The Commission consults on the necessity to improve the EU-wide legal framework for securities holding and transaction and on how future EU legislation in this field could address the issue.
The Commission consults on the necessity to improve the EU-wide legal framework for securities holding and transaction and on how future EU legislation in this field could address the issue.
This consultation covers the entire scope of the future legislative initiative, and questions concentrate on the most important technical aspects.
Future EU legislation in this area is expected to address four issues:
Ø the legal framework of holding and disposition of securities held in securities accounts, covering aspects belonging to the sphere of substantive law as well as conflict-of-laws;
Ø the legal framework governing the exercise of investor's rights flowing from securities through a "chain" of intermediaries, in particular in cross-border situations;
Ø the establishment of the free, EU-wide choice of issuers regarding the initial entry of their securities in the relevant holding structures, in particular central securities depositories; and,
Ø the submission of any activity of safekeeping and administration of securities under an appropriate supervisory regime.
Deadline for consultation is 11 June 2009.
Consultation document
Background documents
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