One of the most important innovations is the introduction of so-called register securities, which allow for the issuance and transfer of receivables and financial instruments based on distributed ledger technology (DLT). In addition, the new legislation improves the protection of DLT-based assets in case of insolvency of the custodian and introduces a new category of trading systems for the trading and settlement of DLT-based securities. The new legislation is expected to come into effect in early or mid-2021.
Homburger supported the drafting of the new legislation at various levels: Stefan Kramer (Partner) and Dieter Zobl (Of Counsel) were members of expert groups for the preparation of the draft legislation. Stefan Kramer is also part of a group of experts in connection with the drafting of the implementing ordinance.