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05 November 2010

Commission launches consultation on securities law


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Currently, EU Member State laws on the holding and disposition of securities (such as stocks, bonds, options, futures etc.) differ considerably. This fragmentation could lead to legal uncertainty in cross-border situations.


The Commission services have launched a public consultation to seek stakeholders' views on the harmonisation of the legal framework for securities holding and transactions.

Following a request by the Economic and Financial Affairs (ECOFIN) Council, the Commission will come forward with a legislative proposal before summer 2011 to increase legal certainty and efficiency of securities holding and improve protection of investors' rights, as well as address some other related aspects. A first consultation in 2009, based on a questionnaire, helped the Commission to draw a map of the existing legal practices and obstacles encountered by the market for cross-border transfers of securities. The second consultation now contains a list of principles that the Commission.

Deadline for comments is 1 January 2011
 



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