Dematerialisation is the elimination of physical certificates so that securities exist only as electronic book entries in an account. Immobilisation is the related practice of keeping certificates in a depository and transferring them by book entry. The Central Securities Depositories Regulation (CSDR) requires book-entry form for securities traded on EU trading venues.
CSD (Central securities depository)A central securities depository (CSD) is an entity that operates a securities settlement system and provides the initial recording of securities in book-entry form (notary service) or central maintenance of securities accounts at the top tier. In the EU CSDs are authorised under the Central Securities Depositories Regulation (CSDR).
CSDR (Central Securities Depositories Regulation)The Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014, sets EU rules for the authorisation and supervision of central securities depositories and for securities settlement. It requires book-entry form, harmonised settlement cycles and settlement discipline, and was amended by the CSDR Refit (2023/2845) and the T+1 regulation (2025/2075).
SafekeepingSafekeeping is the holding and administration of securities on behalf of others, so that an investor's assets are recorded, protected and kept separate from the custodian's own. Under the UCITS Directive and the Alternative Investment Fund Managers Directive (AIFMD) the depositary must hold financial instruments in custody and verify ownership of other assets, with strict liability for losses.
CSDR (Central Securities Depositories Regulation)The Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014, sets EU rules for the authorisation and supervision of central securities depositories and for securities settlement. It requires book-entry form, harmonised settlement cycles and settlement discipline, and was amended by the CSDR Refit (2023/2845) and the T+1 regulation (2025/2075).