[Federal Register: March 18, 2002 (Volume 67, Number 52)]
[Notices]
[Page 12077]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18mr02-152]
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DEPARTMENT OF STATE
[Public Notice 3914]
Advisory Committee on Law Applicable to Securities
Intermediaries; Meeting Notice
The Study Group on International Securities Transactions of the
State Department's Advisory Committee on Private International Law will
hold a meeting on Tuesday, March 26, 2002, at the Federal Reserve Bank
of New York on proposed multilateral treaty rules determining what laws
are applicable to securities intermediaries, including the law
applicable to dispositions of securities held through holding systems.
The drafting of such rules has been undertaken on a fast-track
basis by the Hague Conference on Private International Law, an
intergovernmental body on which the United States is represented. The
meeting will provide an opportunity for public comment on the revised
draft rules and will facilitate preparation of United States positions
on whether to support a final meeting to conclude this process in the
fall of 2002.
Subject to availability of time, the meeting will review relevant
developments involving dematerialization and immobilization of
securities, transfers of interest, and the role of multiple indirect
and direct holding systems. A www site below contains the draft
provisions. The proposed scope of the applicable law treaty regime is
set out in Articles 2 and 3, rules on location relevant to determining
applicable law in Article 4, rules deferring to insolvency law in
Article 5, rules for countries with more than one system of law in
Articles 9 and 16, and transition rules in Article 17.
Time permitting, the start up of a new project to be undertaken by
UNIDROIT, a separate intergovernmental body, on the preparation of
uniform substantive rules on transfer of interests by securities
intermediaries, as well as clearance and settlement, 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'', and current revised draft rules are
obtainable at www.hcch.net. Commentators unable to retrieve these
documents may request them from the Office of the Assistant
LegalAdviser for Private International Law (L/PIL) by contacting Rosie
Gonzales at 202-776-8420, by fax 202-776-8482, or by e-mail at
pildb@his.com.
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 a.m. to 4 p.m. at the New York
Federal Reserve Bank, 33 Liberty Street. Since access to the building
is controlled, persons wishing to attend must, prior to c.o.b. Friday,
March 22, notify Audrey Watson, New York Federal Reserve Bank, of their
name, address, contact numbers, and affiliation, at 212-720-8403, or by
fax 212-720-1756. For additional information on the draft convention,
contact Joyce Hansen, Sr. Vice President, New York Federal Reserve Bank
at the above numbers, and for information on the law harmonization work
of the Hague Conference and UNIDROIT, 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, Department of State.
[FR Doc. 02-6484 Filed 3-15-02; 8:45 am]
BILLING CODE 4710-08-P