Luxembourg newsflash — major changes in securities legislation

The law of 6 April 2013 introduces substantial changes to Luxembourg’s securities legislation. The law now allows the issuing of securities in dematerialised form whereas previously only the issuing of registered and bearer securities had been possible. The new law also modernises current legislation on book-entry securities in particular drawing inspiration from the work carried out by Unidroit in the context of the Geneva Securities Convention of October 2009 and by the Legal Certainty Group set up by the European Commission.

Pursuant to the law of 6 April 2013, Luxembourg companies and investment funds are now authorised to issue dematerialised shares or units. Bonds subject to Luxembourg law may also be issued in dematerialised form.

Issuers therefore now have three options with regard to the form of the securities they may issue. In this respect they may issue registered and bearer securities (in both individual and global form) and now also dematerialised securities…

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