There is a growing call to introduce a European public notice filing system for security rights in movable goods comparable to the notice filing system of Art. 9 UCC. A proposal to this effect has been adopted in Book IX DCFR, which represents a comprehensive framework of rules for proprietary security in movable assets. The ultimate aim of this thesis was to investigate whether a European notice filing system for security rights in movable assets should be introduced, and if so, to what extent Art. 9 UCC should serve as an example. In evaluating this question, this thesis focused on the interests of several types of parties that are typically involved in or exposed to secured transactions operating within the borders of the European Union. In a nutshell, it investigated whether it is likely that these parties will be "better off" in a system where a public filing system exists, measured by effectiveness and cost-efficiency. More specifically, this thesis proceeded from the proposition that it is worthwhile to strive for public filing if it effectively addresses the legal risks these parties are exposed to in the absence of public information on security interests and does so in a manner that is cost-efficient for the parties concerned, i.e. in accordance with a cost-benefit approach. The outcome was that a public filing system on a European scale may be useful in the aforementioned respect; its success will however, largely depend on the way it is designed and organized. The current proposal for a public notice filing system as embodied in Book IX of the European Register for Proprietary Security (‘ERPS’), is promising in various respects. This thesis presented a few recommendations aimed at further improving the proposal.

Publicity in secured transactions law: Towards a European public notice filing system for non-possessory security rights in movable assets?

Alle marktpartijen in Ethiopie, met inbegrip van de financiele markt, werden genationaliseerd na de socialistische revolutie van 1974. Toetreding tot de markt werd toen verboden. De beginnende effectenmarkt werd ook gesloten en de bank- en de verzekeringssector werd gedwongen nationale plannen uit te voeren. De Ethiopische regering van na 1991 heeft opnieuw een marktgeorienteerd economisch beleid ingevoerd. Ook werd het ontstaan en de groei van private banken, verzekeraars en microkredietinstellingen mogelijk. Het beleid ten aanzien van de Ethiopische financiele markt en de ontwikkeling en de regulering van deze markt zijn een onderwerp van voortdurende aandacht geweest sinds de vrijemarktbenadering werd aanvaard en private investeringen werden toegestaan. Solomon Yimer onderzocht de verdere diversificatie van de financiele markt. Ook keek hij naar een passend regulatoir regime. Met zijn studie wil Yimer bijdragen aan de kennis van de ontwikkeling van markten en regulering in Ethiopie en deze ontwikkeling als zodanig bevorderen.

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Financial market development, policy and regulation: the international experience and Ethiopia’s need for further reform

Capital markets integration: A sociotechnical study of the development of a cross-border securities settlement system

Tensions created by continuous disruption in the financial landscape leading to increased market convergence have suddenly rekindled the age long philosophical dispute between ‘form’ and ‘function’ as it relates to the conflict between indigenous and received legal traditions. This research tests these competing theories in the conceptualisation of securities. The formalist explanation considers the degree of institutional influence a sole reliance on legal texts play in achieving statutory coherence and utility; such as applying the strict interpretation of legal letters to reduce the uncertainties of contexts. By contrast, the functional explanation captures the limitation of legal texts without an examination of contexts. Therefore, statutory design and definition must seek to operationalise the outcomes of historical, political, economic, and socio-cultural contexts in its formation. This research raises the hypothesis that formalism places significant constraints on the language of statute to optimise products development, while functionalism enables the aggregation of legal and non-legal themes to create products. It goes further to tests these hypotheses on critical literature review and on a data set of regulatory agencies and market participants in Nigeria. It explores the conflicts created and how they continuously erode the underlying conceptual structure of securities. The research finds strong support for the functionalist context sensitive explanations. Therefore by developing and proposing a functional court-centred context-sensitive model as solution, this research suggests that formalist structure contributes to definitional incoherence of securities and places significant constraints on the capacity of language to optimise securities laws for increased product development in capital markets.
The research further stresses the usefulness of real world semantics within language philosophy in shaping representionality of legal texts by providing a basis for the context sensitive conceptualisation. Through the use of focused group case study research technique, the thesis identified the legal obstacles to the conceptualisation of securities in the Nigerian Capital Market. It clarifies the place of negotiability, transferability and circularity components within the context of securities concepts of rights and duties. This is with a view to unearthing the legal nature of negotiable risk that sits at the core of securities. The research proposes a context sensitive definition of securities for the Nigerian Capital Market to replace the current definition in Section 315 of Investment and Securities Act 2007.

The legal conceptualisation of investment securities in the Nigerian Capital Market : challenges and opportunities

While cross-border financial activity continues to grow, facilitated by the adoption of electronic information and communication technologies (ICTs) and the multi-jurisdictional presence of large financial corporations, securities marketplaces have remained locally organised Why has marketplace integration in this area lagged when ICTs have made possible the linking of geographically remote transacting parties and enhanced their calculative capabilities This question raises issues regarding distinctions between markets and marketplaces and the implication of ICTs in the constitution of financial marketplaces that this research seeks to address through a study of an initiative to use ICTs to integrate the securities marketplaces of the UK and Ireland, France, Belgium, Holland, and Brussels-based international central securities depository Euroclear Bank Adopting an approach informed by the social studies of finance that emphasise the importance of technologies, systematic knowledge, and material practices in the functioning of financial markets, the central empirical focus of the research is to trace the articulation of human and non-human entities involved in the development of the Euroclear cross-marketplace securities settlement platform The study shows that integrating securities marketplaces is far from being a neat technical process requiring the integration of ICT systems Instead, a meticulous sociotechnical re-articulation of the exchange architectures that format the encounters between transacting parties and transacting parties and objects of exchange is required Furthermore, as the new arrangements take shape, they become a concrete interrogation of the world - both conceptual and material - surrounding them; technical issues become part of wider controversies, with points of interface between the emerging system and other sociotechnical networks it comes into contact with becoming nodes of actions, questions, and reactions from agencies required to respond to the demands of the new platform from the world around it In the process, competing inscriptions of assumptions about the world are rendered explicit and contestable as the experiment of ICT-inspired marketplace integration becomes embroiled in a trial of rival conceptions of politico-economic integration

Information and communication technologies and the integration of financial marketplaces : the development of the Euroclear single platform for cross-border securities settlement

PART I: OVERVIEW: PART II: DELIVERIES: PART III: INFRASTRUCTURE PRODUCTS AND SERVICES: PART IV: REPACKAGED PRODUCTS: PART V: CONCLUSIONS

Interests in Securities: A Proprietary Law Analysis of the International Securities Markets

This book provides a uniquely clear and accessible analysis of the legal aspects of the international markets in securities (such as shares and bonds) It considers the legal implications of the computerisation and globalisation of these markets, and in particular the impact of the use of custodians, depositaries and other intermediaries by investors and collateral takers holding interests in securities In the light of this analysis, the book goes on to consider a range of both traditional and innovative services and products in the international securities markets These include a range of collateralisation techniques (including secured lending, repurchase agreements, securities lending and derivatives collateral) custody, settlement and repackaged securities (including managed funds and collateralised bond obligations) The position under both domestic and private international law is considered The book is written in plain language so as to be accessible to the relative newcomer to the field, and to market professionals as well as lawyers However, it is also sufficiently detailed to provide a valuable source of reference and analysis for experienced practitioners engaged in managing legal risk in cross-border securities collateral and investment Given the global nature of the securities markets, it will be of international relevance and appeal

Joanna Benjamin

Papers

Interests in Securities: A Proprietary Law Analysis of the International Securities Markets

Interests in Securities: A Proprietary Law Analysis of the International Securities Markets