(a) rights and obligations arising from the listing of securities in a title account, to the extent that those rights or obligations are purely contractual or otherwise purely personal; (b) the contractual or other rights and obligations of parties to a provision relating to securities held with an intermediary; or (c) the rights and obligations of a securities issuer or a filer or transfer agent of an issuer, whether with respect to the securityholder or another person. The Agreement on the Law of Certain Rights of Securities held with an intermediary or the Hague Securities Agreement is an international multilateral treaty aimed at eliminating legal uncertainties in cross-border securities transactions worldwide.  The convention was developed under the auspices of the Hague Conference on Private International Law, which resulted in several conflicts of laws. When a new transaction is scheduled or completed on or after April 1, 2017, an insured party must take into account the rules of choice of the agreement. In addition, since the insured party, which relies exclusively on the existing legislation of the account contract, relies only on the applicable legislation of the account contract, it is appropriate that the account contract includes a clause such as this, in order to comply with the legislation of the UCC and the legislation of the Convention for which the review of the Qualified Office is carried out. , under what circumstances the result of the choice of law is different from the provisions of the convention. if security interest is granted, receivables on securities credited to a title account? The convention has the status of the United States and, as such, precedes the legislation of the Single Code of Commerce and all related federal statutes. The agreement contains provisions relating to the choice of law with respect to the liabilities and rights of an intermediary holding securities on a title and third party account, including the perfection and priority of an interest in securities held in a title account. The main rule of the agreement is that the law applicable to these purposes is the law that is specified in the “account agreement” if any, and which relates to the title account.
The agreement also provides for evasion rules to determine the choice of law in the absence of an account agreement or in the absence of a specification of the applicable account contract legislation. (In general, parties will not want to rely on evasion rules to negotiate important business transactions.) The “account contract” is clearly the deposit agreement between the intermediary and the account holder. The only limitation to the application of the primary rule is that at the time of the conclusion of the account contract, the intermediary must have a “qualifying office”, i.e. an office located in the “state” defined in the account contract and operating in the normal activity or activity of securities account management.