UCC Articles 8 and 9 and the Hague Securities Convention: Investment Property Update

Resolving Current Risks Facing Securities Customers, Banks, Brokers, Clearing Corporations and Third-Party Lenders

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, February 7, 2017

Recorded event now available

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Program Materials

This CLE program will explain the effect of ratification of the Convention by the United States on current practices under Articles 8 and 9 the Uniform Commercial Code. It will focus upon the circumstances in which it would be prudent for new clauses to be inserted into securities account agreements and securities account control agreements and in which the jurisdiction for perfection of a security interest in a securities account by the filing of a financing statement may change. Transition issues and some recent Articles 8 and 9 decisions will also be discussed.

Description

The Hague Securities Convention was promulgated in 2006 by the Hague Conference on Private International Law. On Sept. 28, 2016, the U.S. Senate gave its advice and consent to ratification of the Convention by the United States. The Convention is expected to become effective in the United States in the second quarter of 2017.

The Convention addresses certain important conflict of laws issues that arise under current law when securities are held with a bank, broker or clearing corporation through the so-called “indirect holding system.” The uncertainty under current law on these issues creates significant risks for securities customers, banks, brokers, clearing corporations and third-party lenders. The Convention, if widely adopted, would resolve these issues and will also affect certain current practices 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 the affect of ratification on current practices under Articles 8 and 9 the Uniform Commercial Code as well as 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 ratification of the Hague Securities Convention current practices under UCC Articles 8 and 9
  3. Drafting new provisions for securities account agreements and securities account control agreements
  4. Change of location for perfection of security interest by filing
  5. Transition issues
  6. Recent UCC Articles 8 and 9 cases involving investment property

Benefits

The panel will review these and other key issues:

  • What current risks facing securities customers, banks, brokers, clearing corporations and third-party lenders is the Hague Securities Convention intended to address?
  • Under what circumstances would it be prudent for new clauses to be inserted into securities account agreements and securities account control agreements?
  • What transition issues can finance counsel expect to be faced with when the Convention becomes effective in the U.S.?
  • What do recent court decisions tell us about practice under Articles 8 and 9 of the Uniform Commercial Code?

Faculty

Sandra M. Rocks
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

Professor Carl S. Bjerre
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

Joyce Hansen
Joyce Hansen
Federal Reserve Bank of New York

Ms. Hansen is former Deputy General Counsel and Senior Vice President of the Federal Reserve Bank of New York where she...  |  Read More

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