2002.10.23.Final.Comment.Letter

THE ASSOCIATION OF GLOBAL CUSTODIANSTH( BANK OF NEW YORK COUNSEL TO THE ASSOCIATION:BROWN BROTHERS HARRIMAN BAKER _ MCK(NZIECri'IBANK. N .A. B I B CONNECTICUT AVENUE. N .W.DEUTSCHE BANK "I_U_I" CONPANY AMERICA_ WASHgNGTON. D.C. 2000__NVESTOR$ _ TRUST COMPANYJPMORGAN CHASE BANK TELEPHONE: 202/452-70 I 3MELLON FINANCIAL FACSIMILE: 202/452-7074"_-IE NORTHERN TRUe1" COMPANYRBC GLOBAL S(RVICESSTARE STREL='T BANK AND "t_UST COMPANyOctober23, 2002VIA E-MAIL AND AIR COURIERPermanentBureauHague Conferenceon PrivateInternationalLawScheveningseweg62517 KT The HagueNetherlandsAttn: ChdstopheBemasconi,FirstSecretaryRe: Proposed Conventionon the Law Applicable to Proprietary Ri.qhtsinIndirectlyHeld Securities('ProposedConvention") - Commentson Article4 as Set Forthin PreliminaryDocumentNo. 16 (September2002)LadiesandGentlemen:The Associationof GlobalCustodians("Association"),an informalgroup of tanNorthAmericanbanksthat are majorprovidersof globalcustodyservicesto institutionalinvestors, 1 has followed closely the development of the Proposed Conventionandparticularlythose provisionsthat would determine the law applicable to rights insecurities held through an intermediary in a multi-tieredholding system. 2 In thatconnection,the Associationsubmitsthis comment on Article 4 ("Determinationof the1 The RBC GlobalServices,the globalcustodybusinessof Royal Bank ofCanada, becamea memberof the Associationon September1, 2002.2 The ...