{"id":5180,"date":"2020-09-30T08:10:00","date_gmt":"2020-09-30T06:10:00","guid":{"rendered":"https:\/\/honert.de\/draft-law-on-the-introduction-of-electronic-securities\/"},"modified":"2020-09-30T08:13:52","modified_gmt":"2020-09-30T06:13:52","slug":"draft-law-on-the-introduction-of-electronic-securities","status":"publish","type":"post","link":"https:\/\/honert.de\/en\/draft-law-on-the-introduction-of-electronic-securities\/","title":{"rendered":"DRAFT LAW ON THE INTRODUCTION OF ELECTRONIC SECURITIES"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-g5real-44f4893b6068b37443115013c6d35cc6\">\n.avia-section.av-g5real-44f4893b6068b37443115013c6d35cc6{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/honert.de\/wp-content\/uploads\/3629.jpg);\nbackground-position:0% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-g5real-44f4893b6068b37443115013c6d35cc6 main_color avia-section-default avia-no-shadow  avia-builder-el-0  el_before_av_section  avia-builder-el-first  hide_on_print avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-40 av-height-40  container_wrap sidebar_right'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='40' data-av_min_height_opt='40'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-5180'><div class='entry-content-wrapper clearfix'>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-epie8t-81e52d11abf669f7b9e50733216ed175 main_color avia-section-default avia-no-shadow  avia-builder-el-1  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-5180'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1avs4t-a4f7b3b6dcf2debda9d6a82883146c66\">\n.flex_column.av-1avs4t-a4f7b3b6dcf2debda9d6a82883146c66{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1avs4t-a4f7b3b6dcf2debda9d6a82883146c66 av_two_third  avia-builder-el-2  el_before_av_two_third  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-a7a0b9b28db79a553dfc4b53787d2439\">\n#top .av-special-heading.av-av_heading-a7a0b9b28db79a553dfc4b53787d2439{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-av_heading-a7a0b9b28db79a553dfc4b53787d2439 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-av_heading-a7a0b9b28db79a553dfc4b53787d2439 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-a7a0b9b28db79a553dfc4b53787d2439 av-special-heading-h1 blockquote modern-quote  avia-builder-el-3  avia-builder-el-no-sibling '><div class='av-subheading av-subheading_above'>30. September 2020\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >DRAFT LAW ON THE INTRODUCTION OF ELECTRONIC SECURITIES<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-b7wsgt-50800a25badfe520d1b5ac91b913379c\">\n.flex_column.av-b7wsgt-50800a25badfe520d1b5ac91b913379c{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-b7wsgt-50800a25badfe520d1b5ac91b913379c av_two_third  avia-builder-el-4  el_after_av_two_third  el_before_av_two_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-kfi1sct1-5cba738af9e8c2f9050789c3332658c2 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>The Federal Ministry of Justice and Consumer Protection and the Federal Ministry of Finance have jointly presented a ministers\u2019 bill for a law on the introduction of electronic securities. The bill focuses on creating a law on electronic securities (<em>eWpG-E<\/em>). This enables the replacement of securities certificates (<em>verbriefte Wertpapiere<\/em>) through registration in an electronic securities register. The bill treats securities based on cryptotechnology (e.g. blockchain) as a subset of electronic securities. In the future, it should be possible to issue and manage crypto-securities via decentralized crypto-securities registers without the involvement of intermediaries.<\/strong><!--more--><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-8p8or1-0c6a77432e8632ca605f585dd72ea3d2\">\n.flex_column.av-8p8or1-0c6a77432e8632ca605f585dd72ea3d2{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-8p8or1-0c6a77432e8632ca605f585dd72ea3d2 av_two_third  avia-builder-el-6  el_after_av_two_third  el_before_av_one_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-kfi1vg8w-4ed20aef4a88296316ccfb43f5f912bc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>I. Initial situation<\/h2>\n<p>In its blockchain strategy adopted in September 2019, the German government had already announced its intention to open up German law to electronic securities in the future. According to the current legal situation, German securities always require embodiment in a