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US and Switzerland sign Hague Securities Convention

After the signature of the Hague Securities Convention by the US and Switzerland on 5th July, more countries are expected to follow in the near future based on the European Commission’s call upon EU Member States. The Convention would provide a uniform legal formula for determining the ownership of securities held in electronic form. However before the ratification of the documents certain EU directives has to be amended which the Commission now published a legal assessment on including the working paper on the practical progress that has to be taken. (by BBJ’s Brussels correspondents)