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The first session of the diplomatic Conference to adopt a Convention on Substantive Rules regarding Intermediated Securities was held, under the auspices of the International Institute for the Unification of Private Law (UNIDROIT), at the invitation of the Government of Switzerland, in Geneva from 1 to 12 September 2008. At this session last outstanding policy choices have been successfully accomplished and the second reading of the text of the draft Convention has been finalised. Moreover, it was decided that a draft Official Commentary to the draft Convention will be prepared and that the final session of the diplomatic Conference will be held in Geneva in 2009 with a view to finalising the work and adopting the Convention.