[Federal Register Volume 65, Number 245 (Wednesday, December 20, 2000)]
[Notices]
[Pages 79911-79912]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32410]


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DEPARTMENT OF STATE

[Public Notice No. 3494]


Advisory Committee Meeting on Law Applicable to Securities 
Intermediaries; Meeting Notice

    The Advisory Committee on Private International Law will hold a 
study group meeting on Friday January 5, 2001 on law applicable to 
securities intermediaries, and in particular the law applicable to 
dispositions of securities held through an indirect holding system. The 
meeting will be held at the Federal Reserve Bank of New York.
    The meeting will provide an opportunity for public comment on 
developments in the securities transaction field, including clearance 
and settlement and the role of indirect holding systems, with regard to 
possible international rules to determine law applicable to those 
transactions. The meeting will facilitate preparation of United States 
positions in connection with the work of international organizations 
affecting private law aspects of this topic, including the Hague 
Conference on Private International Law project to prepare rules on law 
applicable to intermediaries. A secondary topic will be the feasibility 
of harmonized substantive rules for consideration by other 
international bodies, such as the United Nations Commission on 
International Trade Law (UNCITRAL), or by regional groups of states.
    The agenda, subject to availability of time, will include a review 
of developments involving direct and indirect holders of securities, 
transfers of interest, dematerialization and immobilization of 
securities, and the systemic role of multiple indirect holding systems. 
The meeting will also examine whether harmonization through national 
law, industry or commercial sector rules, or by international treaty is 
feasible and is necessary. Among other issues, an applicable law regime 
might address what law governs transfers of securities held through 
custodial accounts and financial intermediaries; the rights to 
securities in custodial accounts; the rights of owners of securities as 
well as entities secured thereby; the relation to third party 
creditors; and the legal nature of interests in securities held by such 
intermediaries or through central clearing systems.
    Documentation for the meeting will includes a recent study by the 
Permanent Bureau of the Hague Conference concerning ``law applicable to 
dispositions of securities held through indirect holding systems. The 
document may be obtained at www.hcch.net, or from the Office of the 
Assistant Legal Adviser for Private International Law by contacting 
Rosie Gonzales at 202 776-8420 or by fax 202-776-8482.
    Attendance: The public is invited to attend up to the capacity of 
the meeting room and may participate subject to the rulings of the 
chair. The meeting will take place at 10 a.m. to 3 pm at the New York 
Federal Reserve Bank at 33 Liberty Street, NYC in the 10th Floor Board 
Room. Since access to the building is controlled, persons wishing to 
attend should, prior to cob Wednesday, January 3, Joyce Hansen, Sr. 
Vice President, New York Federal Reserve, phone: 212-720-5024; fax: 
212-720-1756 or contact Harold Burman, Office

[[Page 79912]]

of the Legal Adviser, 202-776-8421; fax: 202 776-8482.

Harold S. Burman,
Executive Director, Secretary of State's Advisory Committee on Private 
International Law, U.S.Department of State.
[FR Doc. 00-32410 Filed 12-19-00; 8:45 am]
BILLING CODE 4710-08-P