Wertpapierrecht und Sachbegriff

English title: Securities Law and the Law of Things The article analyses the German rules governing transfers and holdings of investment securities. Orthodox German theory maintains that securities are transferrable tangibles. This orthodoxy depends on a legal fiction at variance with modern transfer and holding patterns, whereby investment securities are transferred and held electronically. Th e article shows that the characterisation of investment securities as tangibles or intangibles is not essential to explaining how they are transferred, as the law has developed an electronic transfer regime for investment securities which does not depend on their being transferred through book entry or paper document.