Luxembourg Supreme Court confirms absolute prohibition on attaching settlement accounts in Central Securities Depositories

Arendt has secured a landmark decision in Luxembourg’s Supreme Court that will contribute significantly to the stability of systemically important financial market infrastructures

25/10/2023

#Luxembourg #law #banking #financial #financiallaw #disputeresolution #depositary #SupremeCourt #CourDeCassation #assets

Arendt has secured a landmark decision in Luxembourg’s Supreme Court (Cour de cassation) that will contribute significantly to the stability of systemically important financial market infrastructures.

The Cour de cassation has confirmed that the Luxembourg statutory provision which prohibits the seizure or blocking of settlement accounts in Central Securities Depositories (CSD) is general and absolute in nature. This means that assets held by participants in a Luxembourg CSD cannot be attached or otherwise blocked by any third party, thus ensuring uninterrupted settlement processes and avoiding settlement failures.

 This is a great example of the invaluable strength of multidisciplinary teamwork: Philippe Dupont, Emmanuelle Mousel, Clara Mara-Marhuenda, Philippe-Emmanuel Partsch, Evelyne Lordong, Estelle Brisson and Gil Bové.

Our complementary expertise at Arendt:

> Banking & Financial Services_

> Litigation & Dispute Resolution_

> EU Financial & Competition Law_

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