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
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.
- General summary of the indirect holding system and the provisions of the Convention
- Impact of ratification of the Hague Securities Convention current practices under UCC Articles 8 and 9
- Drafting new provisions for securities account agreements and securities account control agreements
- Change of location for perfection of security interest by filing
- Transition issues
- Recent UCC Articles 8 and 9 cases involving investment property
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?
Sandra M. Rocks
Cleary Gottlieb Steen & Hamilton
Ms. Rocks' practice focuses on commercial financing, including secured transaction and bankruptcy law. She is... | Read More
Ms. Rocks' practice focuses on commercial financing, including secured transaction and bankruptcy law. She is Co-Chair of the Investment Securities Sub-Committee of the ABA Business Law Section UCC Committee. She also serves on the TriBar Committee on Legal Opinions and participated in TriBar's preparation of its original and updated reports on security interest opinions under Article 9 of the UCC.Close
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
Professor Bjerre specializes in commercial law. Active in national and international projects to modernize commercial law, he is a member of the Permanent Editorial Board for the Uniform Commercial Code, the Uniform Law Commission, and the American Law Institute. He was a member of the United States delegation for the negotiation of the Geneva Securities Convention. Prior to joining the Oregon Law faculty, he practiced transactional finance law for six years with the multinational law firm of Cleary, Gottlieb, Steen & Hamilton LLP in New York.Close
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
Ms. Hansen is former Deputy General Counsel and Senior Vice President of the Federal Reserve Bank of New York where she was responsible for the Legal Function's work in support of the Financial Institutions Supervision, Markets, and Research Groups. She chaired the Financial Markets Lawyers Group and she was co-chair of the U.S. delegation for The Hague Securities Convention. Recently retired, she devotes time to volunteer activities.Close