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Law Commission Project on Intermediated Investment Securities - 23 June 2006

In general, there are no great surprises in the coefficients on the control variables. The strongest finding is the powerful negative relation between firm size and firm volatility, a result which is well known. Additionally, we find a strong positive relation between the value of CEO stock and option holdings and firm volatility. This result is somewhat surprising, in that we might expect that the risk aversion of executives would cause those with greater firm holdings to reduce firm volatility. This result, however, disappears when we control for firm and year fixed effects (see discussion below). Cash compensation (salary plus bonus). | Law Commission Project on Intermediated Investment Securities Second Seminar Issues affecting Account holders and Intermediaries 9.30-11.30am 23 June 2006 Norton Rose Kempson House Camomile Street London EC3A 7AN 1 ISSUES AFFECTING ACCOUNT HOLDERS AND INTERMEDIARIES 5 Executive Summary 5 INTRODUCTION 9 Terminology 10 PROTECTION FROM THE CLAIMS OF AN INTERMEDIARY S CREDITORS 11 Economic justification 11 Consensus as to the need for protection against intermediary insolvency 13 The legal nature of an account holder s interest 13 England and Wales - proprietary protection by way of trust 14 Other Member States 19 Approach taken by the FMLC 23 Approach taken by the US Uniform Commercial Code 23 Approach taken by UNIDROIT Convention 23 Preliminary Conclusions 26 LOSS-SHARING IN SECURITIES ACCOUNTS 27 Non-matching systems shortfalls 27 Matching systems 28 Possible ways of dealing with losses 30 Specific issues 31 Segregation of Intermediated Securities 32 Shortfalls in a pool 33 Approach taken by Member States 36 Account holders claims in respect of securities of the same description belonging to the intermediary 37 How should the fault of an account holder affect the treatment of shortfalls 39 Ability to recover substitute assets from an insolvent intermediary 39 The approach taken by the FMLC 40 2 The approach taken by US Uniform Commercial Code 40 The approach taken by UNIDROIT Convention 41 Preliminary Conclusions 43 THE CREATION AND ENFORCEABILITY OF AN ACCOUNT HOLDER S RIGHTS. 45 Different categories of account holders rights 45 The nature of these rights 46 The enforcement of rights in intermediated securities 47 Approach taken by the FMLC 52 Approach taken by US Uniform Commercial Code 52 Approach taken by UNIDROIT Convention 53 Preliminary conclusions 56 THE APPLICATION OF THE NO-LOOK-THROUGH PRINCIPLE 57 Possible exceptions under English law 58 Approach taken by other Member States 58 Approach taken by the FMLC 59 Approach taken by the US Uniform Commercial .