The structure currently recommended for the securities market's post-trade settlement activities is based on an intermediary serving as a depository for certificated securities so that claims to such securities may be efficiently traded on the books of the intermediary. As paper certificates...

This paper identifies some common errors that occur in comparative law, offers some guidelines to help avoid such errors, and provides a framework for entering into studies of the company laws of three major jurisdictions. The first section illustrates why a conscious approach to comparative...

This paper explains how the choice of the indirect holding system for securities settlement forced U.S. issuers to cede their shareholder data to intermediaries. Part I describes the law applicable to the transfer of certificated securities. Part II describes how the paper-intensive process of...