New Legal Concepts regarding the Holding of Investment Securities

Transcription

New Legal Concepts regarding the Holding of Investment
Securities for a Civil Law Jurisdiction – The Swiss Draft Act
Luc Thévenoz *
In December 2004, the Swiss Ministry of Finance opened an informal consultation on
a draft Federal Act on the Custody and Transfer of Securities Held with an
Intermediary (hereinafter: the draft Act).1 The consultation also includes a proposal to
sign and ratify the Hague Convention on the Law Applicable to Certain Rights in
respect of Securities held with an Intermediary.2 Merely from the title of the draft Act,
the reader may perceive some similarity with the preliminary draft UNIDROIT
Convention on Harmonised Substantive Rules regarding Securities Held with an
Intermediary 3 which is the subject of this issue of Uniform Law Review. A closer look
at the draft Act fully bears out this intuition. Though the structure and style of the two
drafts differ substantially, a detailed analysis of the Swiss provisions reveals that most
of them are intended to have the same legal effects as the corresponding provisions in
the preliminary draft UNIDROIT Convention.
The timing of the Swiss project is no coincidence. There is a strong connection
between the first international attempt at harmonising the most fundamental rules
governing the custody and transfer of intermediated securities and the strong desire of
the Swiss financial community, supported by the Federal Government, to reform this
area of the law.
This article will look into the need for a reform of the Swiss law, its objectives
and constraints. It will then go on to describe the concept of intermediated securities,
which is the cornerstone of the draft Act. Without any pretence at exhaustiveness, it
will conclude by discussing some of the major features of the draft Act and comparing
them with the preliminary draft UNIDROIT Convention.
*
Professor in the Faculty of Law, University of Geneva (Switzerland); Director of the Centre for
Banking and Financial Law; member of the Swiss Federal Banking Commission. The author was a member of
the UNIDROIT Study Group on Harmonised Substantive Securities Held with an Intermediary at the same time
as he was sitting on the committee appointed by the Swiss Ministry of Finance to prepare the draft act which is
the subject-matter of this article.
1
Loi fédérale sur le dépôt et le transfert des titres intermédiés – Bundesgesetz über die Verwahrung
und Übertragung von Bucheffekten. See text of the Act, reproduced as an annex to this article, 312.
2
The report was published on the Ministry website (<www.dff.admin.ch>), under Doc | Rapports
d’experts (15.12.2004). See text of the Hague Convention reproduced in this issue, 368.
3
See text of the preliminary draft UNIDROIT Convention reproduced in this issue, 10, and the
Explanatory Notes thereto, 36.
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Enhancing Legal Certainty over Investment Securities Held with an Intermediary
I.
–
THE CURRENT LAW AND THE NEED FOR REFORM
Swiss law recognises securities in three different forms: individual certificates, global
certificates, and uncertificated securities. It is generally accepted that the law does not
require issuers to use any particular form.4 In practice, global certificates represent by
far the most common type of security as a proportion of total amounts.
Individual certificates are negotiable instruments (papiers-valeurs, Wertpapiere)
transferable by delivery, with an endorsement when necessary. Most individual
certificates issued to the public are physically under the custody of SIS SegaInteresettle
SA, acting as a central depository. While they are so immobilised, they are transferred
between investors by crediting or debiting securities accounts with their respective
banks or brokers.
Global certificates (certificats globaux, Globalurkuden) represent all or part of a
rights issue. They too are usually negotiable instruments, though they are unlikely to
be sold en bloc during the lifetime of the issue. Global certificates are typically
deposited with a central depository (SIS, Euroclear, Clearstream); investors can trade
their rights through their securities accounts in the same way as for immobilised
individual certificates.
Uncertificated securities (droits-valeurs, Wertrechte) are completely dematerialised.
They are “registered” with an intermediary, often a large investment bank. Investors can
trade their rights via securities accounts in the same way as described above. In most
cases, an investor will not know, or need to know, in what form the securities credited
to his accounts are issued or where they are deposited or registered.
The relevant Swiss law codes (Civil Code and Code of Obligations) specifically
govern the physical transfer of certificated securities. They require the delivery and,
when necessary, written endorsement of the certificate.5 Uncertificated securities can
only be transferred by means of a written and signed assignment.6 No legal provision
specifically provides for the transfer of investors’ rights by means of book-entries in
securities accounts. The industry set up a network of contracts (between customers
and their banks, between banks and the central depository) which remains to this day
the only legal foundation of the entire book-entry system. Analytically, the interest
evidenced by a credit in a securities account is deemed to be a co-ownership share in
every security of the same description held by the central depository as a fungible
pool. This particular type of co-ownership differs from the one assumed in the Civil
4
This remains a disputed point as far as shares are concerned: it has traditionally been assumed that
each shareholder has a statutory right to an actual, individual certificate. Many large Swiss companies have
nonetheless excluded that right in their articles of association without giving rise to litigation. For an overview
and further references, see M. OERTLE / S. DU PASQUIER, Cmt. 4 to Art. 684, in Basler Kommentar zum
Schweizerischen Obligationenrecht: Obligationenrecht II, 2nd ed., Helbing & Lichtenhahn, Basel (2002).
5
Code of Obligations, Arts. 967–969 (transfer of negotiable instruments in general), Arts. 684–685g
(transfer of registered shares may be restricted by the issuer’s by-laws); Civil Code, Art. 901 (pledge). Federal
statutes and regulations may be consulted at <www.admin.ch> under Recueil systématique | Systematische
Rechtssammlung.
6
Code of Obligations, Art. 165.
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Luc Thévenoz – New Concepts for the Holding of Investment Securities ... the Swiss Draft Act
Code 7 in that an investor cannot force the dissolution of the co-ownership, but he
may require the delivery of (physical) securities (if any) without the assistance or
consent of other co-owners in the same pool. Central to this construction is the notion
that the owners of the securities are the investors, not the intermediaries, unless the
latter are holding such securities on their own account (as investors themselves). By
causing his account to be debited and the account of a buyer to be credited, an
investor transfers all or part of his co-ownership share in the actual securities
deposited (or registered) with the uppermost intermediary in the chain.
While this construction is fundamentally based on the concept of and the rules
applying to movable tangible property, the movable and tangible aspects are
completely set aside by the immobilisation of the certificates or the complete
dematerialisation of the securities. When making book entries in securities accounts,
investors are only interested in acquiring, charging or selling the intangible rights
(payment of interest or dividend, voting rights, etc.) against the issuers represented by
the securities. Many centuries ago, negotiable instruments were created by the
merchant community; this eventually led to the formation of a lex mercatoria to
facilitate the transfer of intangible rights by packaging them into certificates that can
be bought, pledged and sold just as easily and conveniently as moveable property.
When the certificates are permanently immobilised or when the securities are
completely dematerialised, applying the rules of tangible property to the transfer of
intangible rights was tantamount to overlaying one fiction (movable tangible property
represents intangible rights) with another fiction (book entries represent delivery of
movable property).
Based on contractual rather than statutory provisions, the legal construction for
immobilised and dematerialised securities has received the attention of many legal
writers, although unfortunately not in the English language.8 It must be convincing,
since it has never really been challenged in court. The only published court decision
enforcing a similar arrangement relates to certificated shares of common stock in a
7
8
Civil Code, Art. 646.
L. DALLEVES, “La dématérialisation des papiers-valeurs”, Société anonyme suisse (1987), 43;
B. FOËX, “Transfert et engagement des valeurs mobilières ‘intermédiées’ en droit suisse”, in Journée 2003 de
droit bancaire et financier, Schulthess, Zurich (2004), 55-75; C. BRUNNER, Wertrechte – nicht verurkundete
Rechte mit gleicher Funktion wie Wertpapiere: Ein Beitrag zur rechtlichen Erfassung des Effektengiroverkehrs,
Stämpfli, Bern (1996); O. FAVRE, Die Berechtigung von Depotkunden an auslandsverwahrten Effekten,
Schulthess, Zurich (2003); P. FORSTMOSER / T. LÖRTSCHER, “Namenaktien mit aufgeschobenem Titeldruck: Ein
Konzept zur Rationalisierung der Verwahrung und des Handels von Schweizer Namenaktien”, Société
anonyme suisse (1987), 50; A. MEIER-HAYOZ, “Abschied vom Wertpapier?”, Revue de la Société des juristes
bernois (1986), 385; A. MEIER-HAYOZ / H.C. VON DER CRONE, Wertpapierrecht, 2nd ed., Stämpfli, Bern (2002),
§ 25; R. RICKENBACHER, Globalurkunden und Bucheffekten im schweizerischen Recht: Ein Beitrag zur
Rationalisierung des Wertpapiergeschäfts, Schulthess, Zurich (1981); D. ZOBL, “Internationale Übertragung und
Verwahrung von Wertpapieren (aus schweizerischer Sicht)”, Revue suisse de droit des affaires (2001), 105;
D. ZOBL / S. KRAMER, Schweizerisches Kapitalmarktrecht, Schulthess, Zurich (2004), § 5; D. ZOBL / C. LAMBERT,
“Zur Entmaterialisierung der Wertpapiere”, Revue suisse de droit des affaires (1991), 117.
Rev. dr. unif. 2005-1/2
303
private company which were deposited with another company that was not a
financial intermediary.9
So why would the Swiss financial community – traditionally more concerned
with containing the tide of new regulations than with promoting new legislation –
suddenly feel the need for a statutory instrument in this area of law? I believe that it is
responding to strong demands from some of its customers, mostly large institutional
investors and global investment banks. In the absence of specific statutory provisions,
the legal construction on which the whole custody activity relies is perceived as
lacking transparency and legal certainty. No case law can be cited to confirm that the
Swiss link in an international chain of holding securities will withstand legal
challenges. Given the ever-increasing sensitivity of major international players,
national regulators and central banks to legal, operational and systemic risk, it is no
wonder that Swiss custodians are being challenged by their customers to prove the
robustness of the legal foundations of their business. A series of reports from the
Committee on Payment and Settlement Systems (CPSS), the International Organization
of Securities Commissions (IOSCO), the Giovannini Group, the Group of Thirty, the
European Central Bank and the Committee of European Securities Regulators (CESR),
as well as the European Financial Market Lawyers Group, has certainly played a
significant role in generating these demands. The completion in record time of the
Hague Convention on the Law Applicable to Certain Rights in respect of Securities
held with an Intermediary, which offers the world a uniform rule regulating conflict of
laws in this area, only confirms the global need for demonstrable legal certainty.
