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Article 49 (Freedom to issue in a CSD authorised in the Union) of Regulation (EU) No 909/20141 (CSDR) provides that:
“1. An issuer shall have the right to arrange for its securities admitted to trading on regulated markets or MTFs or traded on trading venues to be recorded in any CSD established in any Member State, subject to compliance by that CSD with conditions referred to in Article 23.
Without prejudice to the issuer’s right referred to in the first subparagraph, the corporate or similar law of the Member State under which the securities are constituted shall continue to apply.
Member States shall ensure that a list of key relevant provisions of their law, as referred to in the second subparagraph, is compiled. Competent authorities shall communicate that list to ESMA by 18 December 2014. ESMA shall publish the list by 18 January 2015.”
The list below has been aggregated by ESMA based on the information provided by the competent authorities of the Member States in accordance with Article 49(1) of the CSDR. ESMA will update the information regularly based on notifications received from the national competent authorities. Therefore, the competent authorities of the Member States are responsible for the content of this list and ESMA is not able to provide any representation or warranty that the available content is complete, accurate or up to date.
The publication of this list of key relevant provisions of Member States’ law does not exonerate financial market participants (in particular issuers of financial instruments and CSDs) from carrying out their own analysis of any relevant law applicable to their situation. In addition to the above, attention is also drawn to the Legal Notice on the ESMA website.