What is it about ?
The ratification of the Convention of the Hague Securities Convention aims to help create a secure financial centre for today's world. This Convention is the most important project aimed at standardizing private international law as it applies to securities held with intermediaries. The Convention, in the drafting of which Switzerland was involved, contains rules which will help determine applicable law in cross-border securities transactions. These rules on what is known as conflict of laws are of decisive importance, because the proportion of cross-border securities transactions is high, as is the degree of legal uncertainty. The Hague Securities Convention creates clarity in this respect. It allows the parties to choose – to a certain extent – the applicable law to their relationship and also guarantees a uniform application of the law.
What has happened so far ?
- On 9 December 2005, the Swiss Federal Council decide sto sign the Hague Securities Convention. An Opinion on the ratification of this Convention is currently in preparation (press release).
- On 5 July 2006, Switzerland and the USA sign together the Securities Convention in The Hague.
Last modification 06.05.2009