Subjects:

Banking and Finance

Contents:

Part I. Introduction:
1. Convergence and Path-Dependence

Part II. English Law:
2. Paper Transfers

3. Dematerialisation

4. Impact on the institutional framework

5. Defective issues

6. Unauthorised transfers

7. Indirect holdings

8. Conclusions

Part III. German and Austrian Law:
9. Historic starting point

10. Paper transfers

11. Impact on the institutional framework

12. Immobilisation and its legal analysis

13. Evidence of convergence?

14. Conclusions

Part IV. Conclusions:
15. Legal development as a path dependent process

16. Legal doctrine and market infrastructure

17. Implications for convergence

Micheler analyses the German, Austrian and English law of securities, addressing the rules governing transfers of securities, including unauthorised transfers, equities arising out of defective issues, and the holding of securities through intermediaries. The book presents an account of the current English, German and Austrian regimes. It has been written with a view to explaining the German and Austrian regime to readers with a common law background and to explaining the English regime to readers with a civil law background.

Micheler also aims to determine whether globalisation will cause the two different approaches to converge. It concludes that the respective rules in all three jurisdictions have historically evolved consistently with incumbent legal doctrine. This pattern of change is likely to continue. Convergence will occur on a functional rather than doctrinal level. Moreover, recent reform initiatives advanced by the UNIDROIT and the EU will lead to functional rather than doctrinal convergence.

• Contains an analysis of the civil and the common law approach to property in securities
• Analyses the prospect for law reform at a European or global level
• Contributes to the discussion as to whether legal systems are converging or developing in a path dependent manner