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International Law and International Organizations
Reference:
Bezborodov J.R.
Evolution of the Place of the Relevant Intermediary Approach (PRIMA) connecting factor within the framework of legal regulation of the transboundary transactions with bonds
// International Law and International Organizations.
2016. № 4.
P. 427-437.
DOI: 10.7256/2454-0633.2016.4.19021 URL: https://en.nbpublish.com/library_read_article.php?id=19021
Эволюция коллизионной привязки «PRIMA" в рамках правового регулирования трансграничных операций с ценными бумагами
Bezborodov Yuliya Robertovna
Post-graduate student, the department of Private International Law, Moscow State Institute of International Relations of the Ministry of Foreign Affairs of Russia; Legal consultant “Robert Bosch” LLC
119454, Russia, g. Moscow, pr. Leninskii, 123, kv. 492
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juljapochta@mail.ru
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DOI: 10.7256/2454-0633.2016.4.19021
Received:
01-05-2016
Published:
14-01-2017
Abstract:
The object of this research is the formation and development of the PRIMA connection factor aimed at regulation of the relations associated with the transboundary transaction of the bonds. Currently, there is no single contentious approach for resolution of such issues. The national substantive law and/or conflict of laws is most often implemented in practice. The formulated in 2000’s contentious principle of PRIMA, including its modifications, suggested by the Hague Convention on securities, is in need for further improvements and is not currently applied by the participants of the stock market. In absence of a single approach, the risk of invalidity of, for example, law selected by the parties in the aforementioned relations is rather high. The main goal of this work consist in determination of which law will be implemented for the regulation of certain relations. Due to the fact that conflict of laws method is capable to distinguish the applicable law, although the specific disposition, hypothesis or sanction of legal relation will be contained in the substantive norms of the selected in correspondences with the conflict of laws method of legal order, the author use the substantive legal method in this research. The main result of this work lies in the analysis of various options of the connection element PRIMA, determination of its positive and negative aspects (including the risks associated with the use of one or another option), as well as future direction of the development for regulation of the assigned area of relations.
Keywords:
Securities, International Private Law, PRIMA approach, Hague Convention, stock market, indirect holding system, transboundary stocks, Conflict of laws, European Law, Directive
References
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