The law of April 6, 2013 on dematerialised securities was
published in Luxembourg's official gazette, the
Mémorial, on April 15, coming into force the following day.
It creates a third category of securities alongside securities in
bearer or registered form and introduces a general regime for them.
The legislation also amends various existing Luxembourg laws such
as the legislation of August 1, 2001 regarding the circulation of
securities and other fungible instruments.
Scope of application
In Article 1, paragraph 11, the legislation defines the
securities that may be dematerialised. These comprise equity
securities issued by a Luxembourg public limited company or mutual
fund, such as shares, profit shares, subscription rights and fund
units (but not corporate units issued by a Luxembourg private
limited liability company or limited corporate partnership), as
well as debt securities from a Luxembourg or foreign issuer that
are governed by Luxembourg law.
