to the law of a territorial unit of a multi-unit state (such as Canada or Australia), Art 12 indicates that the applicable law can be the law of a territorial unit specified in the account agreement provided that the relevant intermediary has a qualifying office somewhere in the multi-unit state. Relevant intermediary as collateral taker In Art 4(3), the Convention expressly provides that it applies in the specific case where an account holder: Holds interests in securities through an intermediary; and Pledges or transfers title to securities held with an intermediary to that particular inventory. In this situation, the Convention provides that the relevant intermediary is the account holder's own intermediary, and the account agreement between the account holder and its intermediary is the relevant account agreement to determine the law governing either perfection or completion. Other issues Other issues governed by the Convention include: Issues of priority between competing dispositions; The requirements for the realisation of such an interest; and The duties of an intermediary to competing claimants to an interest in securities held with the intermediary. Other related international conventions In 2003, Unidroit started a negotiation process with a view to harmonise the material aspects of intermediated securities. The purpose is to achieve a further step towards legal integration of securities markets, that consist not only in identifying the applicable law, but also in harmonising some parts of the legislation of the signatory States. These negotiations eventually reached the adoption, in October 2009, of the Geneva Securities Convention. References External links Convention text and ratifications Securities (finance) Treaties concluded in 2006 Hague Conference on Private International Law conventions Treaties entered into force in 2017 Treaties of Switzerland Treaties of Mauritius Treaties of the United States 2006 in the Netherlands 21st century in The Hague