Commission launches consultation on securities law
05 November 2010
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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