Brussels, 17/04/2009 (Agence Europe) - The European Commission has launched a public consultation exercise that will run until Thursday 11 June 2009 over improvements to EU regulations covering the holding of securities. The feedback from the questionnaire for financial stakeholders and member states will help the Commission formulate the new legislation recommended by the ECOFIN Council in December 2008 (see EUROPE 9796). The future legislation is expected to address four issues: - the legal framework of the holding and disposition of securities held in securities accounts, covering aspects belonging to the sphere of substantive law as well as conflict-of-laws ; - the legal framework governing the exercise of the investor's rights flowing from securities through a "chain" of intermediaries, in particular in cross-border situations ; - the establishment of the free, EU-wide choice of issuers regarding the initial entry of their securities in the relevant holding structures, in particular central securities depositories ; - the submission of any activity of safekeeping and administration of securities under an appropriate supervisory regime. For further information, see http: //ec.europa.eu/internal_market/financial-markets/securities-law/index_fr.htm (M.B./transl.fl)