Effective 30 June 2006, international bearer debt securities can be issued under a new structure, called the New Global Note (NGN) structure, in the International Central Securities Depositories (ICSDs) Euroclear Bank and Clearstream Banking Luxembourg (CBL).
Effective 1 January 2007, newly issued international bearer global form debt securities will have to be issued in NGN form to be eligible as collateral for Eurosystem intra-day credit and monetary policy. The NGN structure will co-exist with the Classical Global Note (CGN) structure, serviced by Common Depositaries.
Effective 3 June 2024, for all new issuances (NGN, NSS, CGN) and for all issuers’ jurisdictions, whatever the governing law, ICSD Common Safekeepers, Commercial Common Safekeepers and Common Depositories can accept electronically signed Global Notes in principle. In addition, going forward the ICSDs can accept other issuance documents than electronic Global Note (e-GN), signed electronically. See below for more details.