22/12/2005 (Agence Europe) - The European Commission has been granted authority to open negotiations, on behalf of the EU, on part of a draft Convention aiming to make it easier to hold and transfer securities at a world-wide level. Negotiations will take place within the International Institute for the Unification of Private Law (UNIDROIT). On modern securities markets, securities are mostly held for others by intermediaries, for which purpose they operate securities accounts. These accounts are treated commercially and economically as being the focus of ownership, although, legally, their status differs across nations. The question of the identity of the right holder and the nature of such rights is therefore somewhat confused when securities are held on behalf of investors in the form of entries in intermediary's accounting records. The issue was broadly discussed with the Union, and the Commission hopes the convention, which is not yet at the project stage, will contribute to the coherent development - that is also compatible with the high level of complexity observed within the EU - of rules for the holding of securities at international level.