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EC consults on harmonisation of securities

Tuesday 9 November 2010 - by Andrew Hickley

The European Commission has announced a further consultation looking to potentially harmonise securities law.

The move seeks feedback from stakeholders on improving the legal framework for holding and disposing securities, and the exercise of rights attached to securities in the context of the Internal Market.

Among the measures queried is whether all securities accounts providers should be regulated at an EU level, and should be subject to a detailed authorisation and supervision framework similar to that provided by the Mifid directive.

The consultation also asks for feedback on the operation of transparent holding systems and potential difficulties towards connecting these to non-transparent systems, as well as the framework needed to provide effective protection of client securities in the case insolvency of an account provider.

A first public consultation was held between April and June 2009, with this adapted consultation containing a further 22 sections to cover the "full scope" of the possible legislative approach.


The consultation opened on 5 November and will close on 1 January 2011.


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