Place of the Relevant Intermediary Approach information
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The Place of the Relevant Intermediary Approach (PRIMA) is a conflict of laws rule applied to the proprietary aspects of security transactions, especially collateral transactions. It is an alternative approach to the historically important look-through approach, and was in its earliest form the basis for the initial draft of the Hague Securities Convention.[1]
Unlike the look-through approach, PRIMA does not look through the various tiers of intermediaries to the underlying securities. Rather, it stops at the level of the intermediary immediately above the parties to the pledge or transfer. Its important advantage is that it subjects an investor's interest in securities to the law of a single jurisdiction, even where evidence of underlying securities is situated in many different countries, or where various issuers in a single portfolio is involved. This provides certainty and clarity for all parties involved.
It is a matter of debate whether PRIMA constitutes a development of the traditional lex rei sitae principle or should be regarded as a new concept.
PRIMA was adopted in a number of jurisdictions as the conflict of laws rule to be applied to the proprietary aspects of collateral transactions. It has given way, with the Hague Securities Convention, to the approach described below.
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