UNIDROIT 間接保有證券條約案과 電子證券 間接保有制度의 法的 課題

In modern financial market, securities are held and transferred through the intermediation of financial intermediaries. As international trades of intermediated securities increase, market participants and regulators are getting concerned with a rule to determine the applicable law, and the legal soundness, the international compatibility of national laws governing the indirect holding system of securities. The former issue was settled by Hague Securities Convention in 2002, but the latter was left unsolved. An effort to achieve such harmonized substantive rules as ascertaining of the rights of investors and collateral taker, providing methods for the creation and perfection of such rights, etc. was motivated by UNIDROIT in 2002. This article introduces a draft convention prepared by the UNIDROIT to harmonize each jurisdiction's substantive rules regarding intermediated securities, and then, examines the legal challenges to korean indirect holding system of dematerialized securities(“electronic securities”) against the provisions of UNIDROIT draft convention.