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Legal Certainty Group

The Group will analyse issues of legal uncertainty relating to the integration of EU securities clearing and settlement systems, and advise the Commission accordingly. The Group is chaired by the Commission. It is composed of around 30 legal experts drawn from academia, the public and the private sectors, whose membership is personal, and not representative. A driving force in the composition of the group has been the desire to capture expertise, and thus to identify the membership without regard to affiliation. The  European Commission’s EU Clearing and Settlement Legal Certainty Group held its first meeting in Brussels on 31st January.

Presentation of the group

Advice of the Legal Certainty Group

DateDocument
22.08.2008Second Advice of the Legal Certainty Group
19.09.2006  Note to Chairman of LCG from David Wrightpdf Choose translations of the previous link , Director, Financial Services Policy and Financial Markets, DG Internal Market and Services
28.07.2006Letter from Pierre Delsauxpdf Choose translations of the previous link , Chairman of the LCG
 The Advice of the Legal Certainty Grouppdf Choose translations of the previous link 
 Annex: Practical examples of legal barrierspdf Choose translations of the previous link 

Comparative survey

DateDocument
26.07.2006  Comparative surveypdf Choose translations of the previous link   

Meetings

DateDocument
01.-02.07.2008Agendapdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
28.-29.05.2008Agendapdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
31.03.-01.04.2008  Agendapdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
22.-23.01.2008Agendapdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
15.-16.11.2007Agendapdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
 Validity of book entry - presentation by Klaus Löber - LCG1pdf Choose translations of the previous link 
 Working paper on validity of book entry - LCG15pdf Choose translations of the previous link 
 Working paper on location of securities - LCG16pdf Choose translations of the previous link 
10.-11.09.2007Agendapdf Choose translations of the previous link 
 Minutes - Part I - LCG14pdf Choose translations of the previous link 
 Minutes - Part II (Appendices 3-8)pdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
 Subject 2 – corporate actions processing (first working draft) - LCG12pdf Choose translations of the previous link 
 Subject 1 – book-entry securities (first working draft) - LCG13pdf Choose translations of the previous link 
07.05.2007Agendapdf Choose translations of the previous link 
 Minutespdf Choose translations of the previous link 
 Participantspdf Choose translations of the previous link 
 TARGET2-Securities: Implications for the Legal Certainty Projectpdf Choose translations of the previous link 
26.-27.02.2007Agendapdf Choose translations of the previous link 
 Minutespdf Choose translations of the previous link 
 Introduction/Methodology Subject 1 ("book entry") - LCG2pdf Choose translations of the previous link 
 Monitoring report UNIDROIT - LCG3pdf Choose translations of the previous link 
 Principles for new legislation - LCG4pdf Choose translations of the previous link 
 Scope – going beyond minimum harmonisation - LCG5pdf Choose translations of the previous link 
 The draft Directive on Shareholders‘ rights - facilitating the cross-border exercise of voting rightspdf Choose translations of the previous link 
 Corporate Actions (Giovannini Barrier 3)pdf Choose translations of the previous link 
29.-30.06.2006Draft Advice as discussed at the meetingpdf Choose translations of the previous link 
 Draft Annex (Major examples of substantive law barriers)pdf Choose translations of the previous link 
 Revised Draft Advice following the meetingpdf Choose translations of the previous link 
25.-26.04.2006Agendapdf Choose translations of the previous link 
 Minutespdf Choose translations of the previous link 
13.09.2005Agendapdf Choose translations of the previous link 
 Summary of action pointspdf Choose translations of the previous link 
 UNIDROIT Conventionpdf Choose translations of the previous link 
 Kauppi reportPDF 14 KBDeutschFrançais
 Volunteerspdf Choose translations of the previous link 
21.04.2005Agendapdf Choose translations of the previous link 
 Reportpdf Choose translations of the previous link 
 Minutespdf Choose translations of the previous link 
 Document on Common Terminologypdf Choose translations of the previous link 
 Document on Compendium of Definitions in Community Lawpdf Choose translations of the previous link 
 Document on the draft UNIDROIT Convention on harmonised substantive rules regarding securities held with an intermediarypdf Choose translations of the previous link 
31.01.2005Agendapdf Choose translations of the previous link 
 Reportpdf Choose translations of the previous link 
 Minutespdf Choose translations of the previous link 
 Questionnairepdf Choose translations of the previous link 

