
Chains of Intermediaries in Shareholding in Listed Companies
A Comparative Legal Analysis of the Corporate Law Issues Arising from Intermediation and Potential Remedies

This book examines complex chains of intermediaries – which include financial institutions like banks, brokers, (global) custodians, and central securities depositories – and their impact on the exercise of shareholder rights in listed companies.
From a corporate law perspective, these intermediaries present both theoretical and practical challenges in the relationship between companies, shareholders, and end-investors (beneficial owners). When it comes to exercising shareholder rights, intermediaries’ presence may complicate, delay, and even prevent shareholders from effectively participating in corporate decisions, including voting at AGMs or pursuing legal actions.
What do these issues look like across different jurisdictions, and is change on the horizon? This book explores these questions through a comparative legal analysis, examining how these corporate law issues appear in European jurisdictions, the UK, and the US. In addition, it evaluates several solutions to these challenges, focusing on their ability to protect the interests of end-investors (beneficial owners) in listed companies. These solutions include the potential use of Distributed Ledger Technology (DLT), both within listed companies and across capital markets more broadly, as well as promoting enhanced direct holding methods, particularly within common law systems.
Louise Van Marcke holds a Doctor of Law degree from Ghent University. As both a practicing lawyer and a voluntary postdoctoral memberof staff at Ghent University, she combines legal practice with ongoing academic research.
Digital version available on :
- Strada lex Belgium
- Strada lex Europa
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Type of product | Book |
---|---|
Format | Hardback |
EAN / ISSN | 9781839704741 |
Series name | Instituut Financieel Recht |
Weight | 840 g |
Status | Available |
Number of pages | 510 p. |
Access to exercice | No |
Publisher | Larcier |
Language | English |
Publication Date | May 27, 2025 |
Available on Strada Belgique | Yes |
Available on Strada Europe | Yes |
Available on Strada Luxembourg | No |
Downloads
- Table of contents and preliminary pages
- Introduction to this Research
- PART 1. AN INTRODUCTION TO INTERMEDIATION
- Chapter I. Chains of Intermediaries and the Indirect Holding System from a Structural and Organizational Perspective
- Chapter II. The Legal Status of Shares Booked on a Securities Account and the Rights of the Accountholder
- Chapter III. The Run-Up to the Annual General Meeting and the Organization of the (Proxy) Voting Process
- Part 1: Intermediate Conclusions
- PART 2. THE CONSEQUENCES OF INTERMEDIATION FOR THE EXERCISE OF CORPORATE RIGHTS
- Chapter I. Introduction: Historical Overview of Reports Bringing Issues to Light
- Chapter II. Private International Law Issues Related to Intermediated Shares
- Chapter III. The (In)Ability to Exercise Voting Rights Attached to Shares Due to Securities Financing Transactions
- Chapter IV. Lack of Transparency in Intermediary Chains
- Chapter V. Disenfranchisement of the End-Investor: Loss of Access to Legal Remedies and the Exercise of Governance Rights
- Chapter VI. Shareholder Voting Through the Chain
- Chapter VII. Transmission of Information Through the Chain
- Part 2: Intermediate Conclusions
- PART 3. RETHINKING INTERMEDIATION: EXPLORING REMEDYING STRATEGIES
- Chapter I. Technological Responses to Intermediation
- Chapter II. Opposition To Long-Term Reform
- Chapter III. Legal Recommendations: Low-Hanging Fruit to Guide the Way Forward
- Part 3: Intermediate Conclusions
- Conclusions and Closing Remarks
- Literary Bibliography