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In times of dematerialised securities, the risks for customers and depositors in case of a security intermediate default are no longer manageable. The practice of pledging a security to another owner involves concrete risks for cross-border transactions. In order to offer customers of the Luxemburg financial centre the best possible security, the Luxembourg government has already transposed a project relating to dematerialised securities into national law. The law was passed on April 6, 2013. “For Luxembourg this is very important because with Clearstream, the financial centre is at the heart of securities flows”, Pierre-Henri Conac, Professor of Financial Markets Law at the Luxembourg University, says. “Customers can now benefit from a system of predictability.” Under the future UCITS...
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