On August 2014, Article 3(2) of the EU Regulation on Central Securities Depositories (“CSDR”) was enacted. This provision indirectly mandates change to the London Stock Exchange’s (the “Exchange”) rules in that it requires that all securities on EU trading venues must be recorded in electronic (i.e. book-entry) form in a Central Securities Depository (“CSD”).  The CSDR became effective for securities trading on the LSE earlier this week on September 1, 2015.

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