This briefing provides the legal background understanding in respect of securities which are held through banks and other intermediaries necessary to access the highly complex area of cross-border securities law which is in between commercial-, insolvency- and property law. It also describes adjacent legislation and neighbouring international initiatives. As the relevant laws are heavily fragmented, the holding and transfer of such securities as well as the exercise of investor rights is cumbersome and sometimes legally uncertain. Lastly, the main mechanisms of the envisaged legislation are presented. Throughout the text, a number of crucial issues are explained that had been discussed controversially in the past
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