In December, the Council of Ministers voted on an amendment to the Austrian Securities Deposit Act - the corresponding resolution was passed in the National Council at the end of February.
This clears the way for the "digital Global Certificate".
The amendment makes it possible for a security to certify the same securities right even without a physical securities certificate, namely digitally by attaching a data file.
Thus, the issuance of a physical securities certificate will no longer be a prerequisite for a securities certificate in the future.
This applies to bearer bonds and investment certificates.
As the only CSD authorised in Austria, OeKB CSD will be able to realise these advantages for a large number of deposited global certificates (with approx. 8,000 global certificates falling into this category annually).
In the future, OeKB CSD will be responsible for the technical implementation of the digital global certificate and will, as always, work closely with Austrian issuers to provide them with modern and secure access to a custody system.
But also international participants can benefit, because the physical deposit of securities at the securities counter of OeKB CSD can thus be omitted for bearer bonds and investment certificates.
A development that benefits all market participants.
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