FMLC has written to the Commission on its consultation on legislation for legal certainty for securities holding and dispositions. It stresses any future Directive must be consistent with and complementary to the Geneva Convention. It is worried the proposed definition of “securities” is wider than the Convention’s. Its other major concern is that the proposal does not appreciate fully the impact on account providers. (Source: Consultation Paper: Legislation on Legal Certainty for Securities Holding and Dispositions, 5 November 2010 (G2 MET/OT/acg D(2010) 768690))