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Ex. Rept. 114-15 1 (2016-09-14)

handle is hein.congrecreports/crptxqxj0001 and id is 1 raw text is: AUTHENTICATED U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS ExEc. REPT. 2nd Session SENATE 114-15 CONVENTION ON THE LAW APPLICABLE TO CERTAIN RIGHTS IN RESPECT OF SECURITIES HELD WITH AN INTERMEDIARY SEPTEMBER 14, 2016.-Ordered to be printed Mr. CORKER, from the Committee on Foreign Relations, submitted the following REPORT [To accompany Treaty Doc. 112-6] The Committee on Foreign Relations, to which was referred the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Treaty Doc. 112-6), having considered the same, reports favorably thereon with one declara- tion, as indicated in the resolution of advice and consent, and rec- ommends that the Senate give its advice and consent to ratification thereof. CONTENTS Page I. P u rpose ........................................................................................................... 1 II. B ackground .................................................................................................... 2 III. M ajor Provisions ............................................................................................ 3 IV . E ntry Into Force ........................................................................................... 5 V. Im plem enting Legislation ............................................................................. 6 VI. Com m ittee Action .......................................................................................... 6 VII. Committee Recommendations and Comments ............................................ 6 VIII. Text of Resolution of Advice and Consent to Ratification .......................... 7 I. PURPOSE The Convention on the Law Applicable to Certain Rights in Re- spect of Securities Held with an Intermediary (the Convention) aims to establish clear rules to resolve a narrow but important problem with respect to determining which country's law applies to certain aspects of a cross-border securities transaction (for exam- ple, transactions in which any of the investors or owners, the issuers, the clearing corporation, and the owner's bank or broker are located in different countries). 59-115

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