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ARTICLE · 30 JULY 2020

Issuance Of Dematerialised Securities Using Blockchain Technology – New Draft Legislation Published!

Arendt & Medernach
Arendt & Medernach
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Arendt & Medernach

Arendt & Medernach

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On 27 July 2020, the government has introduced a draft bill n°7637 in Parliament (the "Draft Bill"), which - if adopted - will modernise the law of 6 April 2013 on dematerialised securities...

LuxembourgCorporate/Commercial Law
Philippe Dupont
Philippe Dupont
Glenn Meyer
Glenn Meyer
Marc Mouton
Marc Mouton
Laurent Schummer
Laurent Schummer
Astrid Wagner
Astrid Wagner
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On 27 July 2020, the government has introduced a draft bill n°7637 in Parliament (the "Draft Bill"), which - if adopted - will modernise the law of 6 April 2013 on dematerialised securities, as amended (the "2013 Law"), in order to facilitate the use of distributed ledger technology when issuing dematerialised securities.

Last year, the Luxembourg legislator had already amended the law of 1st August 2001 on the circulation of securities and other financial instrument (the "2001 Law") by a law of 1st March 2019 in order to clarify that account keeping institutions such as banks could offer securities accounts operated using distributed ledger technology and a number of related items, including confirmation that successive registrations of securities using distributed ledger technology have the same effects as transfers between securities accounts (e.g. regarding transfer of ownership). 

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