35In that connection, although the referring court has not described in detail either the functioning of the clearance service or the legal, formal and practical consequences of the transfer to Clearstream Frankfurt of legal title to the shares, the United Kingdom has acknowledged that that transfer did not result in the beneficial ownership of the shares being transferred. It is thus apparent that the transfer of legal title, which is required under German law, was merely an operational requirement of the clearance system and had no impact on the right to dispose of the shares or to have the benefit of them. The order for reference indicates in this regard that 2177604 ordinary shares held by employees who were not free to sell them could be listed on the Frankfurt Stock Exchange, although legal title to the shares had been transferred to the clearance service.
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