On April 1, 2017, the Hague Securities Convention (Convention) came into effect in the United States. The Convention provides choice of law rules applicable to certain issues related to the indirect holding of securities and other financial assets with financial institutions acting as intermediaries. The Convention applies in the United States to all transactions involving a choice of law between the substantive laws of different countries—whether entered into before or after the April 1, 2017, effective date. This Legal Update discusses the Convention’s background, scope, rules, and related considerations for both new and existing transactions.
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