This article addresses the question whether the provision of the 2009 UNIDROIT Convention on Substantive Rules for Intermediated Securities (or Geneva Securities Convention) interfers in the relationship between an issuer and its shareholders or bondholders. The question is central to many questions of corporate law and corporate governance. The article concludes that, except to the extent that Contracting States are required to recognise cross-border shareholding through nominees, the Convention does not impact the law governing the corporation or the terms of the issue.