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Getting Ready for the Hague Securities Convention


Speaker(s): Edwin E. Smith, Sandra M. Rocks
Recorded on: Jan. 18, 2017
PLI Program #: 205272

srocks@cgsh.com

Ms. Rocks' practice focuses on commercial financing, including secured transaction and bankruptcy law.  Ms. Rocks joined the firm in 1980 and became counsel in 1990.  She received a J.D. degree in 1979 from Columbia University, where she was a member of the Law Review.  She received an undergraduate degree, summa cum laude, from Susquehanna University in 1975.

Ms. Rocks currently serves on the TriBar Committee on Legal Opinions and participated in the preparation of TriBar’s original and updated reports on security interest opinions under Article 9 of the Uniform Commercial Code (“UCC”).  She is the ABA Advisor to the Drafting Committee for the Article 8 Companion Act to the Uniform Regulation of Virtual-Currency Businesses Act drafted by the National Conference of  Commissioners on Uniform State Laws.  Ms. Rocks previously served as Chair of the Task Force on Cleared Swaps of the ABA Business Law Section UCC Committee, as Co-chair of the Investment Securities Sub-Committee of the UCC Committee and as Chair of the International Commercial Law Subcommittee of the UCC Committee.  From 2005 through 2008 she served as ABA Liaison-Advisor to the Permanent Editorial Board of the Uniform Commercial Code.  Ms. Rocks also served on the Subcommittee on Investment Securities’ Task Force on Proposed Treasury Regulations Governing Book-Entry Securities.  She served as a member of the Securities and Exchange Commission's Market Transactions Advisory Committee, established to advise ways in which to reduce risk in the efficient clearance and settlement of market transactions, which issued its final report in 1997. 

Ms. Rocks participated on behalf of EMTA (formerly the Emerging Markets Traders Association) in UNIDROIT projects to create Netting Principles and the Convention On Substantive Rules For Intermediated Securities and in the development by The Hague Conference on Private International Law of the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with Intermediaries.  She served on the Subcommittee on Legal Issues of the Group of 30 Global Monitoring Committee (2005) and participated as an industry expert in connection with the United Nations Convention on the Assignment of Receivables in International Trade.

Ms. Rocks is co-author of The ABC's of the UCC, Article 8: Investment Securities, Second Edition. She is a frequent speaker on Articles 8 and 9 of the UCC and related international initiatives.

Ms. Rocks is a member of the American Law Institute and a member of the American College of Commercial Finance Lawyers.   She is a member of the Bar in New York.


Edwin E. Smith is a partner in the New York City and Boston offices of Morgan, Lewis & Bockius LLP.  He concentrates his practice in general commercial and insolvency law.  He has been a member of the teaching faculty at the Morin Center for Banking Law Studies at Boston University Law School, where he has taught secured transactions and transnational lending and trade finance.  He has also served as a lecturer on secured transactions at Northeastern University Law School of Law, Harvard Law School and Suffolk Law School.  As a Uniform Law Commissioner for the Commonwealth of Massachusetts, he has served as a member of the drafting committees for the 1995 revisions of Article 5 (letters of credit) and the 1999 revisions of Article 9 (secured transactions) of the Uniform Commercial Code and as the chair of the drafting committees that formulated the 2002 amendments to Articles 3 (negotiable instruments) and 4 (bank deposits and collections) of the Uniform Commercial Code, the 2010 amendments to Article 9 (secured transactions) of the Uniform Commercial Code, the 2014 amendments to the Uniform Voidable Transactions Act (formerly the Uniform Fraudulent Transfer Act) and the 2018 Amendments to Articles 1, 3, 8 and 9 of the Uniform Commercial Code to address electronic mortgage notes secured by residential real property and registered in a federal registry.  He has also served on the drafting committees for the Uniform Certificate of Title Act (2005), the Uniform Assignment of Rents Act (2005), the Uniform Manufactured Housing Act (2012), the Uniform Limited Liability Company Protected Series Act (2017), the Uniform Regulation of Virtual-Currency Businesses Act (2017), and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act (2018).  He is currently serving as a member of the Permanent Editorial Board for the Uniform Commercial Code and as chair of an American Law Institute/Uniform Law Commission study committee examining whether the Uniform Commecial Code should be amended for emerging technologies.  Mr. Smith is a past Chair of the Uniform Commercial Code Committee of the Business Law Section of the American Bar Association and a past member of the Council for the Business Law Section.  He also served as a U.S. delegate on the United Nations Convention on the Assignment of Receivables in International Trade and as a U.S. delegate to the United Nations Commission on International Trade Law (UNCITRAL) working group on creating a secured transactions guide for legislation in United Nations member countries.  He is a member of the American Law Institute, the National Bankruptcy Conference (for which he serves on the executive committee), the American College of Bankruptcy (for which he served as a member on the board of directors and as chair of the Policy Committee) and the International Insolvency Institute and is a past President of the American College of Commercial Finance Lawyers.  He is a graduate of Yale University and Harvard Law School.