...view to providing a common settlement engine capable of settling securities in central bank money in euro, and WELCOMES the information provided by the ECB on the functioning of T2S through published material and consultations with market participants; WELCOMES the Eurosystem's intention to take a final decision on the launch of T2S after consideration of the issues below and completion of the feasibility study; NOTES that the scope of the T2S project is restricted only to the settlement layer of the post-trading activity regarding securities settled in central bank money and does not involve custody services, asset servicing, corporate actions and all the other activities which are, and which remain separated economic activities, perf ...[+++]ormed by the Central Securities Depositories; Since T2S would have a profound impact on the securities settlement infrastructure, the Council invites the ECB to proceed step by step, examine carefully the results of the consultation and take in particular the following aspects into account when deciding on the way forward on T2S: The business case should be clearly proven based on well-defined user requirements and well-founded economic data on the whole service process, including realistic project development costs; in particular the new facility should allow the settlement of cross-border and national transactions at an end-to-end cost lower than the lowest cost in the EU; The success of the project will hinge upon its capacity to satisfy market needs of all affected parties. ...

"securities or commodities lending" and "securities or commodities borrowing" mean any transaction in which an institution or its counterparty transfers securities or commodities against appropriate collateral, subject to a commitment that the borrower will return equivalent securities or commodities at some future date or when requested to do so by the transferor, that transaction being securities or commodities lending for the institution transferring the securities or commodities and being securities or commodities borrowing for the institution to which they are transferred;

for any issues of non-equity securities whose denomination per unit amounts to at least EUR 1 000 , and for any issues of non-equity securities giving the right to acquire any transferable securities or to receive a cash amount, as a consequence of their being converted or the rights conferred by them being exercised, provided that the issuer of the non-equity securities is not the issuer of the underlying securities or an entity belonging to the group of the latter issuer, the Member State where the issuer has its registered office, or where the securities were or are to be admitted to trading on a regulated market or where the securiti ...[+++]es are offered to the public, at the choice of the issuer, the offeror or the person asking for permission, as the case may be.

(ii) for any issues of non‑equity securities whose denomination per unit amounts to at least EUR 1000, or a similar amount customarily used as the minimum denomination per unit in non-equity issuance of other currencies that are widely used in international finance, and for any issues of non‑equity securities giving the right to acquire any transferable securities or to receive a cash amount, as a consequence of their being converted or the rights conferred by them being exercised, provided that the issuer of the non-equity securities is not the issuer of the underlying securities or an entity belonging to the group of the latter issuer, the Member State where the issuer has its registered office ...[+++], or where the securities were or are to be admitted to trading on a regulated market or where the securities are offered to the public, at the choice of the issuer, the offeror or the person asking for admission, as the case may be;

It could also include the introduction of "squeeze-out rights", meaning that the holder of a large majority of a company's securities could compel minority shareholders to sell their stock at a fair price, and of "sell-out rights" allowing minority shareholders to compel holders of a large majority of the capital to purchase their securities at a fair price.

While the thermal effects of exposure to radio frequency energy are relatively well known, there is a lively debate as regards the athermal effects for which however no convincing adverse effect has been demonstrated.