While Belgium and Luxembourg, home to two prominent international central
securities depositories, cleaned up their act long ago,10 Switzerland still needs to
provide a statutory anchor for the rules governing the operational infrastructure of
securities markets.
II.
–
OBJECTIVES AND CONSTRAINTS
As mentioned above, the need to promote legal certainty is a central concern in the
whole process. But legal certainty needs to be demonstrable; legal principles and
rules must be accessible to national and foreign investors and intermediaries. In the
opinion of the Swiss drafters, the easiest way to achieve this would be by creating a
statute to comprehensively regulate the custody and transfer of immobilised and
dematerialised securities rather than by patching up the existing codes.
9
Arrêts du Tribunal Fédéral Suisse | Entscheidungen des Schweizerischen Bundesgerichts 112 II,
406, Ems-Chemie Holding AG v. Schmid AG Gattikon, French summary in Journal des Tribunaux (Lausanne)
(1987), I 487.
10
Belgium, home to Euroclear, enacted an Arrêté royal n° 62 du 10 novembre 1967 favorisant la
circulation des instruments financiers on 10 November 1967, amended on 15 July 1998 by means of a Loi
modifiant diverses dispositions légales en matière d’instruments financiers et de systèmes de compensation de
titres. Luxembourg, home to Cedel (now merged with Clearstream), passed the Loi du 1er août 2001
concernant la circulation de titres et d’autres instruments fongibles.
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In a world where financial markets are becoming ever more inter-related and
institutional and retail investors are looking to diversify their portfolios, cross-border
holding of securities is a major feature that any national law must take into account.11
As the UNIDROIT Study Group pointed out early in its work, domestic laws need to be
not just internally sound, but also compatible with one another. While it is always
difficult to co-ordinate two projects in parallel progress, the ideas of the UNIDROIT
Study Group became one of the major inputs into the Swiss drafting process,
influencing everything from principles down to terminological choices.
Substantively, the starting point was the need to guarantee investors’ property
rights in securities held with an intermediary. The term “investor” is not confined to
absolute owners; it includes collateral takers as well as beneficiaries of certain other
interests such as usufructs. The draft Act therefore refers explicitly to Article 22 of the
Swiss Federal Constitution, which guarantees the fundamental right to property.
Investors’ property interest in securities held with an intermediary can be
construed in many different ways. According to Article 8 of the US Uniform
Commercial Code, every intermediary in the indirect holding chain creates a distinct
securities entitlement by crediting securities to the account of an account holder. Only
the uppermost intermediary is recognised by the issuer as the bondholder or
shareholder, i.e., the legal owner of the securities. Securities entitlements pass the
benefits of securities ownership down to the investor, who is the last account holder
in the chain. Current English law achieves much the same effect by using the
institution of trusts. Each account holder on each rung of the ladder is the beneficiary
and equitable owner of the property legally owned by his own intermediary.
At the opposite side of the spectrum, Swiss law and other civil law systems
consider that the ultimate account holder is the only legal owner of securities
deposited with the uppermost intermediary. All intermediaries along the chain are
mere holders and book-keepers of the investor’s property. Because the owner of the
securities is the ultimate account holder, he is – or ought to be – recognised by the
issuer as the bond or shareholder, who is entitled to vote in his own right, not as the
proxy of any intermediary.
The repeated and sustained discussions within the UNIDROIT Study Group
throughout the project have convinced the author that both models have significant
advantages and drawbacks. There is no strong reason to believe that a reform of Swiss
law needs to discard the “direct ownership” approach in favour of an “indirect holding”
approach. Discussions within the financial community strongly suggested that maintaining a direct legal relationship between the investor and the issuer was considered a
priority, although in practice and from an operational point of view, the investor needs
the help of his and all subsequent intermediaries in order to exercise his rights.
11
Of the total volume of securities held by Swiss banks for their customers in 2003, 57% were held
for non-Swiss residents. Of the total volume of securities held by Swiss banks on their own account (trading
book and participations), 67.5% were issued by non-Swiss issuers. See BANQUE NATIONALE SUISSE, Les banques
suisses 2003, 88th ed., Zurich (2004), (pp.) A49, A152.
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305
Accordingly, the reform is intended to safeguard the property of investors,
consisting essentially in claims and rights directly vis-à-vis the issuer, although their
exercise would be mostly channelled along the chain of intermediaries. This would be
achieved with particular attention to the integrity of the issue, which means that the
total number or value of rights exercisable at any given moment by all account
holders must not exceed the total number or value of rights that were issued by and
are binding upon the issuer. Moreover, the reform needs to be neutral from a
technology point of view. Whether securities are issued in the shape of individual or
global certificates or completely dematerialised should remain the choice of the
issuers and investors (as stated in the conditions of issue), and not of the lawmaker.
III.
– INTERMEDIATED SECURITIES – A NEW KIND OF PROPERTY
The draft Act is based on the Copernican idea that once the physical certificates (if
any) are deposited with an intermediary,12 intermediaries and investors deal only with
the rights which the paper represents and which were introduced into the intermediary system through the immobilisation of the certificate with an intermediary. The
container (the certificate) retreats into the wings while the content (the rights against
the issuers) comes to centre stage; it can be transferred or charged to another party
without the container being moved or affected in the least. Therefore, a credit to a
securities account represents pecuniary and possibly voting rights against the issuer
which are effective against the world (erga omnes) and can be generally enforced
through the relevant intermediary. Under Article 4 of the draft Act,13 these rights and
the credit representing them together constitute an “intermediated security” (titre intermédié, Bucheffekt), a new concept in Swiss law and the cornerstone of the draft Act.
Obviously, credits to a securities account also give rise to contractual rights and
duties between the account holder and the intermediary. The draft Act mostly leaves
these to contractual freedom. The most significant mandatory rule in this respect defines
the extent of the intermediary’s liability for losses caused to the account holder.
The deposit of individual or global certificates with an intermediary,14 or the
registration of a dematerialised issue along with the corresponding credits to securities
accounts, create new intermediated securities under the Act.15 The withdrawal of
such certificates, if still possible, and their debiting from securities accounts extinguish
12
The Act does not distinguish between central depositories and other intermediaries. Whether the
physical custody of certificates or the registration of dematerialised issues should be restricted to a certain class
of intermediaries is a matter for regulation, on which the Act does not infringe.
13
Article 4(1): “Intermediated securities within the meaning of this Act are fungible pecuniary and
voting rights against an issuer (a) which are credited to a securities account and of which the account holder
may dispose pursuant to the provisions of this Act; and (b) which are effective against the depository and any
third parties; in particular such rights are beyond the reach of the depository’s creditors.” Translation of the
original German and French drafts of 15 July 2004.
14
The Swiss draft uses the word “depository” where the preliminary draft UNIDROIT Convention
speaks of an “intermediary”.
15
Draft Act, Art. 7.
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them.16 As long as intermediated securities exist, they are almost exclusively 17
governed by the draft Act. But what happens to the certificates, of which there is no
further statutory mention although they still exist in the (hopefully) careful hands of an
intermediary? Two new articles to be added to the Code of Obligations, dealing with
the collective deposit of physical securities, confirm that every depositor has a coownership right in the fungible pool of deposited securities. Implicitly, transferring or
pledging intermediated securities also transfers or pledges that co-ownership right.
This physical side of the transaction is not, however, very relevant to the investor, and
it is not dealt with specifically by the draft Act. The only relevant question considered
is whether an investor has a right to withdraw physical certificates from the
intermediary system, possibly by requiring the issuer to have them issued or re-issued.
Default rules are to be found in Articles 9 and 10, subject to the conditions of issue.
The bold but necessary move here is to suggest that a new type of property be
recognised and regulated by Swiss law. Intermediated securities are a new type of
essentially intangible property, subject to its own rules regarding their creation,
transfer and extinction. From a conservative viewpoint, one may wonder why it is
advantageous to create this new type of property. Actually, immobilised and
dematerialised securities already exist in Switzerland, and they are governed either by
the rules on tangible movable property (immobilised securities) or by the rules on
assignment of claims (dematerialised securities). Is it not possible to patch up those
rules so as to make them more consonant with the operational reality and more
transparent to domestic and foreign investors and intermediaries?
The answer is not far to seek. Whether securities were issued in the form of
certificates or by mere registration with an intermediary, they should be subject to
exactly the same rules as soon as they are introduced into the intermediary system.
Account holders do not care about the form – why should they? Dematerialised
securities can hardly be transferred outside the intermediary system. Certificates can,
when they are not immobilised. But immobilisation is more than an incidental feature
of certificates. It radically changes the way they can be transferred. Once they are
immobilised, they can no longer be delivered to a buyer, or pledged, except as a
fiction (credit to a securities account is deemed delivery). Such a radical change
cannot be legislated for by merely tinkering with the rules on negotiable instruments.
New rules are necessary, which take full account of the changed operational
environment. The preliminary draft UNIDROIT Convention gives a good example of the
most fundamental rules necessary for the proper functioning of securities held with an
intermediary. Such rules are far removed from the ones typically applying to
negotiable instruments, even though their objective is similar (protection of investors,
facilitation of transfer, protection of innocent acquirers, etc.). If physical securities and
16
17
Idem, Art. 10.
Although Article 27 (3) envisages the possibility of transferring intermediated securities by way of
a written assignment. However, this “outside-of-the-system” disposition ranks below any other disposition
according to the Act (see below), whenever it was performed.
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307
intermediated securities call for such different rules, it is safe to assume that they are
different in essence. They are not variants on a single type of property, but two
different types.
Recognising that intermediated securities are a new type of property avoids many
difficult legal constructions and fictions. It also allows for collecting all rules dealing
with intermediated securities into one Act, thus enhancing their consistency as well as
their accessibility.
IV.
– MAJOR FEATURES OF THE DRAFT ACT
This article discusses the concept of intermediated securities on which the draft Swiss
Act is based. It is not the place for a detailed description of all the rules which flesh
out that concept. The reader may nonetheless be interested in the major features of
the draft Act. Although its structure is very different from that of the preliminary draft
UNIDROIT Convention, and without suggesting that the Act agrees with it on all points,
it is possible to give an overview by referring to a number of principles stated in the
UNIDROIT text.
