|Draft Regulation on central securities depositories – relation with the emission market - Page 2|
|Tuesday, 08 May 2012 06:11|
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The field for potential interesting considerations could be for instance Article 46 of the draft CSD Regulation (Applicable law to proprietary aspects) – see box.
The rule established by the said provision prescribing to apply the law of the country where the account is maintained to any question with respect to proprietary aspects in relation to financial instruments held by a CSD resembles Article 10(5) of the Registry Regulation (which stipulates: ‘Accounts shall be governed by the laws and fall under the jurisdiction of the Member State of their administrator and the units held in them shall be considered to be situated in that Member State’s territory) and also Article 9 (Conflict of laws) of the Financial Collateral Directive (see: Extending Financial Collateral Directive to spot emissions allowances trade – why not?).