Report on a Right of Use for Collateral Takers and Custodians

Abstract

The Report on a Right of Use for Collateral Takers and Custodians examines on what basis collateral takers can dispose of the assets of collateral providers, and custodians of those of their clients. The report describes the current legal practice in the USA, Denmark, The Netherlands, Germany, Italy and the UK. It critically examines legislative initiatives by UNIDROIT (Project on Harmonised Substantive Rules regarding Securities Held with an Intermediary) and in the European Union (Collateral Directive, Investment Services Directive). The report contains a Tax Appendix.collateral, right of use, repo, securities lending, derivatives