A holder's right from a dematerialised security arises when the security is entered in the holder's account in the central registry and is transferred by transfer of security to the new holder's account in the central registry.

A dematerialised security is a statement of an issuer, recorded in the central registry of dematerialised securities, binding the issuer to fulfil the obligations, arising from the security, to the person who is entered in the central registry as the legal holder.

Central registry of dematerialised securities is the central information database in which rights from dematerialised securities are entered, current holders of these rights and any third-party rights on securities (Article 3 of DSA). KDD maintains the central registry.

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