Securities spot business

In Austria, the term “ Securities Funding Business” ( EKG ) refers to the expiring form of an anonymous securities account and its associated clearing accounts.

The custodian handed the custodian, whose identity was not recorded, an EKG voucher (joke voucher), which has the character of a security , and usually also agreed on a password. Since the delivery of the EKG voucher and the mentioning of a possible password proves the right of disposal, in the event of loss, a judicial call procedure is necessary. In contrast to the also anonymous over-the- counter business , for the purpose of which the EKG was originally created, the owner of an EKG claims professional deposit management and was later able to purchase securities that were not traceable.

In terms of anonymity, there was a risk that the EKG could be misused for money laundering . As of August 1, 1996, existing securities fund transactions in Austria were frozen, while anonymity was retained, only more transfers were possible. Since July 1, 2002, all disposers have to legitimize themselves.