Academic Scientific JournalsThe New Scope of Application of Hague Convention From 2006 as an Example of Adaptation to the Requirements of Financial System Resiliance and Technological Changes
Keywords:
financial market, Hague Convention, applicable law, crypto-assets, contractual obligationAbstract
This article is an attempt to answer the question about the future and possible wider use of the Hague Convention on the law applicable to certain rights relating to titles held with an intermediary, signed in 2006.
The validity of the hypothesis included in this article results from both technological and legal development aspects. Within the scope of technological development, it should be noted that the exponential progress in this area could have contributed to changing the way of our life certain forms of activity are functioning on the financial market. Within the scope of legal development, it is worth noting that in recent years new forms of products have appeared on the financial market, such as crypto-assets, in relation to which the issue of determining the applicable law has not been clearly specified by the legislator. The above-mentioned issues are additionally overlapped with collateral aspects related to the legal security of transactions and the credibility of financial intermediaries in the era of warfare in Ukraine and the multi-faceted threats to state security associated with it.
The methodology used by the author is related to the functional approach of the historical- descriptive and dogmatic method, and the conclusions drawn indicate significant potential for applying the provisions of the Hague Convention mutatis mutandis to the contemporary financial market. In the Author’s opinion, the Hague Convention may be an example of adaptation to the new requirements of the financial system’s resilience and economic and technological changes, by referring to existing legal acts rather than creating new regulations, the effect of which is the phenomenon of regulatory inflation.
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