OPINION OF THE EUROPEAN CENTRAL BANK of 10 February 2012 on the system for monitoring transactions in book-entry securities

eine wahre Fundgrube:

http://www.ecb.int/ecb/legal/1003/1386/html/index.de.html


OPINION OF THE EUROPEAN CENTRAL BANK 
of 10 February 2012 
on the system for monitoring transactions in book-entry securities 
(CON/2012/8)
Introduction and legal basis
On 27 January 2012, the European Central Bank (ECB) received a request from the Greek Ministry of
Finance for an opinion on a set of draft legislative provisions (hereinafter the ‘draft provisions’) amending
Law 2198/19941
 in relation to the entry of financial instruments and interests therein in the system for
monitoring transactions in book-entry securities.
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the
Functioning of the European Union and the third and fifth indent of Article 2(1) of Council
Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national
authorities regarding draft legislative provisions2
, as the draft law relates to the Bank of Greece and to
payment and settlement systems. In accordance with the first sentence of Article 17.5 of the Rules of
Procedure of the European Central Bank, the Governing Council has adopted this opinion.
1. Purpose of the draft provisions
1.1 The draft provisions aim at enhancing the legal framework governing the operation of the system
for monitoring transactions in book-entry securities (hereinafter the ‘System’) established by
Law 2198/1994 to monitor transactions in book-entry securities, in particular as regards the
possibility for financial instruments other than Greek government bonds to be entered in the
System. The Bank of Greece manages the System. The proposed measures introduce new
categories of financial instruments that may be entered into the System (hereinafter the ‘financial
instruments’)3
 and provide four main possibilities for such instruments and interests therein to be
entered into the System.
1.2 Draft Article 11(1) provides the possibility for financial instruments to be issued for the first time
in the System by Greek or foreign issuers. Draft Article 11(2) provides the possibility for financial
instruments already issued by Greek or foreign issuers outside the System, and for interests therein,
1 FEK A 43, 22.3.1994.
2 OJ L 189, 3.7.1998, p. 42.
3 These are the transferable securities provided for in Article 2(13) of Law 3607/2007, with the exception of shares in
companies, and money market instruments provided for in Article 2(14). Law 3606/2007 (FEK 175A, 17.8.2007)
transposes into Greek law Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on
markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of
the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).

http://www.ecb.int/ecb/legal/pdf/en_con_2012_8_f_sign.pdf