Chapter 2 of the draft Act deals with the creation and extinction of intermediated
securities as well as the conversion of physical into dematerialised securities and vice
versa. Together with Article 4,18 it really defines what intermediated securities are (see
above, section III).
Chapter 3 regulates the duty of every intermediary to maintain enough securities
to match the sum of the credits it has given to its account holders. Without imposing
on any intermediary the duty to keep its own securities segregated from the securities
of its customers, Article 12 of the Draft states the effects of such segregation.
Segregation is one way of appropriating securities to account holders’ rights in
compliance with Article 15 of the preliminary draft UNIDROIT Convention. Whether or
not segregation is compulsory is decided either by the account agreement or by the
applicable regulation. The draft Act also prescribes that all securities necessary to
settle the balance of customers’ securities accounts should be set aside if the
intermediary is liquidated, becomes insolvent or is subjected to composition
proceedings. If, however, the intermediary does not hold enough securities of a
certain description, the shortfall will be shared among the account holders credited
with securities of that description, in proportion to their respective holdings.
Article 19 of the draft Act contains a clear prohibition of upper-tier seizures and
attachments to the same effect as Article 8 of the preliminary draft UNIDROIT
Convention.
Chapter 4 of the draft Act deals with the disposition of intermediated securities.
Property can be transferred, or a security or any other interest created and perfected,
by means of an instruction from the account holder to the relevant intermediary to
make a credit to a securities account held by the acquirer. A notable difference,
18
308
See supra, note 13.
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however, is that a debit is not per se a disposition.19 Consistent with the principle that
both parties to the disposition and all intermediaries concerned must deal directly
with the same securities (and not with a securities entitlement or any other derivative
property), the transfer of securities from A to B occurs only when they are credited to
B’s account. This difference of approach may be of concern to the delegates of more
than one civil law system in the inter-governmental work on the future UNIDROIT
Convention.
Similar to Article 4 of the preliminary draft UNIDROIT Convention, the draft Act
also provides for an alternative way to confer a security interest on the relevant
intermediary or a third party. Its creation and perfection need a written agreement
between the account holder and the intermediary. However, while the future
UNIDROIT Convention requires the “designation” of the securities or of the securities
account, the draft Act does not require any formality or activity from the intermediary
beyond the agreement. The draft Act extends this type of disposition to the creation of
a usufruct, an idea that might be considered for the future Convention. Unlike under
the Convention, an agreement between the collateral giver and his intermediary
cannot create a security interest by way of an outright transfer of property.
Priorities among concurrent dispositions are regulated in almost the same way.
However, the draft Act seems to go beyond what the preliminary draft Convention
allows by giving any security interest obtained by the intermediary priority over any
other interest transferred to third parties.20 The draft Act goes further by extending this
priority to any pledge by the account holder in favour of the intermediary. This superpriority is mitigated by the principle that transferring securities to the securities
account of another account holder extinguishes the intermediary’s security interest in
them.21
Wisely, the preliminary draft Convention refrains from defining when a
disposition fails for lack of proper authority from the account holder.22 This is best left
to national laws. Articles 23 and 24 of the draft Act provide for a limitative list of
situations where debits or credits may be reversed for lack of a valid instruction.
Articles 14, 15 and 25 of the Swiss draft Act effectively implement Chapter VII of
the preliminary draft UNIDROIT Convention on collateral transactions.23 The Swiss
provisions are not restricted to “persons other than a natural person”.24 For this reason
no doubt, the right to use securities held on behalf of an account holder (right of use)
19
Compare Art. 21(1)(b) of the draft Act with Arts. 3(2), 3(4) and 6 of the preliminary draft UNIDROIT
Convention.
20
21
22
23
Compare Art. 27(1) of the draft Act with Art. 9(2) of the preliminary draft UNIDROIT Convention.
See Arts. 13(2) and 22(2) of the draft Act.
Preliminary draft UNIDROIT Convention, Art. 5(1).
In the current draft of the UNIDROIT Convention, Contracting States may opt out of this chapter:
see Art. 23.
24
Compare Art. 20 of the preliminary draft UNIDROIT Convention. This restriction does not apply to
other provisions of Chapter VII.
Rev. dr. unif. 2005-1/2
309
and the right to re-pledge require a written agreement. Agreement to the right of use
may not be included in the general terms and conditions of the intermediary.
Protection of an innocent purchaser for value is a common feature of both
projects. Consistently with the applicable bona fides doctrine, the draft Act implicitly
refers to the relevant provision of the Civil Code.25 It also regulates claims against
acquirers who are not protected under this rule. Interestingly, the design of this claim
reflects the peculiar nature of intermediated securities. While Swiss law generally
defines such a claim as being in rem and subject to no time-bar, the draft Act provides
for a claim in personam subject to a limitation period.26 The reason for this distinction
lies in the fungible nature of intermediated securities, which cannot be traced under
the traditional civil law approach (ubi rem meam invenio, ibi eam vindico – “where I
find my property, there I claim it”.
V.
–
CONCLUSION
It is a traditional, though not unchallenged, maxim of Swiss folk wisdom that
unhurried thinking is a virtue. While Switzerland was slow in reacting to law reforms
initiated in Belgium and Luxembourg to attract and retain the two most significant
international central securities depositories, it now has the chance to reform its law in
a way that fully reflects the emerging international standards on this matter. As a small
country with an oversized and truly internationalised financial industry, Switzerland is
probably the first among civil law jurisdictions to check whether its fundamental
principles and traditional theories can be reconciled with tentative uniform
substantive rules that have also been designed to fit jurisdictions of the common law
tradition.
This test of the validity and flexibility of major civil law tenets is also a test for the
functional approach adopted by the UNIDROIT Study Group. Noting the (as yet?)
irreconcilable difference between the “direct ownership – book-entry intermediation”
approach of most civil law systems and the “layered or derivative property” approach
of common law systems, the Group attempted to draft functional rules, setting out
certain legal features of securities held with an intermediary without prejudice to the
fundamental characterisation of the interests which account holders derive from
credits to their securities accounts.
At this stage, any report can only be provisional, neither process having yet
reached its conclusion. My conclusions in the present report are clearly positive. Most
of the few differences sketched out above are questions of policy, not the result of a
fundamental incompatibility of legal doctrines. There is one possible exception: the
draft Swiss Act requires a credit to the securities account of the acquirer as condition
25
Civil Code, Art. 3: “1 Bona fides [bonne foi] is presumed whenever the existence of a right has
been expressly made to depend on the observance of good faith. No person can plead bona fides in any case
where he has failed to exercise the degree of care required by the circumstances.“
26
One year after claimant becomes aware of his right to claim and the identity of the defendant, but
no more than ten years after the debit date: see Art. 26(4) of the draft Act.
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for the perfection of transfers and all relevant debits.27 If this turns out to be the only
issue on which more complex and possibly emotional discussions are to be expected
during the inter-governmental work on the Convention, it can be taken as a very early
pointer to its success.
===
27
See supra, note 19 and corresponding text.
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ANNEX
DRAFT FEDERAL ACT ON THE CUSTODY AND TRANSFER
OF SECURITIES HELD WITH AN INTERMEDIARY ∗
(Intermediated Securities Act)
The Federal Assembly of the Swiss Confederation,
Considering Articles 26, 98 Sect. 1 and 122 Sect. 1 of the Federal Constitution,
Considering the Federal Council’s message of __ ______ 200_
decrees as follows:
CHAPTER 1 : PURPOSE, SCOPE AND DEFINITIONS
Article 1 – Purpose
1
This Act creates a uniform legal basis for the custody of certificated and uncertificated securities by financial intermediaries as well as for the transfer of such securities. The
Act guarantees the property rights of investors and contributes to the efficient settlement of
securities transactions and to the stability of the financial system.
2
By taking into account internationally recognized standards, this Act ensures legal
predictability in the settlement of cross-border securities transactions.
Article 2 – Scope of application
1
The Act shall apply to intermediated securities that are credited or debited to a
securities account by a depository.
2
In particular, the Act shall not apply to:
a.
The custody of certificated securities held under a separate and identifiable
description for each investor (individual custody);
b.
The custody of certificated securities or global certificates of which the investor
has direct possession (private deposits);
c.
The custody of certificated securities, global certificates or dematerialized
securities by their issuer, unless the latter is a depository (within the meaning of the Act).
Article 3 – Subject Matter
The Act shall govern:
a.
The creation and extinction of intermediated securities and changes from one
form of holding to another (Chapter 2);
b.
The custody of intermediated securities by a depository within the meaning of
this Act (Chapter 3); however, the Act shall not apply to the relationship between the
account holder and the issuer, nor to the registration of holders of registered shares in the
shareholders’ register;
∗
This is an unofficial translation of the German and French drafts from the report published on the
website of the Swiss Ministry of Finance (<www.dff.admin.ch>), under Doc | Rapports d'experts (15.12.2004).
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ANNEXE
PROJET DE LOI FEDERALE SUR LE DEPOT
ET LE TRANSFERT DES TITRES INTERMEDIES
(Loi sur les titres intermédiés, LTI)
L'Assemblée fédérale de la Confédération suisse,
vu les articles 26, 98 alinéa 1 et 122 alinéa 1 de la Constitution fédérale,
vu le message du Conseil fédéral du __ ______ 200_,
arrête:
CHAPITRE 1 : BUT, CHAMP D'APPLICATION ET DEFINITIONS
Article 1 – But
1
Cette loi crée des bases juridiques uniformes pour la conservation des papiersvaleurs et des droits-valeurs par les intermédiaires financiers ainsi que pour leur transfert. Elle
garantit les droits de propriété des investisseurs et contribue à l'efficience du règlement des
opérations sur titres ainsi qu'à la stabilité du système financier.
.
2
En prenant en compte les standards internationaux reconnus, elle contribue à la
sécurité juridique du règlement transfrontalier des opérations sur titres.
Article 2 – Champ d'application
1
Cette loi s'applique aux titres intermédiés qu'un dépositaire porte au crédit ou au
débit d'un compte de titres.
