The Unidroit Capital Markets Projects

The chapter discusses the The chapter discusses the Unidroit Capital Markets Projects that came to fruition over the past two decades: the Unidroit Convention on Substantive Rules for Intermediated Securities, the Unidroit Legislative Guide on Intermediated Securities, and the Principles on the Operation of Close-Out Netting Provisions. The content of these instruments will be examined, as well as how they interrelate. Attention will be given to the relationship with the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, as well as with the broader legal and regulatory context in which the Unidroit instruments operate (including the work by UNCITRAL on non-intermediated securities and regulatory guidance issued in the wake of the global financial crisis). Although digital assets are not the topic of this chapter, some attention will be given to the continued relevance of the Unidroit work on intermediated securities as reflected in the recently completed Unidroit Principles on Digital Assets and Private Law.