The Hague Conference on Private International Law reported this morning (via LinkedIn) that President Obama has signed and will shortly be depositing an instrument of ratification of the “Convention of 05 July 2006 on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary”.
In short, the Convention seeks to harmonize/streamline Conflict of Law rules pertaining to the holding and transfer of securities with intermediaries. Now, to be sure, only Switzerland and Mauritius have already ratified, but with the U.S. coming on board, more states are sure to follow.
We’ll post further details once they come from the White House and the Hague.
[UPDATE, 12/16/16: see here for detail about the deposit of ratification.]
A point of procedure… the President ratifies treaties. Not the Senate, much to the chagrin of Senators of all stripes. The Senate advises and consents to ratification. The instrument of ratification is submitted to the Dutch Foreign Ministry.