Elle ne s'applique notamment pas à:
a.
la conservation de papiers-valeurs d'une manière séparée et identifiable pour
chaque investisseur;
b.
la conservation de papiers-valeurs ou de certificats globaux sur lesquels
l'investisseur exerce une possession immédiate;
c.
la conservation de papiers-valeurs, de certificats globaux ou de droits-valeurs
par leur émetteur, sauf lorsque celui-ci est un dépositaire au sens de la présente loi.
2
Article 3 – Objet
La présente loi règle:
a.
la création et l'extinction des titres intermédiés et le changement d'une forme
en une autre (chapitre 2);
b.
la conservation des titres intermédiés par un dépositaire au sens de cette loi
(chapitre 3); elle ne règle cependant pas la relation entre le titulaire du compte et
l'émetteur ni l'inscription des propriétaires d'actions nominatives dans le registre des
actionnaires;
Rev. dr. unif. 2005-1/2
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c.
The sale or other disposal of intermediated securities (Chapter 4); and
d.
The depository’s liability resulting from the custody and transfer of
intermediated securities (Chapter 5).
Article 4 – Securities held with an Intermediary
1
Intermediated securities within the meaning of this Act shall include monetary and
voting rights of a fungible nature against an issuer:
a.
Which are credited to a securities account and of which the account holder
may dispose pursuant to the provisions of this Act; and
b.
Which are effective against the depository and any third parties; in particular,
such rights are beyond the reach of the depository’s creditors.
2
Intermediated securities within the meaning of the Act shall also include any
financial instrument or right pertaining to such financial instrument, the custody of which
is governed by a foreign law and to which such law confers a comparable function.
Article 5 – Depositories
The following are depositories within the meaning of this Act:
a.
Banks within the meaning of the Banking Act of 8 November 1943;
b.
Brokers within the meaning of the Stock Exchange Act of 24 March 1995;
c.
Fund managers within the meaning of the Investment Fund Act of 18 March
1994, insofar as they manage unit accounts;
d.
Operators of securities clearing and settlement systems within the meaning of
Article 20.2 of the National Bank Act of 3 October 2003, provided such systems are of
significance to the stability of the financial system;
e.
The Swiss National Bank within the meaning of the National Bank Act of 3
October 2003; and
f.
The Swiss Post within the meaning of the Postal Organization Act of 30 April 1997.
1
2
Foreign banks, brokers, central depositories and other financial intermediaries who
hold securities accounts in the course of their business activity shall also be deemed depositories.
Article 6 – Other Definitions
In the Act, the following terms shall have the following meanings:
a.
Securities account: an account maintained by a depository to which
intermediated securities can be credited or debited;
b.
Account holder: a person or group of persons in whose name a depository
maintains a securities account; in respect of the intermediated securities belonging to the
depository, the latter is itself the account holder;
c.
Client: an account holder other than the depository who keeps the account;
d.
Certificated securities in collective deposit: certificated securities in custody
pursuant to Article 973a of the Code of Obligations;
e.
Global certificate: a certificated security within the meaning of Article 973b of
the Code of Obligations;
f.
Uncertificated securities: rights within the meaning of Article 973c of the Code
of Obligations.
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c.
les actes de disposition portant sur les titres intermédiés (chapitre 4); et
d.
la responsabilité du dépositaire résultant de la conservation et du transfert des
titres intermédiés (chapitre 5).
Article 4 – Titres intermédiés
Sont des titres intermédiés au sens de cette loi les créances et les droits sociaux
fongibles à l'encontre d'un émetteur:
a.
qui sont portés au crédit d'un compte de titres et dont le titulaire du compte
peut disposer selon les dispositions de la présente loi; et
b.
qui sont opposables au dépositaire ainsi qu'à tout tiers; en particulier, ils sont
soustraits à la mainmise des autres créanciers du dépositaire.
1
2
Sont également des titres intermédiés au sens de cette loi tout instrument financier et
tout droit sur un instrument financier dont la conservation est soumise à un droit étranger qui
lui reconnaît une fonction comparable.
Article 5 – Dépositaire
Sont dépositaires au sens de cette loi:
a.
les banques au sens de la loi sur les banques du 8 novembre 1934;
b.
les négociants au sens de la loi sur les bourses du 24 mars 1995;
c.
les directions de fonds au sens de la loi sur les fonds de placement du 18 mars
1994, dans la mesure où elles gèrent des comptes de parts;
d.
les exploitants de systèmes de paiement et de règlement des opérations sur
titres au sens de l'art. 20 al. 2 de la loi sur la Banque nationale du 3 octobre 2003;
e.
la Banque nationale suisse au sens de la loi sur la Banque nationale du
3 octobre 2003; et
f.
la Poste Suisse au sens de la loi sur l'organisation de la Poste du 30 avril 1997.
1
2
Sont également considérés comme dépositaires les banques, négociants, dépositaires
centraux et autres intermédiaires financiers étrangers qui tiennent des comptes de titres dans le
cadre de leur activité professionnelle.
Article 6 – Autres définitions
Dans la présente loi, on entend par:
a.
compte de titres: un compte tenu par un dépositaire auquel des titres
intermédiés peuvent être crédités ou débités;
b.
titulaire de compte: une personne ou une communauté au nom de qui un
dépositaire tient un compte de titres; pour les titres intermédiés lui appartenant, le
dépositaire est lui-même titulaire de compte;
c.
client: le titulaire de compte qui n’est pas le dépositaire qui tient le compte;
d.
papiers-valeurs en dépôt collectif: des papiers-valeurs conservés conformément
à l'article 973a du Code des obligations;
e.
certificat global: un papier-valeur au sens de l'article 973b du Code des
obligations;
f.
droits-valeurs: des droits au sens de l'article 973c du Code des obligations.
Rev. dr. unif. 2005-1/2
315
CHAPTER 2 : CREATION, EXTINCTION AND CONVERSION
OF INTERMEDIATED SECURITIES
Article 7 – Creation
Intermediated securities are created:
a.
When a depository accepts certificated securities for collective custody and
credits them to a securities account;
b.
When a depository accepts global certificates for custody and credits the
corresponding rights to a securities account;
c.
When a depository registers uncertificated securities in the main register and
credits the corresponding rights to a securities account.
1
2
The creation of an indirectly held security does not alter the investor’s rights against
the issuer.
3
For each issue of uncertificated securities, a single depository shall maintain the
main register. This register shall provide details of the issue, the quantity, and the par value of
the rights issued. The register shall be available for public consultation.
Article 8 – Authorization to place in custody with other depositories
1
Even without the account holder’s consent, any depository is authorized to place
intermediated securities, certificated securities and uncertificated securities in custody with
another depository in Switzerland or abroad.
2
The account holder’s express consent is required:
a.
Where the foreign depository is not subject to adequate regulatory supervision;
or
b.
Where the account holder has expressly required certificated securities to be
held in the custody of the account holder’s depository.
Article 9 – Conversion
1
Save where otherwise provided in the conditions of issue or the issuer’s articles of
association, the issuer may, at any time and without the account holder’s consent, convert the
securities on deposit with a depository in the form of certificated securities in collective
custody, a global certificate or uncertificated securities, into another form. The issuer shall bear
the conversion cost.
2
Insofar as provided by the conditions of issue or the issuer’s articles of association,
the account holder may at any time require the issuer to deliver certificated securities in the
quantity and of the kind corresponding to the intermediated securities registered in the account
holder’s account based on a global certificate or uncertificated securities. The account holder
shall bear the cost of this conversion unless the conditions of issue or the issuer’s articles of
association provide otherwise.
3
The depository shall ensure through appropriate procedures and effective controls
that the conversion of the securities does not alter the total amount of the pecuniary and voting
rights issued.
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CHAPITRE 2 : CREATION, EXTINCTION ET CONVERSION
DES TITRES INTERMEDIES
Article 7 – Création
Des titres intermédiés sont créés:
a.
lorsqu'un dépositaire reçoit des papiers-valeurs en dépôt collectif et les inscrits
au crédit d'un compte de titres;
b.
lorsqu'un dépositaire reçoit en dépôt un certificat global et inscrit les droits
correspondants au crédit d'un compte de titres; ou
c.
lorsqu'un dépositaire inscrit des droits-valeurs au registre principal et porte les
droits correspondants au crédit de comptes de titres.
1
2
La création d'un titre intermédié ne modifie pas les droits de l’investisseur à l'égard
de l'émetteur.
3
Pour chaque émission de droits valeurs, un seul dépositaire tient le registre central.
Celui-ci comporte des indications sur l'émission, le nombre et la valeur nominale des droits
émis. Il est public.
Article 8 – Autorisation de conserver auprès d'autres dépositaires
1
Même sans le consentement du titulaire du compte, tout dépositaire est autorisé à
faire conserver des titres intermédiés, des papiers-valeurs ou des droits-valeurs par un autre
dépositaire en Suisse ou à l'étranger.
Le consentement exprès du titulaire de compte est requis:
a.
lorsque le dépositaire à l'étranger n'est pas soumis à une surveillance
prudentielle adéquate; ou
b.
lorsque le titulaire du compte a expressément exigé que des papiers-valeurs
soient conservés par son dépositaire.
2
Article 9 – Conversion
1
À moins que les conditions d'émission ou les statuts de l'émetteur n'en disposent
autrement, l'émetteur peut, en tout temps et sans le consentement du titulaire du compte,
convertir les titres déposés auprès d'un intermédiaire sous la forme de papiers-valeurs en dépôt
collectif, d'un certificat global ou de droits-valeurs en une autre forme. Il supporte les frais.
2
Dans la mesure où cela et prévu par les conditions de l'émission ou par les statuts de
l'émetteur, le titulaire d'un compte peut en tout temps exiger de l'émetteur qu'il lui remette des
papiers-valeurs dont le nombre et le genre correspondent aux titres intermédiés inscrits à son
compte fondés sur un certificat global ou sur des droits-valeurs. Il supporte les frais de cette
conversion à moins que les conditions de l'émission ou les statuts de l'émetteur n'en disposent
autrement.
3
Le dépositaire s'assure par des procédures appropriées et des contrôles efficaces que
la conversion des titres ne modifie pas le total des créances et droits sociaux émis.
