Die Rechtsposition des Anlegers im indirekten Verwahrungssystem Bd. 268

'The Legal Position of the Investor in the Indirect Holding System. From the Securitised Claim to the Uncertificated Electronic Security': In June 2021, the Act on the Introduction of Electronic Securities (eWpG) came into force, which creates the possibility of putting securities into circulation without physical certificates. The legislator has created a fiction according to which electronic securities are deemed to be objects within the meaning of the German Civil Code (BGB), which increases legal uncertainty, especially with regard to the possession position of investors in the indirect holding system. The thesis examines this issue and calls for a reform of German securities and custody law.