In
the activities of the EFMLG, the absence of a harmonised legal regime
governing the holding and transfer of financial instruments in the EU
has received particular attention. As a result, the EFMLG has published a
Report in which it makes several recommendations.
EFMLG recommendations:
• The EFMLG supports the Giovannini Group's proposal for an EU Securities Account Certainty project.
• Community legislative action should be taken to harmonise the legal regime governing the holding and transfer of financial instruments by way of book-entries in the EU.
• A statutory dematerialised holding regime based on book-entries, allowing for transfers of financial instruments under terms harmonised to a sufficient extent so that their differences no longer constitute barriers to cross-border trading, would be instrumental to take full advantage of the effects of such harmonisation measure and of the huge advances in computer technology.
• Community legislative action should be taken to harmonise the legal regime governing the holding and transfer of financial instruments by way of book-entries in the EU.
• A statutory dematerialised holding regime based on book-entries, allowing for transfers of financial instruments under terms harmonised to a sufficient extent so that their differences no longer constitute barriers to cross-border trading, would be instrumental to take full advantage of the effects of such harmonisation measure and of the huge advances in computer technology.
As explained in the
Report, the EFMLG firmly believes that this reform project is not only
highly desirable for the internal market for financial instruments, but
that it is also technically feasible.
http://www.efmlg.org/News.htm#Harmonisationoflaws
THE SUB-GROUP OF THE EFMLG
ON BOOK-ENTRY TRANSFERS AND DEMATERIALISATION
The preparation of this Report has been carried out by a Sub-Group of the EFMLG on book-entry
transfers and dematerialisation with the following composition:
Mr. Löber, Klaus ECB
Dr. Nizard, Frédéric Crédit Agricole S.A.
Dr. Poggemann, Klaus WestLB
Mr. Thomas, Martin Financial Markets Law Committee
Dr. Tsibanoulis, Dimitris Tsibanoulis & partners (on behalf of Euribor
Greek banks)
Mr. de Vauplane, Hubert BNP Paribas
Ms. Viitala, Merja Nordea Bank Finland
THE SUB-GROUP OF THE EFMLG
ON BOOK-ENTRY TRANSFERS AND DEMATERIALISATION
The preparation of this Report has been carried out by a Sub-Group of the EFMLG on book-entry
transfers and dematerialisation with the following composition:
Mr. Löber, Klaus ECB
Dr. Nizard, Frédéric Crédit Agricole S.A.
Dr. Poggemann, Klaus WestLB
Mr. Thomas, Martin Financial Markets Law Committee
Dr. Tsibanoulis, Dimitris Tsibanoulis & partners (on behalf of Euribor
Greek banks)
Mr. de Vauplane, Hubert BNP Paribas
Ms. Viitala, Merja Nordea Bank Finland
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