Global custody is a service whereby a single custodian holds its client's international portfolio through a network of local sub-custodians, clearing systems and depositaries. Modern custodial practice is electronic and cross border. The lack of a tangible and allocated subject matter cuts across the traditional characterisation of custody as bailment. Ambiguities as to the location of custody assets raises novel questions of conflict of laws. It is argued that computerised debt securities are not negotiable instruments, but that the benefits of negotiability are available by other means, in particular the rules of equity and of private international law. It is argued that the impact of computerisation of registered securities is more limited, due to the historically intangible and unallocated nature of company shares. Traditionally, the custodian is a bailee in resect of securities, and a bank debtor in respect of cash. It is argued that because computerised custody securities are intangible and fungible, the custodian is not a bailee but a trustee. Where the securities of different clients are conuningled, the difficulty in showing certainty of subject matter for a valid trust is discussed. It is suggested that commingled clients should be treated as equitable tenants in common. Principles of private international law are discussed in relation to global custody generally, negotiability, taking security and custodian insolvency. The fiduciary duties of the custodian are considered in the light of recent case law. It is concluded that the uncertainties raised by the electronic and cross-border nature of global custody may largely be addressed by greater use of the principles of the law of trusts, and careful drafting in customer documentation.

This thesis aims to bring to light the perceptions of mentalities of government through the eyes of unaccompanied asylum-seeking minors in Sweden. It also seeks to offer some insight and reflections from a custodian perspective. Unaccompanied asylum-seeking children that come to Sweden are entitled to the same rights as the children holding citizenships in Sweden. The right to be heard and listened to is enshrined in the Convention of the Rights of the Child and holds great value during the asylum-process. Thus, the enforcement of these rights, among other rights, shows to be challenging in practice when scrutinizing the asylum process. With a pluralistic theoretical approach, leaning on the works of Hannah Arendt and Jacques Derrida, along with the narratives shared by the informants, this study aims to uncover the probabilities of feeling helpless during the asylum process, it also seeks to explore how mechanisms of power relations and control are configured according to the informants. Most laws regarding securing rights for refugees are formed by international organizations and constituted by national politicians. These laws operate to gain control at the hand of legality, thus the restrictiveness has been at the expense of the child’s best interest. As I believe more initiatives should be taken within the field of migration policy, by having unaccompanied asylum-seeking children as the point of departure, this study is an endeavor to help give them a voice.

近年在信託業法及「證券投資信託及顧問法」三讀通過後，受託銀行的責任在法律上有明顯規範，受託銀行有監督基金經理公司，維護投資人權利的責任，除了負有損害賠償責任外，也有刑事罰則。本文研究的問題為國內保管銀行現今服務能力是否可以達到法律的規範？該如何從國外全球保管機構或受託機構中，尋求學習或合作的解決之道？政府及相關公會該如何在制度上更加公平完善，使得受託機構與基金經理人的權利義務產生制衡（check-balance），此對基金業長期健全的發展很重要。 國外保管銀行在保管業務的發展領先國內業者數十年外，已處於專業技術成熟的階段，隨著經理人跨國投資的需要，證券多元跨國掛牌，及業務標準化與證券識碼及電報傳輸的統一化，國內保管銀行在全球化潮流，朝著國外的後程，而無法自成一個封閉的產業，繼續以現行的作業方式運作，學習現行國際保管銀行的運作是必然發展之路。 本論文選擇以保管服務為其主要的業務的機構，也是全球最大的保管銀行--道富銀行，為主要的個案研究。該行以保管及資產管理為其主要業務，總信託資產為9.5兆美元，管理資產1.4兆美元，2004年手續費收益佔總收益的82%，是一個經營績效相當良好的保管銀行，從2001年起的過去二十四年來，每股盈餘每年皆有二位數字的成長率。過去10年（1994~2004）每股盈餘年複成長14%，其間保管資產由1.7兆成長至9.5兆。 本文希望藉瞭解全球保管銀行及信託公司之實務作業及全球保管銀行產業之現況，瞭解全球保管銀行（Global Custodian）、次保管銀行（Sub-custodian）、受託機構（Trustee）及基金事務機構（Fund Administrator）的角色及其服務的區分，並比較我國保管業務的服務內容，及目前發展的瓶頸。 國際上保管銀行業務大致分為三大型態：全球保管銀行、次保管銀行以及信託公司或受託銀行兼任基金事務機構，當討論的服務內容時，保管銀行的角色不同時，對服務的內容就不同。全球保管銀行，以提供單一窗口，由其整合各地次保管銀行，達到全球網絡，標準化及效率為主要目標，客戶大多為機構法人、保險公司、退休金或傳統基金等標準化產品。次保管銀行業務（sub-custodian）或區域型保管銀行為各地實際負責交割結算的保管服務提供者，多擔任全球保管銀行的次保管銀行。信託公司或基金事務機構則以提供客製化基金事務或避險基金為主，專長在提供全套基金服務，包括淨值計算，基金會計、複雜的績效評估，避險基金中涉及的衍生性產品的評價及控管。 國內保管銀行面對「證券投資信託及顧問法」中信託責任及投信基金投資更多元化等市場重大變革，其中投資監管、資產評價及處理衍生性產品的能力更是作業上難以克服的挑戰，信託業幾度透過信託公會及投信投顧公會協調，試圖在定型化契約及保管銀行收費上取得平衡點，但爭議仍不斷，在保管銀行強烈反應的背後，除了收費不合理外，實務上，保管銀行的作業無法在短時間內由原來委任責任變成承擔信託的責任，最主要的原因為受限於系統的改善不易。一直以來，投信選任保管銀行以保管的通路及包銷為標準，而不是保管銀行的服務能力，此業務導向及過去委任法律關係的歷史背景，再加上保管費收費太低及基金規模經濟不易達到，保管銀行在服務能力的提昇缺乏支援。 從分析國外保管產業可知：大型保管機構的業績成長穩定獲利成果傲人，但背後系統再投資成本驚人，產業完成競爭，大者恆大，國內保管機構受限系統公司及技術能力，面對服務能力與法規要求的鴻溝，需要時日及規模經濟的收益來支持，現階段若只是覆核投信的報表，保管銀行的系統無法提供評價、警示功能，並無法完全達到投資監管及控制業務風險。未來我國保管銀行後續發展的方向必須尋求與國外受託機構學習或合作為解決之道。

Dissertação apresentada para obtenção do grau de Mestre em Engenharia Electrotécnica e de Computadores (área de Informática Industrial), sob a orientação do Prof. Doutor José Manuel Martins Ferreira

This thesis deals with consequential care after release from institutional care and relations between absence of binding person and incorporation of a young adult terminating his or her institutional care into society. The thesis focuses on institutional care, stressing its termination, it suggests changes for improvement and offers an example of good practices from Germany. Also, the thesis identifies the most serious issues of children after institutional care and describes, in detail, consequences of lack of emotional support. Utilizing case studies, the experimental part looks into whether children living in children's home can find a binding person and how presence or absence of such a person can affect their future life.

MPM / Oliver Tambo Institute of Governance and Policy Studies