That a law draft is not always the case. Even more remarkable are the almost enthusiastic responses to the on Tuesday by the Federal Ministry of justice and consumer protection and the Federal Ministry of Finance published the draft bill for a law for the introduction of digital securities. A “huge opportunity” sees Jens Siebert, CEO of the SME financing platform Kapilendo: “The bill demonstrates a high level of practicality and a refreshing vision.” The draft law was “really great”, says Philipp Sandner, head of the Frankfurt School Blockchain Center. A little more sober, the Bundesverband Alternative Investments (BAI) says: “The dematerialization of the security in Germany was long overdue.”
Martin Hock
editor in the economy.
F. A. Z.
Electronic securities are currently designated primarily as a “Security Token”, known in the draft as a crypto-securities (see digital securities F. A. Z. vom 30. July). Two significant Changes would bring the law, the first is to only apply for the bonds, in the present Form. The obligation to prepare a stock certificate would be dropped. Instead, these should be listed in a Register, where the legal conditions would be part of the registration. On the other electronic securities are to be regarded in future as things. Thus, investors enjoy the same property protection as with conventional securities.
protection of the existing Ecosystem
The draft law distinguishes between electronic securities and crypto-securities. It is on the grounds that it should be technology-neutral and Blockchain issued bonds, in principle, not for the benefit of to be. According to Sandners the Background is another: “The rules on electronic transferable securities are, in fact, the digitization of the existing Ecosystem, with the omission of the certificate duty.” Legally itself was actually nothing New, to find Hendrik Haag, a Partner in the law firm of Hengeler Mueller: “with the introduction of the national debt book in the forty years from lack of Paper, the written form of German government bonds in a long time.” Now, to pull this for other bonds, specifically corporate bonds. Efficiency gains there is already, says Haag. Because the global certificate must be on paper with original signatures printed.
in the Future, debt securities, therefore, only in a Register are to be registered. For electronic securities in a Central register is provided wherein all of the observers to assume that this leads the Deutsche-Börse subsidiary Clearstream, the custody is currently the global certificates. Crypto-securities to be registered, however, in a decentralized manner. “The law is well-balanced design,” says Sandner: “On the one hand, the old world is protected, on the other hand, the disruptive Potential of block chain gets backed securities a legal framework that enables the development as a decentralized financial system.” The old German securities could in the future be issued on the Basis of a crypto-currency, is of great importance. “The bill has the Potential to distribute the cards in the securities business once again completely new, and existing business change models and market share on a sustainable,” says Siebert.
In no case miss the connection
the Hague is much more cautious: “The regulatory efforts to combat money laundering and the Monitoring of payment transactions would be considerably more difficult. The account-bound Depository for securities has considerable advantages.“ The extent to which the Blockchain will change everything, remains to be seen. But the draft law makes it possible for now to try things out. “The digitization in the financial sector is progressing rapidly; and we should miss in Germany on the connection,” says Christian Machts, head of the Fund company Fidelity, the third-party distribution in Germany, Austria and Eastern Europe. This worry had probably been a pulse, says Sandner. Germany was doing here in Brussels pressure. There is currently working on a legal regulation, which will apply in all member countries. Collisions with a German law could give it, says Sandner. But until then, a should two years pass, and as long as you wanted to in Berlin, and it will not wait.
just like Hague, Frank dornseifer, managing Director of the BAI sees, is still a need for clarification of the crypto-securities: “But that is precisely the now launched the consultation process is for. In addition, it must be with high pressure to an expansion of the digital control work on equities and Fund units worked.“