Rev. dr. unif. 2005-1/2
317
Article 10 – Extinction and Delivery
1
The account holder may at any time require the depository to deliver certificated
securities in quantity and kind corresponding to the intermediated securities registered in the
account holder’s account where:
a.
The corresponding certificated securities are held in custody by a depository; or
b.
The account holder is entitled to delivery of the certificated securities pursuant
to Article 9.2.
2
The account holder shall bear the cost of this delivery unless the conditions of issue
or the issuer’s articles of association provide otherwise. The account holder shall be entitled to
the delivery of certificated securities in accordance with the custom and usage of the market on
which the securities are traded.
3
The depository shall ensure that the delivery to the account holder occurs only after
the corresponding securities have been debited to the latter’s securities account.
CHAPTER 3 : CUSTODY OF THE SECURITIES
Article 11 – Available securities
1
Each depository shall hold in its own custody, or with another depository, securities
(available securities) in the quantity and kind corresponding at minimum to the total of the
securities credited to the securities accounts that the depository maintains for its clients.
2
The following are deemed to be available securities within the meaning of the
foregoing paragraph:
a.
Intermediated securities credited to a securities account that the depository
maintains with another depository;
b.
Securities that the depository itself holds in its own custody in the form of
certificated securities, a global certificate or uncertificated securities entered in the main
register; and
c.
Readily available rights to delivery of securities from other depositories during
the regulatory or customary settlement period for the corresponding market, provided that
the period shall not exceed eight days.
3
If the total quantity of securities available for delivery amounts to less than the total
quantity of securities credited to the depository’s client accounts, the depository shall forthwith
acquire the missing securities.
Article 12 – Segregation of own securities and client securities
If the depository holds securities of its own and securities belonging to clients in
separate securities accounts with another depository, the securities and rights to delivery of
securities of any account holder whose security account is held by the first depository shall not
be affected by:
a.
A set-off agreement between the account holder’s depository and the other
depository, to which the account holder is not a party;
b.
Any security interest, right of pledge, retention, or foreclosure of the other
depository or of a third party to which the account holder has not consented.
1
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Article 10 – Extinction et livraison
1
Le titulaire d'un compte peut en tout temps exiger que son dépositaire lui remette
des papiers-valeurs dont le nombre et le genre correspondent aux titres inscrits au crédit de son
compte si:
a.
les papiers-valeurs correspondant sont conservés par un dépositaire; ou
b.
le titulaire du compte a droit à la remise de papiers-valeurs conformément à
l'article 9 alinéa 2.
2
Le titulaire du compte supporte les frais de cette livraison à moins que les
conditions de l'émission ou les statuts de l'émetteur n'en disposent autrement. Il a droit à la
livraison de papiers-valeurs conformes aux usances d'un marché sur lequel ces titres sont
négociés.
3
Le dépositaire s'assure que la livraison au titulaire du compte n'intervient que
lorsque les titres correspondants ont été débités de son compte de titres.
CHAPITRE 3 : CONSERVATION DES TITRES
Article 11 – Titres disponibles
1
Chaque dépositaire détient lui-même ou auprès d'un autre dépositaire des titres
(titres disponibles) dont le nombre et le genre correspondent au minimum à la somme des titres
inscrits au crédit des comptes de titres qu'il tient pour ses clients.
2
Sont des titres disponibles au sens du précédent alinéa:
a.
les titres intermédiés inscrits au crédit d'un compte de titres que le dépositaire
détient auprès d'un autre dépositaire;
b.
les titres que le dépositaire conserve lui-même sous la forme de papiersvaleurs, de certificat global ou de droits-valeurs inscrits à son registre principal; et
c.
ses prétentions disponibles à des livraisons de titres à l'encontre d'autres
dépositaires pendant la durée réglementaire ou usuelle du règlement régulier sur le
marché correspondant, mais au plus pendant huit jours.
3
Si la somme des titres disponibles est inférieure à la somme des titres inscrits au
crédit des comptes de ses clients, le dépositaire acquiert sans délai les titres manquants.
Article 12 – Ségrégation entre titres propres et titres détenus pour le compte de tiers
1
Si le dépositaire détient ses propres titres et les titres de ses clients sur des comptes
de titres distincts auprès d'un autre dépositaire, les titres et les droits à la livraison de titres de
tout titulaire de compte tenu par le premier dépositaire ne sont pas affectés par:
a.
une convention de compensation conclue entre son dépositaire et l'autre
dépositaire à laquelle le titulaire de compte n'est pas partie;
b.
tout droit de gage, de rétention ou de réalisation de l'autre dépositaire ou d'un
tiers auquel le titulaire de compte n'a pas consenti.
Rev. dr. unif. 2005-1/2
319
2
The depository may not dispose of an account holder’s securities prior to transferring
them from the account holder’s account to its own account by exercising its right of use or subpledge pursuant to Article 14 or Article 15.
3
Any agreement to the contrary shall be invalid.
Article 13 – Right of Retention and Foreclosure
1
In accordance with Article 25, the depository shall be entitled to foreclose on
securities credited to a securities account to recover any due debt owed by the account holder
arising out of the custody of the intermediated securities or the financing of their acquisition.
2
The depository’s right of retention and foreclosure shall cease when the latter credits
the securities to the account of another account holder or transfers them to another depository.
Article 14 – Right of use
1
An account holder may authorize its depository to dispose in its own name and on
its own behalf of the securities credited to the holder’s account.
2
The authorization must be granted in writing; it cannot be included in the general
terms and conditions.
Article 15 – Sub-pledge
1
An account holder may authorize a depository, in writing, to pledge or dispose of
the securities that the account holder has pledged or transferred as collateral to the depository.
2
By exercising this right, the depository undertakes to hold the same quantity and
kind of securities at the account holder’s disposal at the latest when the secured debt has
matured. If so provided in the agreement creating the collateral, the depository may foreclose
on the securities in accordance with Article 25.
3
Securities within the meaning of Article 15.2, first sentence, shall be subject to the
same collateral constraints as those they replace and shall be treated as though no replacement
had occurred.
Article 16 – Statements
An account holder may at any time require its depository to draw up a statement of
the securities credited to the account. This statement is an evidentiary document, not a
certificated security.
Article 17 – Exclusion from insolvency
1
If the depository becomes the object of proceedings for liquidation, insolvency or
composition, the competent authority shall exclude from the depository’s estate, to the extent of
the securities credited to the latter’s client accounts:
a.
Intermediated securities credited to a securities account held by the depository
with another depository;
b.
Securities that the depository itself holds in the form of certificated securities, a
global certificate or uncertificated securities registered in its main register;
c.
The depository’s readily available rights to receive delivery of securities from
third parties resulting from spot transactions, expired futures transactions, hedging
transactions or issues on behalf of account holders.
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2
Le dépositaire ne peut pas disposer des titres d'un titulaire de compte avant de les
avoir transférés de ce compte à son propre compte dans l’exercice de son droit d’utilisation ou
de sous-nantissement selon les articles 14 ou 15.
3
Toute convention contraire est nulle.
Article 13 – Droit de rétention et de réalisation
1
Le dépositaire peut réaliser conformément à l'article 25 les titres inscrits au crédit
d'un compte de titres pour se désintéresser de toute dette exigible du titulaire du compte
résultant de la conservation de ses titres intermédiés ou du financement de leur acquisition.
2
Le droit de rétention ou de réalisation du dépositaire s'éteint lorsque celui-ci bonifie
les titres au crédit du compte d’un autre titulaire ou les transfère à un autre dépositaire.
Article 14 – Droit d'utilisation
1
Un titulaire de compte peut autoriser son dépositaire à disposer en son propre nom
et pour son propre compte des titres inscrits au crédit de son compte.
2
L'autorisation doit être donnée par écrit; elle ne peut être incluse dans des
conditions générales.
Article 15 – Sous-nantissement
1
Un titulaire de compte peut autoriser par écrit un dépositaire à engager ou à aliéner
les titres qu'il lui a remis en gage ou transférés à fin de sûreté.
2
En exerçant ce droit, le dépositaire assume l'obligation de tenir des titres en même
nombre et du même genre à la disposition du titulaire du compte au plus tard à l'échéance de
la dette garantie. Si cela a été stipulé dans le contrat constitutif de la sûreté, le dépositaire peut
réaliser les titres conformément à l’article 25.
Les titres au sens de l'alinéa 2, 1ère phrase, sont grevés de la même sûreté que ceux
qu'ils remplacent et sont traités comme si ce remplacement n'avait jamais eu lieu.
3
Article 16 – Attestation
Le titulaire du compte peut en tout temps exiger de son dépositaire qu'il établisse une
attestation relative aux titres inscrits dans ce compte. Cette attestation est un titre de preuve et
non un papier-valeur.
Article 17 – Distraction
1
Lorsque le dépositaire fait l'objet d'une procédure de liquidation, de faillite ou de
concordat, l'autorité compétente distrait d'office de la masse, à concurrence des titres inscrits au
crédit des comptes de titres de ses clients:
a.
les titres intermédiés inscrits au crédit d'un compte de titres que le dépositaire
détient auprès d'un autre dépositaire;
b.
les titres que le dépositaire conserve lui-même sous la forme de papiersvaleurs, de certificat global ou de droits-valeurs inscrits à son registre principal; et
c.
les prétentions disponibles du dépositaire à des livraisons de titres à l'encontre
de tiers résultant d'opérations au comptant, d'opération à terme échues, d'opérations de
couverture ou d'émissions pour le compte de titulaires de comptes.
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321
2
If the depository does not hold its own securities and those of its clients in separate
securities accounts with another depository, the securities credited to those accounts shall be
presumed to belong to the depository’s clients.
3
For each account holder, the exclusion shall be carried out by transferring the
intermediated securities and rights to receive delivery of securities to the depository appointed
by the account holder or by delivering the certificated securities to the account holder. The
foregoing is without prejudice to the depository’s claims pursuant to Article 13.
4
If another depository within the meaning of Article 8 becomes the object of
insolvency proceedings, composition, or other compulsory liquidation proceedings, the
depository shall invoke the exclusion in favor of its account holders.
5
This Article shall not affect the validity or effectiveness of any prior agreement under
which, in the event of inability to pay, bankruptcy, liquidation or similar circumstances, a
depository or an account holder is not entitled to receive or is not bound to pay more than the
difference between the unrealized gains and losses on the transactions covered by the
agreement (Closeout-Netting).
