TAILIEUCHUNG - ISSUE 3 – PROPERTY INTERESTS IN INVESTMENT SECURITIES

To inform the development of Ministers’ High Level Output Specification (HLOS), and to provide support to the wider industry and its supply chain going forward, ATOC has been working with partners to develop a high- level rolling stock strategy. This approach has been welcomed and supported in the recent Command Paper as an important mechanism to support the delivery of improved value for money throughout the rail sector. In the shorter-term, there is a need for a high-level overview of the likely requirements for rolling stock to support ongoing passenger growth, as well as the opportunities emerging from the. | July 2004 FINANCIAL MARKETS LAW COMMITTEE ISSUE 3 - PROPERTY INTERESTS IN INVESTMENT SECURITIES Analysis of the need for and nature of legislation relating to property interests in indirectly held investment securities with a statement of principles for an investment securities statute Financial Markets Law Committee c o Bank of England Threadneedle Street London EC2R 8AH 2 FINANCIAL MARKETS LAW COMMITTEE ISSUE 3 - PROPERTY INTERESTS IN INVESTMENT SECURITIES WORKING GROUP Chair Professor Sir Roy Goode QC St Johns College Oxford University. Secretary Kirsty Devonport Clifford Chance. Dr Joanna Benjamin London School of Economics and Political Science. Mitchell Caller JP Morgan Chase Co. John Gubert HSBC Holdings PLC. Stuart James Mayer Brown Rowe Maw. Robert McWilliam ABN Amro Bank NV. Guy Morton Freshfields Bruckhaus Deringer. Habib Motani Clifford Chance. Gabriel Moss QC 3 4 South Square. Edward Murray Allen Overy. Martin Thomas Financial Markets Law Committee. Philip Wood Allen Overy. Madeleine Yates Clifford Chance. 3 CONTENTS Introduction Page Number 1. The implications of changing practice 5 2. The indirect holding system 5 3. Outright transfers and security interests 8 4. What the market is entitled to expect of the law 8 5. Is the present law adequate to meet these needs 9 6. Issues to be addressed 10 7. Three central concepts 14 8. Principles for Investment Securities Statute 15 9. Commentary On Principles For Securities Statute The Statute 18 The FMLC has published five background papers simultaneously with this paper all available on the FMLC website at . They are The regulation of securities intermediaries by the FSA Research into the 1994 revisions to Article 8 of the Uniform Commercial Code to follow International overview The six classic priority scenarios Resources and .

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