Issues of the law applicable to obligations related to securities are regulated by the Act of 4 February 2011, private international law and the provisions of Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I). The purpose of this article is to determine the connecting factors for the indicated law applicable to the obligations arising from bearer securities other than bills of exchange and cheques, including dematerialized securities. To this end, an attempt will be made to determine the relationship between the provisions of Art. 31 of the Private International Law and Art. 1, sect. 2, point d of the Rome I Regulation, which will determine whether it is appropriate to assume that the choice of law for bearer securities obligations will be admissible or whether it is appropriate to assume that in the area of obligations arising from securities other than the bill of exchange and the cheque only objective connecting factors have been used.