Article 18 – Shortfall
1
If the securities to be excluded from insolvency pursuant to Article 17 are not
sufficient to satisfy the account holders in full, securities of the same kind held by the
depository for its own account shall also be excluded insofar as necessary, even where such
securities have been held separately from the clients’ securities.
2 If the account holders are still not fully satisfied, they shall bear the shortfall in
proportion to the shortfall balance of the securities of the missing kind credited to their account.
They shall obtain a corresponding claim against the depository for compensation of their loss.
Article 19 – Seizure and attachment
1
Where intermediated securities are seized, attached, or subjected to another interim
measure against an account holder, such measure shall be executed exclusively in the hands of
the depository maintaining the securities account to which the account holder’s securities are
credited.
2
Any seizure, attachment, or other interim measure executed against an account
holder in the hands of a depository other than that referred to in paragraph 1 above shall be
invalid.
CHAPTER 4 : DISPOSITION OF INTERMEDIATED SECURITIES
AND EFFECTS ON THIRD PARTIES
Section 1 : Disposition
Article 20 – Instructions
1
The depository is bound to carry out the account holder’s instructions disposing of
the latter’s securities pursuant to the contract binding both parties.
2
The depository shall not be obliged or entitled to verify the legal grounds for the
instructions.
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2
Si le dépositaire ne détient pas ses propres titres et les titres de ses clients sur des
comptes de titres distincts auprès d'un autre dépositaire, les titres inscrits au crédit de ces
comptes sont présumés être ceux de ses clients.
3
Pour chaque titulaire de compte, la distraction s'opère par le transfert des titres
intermédiés et des prétentions en livraison de titres au dépositaire désigné par le titulaire de
compte ou par la livraison des papiers-valeurs au titulaire de compte. Les prétentions du
dépositaire conformément à l'article 13 sont réservées.
4
Lorsqu'un autre dépositaire au sens de l’article 8 fait l'objet d'une procédure de
faillite, de concordat ou d'une autre procédure de liquidation forcée, le dépositaire fait valoir la
distraction au profit de ses titulaires de comptes.
5
Cet article n'affecte ni la validité ni l'efficacité d'une convention antérieure selon
laquelle, en cas d'incapacité de paiement, de faillite, de liquidation ou de circonstances
semblables, un dépositaire ou un titulaire de compte n'a droit au paiement ou n'est tenu de
payer que la différence entre les gains et les pertes non réalisés des opérations couvertes par
cette convention (Closeout-Netting).
Article 18 – Insuffisance (shortfall)
1
Si les titres qui doivent être distraits conformément à l'article 17 ne suffisent pas à
désintéresser complètement les titulaires de comptes, les titres de même genre que le
dépositaire détient pour son propre compte sont également distraits dans la mesure nécessaire,
même lorsque ces titres sont conservés séparément des titres de clients.
2
Si les titulaires de comptes ne sont toujours pas complètement désintéressés, ceux-ci
supportent l'insuffisance à proportion du solde des titres du genre manquant crédités à leur compte.
Dans la même mesure, ils obtiennent une créance compensant leur perte contre le dépositaire.
Article 19 – Saisie et séquestre
1
Lorsque des titres intermédiés font l'objet d'une saisie, d'un séquestre ou d'une autre
mesure provisionnelle à l'encontre d'un titulaire de compte, cette mesure est exécutée
exclusivement en mains du dépositaire qui tient le compte du titulaire au crédit duquel les titres
sont inscrits.
2
Est nulle toute saisie, tout séquestre et toute autre mesure provisionnelle à l'encontre
d'un titulaire de compte qui est exécutée en mains d'un autre dépositaire que celui désigné au
premier alinéa.
CHAPITRE 4 : ACTES DE DISPOSITION SUR LES TITRES INTERMEDIES
ET EFFETS A L'EGARD DES TIERS
Section 1 : Actes de disposition
Article 20 – Instruction
1
Le dépositaire est tenu d'exécuter les instructions du titulaire du compte portant sur
la disposition de ses titres conformément au contrat qui les lie.
2
Le dépositaire n'a ni l'obligation ni le droit de vérifier la cause juridique de
l'instruction.
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3
An instruction shall be irrevocable when it can no longer be revoked under the
contract binding the account holder and the depository, or according to the rules of the
settlement system used for the securities, and at the latest once the account holder’s securities
account with the depository has been debited.
Article 21 – Disposition
1
The disposition of intermediated securities occurs and may be asserted against third
parties where:
a.
The account holder has instructed its depository to transfer the securities to the
transferee; and
b.
The securities have been credited to the transferee’s account.
2
The transfer is completed when the credit provided for in paragraph 1 occurs. If the
transfer pertains to the ownership of the securities, this moment is also decisive for the
transferor.
3
The foregoing is without prejudice to the provisions governing the acquisition by
virtue of marital property law, inheritance, merger, or enforcement proceedings.
4
This Article shall not affect restrictions on the transfer of registered shares imposed
by their conditions of issue, the issuer’s articles of association or applicable company law. No
other transfer restrictions may be asserted against the transferee or third parties.
Article 22 – Pledges and usufruct
1
Intermediated securities may be pledged and the pledge may be asserted against
third parties either in accordance with Article 21, or by a written agreement with the account
holder in which the depository undertakes to carry out the pledgee’s instructions without the
need for further consent or cooperation of the account holder.
2
A pledge in favor of the depository is constituted and may be asserted against third
parties as soon as it is agreed in writing with the account holder. It is extinguished when the
securities are credited to another holder’s account or transferred to another depository.
3
A pledge may pertain to:
a.
Specific securities;
b.
All the securities credited to an account; or
c.
Part of the securities credited to an account up to a specified financial value.
4
Paragraph 1 shall also apply to the creation of a usufruct.
Article 23 – Reversal of Debit
1
A debit to a securities account may be reversed if it took place without instructions
or on the basis of an instruction:
a.
That is invalid;
b.
That was not issued by the account holder or the latter’s representative;
c.
That was erroneously declared or transmitted; or
d.
That was revoked in due time by the account holder.
3
Une instruction est irrévocable lorsque elle ne peut plus être révoquée selon le
contrat entre le titulaire du compte et son dépositaire ou selon les règles du système de
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Unif. L. Rev. 2005-1/2
règlement des opérations sur titres utilisé, et au plus tard lorsque le compte de titres du titulaire
auprès de son dépositaire est débité.
Article 21 – Acte de disposition
1
L'acte de disposition portant sur des titres intermédiés intervient et est opposable aux
tiers par:
a.
une instruction du titulaire du compte à son dépositaire tendant au transfert des
titres à l'acquéreur; et
b.
l'inscription des titres au crédit du compte de l'acquéreur (bonification).
2
L'acte de disposition est parfait au moment de la bonification prévue à l'alinéa 1. Si
l’acte de disposition porte sur la propriété des titres, ce moment est également déterminant pour
l’aliénateur.
3
Sont réservées les dispositions relatives à l'acquisition par régime matrimonial,
succession, fusion ou exécution forcée.
4
Cet article n'affecte en rien les restrictions au transfert des actions nominatives qui
résultent des conditions de leur émission, des statuts de leur émetteur ou du droit des sociétés
qui lui est applicable. Toute autre restriction à la transmissibilité est inopposable à l'acquéreur
et aux tiers.
Article 22 – Gages et usufruit
1
Un gage peut être constitué sur des titres intermédiés et rendu opposable à l'égard
des tiers soit conformément à l'article 21 soit par une convention écrite avec le titulaire de
compte par laquelle le dépositaire s'engage envers le gagiste à exécuter ses instructions sans
nouveau consentement ni concours du titulaire du compte.
2
Un gage en faveur du dépositaire est constitué et il est opposable aux tiers aussitôt
qu'il est convenu par écrit avec le titulaire du compte. Il s'éteint lorsque celui-ci bonifie les
titres au crédit du compte d’un autre titulaire ou les transfère à un autre dépositaire.
Le gage peut porter:
a.
sur des titres déterminés;
b.
sur tous les titres figurant au crédit d'un compte; ou
c.
sur une partie des titres figurant au crédit d'un compte à concurrence d'une
valeur déterminée.
3
4
L'alinéa 1 s'applique également à la constitution d'un usufruit.
Article 23 – Extourne d'un débit
1
Le débit de titres dans un compte peut être extourné s'il est intervenu sans
instruction ou sur la base d'une instruction:
a.
qui est nulle;
b.
qui n'émane pas du titulaire du compte ou de son représentant;
c.
qui est fondée sur une erreur de déclaration ou de transmission; ou
d.
qui a été révoquée en temps utile par le titulaire du compte.
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2
The reversal shall place the account holder in the position he would have enjoyed if
the debit had never occurred.
3
Instead of the reversal, the account holder may require the value of the securities at
the time of the debit.
4
There is no right to reversal or to the value of the securities if the depository proves
that it was not aware of the defect in the instruction and could not have recognized such defect
even though it had implemented reasonable measures and procedures for that purpose.
5
Claims based on this Article shall become time-barred one year after the defect is
discovered, or at the latest five years after the debit date.
Article 24 – Reversal of Credit
1
To the extent that a credit is not based on or deviates from an instruction, the
depository may reverse it by giving notice to the account holder.
2
Reversal cannot occur where the account is not in credit for a corresponding amount
of securities of the same kind. In this event, the depository has the right to the value of the
credited securities if the account holder has disposed of the securities in bad faith, or if the
account holder should have known, when disposing of them, that he might be obliged to make
restitution.
3
Claims based on this article shall become time-barred one year after the defect is
discovered, or at the latest five years after the credit date.
Article 25 – Realization of collateral
1
The beneficiary of a security interest to whom intermediated securities traded in an
organized market have been pledged or transferred pursuant to this Act may realize them
according to the conditions stipulated in the agreement creating the security interest:
a.
By selling them and offsetting the proceeds against the secured debt; or
b.
By appropriating them and offsetting their value against the secured debt.
2
This right shall not be affected by the commencement of liquidation, bankruptcy, or
composition proceedings against the provider of the security.
3
The secured party shall give notice to the provider of the security before realization.
A provider of security who is an institutional or qualified investor may waive the notice
requirement.