physical document, either as an individual certificate or \u2013 as is almost exclusively the case in practice \u2013 as a global certificate (<em>Globalurkunde<\/em>) deposited with a collective depository. Crypto-based financing mechanisms based on the so-called Distributed-Ledger-Technology (DLT), which include the blockchain technology, have meanwhile also found their way into the financing practice of companies. So-called investment tokens \u2013 also known as security, asset or equity tokens \u2013 represent certain membership or property rights of the token holder (instructively <em>Kleinert\/Mayer<\/em> in: EuZW magazine 2019, 857 (858)). Such crypto-based financing mechanisms \u2013 more precisely the tokens \u201cembodying\u201d the creditors\u2019 rights in Blockchain \u2013 are, however, not \u201cthings\u201d (<em>Sachen<\/em>) within the meaning of civil law and thus not compatible with a financial system that is based on the idea of the physical embodiment of a security.<br \/>\nOn 11 August 2020, the Federal Ministry of Justice and Consumer Protection and the Federal Ministry of Finance jointly published a ministers\u2019 bill for a law on the introduction of electronic securities. The bill focuses on creating a new law on electronic securities (<em>eWpG-E<\/em>).<\/p>\n<h2>II. Restriction to electronic bearer bonds<\/h2>\n<p>The draft bill initially limits the possibility of issuing and trading electronic securities to bonds payable to the bearer. The introduction of electronic shares and electronic investment fund shares is envisaged, but will occur at a later stage. Since the reasoning of the draft bill refers to the fact that the draft is structured in such a way that a later opening for further securities is easily possible from a legislative point of view, the significance of the draft for the development of securities law goes far beyond the area of bonds payable to the bearer which is now to be regulated first.<\/p>\n<h2>III. Technologically neutral option to the previous issuing and custody practice<\/h2>\n<p>In its scope of application, the eWpG-E is intended to create an additional option to the existing practice of issuing, holding and trading securities. A mandatory issue of electronic securities is not envisaged.<br \/>\nThe eWpG-E is basically designed to be technologically neutral. It does not limit the creation of electronic securities to a specific type of technology, but describes the electronic security as a security where the registration in an electronic securities register replaces the issuance of a securities certificate as a scriptural act.<br \/>\nIn order to ensure a high degree of synchronization with securities certificates, the draft equates the electronic security by virtue of legal fiction with a \u201cthing\u201d within the meaning of the BGB. This is intended to ensure that special legal regulations only become necessary where this is unavoidable due to the replacement of securities certificates by registrations in an electronic register.<br \/>\nCrypto-securities, i.e. securities entered in a register that operates on the basis of crypto-technology (in particular DLT technology), are treated by the eWpG-E as a sub-form of the electronic security, but supplemented by certain special regulations that are necessary due to the decentralized nature of crypto-technology.<\/p>\n<h2>IV. Electronic securities register and crypto-securities register<\/h2>\n<p>Electronic securities should \u2013 with the exception of crypto-securities \u2013 be registered in a centralized securities register. Only a central securities depository (<em>Zentralverwahrer<\/em>) approved in accordance with the European Central Securities Depositories Regulation may be the registry administrator. Against this background, it seems obvious that Clearstream Banking AG, a subsidiary of Deutsche B\u00f6rse AG currently acting as the central depository for securities certificates, will also assume the function of the registry administrator. In the event of data loss or unauthorized modification of data, the eWpG-E provides for liability for damages on the part of the registry administrator. According to the draft bill, the electronic securities register is to replace the global certificates currently hold in collective custody (<em>sammelverwahrte Globalurkunden<\/em>). Therefore, registration in the centralized register of electronic securities should also only be possible by way of collective registration (<em>Sammeleintragung<\/em>).