[Federal Register Volume 67, Number 215 (Wednesday, November 6, 2002)]
[Notices]
[Page 67682]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-28219]


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DEPARTMENT OF STATE

[Public Notice 4179]


Advisory Committee Meeting on Law Applicable to Securities 
Intermediaries Meeting Notice

    The State Department's Advisory Committee on Private International 
Law Study Group on International Securities Transactions will hold two 
meetings at the Federal Reserve Bank of New York on proposed treaty 
rules on determining the law applicable to securities intermediaries 
for cross-border arrangements, and in particular the law applicable to 
dispositions of securities held through an indirect holding system. The 
meeting will provide an opportunity for comment on current proposals 
for such rules, on which final agreement will be sought in December 
2002.
    A preliminary meeting will be held on Tuesday, October 29 from 10 
a.m. until 4 p.m., and a final meeting on Wednesday, November 20 to 
review positions of the securities industry, agency authorities, and 
state and federal securities law and other related interests.
    Finalization of the proposed rules, to be set out in multilateral 
treaty form, will be sought under the auspices of the Hague Conference 
on Private International Law, located at The Hague, Netherlands, an 
international private law body of which the United States is a member. 
Finalization of the proposed treaty rules does not in any manner commit 
the United States or any participant to implement the rules, and a 
review of the rules as adopted and full opportunity for comment will be 
initiated during the first quarter 2003.
    Agenda: The meeting will review the latest draft rules which have 
been considered by a number of countries, organizations and industry 
representatives since work on this topic was initated in January 2001, 
together with proposed amendments thereto. Recommendations will also be 
sought on further amendments and provisions that may be suggested.
    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 
the balance of interests to be achieved through harmonization at the 
international level by treaty. Among other issues, an applicable law 
regime will need to address what law governs transfers of securities 
held through custodial accounts and financial intermediaries. Important 
in that regard will be the interface with existing state and federal 
law in the United States.
    Time permitting, the desirability of new efforts to prepare 
substantive rules on securities intermediaries by other international 
bodies which could build on progress achieved at the Hague Conference 
will be discussed, including in particular UNIDROIT and the 
Organization of American States (OAS).
    Documentation: The conference working documents are available at 
http://www.hcch.net, including the most recent draft provisions, in 
particular Preliminary Doc. Nos. 15 and 16, and the initial basic study 
by the Permanent Bureau of the Hague Conference, ``Law applicable to 
disposition of securities held through indirect holding systems'', 
Prel. Doc. No. 1.
    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 meetings will take place at 10 a.m. to 4 p.m. at the New 
York Federal Reserve Bank, 33 Liberty Street, NYC. Since access to the 
building is controlled, persons wishing to attend should, not later 
than three (3) days prior to each meeting, notify Audrey Watson at 212-
720-8403, fax 720-1756 of their participation, along with address, 
contact numbers and affiliation. For futher information on the proposed 
rules or the Hague Conference, please contact Joyce Hansen, Sr. Vice 
President, New York Federal Reserve, at 212-720-5024, fax 212-720-1756 
or Harold Burman, Office of the Legal Adviser, State Department, 202-
776-8421; fax 202-776-8482.

    Dated: October 23, 2002.
Harold S. Burman,
Executive Director, Secretary of State's Advisory Committee on Private 
International Law, Department of State.
[FR Doc. 02-28219 Filed 11-5-02; 8:45 am]
BILLING CODE 4710-08-P