4
The beneficiary of the secured interest shall account to the provider of the security
and remit to the latter any excess proceeds of the realization.
5
The depository shall not be bound or entitled to verify whether the conditions for
realization of the pledge have been fulfilled.
6
The foregoing is without prejudice to the liability of the beneficiary of a security
interest who realizes securities where the conditions for realization have not been fulfilled.
7
Intermediated securities not traded on an organized market shall be realized in
accordance with Articles 151-158 of the Debt Enforcement and Bankruptcy Act of 11 April
1889.
2
Par l'extourne, le titulaire du compte est traité comme si le débit n'était jamais
intervenu.
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Unif. L. Rev. 2005-1/2
3
Au lieu de l'extourne, le titulaire du compte peut exiger la contrevaleur des titres au
moment du débit.
4
Le droit à l'extourne ou à la contrevaleur n'existe pas si le dépositaire prouve qu'il
ne connaissait pas le défaut de l'instruction et ne pouvait pas le reconnaître bien qu'il ait mis en
œuvre des mesures et des procédures raisonnables à cette fin.
5
Les prétentions fondées sur cet article sont prescrites un après la découverte du
défaut, et au plus tard cinq ans après la date du débit.
Article 24 – Extourne d'une bonification
1
Dans la mesure où une bonification n'est pas fondée sur une instruction ou s'en
écarte, le dépositaire peut l'extourner par un avis adressé au titulaire du compte.
2
L'extourne est exclue lorsqu'une quantité correspondante de titres de même genre
ne figure plus au crédit du compte. Dans ce cas, le dépositaire a droit à la contrevaleur des
titres crédités si le titulaire du compte s'est dessaisi de mauvaise foi des titres ou qu'il n'ait dû
savoir, en se dessaisissant, qu'il pouvait être tenu à restituer.
3
Les prétentions fondées sur cet article sont prescrites un après la découverte du
défaut, et au plus tard cinq ans après la date de la bonification.
Article 25 – Réalisation
1
Le bénéficiaire d'une sûreté à qui des titres intermédiés négociés sur un marché
représentatif ont été remis en gage ou en pleine propriété selon les dispositions de la présente
loi peut les réaliser aux conditions stipulées dans le contrat constitutif de la sûreté
a.
en les vendant et en compensant leur prix avec la créance garantie; ou
b.
en se les appropriant et en imputant leur valeur sur la créance garantie.
2
Cette faculté n'est pas affectée par l'ouverture d'une procédure de liquidation, de
faillite ou de concordat à l'encontre du constituant.
3
Le bénéficiaire de la sûreté doit avertir le constituant avant la réalisation. Le
constituant qui est un investisseur institutionnel ou un investisseur qualifié peut renoncer à
l'avertissement.
4
Le bénéficiaire de la sûreté doit rendre compte au constituant et lui remettre tout
excédent de réalisation.
5
Le dépositaire n’a ni le droit ni l’obligation de vérifier si les conditions de la
réalisation du gage sont remplies.
6
La responsabilité du bénéficiaire de la sûreté qui réalise des titres alors que les
conditions ne sont pas remplies est réservée.
7
Les titres intermédiés qui ne sont pas négociés sur un marché représentatif sont
réalisés conformément aux articles 151–158 de la loi sur la poursuite pour dettes et la faillite du
11 avril 1889.
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327
Section 2 : Effects on Third Parties
Article 26 – Protection of the bona fide purchaser
1
A third party who acquires securities for value and in good faith pursuant to Articles
21 or 22 shall be protected in respect of the acquisition even if it results from a faulty instruction
or if the transferor did not have the power to dispose of the securities.
2
If the third party who acquires the securities is not protected in respect of the
acquisition, he must restore intermediated securities of the same quantity and kind pursuant to the
rules of the Code of Obligations on unjust enrichment. The rights of third parties shall not be
affected. The foregoing is without prejudice to other claims based on the Code of Obligations.
3
Where the transferee who is bound to make restitution of the securities becomes the
subject of liquidation, bankruptcy or composition proceedings the beneficiary may require
intermediated securities of the same quantity and type to be excluded from the transferee’s
estate to the extent that it contains such securities.
4
Claims based on this Article shall be time barred one year after the holder of the
debited account becomes aware of his rights and of the identity of his debtor, or at the latest ten
years after the debit date.
Article 27 – Priorities
1
The depository’s right of pledge, retention, or realisation shall prevail over any other
rights in respect of the same securities.
2
For dispositions based on other provisions of this Act, the first in time shall prevail.
3
Where intermediated securities or a right over intermediated securities are assigned,
the rights acquired pursuant to the provisions of this Act shall prevail over the assignee’s rights,
regardless of the time of the assignment.
4
The foregoing shall be without prejudice to agreements to modify the priorities of
rights over intermediated securities; such agreements shall be effective only as between the
parties bound by them.
CHAPTER 5 : THE DEPOSITORY’S LIABILITY
Article 28 – The depository’s liability
1
The depository shall be liable for the damage caused to an account holder by the
custody or transfer of intermediated securities according to the rules of the Code of Obligations
insofar as they are not modified by this Article.
2
A depository who holds intermediated securities with another depository in
accordance with Article 8 shall be liable for the care with which it chooses and instructs the
other depository and for the care with which it has verified that the selection criteria continue to
be complied with. The depository may exclude this liability if the account holder has expressly
designated the other depository contrary to the depository’s advice.
3
The depository shall be vicariously liable for the acts of third parties who:
a.
Independently and durably handle the administration and settlement of the
securities on behalf of the depository; or
b.
Form an economic entity with the depository.
4
328
Agreements to the contrary shall be valid only as between depositories.
Unif. L. Rev. 2005-1/2
Section 2 : Effets à l'égard des tiers
Article 26 – Protection de l'acquéreur de bonne foi
Celui qui, de bonne foi et à titre onéreux, acquiert des titres intermédiés
conformément à l’article 21 ou à l’article 22 est protégé dans son acquisition même si celle-ci
résulte d'une instruction défectueuse ou si l'aliénateur n'avait pas le pouvoir de disposer.
2
Lorsque l'acquéreur n'est pas protégé dans son acquisition, il est tenu de restituer
des titres intermédiés de mêmes nombre et genre selon aux règles du Code des obligations sur
l'enrichissement illégitime. Les droits de tiers n'en sont pas affectés. Sont réservées d’autres
prétentions fondées sur le Code des obligations.
3
Lorsque l'acquéreur tenu à restitution fait l'objet d'une procédure de liquidation, de
faillite ou de concordat, l’ayant droit peut exiger à son profit la distraction de titres intermédiés
de mêmes nombre et genre dans la mesure où de tels titres se trouvent dans la masse.
4
Les prétentions fondées sur cet article sont prescrites un après que le titulaire du
compte débité a eu connaissance de son droit et de l’identité de son débiteur, et au plus tard
dix ans après la date du débit. L'article 60 alinéa 2 du Code des obligations est réservé.
1
Article 27 – Rang
1
Un droit de gage, de rétention ou de réalisation en faveur du dépositaire prévaut sur
tout autre droit relatif aux mêmes titres.
2
Pour les actes de disposition fondés sur d'autres dispositions de la présente loi, l'acte
antérieur a priorité sur l'acte postérieur.
3
Si des titres intermédiés ou un droit sur des titres intermédiés font l'objet d'une
cession, les droits acquis selon les dispositions de la présente loi prévalent sur les droits du
cessionnaire indépendamment du moment de la cession.
4
Les accords modifiant le rang des droits sur des titres intermédiés sont réservés; ils
ne déploient d'effet qu'entre les parties qu'ils lient.
CHAPITRE 5 : RESPONSABILITE DU DEPOSITAIRE
Article 28 – Responsabilité du dépositaire
1
Le dépositaire répond des dommages causés au titulaire d'un compte par la
conservation ou le transfert des titres intermédiés selon les règles du Code des obligations dans
la mesure où le présent article n'y déroge pas.
2
Le dépositaire qui détient des titres intermédiés auprès d'un autre dépositaire
conformément à l'article 8 répond du soin avec lequel il l'a choisi et instruit et du soin avec
lequel il a contrôlé que les critères de choix sont durablement respectés. Le dépositaire peut
exclure cette responsabilité si le titulaire du compte a expressément désigné l’autre dépositaire
contre la recommandation du dépositaire.
3
Le dépositaire répond comme s'ils étaient siens des actes du tiers qui:
a.
assure de manière indépendante et durable l'ensemble de l'administration et le
règlement des titres pour le compte du dépositaire; ou
b.
forme une unité économique avec le dépositaire.
4
Les conventions contraires ne sont valables qu'entre dépositaires.
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CHAPTER 6 : FINAL AND INTERIM PROVISIONS
Article 29 – Amendments to existing law
The amendments to existing law are stated in the Schedule hereto.
Article 30 – Transitory provisions
1
Issuers of uncertificated securities credited to securities accounts held by
depositories shall ensure that such uncertificated securities are registered in the depository’s
main register within six months from the effective date of this Act.
2
If, before this Act takes effect, certificated securities in a collective deposit, global
certificates, or uncertificated securities held by a depository are transferred in a manner that fails
to comply with the requirements of this Act, the right thus created shall prevail over any right
created after the effective date of the Act provided that the beneficiary effects or causes the
registrations required by the Act to be effected within 12 months after the effective date hereof.
Article 31 – Referendum and effective date
330
1
The Act shall be subject to an optional referendum.
2
The Federal Council shall set the effective date.
Unif. L. Rev. 2005-1/2
CHAPITRE 6 : DISPOSITIONS TRANSITOIRES ET FINALES
Article 29 – Modification du droit en vigueur
Les modifications du droit en vigueur figurent dans l’annexe.
Article 30 – Dispositions transitoires
1
Les émetteurs de droits-valeurs qui sont inscrits au crédit de comptes de titres tenus
par des dépositaires font en sorte que ces droits soient inscrits au registre principal d'un
dépositaire dans les six mois suivant l'entrée en vigueur de la présente loi.
2
Si, avant l'entrée en vigueur de la présente loi, des papiers-valeurs en dépôt collectif,
des certificats globaux ou des droits-valeurs détenus par un dépositaire ont fait l'objet d'un acte
de disposition qui ne répond pas aux exigences de la présente loi, le droit ainsi créé a priorité
sur tout droit constitué après l’entrée en vigueur pour autant que l’ayant droit procède ou fasse
procéder aux inscriptions prescrites par cette loi dans les douze mois suivant son entrée en
vigueur.
