The direct holding system is a traditional system of securities clearance, settlement and ownership in which owners of securities had a direct relationship with the issuer. Investors would either be recorded on the issuer's register or be in physical possession of bearer securities certificates.
The look-through approach is a conflict of laws rule applied to the proprietary aspects of security transactions. It is an application of the traditional lex rei sitae test.
The Place of the Relevant Intermediary Approach, or PRIMA, is a conflict of laws rule applied to the proprietary aspects of security transactions, especially collateral transactions. It is an alternative approach to the historically important look-through approach, and was in its earliest form the basis for the initial draft of the Hague Securities Convention.
Lex rei sitae is a legal doctrine of property law and of International private law. It is Latin for "the law where the property is situated". The law governing the transfer of title to property is dependent upon, and varies with, the lex rei sitae.
Lex fori is a legal term used in the conflict of laws to refer to the laws of the jurisdiction in which a legal action is brought. When a court decides that it should, by reason of the principles of conflict of law, resolve a given legal dispute by reference to the laws of another jurisdiction, the lex causae, the lex fori still govern procedural matters.
Choice of law is a procedural stage in the litigation of a case involving the conflict of laws when it is necessary to reconcile the differences between the laws of different legal jurisdictions, such as sovereign states, federated states, or provinces. The outcome of this process is potentially to require the courts of one jurisdiction to apply the law of a different jurisdiction in lawsuits arising from, say, family law, tort, or contract. The law which is applied is sometimes referred to as the "proper law." Dépeçage is an issue within choice of law.
Characterisation, or characterization, in conflict of laws, is the second stage of the procedure to resolve a lawsuit that involves foreign law. The process is described in English law as Characterisation, or classification within the English judgments of the European Court of Justice. It is alternatively known as qualification in French law.
Incidental questions in private international law with respect to the problems and elements discussed below
Lex causae, in conflict of laws, is the law chosen by the forum court from the relevant legal systems when it judges an international or interjurisdictional case. It refers to the usage of particular local laws as the basis or "cause" for the ruling, which would itself become part of referenced legal canon.
The lex domicilii is the Latin term for "law of the domicile" in the conflict of laws. Conflict is the branch of public law regulating all lawsuits involving a "foreign" law element where a difference in result will occur depending on which laws are applied.
Lex loci solutionis, in conflict of laws, is the law applied in the place of an event.
Lex patriae, in conflict of laws, is the system of public law applied to a lawsuit if a choice is to be made between two or more laws that would change the outcome.
The lex loci arbitri is the Latin term for "law of the place where arbitration is to take place" in the conflict of laws. Conflict is the branch of public law regulating all lawsuits involving a "foreign" law element where a difference in result will occur depending on which laws are applied.
In the conflict of laws, lex loci actus is the law of the place where the act occurred that gave rise to the legal claim. This is often confused with lex loci delicti commissi which is where the tort is committed. While typically they both point to the same location, in the case of product liability, for example, the lex loci actus would be the place of manufacturing, while the lex loci delicti commissi would be the place of injury.
Lex loci protectionis is a choice of law rule applied to cases concerning the infringement of intellectual property (IP) rights, such as copyrights or patents.
Dina d'malkhuta dina, is a rabbinic dictum based on the halakhic rule that the law of the country is binding, and, in certain cases, is to be preferred to Jewish law. The concept of dina de-malkhuta dina is similar to the concept of conflict of laws in other legal systems. It appears in at least twenty-five places in the Shulkhan Arukh.
