Zentralregisterwertpapiere und Sachenrecht

Central register securities under the eWpG only exist as digital register entries. This success for digitalization simultaneously complicates the application of property law norms and institutions such as ownership, possession and acquisition in good faith, which are essential for securities trading on the capital market. Against this background, this paper analyzes the structures of central register securities in order to determine how the advantages of property law can be used in a dogmatically coherent way for central register securities. It is shown that there are parallels to register-based property law, which are particularly reflected in the individual entry. On this basis, a reform proposal for the eWpG is developed.