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Place of the Relevant Intermediary Approach (or PRIMA)

Russian translation: принцип места соответствующего банка-посредника

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Place of the Relevant Intermediary Approach (or PRIMA)
Russian translation:принцип места соответствующего банка-посредника
Entered by: Karen Sughyan
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09:44 Sep 4, 2006
English to Russian translations [PRO]
Law/Patents - Law (general) / право
English term or phrase: Place of the Relevant Intermediary Approach (or PRIMA)
Как бы получше сформулировать этот принцип, используемый в различных международных документах (а может, и не только в них)?
Yelena Pestereva
Russian Federation
Local time: 21:29
принцип места соответствующего банка-посредника
Explanation:
1. The elegance of this solution is that the same deeming mechanism can be used in respect of ‘lower-tier’ accounts, so that the same rule can be applied to intermediaries, in respect of entitlements against them recorded in their own accounting systems. The application of the same solution to each and every level of accounts has prompted the name PRIMA (the Place of
the Relevant InterMediary Approach) for this solution. For each account holder, the Relevant Intermediary is the next one up in the chain, and the security is deemed to be the claim against that intermediary, and thus subject to the legal system of the place where the account is held.

2. The Hague Conference on Private International Law is working on a draft Convention on the law applicable to dispositions of securities held through intermediaries, with the aim of implementing the “PRIMA approach”. According to the PRIMA principle, the rights of a holder of such securities provided as collateral will be governed by the law of the country of the relevant intermediary which maintains the securities account.

3. This principle (the place of the relevant intermediary
(PRIMA) principle) is also contained in Article 9(2) of the Settlement Finality Directive - Директива 98/26/EC Европейского Парламента и Совета Европейского Союза о необратимости расчетов в платежных системах и системах расчетов по ценным бумагам
Selected response from:

Karen Sughyan
Armenia
Local time: 22:29
Grading comment
Спасибо! Вы ответили сразу на 2 мои вопроса.
4 KudoZ points were awarded for this answer

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Summary of answers provided
3 +1принцип места соответствующего банка-посредника
Karen Sughyan
2 +1Конвенция PRIMA
Irina Kondratieva


  

Answers


3 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +1
place of the relevant intermediary approach (or prima)
Конвенция PRIMA


Explanation:
"...эта же проблема обсуждалась на Гаагской конференции на международному частному праву в связи с разработкой так называемой Конвенции PRIMA, которая была принята некоторое время назад. Наконец, ту же самую проблематику очень активно обсуждали в начале 90-х годов при реформировании единообразного торгового кодекса США (UCC Article 8 Revision): так, американцами для этих целей была создана специальная конструкция security entitlement. Кстати сказать, то, что у нас пытались прописать в законе об инвестиционных фондах по поводу принадлежности инвесторам имущества ПИФа на вещном праве – это чрезвычайно близко, по крайней мере, по существу к конструкции security entitlement..."

http://www.ostlegal.ru/text/invest.html

http://en.wikipedia.org/wiki/Place_of_the_Relevant_Intermedi...

там написано, что есть мнение, что PRIMA это дальнейшее развитие принципа lex rei sitae (закон места нахождения имущества)


Irina Kondratieva
Russian Federation
Local time: 21:29
Works in field
Native speaker of: Russian
PRO pts in category: 12

Peer comments on this answer (and responses from the answerer)
agree  callingblind
4 hrs
  -> Thank you : ))
Login to enter a peer comment (or grade)

5 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
place of the relevant intermediary approach (or prima)
принцип места соответствующего банка-посредника


Explanation:
1. The elegance of this solution is that the same deeming mechanism can be used in respect of ‘lower-tier’ accounts, so that the same rule can be applied to intermediaries, in respect of entitlements against them recorded in their own accounting systems. The application of the same solution to each and every level of accounts has prompted the name PRIMA (the Place of
the Relevant InterMediary Approach) for this solution. For each account holder, the Relevant Intermediary is the next one up in the chain, and the security is deemed to be the claim against that intermediary, and thus subject to the legal system of the place where the account is held.

2. The Hague Conference on Private International Law is working on a draft Convention on the law applicable to dispositions of securities held through intermediaries, with the aim of implementing the “PRIMA approach”. According to the PRIMA principle, the rights of a holder of such securities provided as collateral will be governed by the law of the country of the relevant intermediary which maintains the securities account.

3. This principle (the place of the relevant intermediary
(PRIMA) principle) is also contained in Article 9(2) of the Settlement Finality Directive - Директива 98/26/EC Европейского Парламента и Совета Европейского Союза о необратимости расчетов в платежных системах и системах расчетов по ценным бумагам


    Reference: http://www.partad.ru/wrld/word/g30app4.pdf
    Reference: http://www.imf.org/external/np/g10/2002/pdf/120502.pdf
Karen Sughyan
Armenia
Local time: 22:29
Specializes in field
Native speaker of: Native in ArmenianArmenian
PRO pts in category: 20
Grading comment
Спасибо! Вы ответили сразу на 2 мои вопроса.

Peer comments on this answer (and responses from the answerer)
agree  Irina Kondratieva
14 hrs
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