Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Debt Securities definition

What does Debt Securities mean? Debt securities are tradable instruments issued by a borrower (the issuer) that evidence a debt and oblige the issuer to repay principal, usually with interest (a coupon), on scheduled dates. In practice this includes bonds, notes, debentures, loan stock, loan notes and commercial paper, typically issued in series and transferable between investors. The term is a descriptive expression used across financing, capital markets and corporate law rather than a single statutory definition, though related concepts appear in legislation and regulation (for example, “debentures” under the Companies Act and “transferable securities” under the prospectus regime). Key legal features commonly include: -...

UK custody of intermediated debt securities: roles of custodians and CSDs, risks, asset protection and regulation (CASS, MiFID II, UK CSDR, FSMA 2023); Law Commission proposals

Published by a LexisNexis Banking & Finance expert

Practice notes

What is financial custody?

Systems and services that safeguard Debt Securities form part of the core Infrastructure that underpins an efficient, secure and liquid market for such instruments—see Practice Note: UK Debt securities—trading, settlement and custody. In practice, debt securities are commonly held through an elongated chain of intermediaries. The ultimate investor holds rights comparable to Ownership, yet they do not fall squarely within English law’s concepts of legal or beneficial ownership. At each point along the chain, credit, operational and legal risks may emerge. The position of end investors depends upon a succession of legal arrangements between intermediaries and upon accurate record keeping by the computer systems operated and maintained by each of those intermediaries, matters over which the investor has no influence or control. UK regulation of custodial services concentrates on curbing credit, operational and legal risk by requiring custodians to undertake continuous due diligence on their own systems and operations, as well as on those of the other intermediaries within the chain of ownership.

What is the role of a custodian?...

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Web page updated on 22/05/2026

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