The FMLC wrote to the European Commission in response to its consultation on the conflict of laws rules for third party effects of transactions in securities and claims (the “Consultation”), a link to which can be found here.
The letter refers the attention of the European Commission to the previous work of the FMLC in this area and in particular to an FMLC paper published in November 2005 advocating the signing of the Hague Securities Convention by the E.U. and an FMLC paper published in March 2010 which considers the third party effects of assignment of claims under Article 14 of Regulation 593/2008 of 17 June 2008 on the law applicable to contractual obligations (“Rome I”). The letter sets out a brief appraisal of these two papers, noting how they relate to the Consultation, and also provides some additional comments.
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