Article 31 – Référendum et entrée en vigueur
1
La présente loi est sujette au référendum.
2 Le Conseil fédéral fixe la date de l'entrée en vigueur.
Rev. dr. unif. 2005-1/2
331
Schedule
(Art. 29)
Amendments to Existing Law
The Acts referred to below shall be amended as follows:
1.
Civil Code
Article 901 bis
3
The pledge of intermediated securities is exclusively governed by the Act on Securities
held with an Intermediary of __ ______ 200_.
2.
The Mortgage Bond Lending Act
Article 7
1. Mortgage Bonds
a. Form
1
Mortgage bonds may be issued in the form of certificated securities,
global certificates or uncertificated securities.
2
Mortgage bonds shall be issued in registered or bearer form.
3
When issuing registered mortgage bonds, the central mortgage bond
institution shall keep a register in which the names and addresses of the
owners and usufruct holders are entered. The register shall not be public.
4
Registration shall be based exclusively on a document that establishes the
acquisition of title to the mortgage bond or the creation of a usufruct
interest.
5
In dealings with the central mortgage bond institution, only the party
booked in the register shall be deemed the legitimate titleholder.
Article 8
b. Conditions of Issue
The Federal Council is authorized to promulgate rules concerning the issue of
mortgage bonds and their contents.
Article 9
c. Certification of Legal Before issuing mortgage bonds, the responsible bodies shall certify the
existence of legal cover.
Cover
3.
Code of Obligations
Article 622
C. Shares I. Kind
The shares shall be either registered or bearer shares. Similarly, shares issued or held in the
form of intermediated securities within the meaning of the Act on Securities Held with an
Intermediary of ___ _____ 200_ shall be either registered or bearer shares.
Article 627
E. Articles of Association II Miscellaneous Provisions 1. General
Provisions concerning the following shall be valid only if included in the articles of association:
14. The possibility of converting shares issued in one form into another form as well as
the distribution of costs resulting from this conversion, insofar as these rules contravene
the Act on Securities held with an Intermediary of ___ _____ 200_
Annexe
(art. 29)
Modification du droit en vigueur
Les lois mentionnées ci-après sont modifiées comme suit:
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Unif. L. Rev. 2005-1/2
1.
Code civil
Article 901, al. 3 (nouveau)
3
L’engagement des titres intermédiés est régi exclusivement par la loi sur les titres
intermédiés du __ ____200_.
2.
Loi du 25 juin 1930 sur l’émission de lettres de gage
Article 7
1. Lettres de gage
1
Les lettres de gage peuvent être émises sous la forme de papiers-valeurs,
de certificats globaux ou de droits valeurs. Ces lettres de gage sont
nominatives ou au porteur.
2
Les lettres de gage peuvent également être émises sous la forme de
contrats de prêt écrits (avec la couverture légale).
3
Lorsqu’elle émet des lettres de gage nominatives, la centrale tient un
registre où sont inscrits le nom et l’adresse des propriétaires et des
usufruitiers. Le registre n’est pas public.
4
L’inscription au registre n’a lieu qu’au vu d’une pièce établissant
l’acquisition de la lettre de gage en propriété ou la constitution d’un
usufruit.
5
Dans les rapports avec la centrale, est seul légitimé celui qui est au
bénéfice d’une inscription dans le registre.
a. Forme
Article 8
b. Conditions requises
Le Conseil fédéral peut édicter des prescriptions relatives à l’émission des
pour l’émission et contenu lettres de gage et à leur contenu.
Article 9
c. Attestation de la
couverture légale
3.
Les organes responsables attestent avant l'émission des lettres de gage que la
couverture légale existe.
Code des obligations
Article 622, al. 1, deuxième phrase (nouveau)
1
... De même, les actions émises ou conservées sous forme de titres intermédiés au sens de
la loi sur les titres intermédiés du __ ____200_ sont nominatives ou au porteur.
Article 627, ch. 14 (nouveau)
Ne sont valables qu’à la condition de figurer dans les statuts les dispositions concernant:
14. la possibilité de convertir entre une autre forme les actions émises sous une certaine
forme ainsi que la répartition des frais qui résultent de cette conversion dans la mesure
où ces règles dérogent à la loi sur les titres intermédiés du __ ____200_.
Rev. dr. unif. 2005-1/2
333
Article 685f
1
Transfer of title (new paragraph 1)
Where registered shares traded on a stock exchange are transferred, title shall pass to the
transferee by virtue of their transfer.
I. Collective Deposit of
Certificated Securities
II. Global Certificates
III. Uncertificated
Securities
4.
Article 973a
1 The depository is authorized to keep in collective custody fungible
certificated securities belonging to several depositors unless a depositor
expressly requests his securities to be held in separate custody.
2 Where a depositor delivers certificated securities to a depository for
custody in a collective deposit, the depositor shall acquire a right of coownership over all securities of the same kind placed in the same deposit.
The depositor’s interest shall be proportional to the par value or, failing
such value, to the quantity of the securities he has deposited.
3 A depositor may at any time, without the cooperation or agreement of the
other depositors, require delivery of certificated securities from the
collective deposit corresponding to his proportionate interest therein.
Article 973b
1 An issuer may replace fungible certificated securities held in custody by
the same depository with a global certificate provided that the conditions
of issue or the issuer’s articles of association so provide or provided that
the depositors consent to the substitution.
2 A global certificate is a certificated security within the meaning of Article 622
of the Code of Obligations of the same kind as the certificated securities it
represents. The global certificate is co-owned by the owners of the securities
it replaces, in proportion to their respective interests. Article 973a,
paragraphs 1 and 2, shall apply by analogy to the rights of the co-owners.
Article 973c
An issuer may replace fungible certificated securities or global certificates
held in custody by the same depository by rights having the same function
as the certificated securities (uncertificated securities) provided that the
conditions of issue or the issuer’s articles of association so provide or
provided that the depositors consent to the substitution.
2 The issuer shall enter in a register the quantity and par value of the uncertificated securities issued as well as their owners. This register shall not be public.
3 The uncertificated securities shall be created by entry in the register and
shall exist only as booked therein.
4 The transfer of uncertificated securities shall require a written assignment.
Uncertificated securities may be pledged in accordance with the rules
governing pledges of receivables.
1
Debt Enforcement and Bankruptcy Act
Article 287
2. Over-indebtedness (new paragraph)
3
Revocation is further excluded where a secured interest in securities, intermediated
securities or other financial instruments traded on an organized market has been created
by a written contract which provides that:
1.
334
In the event of a change in the value of the collateral or the secured debt, the
collateral must be increased; or
Unif. L. Rev. 2005-1/2
Article 685f, al. 1
1
Si des actions nominatives cotées en bourse sont acquises, les droits passent à l’acquéreur
du fait de leur transfert.
Article 973a (nouveau)
G. Dépôt collectif,
certificat global et
droits-valeurs
I. Dépôt collectif de
papiers-valeurs
1
Le dépositaire est autorisé à conserver ensemble les papiers-valeurs
fongibles de plusieurs déposants à moins qu'un déposant n'exige
expressément la conservation séparée de ses titres.
2
Lorsqu'un déposant remet à un dépositaire des papiers-valeurs pour être
conservés en dépôt collectif, il acquiert une part de copropriété sur l'ensemble
des titres du même genre ainsi conservés. Sa quote-part est proportionnelle à la
valeur nominale ou, à défaut, du nombre des titres déposés.
3
Le déposant peut, sans le concours ni le consentement des autres déposants,
exiger en tout temps la remise de papiers-valeurs à charge du dépôt collectif
à hauteur de sa quote-part.
Article 973b (nouveau)
II. Certificat global
1
Le débiteur peut remplacer par un certificat global les papiers-valeurs
fongibles conservés par un même dépositaire pour autant que les conditions
de l'émission ou ses statuts le prévoient ou que les déposants aient donné
leur consentement.
2
Le certificat global est un papier-valeur de même espèce au sens de l'article
622 que les papiers-valeurs qu'il remplace. Il appartient en copropriété aux
propriétaires des titres qu'il remplace à proportion de leurs quote-parts
respectives. L'article 973a, alinéa 1 et 2, est applicable par analogie aux
droits des copropriétaires.
Article 973c (nouveau)
III. Droits-valeurs
4.
1
Le débiteur peut remplacer des papiers-valeurs fongibles ou des certificats
globaux conservés par un même dépositaire par des droits ayant la même
fonction que des papiers-valeurs (droits-valeurs) pour autant que les
conditions de l'émission ou ses statuts le prévoient ou que les déposants
aient donné leur consentement.
2
Le débiteur inscrit dans un registre le nombre et la valeur nominale des
droits-valeurs émis ainsi que leurs créanciers. Ce registre n'est pas public.
3
Les droits-valeurs sont créés par l'inscription dans le registre et n'existent
que dans la mesure de cette inscription.
4
Le transfert des droits-valeurs exige une cession écrite. Leur nantissement est
soumis aux règles relatives à l'engagement des créances.
Loi du 11 avril 1889 sur la poursuite pour dettes et la faillite
3
La révocation est en outre exclue lorsqu’une sûreté portant sur des valeurs mobilières, des
titres intermédiés ou d’autres instruments financiers négociés sur un marché représentatif a
été constituée par une convention écrit qui prévoit que:
1.
en cas de modification de la valeur de la sûreté ou de la dette garantie, la sûreté doit
être complétée; ou
Rev. dr. unif. 2005-1/2
335
2.
5.
The restitution of the collateral may be required in exchange for other collateral of
the same value.
The Banking Act
Article 17
Without prejudice to the provisions of the Act on Securities held with an Intermediary of ___
______ 200_.
===
336
Unif. L. Rev. 2005-1/2
2.
5.
la restitution de la sûreté peut être exigée contre remplacement par une autre sûreté
de même valeur.
Loi du 8 novembre 1934 sur les banques et les caisses d'épargne
3
La loi sur les titres intermédiés du __ ____200_ est réservée.
===
Rev. dr. unif. 2005-1/2
337

New Legal Concepts regarding the Holding of Investment Securities

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