Law 2396/1996, which effected the dematerialization of Stock Exchange-listed securities in 1999, assigned the Registry role on Central Securities Depository (CSD). The registration and monitoring to securities held in its records by Beneficiary Investors in Client Securities Accounts or by Registered Intermediaries in Clients Securities Accounts was extended under Law 4569/2018.
The shareholder status is evidenced either by the holding of securities in a Client Securities Account or by the identification process for the beneficiaries holding securities in a Registered Intermediary Clients Account. In the latter case, the shareholding status is evidenced in accordance with SRDII Directive and Law 4706/2020, through the identification process.
ATHEXCSD, in the context of its role as Securities Registry, is one of the bodies that certifies the shareholder status towards the Issuer, providing identification services. 

Investor Accounts

Every investor engaged in the Greek capital market, whether natural or legal person, domestic or foreign, is required, in order to hold Dematerialized Securities, to:
  • have an individual (segregated) Client Share or
  • participate in a Registered Intermediary Clients Share.
The Client Share contains the investor identification information and the Securities Account contains the domestic and foreign securities they hold. Each investor is entitled to have only one Client Share and Securities Account in the Dematerialized Securities System (DSS) except in special cases of institutional investors (Mutual Funds) that are precisely defined in the ATHEXCSD Rulebook.
The beneficiary in the Client Share may appoint more than one Participants, who has access to and manages securities that are registered only in the respective Securities Account. The Participants are under no circumstances regarded as holders of the securities registered in their respective Securities Accounts and each action on such securities is performed solely between the Securities Accounts of the principal investors.
A Special Account corresponds to each Client Share, where the securities are registered for the needs of succession settlement. ATHEXCSD acts as a Participant for these securities.
As an omnibus account, the Clients Share contains the identification information of the Registered Intermediary and the Securities Account contains the national and foreign securities held therein and belonging to the beneficiaries recognized by the Intermediary in its books. Each Registered Intermediary may have as many Clients Shares as needed.
The Investor Share and Securities Account are created by a Participant.
Co-Owner Share: In case of securities co-ownership, when each of the co-owners has an individual Investor Share, a Co-Owner Investor Share is created. The Co-Owner Share is identified by the persons of the co-owners and their securities co-ownership percentage. The Co-Owner Share is used to register all securities that belong to the same group of co-owners along with the co-ownership percentage, based on which the Share was originally created.
Joint Investor Share: Under Law 3461/2006 [Article 31(8)], the provisions of Law 5638/1932 on "deposit in joint accounts" shall also apply to securities registered with DSS. The Joint Investor Share is created upon an application of two or more natural persons, each of which has an individual Investor Share. The Joint Investor Share is identified by the persons of the joint beneficiaries, who are jointly co-owners of the securities registered therein and by the indication of succession.
Fund Share: A Fund Share contains the identification particulars of a Mutual Funds Management Company and the linked Securities Accounts are accounts kept by a Mutual Funds Management Company separately for each fund they manage.
Escrow & Compulsory Deposit Share: Opened in the DSS in the name of:
  • the escrow agent, in case of escrow or other similar relationship in accordance with the applicable provisions, particularly those of Articles 831 to 833 of the Civil Code. This Share type is created by the Participant at the request of a professional natural or legal person for the keeping of third-party portfolios, for the purposes of an escrow or compulsory deposit. This Share is individual and the Participant is not any more liable than for any other natural or legal person individual share.
  • the Consignments Deposits and Loans Fund (CDLF), in case of a compulsory deposit in accordance with the rules governing the CDLF operation. 
Trust Share: A Client-Trustee account is a natural person or legal entity identified as a person under the Law, who acts in the course of its professional activities for another natural or non-natural person by virtue of an agreement among them, where the said person does not conclude as an intermediary.

Issuer and Fund Manager Share

ATHEXCSD creates the Issuer and Fund Manager Share and Account at the time of the issuer / Fund Manager securities admission in DSS. The Issuer/ Fund Manager may delegate its Account management to a Participant.
At the same time a Transitory Securities Account is created through which the Issuer/ Fund Manager corporate actions are implemented. ATHEXCSD is the Transitory Securities Account sole Participant.

Member Accounts

ATHEXCSD creates the Member Share and Member Account when a Member is accepted as DSS Participant. The Member, in its capacity as Participant, manages its Account. Where the Member acts as a Market Maker (of securities, Mutual Funds or derivatives) it is entitled to open a separate Securities Share and Account for this role.

Display of account structure

The account structure described above can be shown in the form of a matrix, to whose components each Greek Capital Market Participant has access pursuant to the authorizations granted to them under the Law and ATHEXCSD Rulebook. This structure allows CSD to provide services to Investors, Issuers / Fund Managers, Participants and Supervisory Authorities.
In particular:
  • Participants have access and manage their client securities in the respective Participant Accounts through DSS.
  • Investors who have an individual Client Account have the ability to access and monitor the securities that are registered in their Securities Account either through the ATHEXCSD AXIAweb online application or through the information they receive from ATHEXCSD upon a request submission.
  • Issuers/ Fund Managers have access to the data of the Securities Accounts where the issuer's/ Fund Managers' securities are recorded.
  • Supervisory Authorities shall have access to all information concerning the exercise of their supervisory role, either directly to the individual Client Shares or upon submission of an identification request to the Issuer, for the beneficiaries holding securities in Clients Accounts.                                                





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