The modern practice of securities trading has led to almost insurmountable tensions with classical conflict-of-laws doctrine. The Hague Securities Convention set out to provide for a new and uniform solution. In a recent communication from the Commission, the topic has resurfaced on the European agenda. Against this background, this article poses the question of whether the discussion around the Convention can serve as a lesson for the European Union (EU). It is submitted that neither the status quo of EU law is satisfactory nor does the adoption of the Convention offer a fully convincing solution but that the problem should be targeted at its root: the outdated concept of some national substantive laws in intermediated securities.