Clifford Chance Advises Euroclear and Clearstream on Launch of New Dematerialised English‑Law Notes Structure

"Clifford Chance advised the international central securities depositories Euroclear and Clearstream on a new fully dematerialised notes issuance structure governed by English law and settled within the ICSDs’ systems. The structure eliminates paper note certificates, aiming to modernise the Eurobond market by speeding issuance, cutting operational and settlement risk, and supporting ESG objectives. It initially applies to issuers incorporated in England & Wales, Scotland or Northern Ireland, and to supranational issuers. Clifford Chance provided cross‑jurisdictional legal (English, Belgian and Luxembourg) and UK/US tax advice and prepared a Legal Pack published by the ICSDs; the deal team was led by partners Matteo Sbraga, Steve Jacoby and Lounia Czupper."

Clifford Chance advised Euroclear and Clearstream (the International Central Securities Depositories, or ICSDs). Brief description of the transaction: Clifford Chance assisted the ICSDs in developing and launching a new English‑law dematerialised notes structure, to be settled within the ICSDs’ clearing and settlement systems. The structure removes the need for paper note certificates, streamlines issuance and settlement of debt securities, supports the modernisation and digitisation of the Eurobond market, and targets issuers incorporated in England & Wales, Scotland or Northern Ireland as well as supranational issuers. The firm advised on English, Belgian and Luxembourg law and on UK and U.S. tax matters, and prepared a Legal Pack published by the ICSDs. Clifford Chance lawyers on the matter (seniority and practice area where stated in the release): - Matteo Sbraga — partner - Steve Jacoby — partner - Lounia Czupper — partner - Jeremy Walter — consultant - Jessica Walker — knowledge director - Boika Deleva — counsel - Domenico Cullura — senior associate - Ayan Koshal — senior associate - Dominik Schlarb — associate - Andrew Coats — consultant Tax advisers: - Jemma Dick — partner (tax) - Avrohom Gelber — partner (tax) - Cameron Dwyer — director (tax) - Alex Shaw — associate (tax)

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Clifford Chance Advises Euroclear and Clearstream on Launch of New Dematerialised English‑Law Notes Structure

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Clifford Chance Advises Euroclear and Clearstream on Launch of New Dematerialised English‑Law Notes Structure

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