[Federal Register Volume 66, Number 38 (Monday, February 26, 2001)]
[Notices]
[Page 11627]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4666]


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DEPARTMENT OF STATE

[Public Notice No. 3545]


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

    The Study Group on Securities Transactions of the State 
Department's Advisory Committee on Private International Law will hold 
a meeting on Monday, March 5, 2001, at the Federal Reserve Bank of New 
York on proposed treaty rules 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 provide an opportunity for public comment and will 
facilitate preparation of United States positions in connection with 
draft rules in preparation at the Hague Conference on Private 
International Law on law applicable to intermediaries.
    Agenda: The meeting will review initial draft rules considered by 
states, organizations and industry representatives invited by the Hague 
Conference at its first meeting on this subject, that took place 
January 2001 together with proposed amendments thereto and additional 
provisions that may be suggested by study group participants.
    Subject to availability of time, the meeting will review 
developments involving direct and indirect holders of securities, 
transfers of interest, dematerialization and immobilization of 
securities, the systemic role of multiple indirect holding systems, and 
whether harmonization by international treaty is feasible. 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.
    Time permitting, the desirability of additional efforts to prepare 
substantive rules on securities intermediaries by other international 
bodies, such as the United Nations Commission on International Trade 
Law (UNCITRAL), UNIDROIT and the OAS will be discussed.
    Documentation: The basic study by the Permanent Bureau of the Hague 
Conference, ``Law applicable to disposition of securities held through 
indirect holding systems'', is obtainable at www.hcch.net. Draft 
articles and proposed revisions thereto are set out in Doc. WP-16 dated 
February 6 and annexes A-C on the same site. Commentators unable to 
retrieve these documents may request them from the Office of the Legal 
Adviser (L/PIL) by contacting Rosie Gonzales at 202-776-8420, by fax 
202-776-8482, or by email at [email protected].
    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 10:00 a.m. to 4:00 p.m. at the 
New York Federal Reserve Bank, 33 Liberty Street, NYC in the 10th Floor 
Board Room. Since access to the building is controlled, persons wishing 
to attend should, prior to c.o.b. Wednesday, March 2, notify Joyce 
Hansen, Sr. Vice President, New York Federal Reserve, at 212-720-5024, 
fax 212-720-1756 or contact Harold Burman, Office 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. 01-4666 Filed 2-23-01; 8:45 am]
BILLING CODE 4710-08-P