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The rights of investors in intermediated securities: some recent cases
In 2020 the Law Commission published Intermediated securities: who owns your shares? A Scoping Paper.
A particular focus of the paper was the “no look through” principle and its impact on investors in intermediated securities. The no look through principle provides that an investor in such securities may only make a contractual (or trusts law) claim against its immediate counterparty in the intermediated securities chain and not against the issuer (or any other intermediaries in the chain).
The Law Commission reported support for the no look through principle which was recognised as conferring the benefit of legal certainty and contributing to the efficient operation of markets. It did not suggest any change to the general principle but noted discrete changes that could be made to improve the position for ultimate investors.
In the July 2023 Ministry...
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