The ECOFIN Council invited the Commission to present the outline of legislative measures for a harmonised legal framework for intermediated securities, in December 2008. Before making its proposals, the Commission has invited any interested parties to submit their comments on the basis of a consultation document prepared.
The EU legislation in this area is expected to address four issues:
- 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;
- The legal framework governing the exercise of investor's rights flowing from securities through a "chain" of intermediaries, in particular in cross-border situations;
- 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,
- The submission of any activity of safekeeping and administration of securities under an appropriate supervisory regime.
Please click here for consultation webpage.