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ARTICLE · 06 MAY 2011

The Securities Giro Transfer Act

De Brauw Blackstone Westbroek
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Some significant amendments to the Dutch Securities Giro Transfer Act ("SGTA") took effect on 1 January 2011.

NetherlandsFinance and Banking
Jan Willem Hoevers
Jan Willem Hoevers
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1. Introduction

Some significant amendments to the Dutch Securities Giro Transfer Act ("SGTA") took effect on 1 January 2011. The amendments will have an impact on issuers of securities, investors and financial institutions. Individual bearer instruments will have to be replaced by a global certificate or changed into registered instruments before 1 January 2013. Issuers of bearer shares may have to amend their articles.

2. The Securities Giro Transfer Act

The SGTA aims to offer holders of securities protection against the effects of a custodian's bankruptcy. The SGTA treats securities holders as co-owners of a pool (gemeenschap) of securities of the same type. This SGTA securities pool is managed by the Dutch Central Securities Depository ("CSD", currently: Euroclear Netherlands) and its participating institutions (banks and brokers). An SGTA securities pool does not form a part of the assets of the CSD or the participating institutions themselves. In any

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