S.L. 370.30 Art. 27Lex rei sitae.

The enforcement of proprietary rights in instruments or other rights in such instruments the existence or transfer of which presupposes their recording in a register, an account or a centralised deposit system held or located in a Member State or EEA State shall be governed by the law of the Member State or EEA State where the register, account, or centralised deposit system in which those rights are recorded is held or located.