Dispositions of securities

Dispositions of securities or shares of a collective holding that are entered, with title-creating effect, in a register or credited to an account are governed by the law of the state under whose supervision the register is kept in which the title-creating entry is made directly in favour of the transferee, or in which the head office or branch of the custodian that maintains the account is situated, and that gives the transferee the title-creating credit.