UCC Articles 8 and 9 and the Hague Securities Convention

Revising Securities Account and Account Control Agreements, Determining Where to File, Transitional Issues

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
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Tuesday, December 20, 2022

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, December 2, 2022

or call 1-800-926-7926

This CLE program will explain the effect of the Hague Securities Convention on practices under Articles 8 and 9 of the Uniform Commercial Code. It will focus on the circumstances in which new clauses should be inserted into securities account agreements and account control agreements and in which instances the jurisdiction for perfection, priority, or the rules for enforcement of a security interest may change. The panel will also discuss some recent Articles 8 and 9 decisions.

Description

The Hague Securities Convention, which has been effective as a matter of United States commercial law since Apr. 1, 2017, addresses significant conflict of laws issues that arise when securities are held with a bank, broker, or clearing corporation through the so-called "indirect holding system" and have some cross-border element, e.g., the securities are issued by an issuer in another country, are held by a broker in another country, or are subject to an adverse claim from a person in another country.

The uncertainty under current law on these issues creates significant risks for securities customers, banks, brokers, clearing corporations, and third-party lenders in transactions with one or more cross-border elements. The Convention, if widely adopted, would resolve these issues and, in any event, already affects transactions under Articles 8 and 9 of the Uniform Commercial Code.

Listen as our authoritative panel of commercial finance attorneys guides you through the Hague Securities Convention and its effect on current practices under Articles 8 and 9 of the Uniform Commercial Code and recent court decisions under Articles 8 and 9.

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Outline

  1. General summary of the indirect holding system and the provisions of the Convention
  2. Impact of the Hague Securities Convention on current practices under UCC Articles 8 and 9
  3. Suggested provisions for securities account agreements and securities account control agreements
  4. Change of location for the perfection of a security interest by filing
  5. Recent UCC Articles 8 and 9 cases involving investment property

Benefits

The panel will review these and other key issues:

  • How does the Hague Securities Convention address risks facing securities customers, banks, brokers, clearing corporations, and third-party lenders?
  • What do recent court decisions tell us about practice under Articles 8 and 9 of the Uniform Commercial Code?
  • Under what circumstances would it be prudent to insert new clauses into securities account agreements and securities account control agreements?

Faculty

Bjerre, Carl
Professor Carl S. Bjerre

Kaapcke Professor of Business Law
University of Oregon

Professor Bjerre specializes in commercial law. Active in national and international projects to modernize commercial...  |  Read More

Rocks, Sandra
Sandra M. Rocks

Counsel
Cleary Gottlieb Steen & Hamilton

Ms. Rocks' practice focuses on commercial financing, including secured transaction and bankruptcy law. She is...  |  Read More

Smith, Edwin
Edwin E. Smith

Partner
Morgan, Lewis & Bockius

Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies,...  |  Read More

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Early Discount (through 12/02/22)

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Early Discount (through 12/02/22)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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