§ Mr. Russell BrownTo ask the Chancellor of the Exchequer if he will make a statement on initiatives to clarify the law concerning conflict of laws in relation to indirectly held securities. [5388]
§ Ruth KellyWe are today publishing a consultation document inviting views on two proposals. The first is a draft multilateral Convention, drawn up under the auspices of the Hague Conference on Private International Law, to determine the law applying to the proprietary aspects of dealing in securities held through intermediaries. The second is a proposal to amend the Financial Market and Insolvency (Settlement Finality) Regulations 1999. The purpose of the amendment is to apply a common choice of law rule in respect of securities provided as collateral. We consider these measures will produce benefits in terms of simplicity, risk reduction and enhanced efficiency in financial markets. A copy of the consultation document has been placed in the Library.