Members' and other relevant documents

DateDocument
03.2006US law: letter from Federal reserve bank of New Yorkpdf Choose translations of the previous link 
 US law: responses to the Legal Certainty Group Questionnaire from Federal reserve bank of New Yorkpdf Choose translations of the previous link 
 US law: Uniform Commercial Code Article 8
02.2006Note concerning UNIDROIT preliminary draft Convention on Harmonized Substantive Rules regarding Securities held with an Intermediarypdf Choose translations of the previous link 
01.2006  Swiss law: letter on draft Federal Act on custody and transfer of securities held with an intermediarypdf Choose translations of the previous link 
 Draft Federal Act on custody and transfer of securities held with an intermediarypdf Choose translations of the previous link 
01.2006Japanese law: responses to the Legal Certainty Group Questionnaire from Prof. Hideki Kanda, University of Tokyopdf Choose translations of the previous link 
01.2005"The position of LCH.Clearnet"pdf Choose translations of the previous link 
09.2004BNP Paribaspdf Choose translations of the previous link 
09.2004Citigrouppdf Choose translations of the previous link 
09.2004ESFpdf Choose translations of the previous link 
09.2004Euroclearpdf Choose translations of the previous link 

List of background working documents prepared by members of the Legal Certainty Group or of the Legal Research Sub-group. Note that these documents have not been adopted by the Legal Certainty Group.

DateAuthorSubject
21.04.2005  Karin Wallin-NormanNordic Holding Systemsdocumentpdf Choose translations of the previous link 
27.04.2005Dermot TuringDerivativesdocumentpdf Choose translations of the previous link 
01.06.2005Tryfonidou and MarisEU Academiadocumentpdf Choose translations of the previous link 
01.07.2005Jan KobbachEU Regulatory Regimedocumentpdf Choose translations of the previous link 
11.07.2005Legal Research Sub-Group  Minutes of meeting in Londondocumentpdf Choose translations of the previous link   
30.08.2005Irene Martínez-CalcerradaDematerialisationdocumentpdf Choose translations of the previous link 
31.08.2005Dermot TuringOmnibus Accountsdocumentpdf Choose translations of the previous link 
01.09.2005Marianne SandelFinalitydocumentpdf Choose translations of the previous link 
05.09.2005Agata Waclawik-WejmanCompany lawdocumentpdf Choose translations of the previous link 
26.01.2006Diego DevosTransfer Requirementsdocumentpdf Choose translations of the previous link 
27.01.2006Dario LoiaconoRecognition of Indirect Holdingsdocumentpdf Choose translations of the previous link 
30.01.2006'Core Issues' Sub-groupMinutes of meeting in Parisdocumentpdf Choose translations of the previous link 
13.02.2006Eva MichelerEnglish and German law compared  documentpdf Choose translations of the previous link 
24.02.2006Jürgen ThanMoment of Transferdocumentpdf Choose translations of the previous link 
24.02.2006Dario LoiaconoRecognition of derivative holdingsdocumentpdf Choose translations of the previous link 
26.02.2006Max GanadoLegal effects of Book Entriesdocumentpdf Choose translations of the previous link 
28.02.2006'Core Issues' Sub-groupMinutes of meeting in Londondocumentpdf Choose translations of the previous link 
21.03.2006Janne LauhaReview of Loiaconodocumentpdf Choose translations of the previous link 
26.03.2006Dimitris TsibanoulisScopedocumentpdf Choose translations of the previous link 
28.03.2006Agata Waclawik-WejmanCorporate Actions & Voting Rightsdocumentpdf Choose translations of the previous link 
29.03.2006Ulrik Bang-PedersenPriority rulesdocumentpdf Choose translations of the previous link 
29.03.2006Ignacio Gómez-SanchaScopedocumentpdf Choose translations of the previous link 

Useful links