is on the move, and now, so are interest rates.
Yellen, in her remarks at the press conference today said that “[t]he simple message is the economy is doing well.» Read More