<br \/>\nCrypto-securities, on the other hand, shall be registered in so-called crypto-securities registers. In accordance with the decentralized functionality of the underlying technologies, in particular the blockchain technology, crypto securities registers are to exist decentrally and thus enable an uncomplicated and cost-effective individual transfer of securities without the involvement of intermediaries. For crypto-securities, the eWpG-E therefore provides not only for collective but also for individual registration (<em>Einzeleintragung<\/em>).<\/p>\n<h2>V. Disposals of electronic securities<\/h2>\n<p>The eWpG-E does not contain a separate provision on the disposal of electronic securities under collective registration. This is not necessary, as the eWpG-E stipulates that electronic securities in collective custody are considered collective securities portfolios (<em>Wertpapiersammelbestand<\/em>) and the beneficiaries of the registered rights are therefore considered co-owners by fractions (<em>Miteigent\u00fcmer nach Bruchteilen<\/em>) of the registered electronic securities. As a result, the transfer of electronic securities held in collective custody is also conducted in accordance with the known rules of property law governing collective securities portfolios.<br \/>\nThe eWpG-E devotes a separate section to the disposal of electronic securities under individual registration. Any disposal of an electronic security requires registration in the electronic securities register to be effective. A transfer of individually registered electronic securities thus requires not only an agreement between the person entitled to the security and the purchaser, but also the registration of the transfer in the electronic register based on the instruction of the person entitled thereto. To protect legal transactions, the eWpG-E also permits the acquisition of individually registered electronic securities in good faith. The corresponding good faith provision is extremely comprehensive. Thus, in addition to the correctness of the registration as such, good faith may also refer to the authorization of a representative, the power of disposal of the seller and even the legal capacity of the seller or representative.<\/p>\n<h2>VI. Replacement of securities certificates by electronic securities<\/h2>\n<p>Existing securities embodied in certificates should in principle be able to be replaced by electronic securities with the same content without the consent of the person entitled to the security, unless such replacement has been excluded or made subject to approval in the terms of issue. Only for a replacement by decentralized managed crypto-securities the consent of the person entitled to the security should always be required. This approach is consistent, as the eWpG-E is \u2013 in the area outside of crypto-securities \u2013 largely based on the legal framework applicable to securities certificates, with the proviso that the issue of a security certificate is replaced by a registration in the centralized electronic securities register.<\/p>\n<h2>VII. Conclusion<\/h2>\n<p>The draft bill has great potential to strengthen the attractiveness of Germany as a financial market. The Federal Government will hopefully now use the momentum created by the draft bill to create the legal basis for the digitization of securities in a timely manner.<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-73cxbh-e9d7b7152d3fdc7bfa16e52bdcd5ae98\">\n.flex_column.av-73cxbh-e9d7b7152d3fdc7bfa16e52bdcd5ae98{\nborder-radius:0px 0px 0px 0px;\npadding:7px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-73cxbh-e9d7b7152d3fdc7bfa16e52bdcd5ae98 av_one_third  avia-builder-el-8  el_after_av_two_third  avia-builder-el-last  sy-only-desktop hide_on_print flex_column_div  column-top-margin'     ><p><div  class='avia-builder-widget-area clearfix  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first '><section id=\"categories-3\" class=\"widget clearfix widget_categories\"><h3 class=\"widgettitle\">Newsletter issues<\/h3>\n\t\t\t<ul>\n\t\t\t\t\t<li class=\"cat-item cat-item-272\"><a href=\"https:\/\/honert.de\/en\/category\/2026-q1\/\">2026 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-267\"><a href=\"https:\/\/honert.de\/en\/category\/2025-q4-en\/\">2025 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-265\"><a href=\"https:\/\/honert.de\/en\/category\/2025-q3-en\/\">2025 