On 16 April 2009, the European Commission published a consultation document on legislation on legal certainty of securities holding and transactions. The purpose of the consultation was to seek comments on whether the EU-wide framework for securities holding and disposition could be improved and how future EU legislation could address any issues. The consultation period closed on 11 June 2009.
On 11 January 2010, the Commission published a summary of the responses to the consultation. The consultation was welcomed by almost all respondents who confirmed that there were problems caused by the lack of a harmonised EU-wide legal framework. However, there was considerable divergence in the answers concerning the method to be used for tackling the issues.