Positioning towards German Law on e-Securities: New Central Register according to Sec. 12 eWpG introduced

16.07.2021

Clearstream Banking1 informs its customers about the introduction of a central register according to Sec. 12 eWpG in

November 2021

which presents an essential contribution to the issuance of electronic securities into collective safe custody.

Background

In June 2021, the German Federal Government enacted the e-securities law (eWpG) and has opened the door for the issuance of dematerialised securities. The law targets bearer bonds (that is, bonds, warrants and certificates) and investment funds. According to Sec. 12 eWpG, Clearstream Banking will introduce a new central register which provides the necessary infrastructure and enables the market with the new possibility of issuing dematerialised securities.

Impact on customers issuing securities via CBF

In general, Clearstream Banking is following a phased implementation approach and will at first offer the possibility to issue certain fixed amount global notes in a dematerialised form as of November 2021. The customer will be able to request the admission of electronic securities via user interface. After choosing the dematerialised issuance, the customer will be able to upload the data sheet as well as the corresponding terms and conditions and request an admission to the new central register.

In addition, Clearstream Banking will publish the terms and conditions of the electronic securities to any person through a dedicated section on its website (including corresponding meta data) in accordance with the eWpG.

In June 2022, the product scope will be further extended including the coverage of fixed amount and up-to global notes for any type of bearer bond. This will make Clearstream Banking the first European CSD to offer the issuance of digital instruments. Customers can use the service either application-to-application or via the graphical interface. The AutoDispo service as well as the mark-up and mark-down process will continue to be offered.

Customers should take note that the respective regulation has not yet been finalised and Clearstream Banking can only communicate more details after the regulation has been announced.

Further Information

For further information please contact NDM-projects@deutsche-boerse.com.

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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.