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-263\"><a href=\"https:\/\/honert.de\/en\/category\/2025-q2-en\/\">2025 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-261\"><a href=\"https:\/\/honert.de\/en\/category\/2025-q1-en\/\">2025 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-254\"><a href=\"https:\/\/honert.de\/en\/category\/2024-q4-en\/\">2024 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-250\"><a href=\"https:\/\/honert.de\/en\/category\/2024-q3-en\/\">2024 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-242\"><a href=\"https:\/\/honert.de\/en\/category\/2024-q2-en\/\">2024 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-238\"><a 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href=\"https:\/\/honert.de\/en\/category\/2017-q4-en\/\">2017 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-116\"><a href=\"https:\/\/honert.de\/en\/category\/2017-q3-en\/\">2017 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-114\"><a href=\"https:\/\/honert.de\/en\/category\/2017-q2-en\/\">2017 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-142\"><a href=\"https:\/\/honert.de\/en\/category\/deals-en\/\">Deal Announcements<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-58\"><a href=\"https:\/\/honert.de\/en\/category\/uncategorized\/\">Uncategorized<\/a>\n<\/li>\n\t\t\t<\/ul>\n\n\t\t\t<span class=\"seperator extralight-border\"><\/span><\/section><\/div><br \/>\n<section  class='av_textblock_section av-kfi1wiwp-a27b7fab5c3108ed4a6f2ab94542e214 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>More information on this topic<\/h2>\n<ul class=\"sy-list-margin\">\n<li><a href=\"http:\/\/9zh.f5b.myftpupload.com\/en\/taetigkeitsgebiete\/capital-market-law\/\">Capital Market Law<\/a><\/li>\n<li><a href=\"http:\/\/9zh.f5b.myftpupload.com\/en\/taetigkeitsgebiete\/financing\/\">Financing<\/a><\/li>\n<\/ul>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-47rprx-ac9535c17a05e799baa599c3e492d2f9\">\n#top .hr.hr-invisible.av-47rprx-ac9535c17a05e799baa599c3e492d2f9{\nheight:8px;\n}\n<\/style>\n<div  class='hr av-47rprx-ac9535c17a05e799baa599c3e492d2f9 hr-invisible  avia-builder-el-11  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-aiesd-576610e5314c128279ed144604812baf '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock hide_on_print'  itemprop=\"text\" ><h2>Downloads<\/h2>\n<p><a href=\"#\" onclick=\"window.print();return false\">Print<\/a><br \/>\n\n\n\n\t<div class=\"dkpdf-button-container\" style=\" text-align:left \">\n\n\t\t<a class=\"dkpdf-button\" href=\"\/en\/wp-json\/wp\/v2\/posts\/5180?pdf=5180\" target=\"_blank\"><span class=\"dkpdf-button-icon\"><i class=\"fa fa-file-pdf-o\"><\/i><\/span> Download (PDF)<\/a>\n\n\t<\/div>\n\n\n\n\n\n<\/p>\n<\/div><\/section><\/p><\/div><\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='after_section_2'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-5180'><div class='entry-content-wrapper clearfix'>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Ministry of Justice and Consumer Protection and the Federal Ministry of Finance have jointly presented a ministers\u2019 bill for a law on the introduction of electronic securities. The bill focuses on creating a law on electronic securities (eWpG-E). This enables the replacement of securities certificates (verbrieften Wertpapieren) through registration in an electronic securities register. The bill treats securities based on cryptotechnology (e.g. blockchain) as a subset of electronic securities. In the future, it should be possible to issue and manage crypto-securities via decentralized crypto-securities registers without the involvement of intermediaries.<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[162],"tags":[],"class_list":["post-5180","post","type-post","status-publish","format-standard","hentry","category-2020-q3-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/5180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/comments?post=5180"}],"version-history":[{"count":5,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/5180\/revisions"}],"predecessor-version":[{"id":5186,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/5180\/revisions\/5186"}],"wp:attachment":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/media?parent=5180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/categories?post=5180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/tags?post=5180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}