Civil Section Minutes 2007


The Hague Convention on the Law Applicable to Securities Held by Intermediaries

Presenter: Kathryn Sabo, General Counsel, International Private Law Section, Department of Justice, Canada

The Report distributed by Ms. Sabo respecting private international law developments contained an overview of activities respecting this Convention. The Convention was finalized and adopted in December 2002 and is a first attempt worldwide to draft cross-border rules on the law applicable to securities held with an intermediary. Canada actively participated in the negotiations relating to the Convention.

In 2004, the Conference agreed that the Canadian Securities Administrators authorize a Task Force to prepare a uniform implementing statute for the Convention, once the explanatory Report for the Hague Convention was finalized. The Explanatory Report was finalized in late 2004, and the Securities Administrators approved the CSA Task Force pursuing implementation work in April 2005. Since then, Canadian experts have continued to focus on USTA implementation as a priority, with the result that no progress has been made on a uniform Act to implement the Convention apart from informal discussion. The Report identified the following required action: The ULCC, with the CSA Task Force, prepare a uniform implementing legislation for the Convention.

RESOLVED:

THAT a Working Group be established to prepare a uniform implementing amending Act and commentaries for consideration at the 2008 meeting.

Next Annual Meeting

2017 Conference

Hotel Saskatchewan

Regina, SK

August 13 - 17, 2017
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