The law of 14 December 2005, as modified in April 2007, leads to the gradual abolition of bearer securities in Belgian law. In this paper, we highlight the main features of this law, and analyse a fewpractical issues arising from the conversion process for existing securities. The Belgian law illustrates the limitations inherent to the action of a national legislator, faced with regulatory competition and European law requirements. This leads to the preservation of limited possibilities for Belgian issuers to use bearer securities, mainly in the international bond markets, while the free movement of capital within the European Union leaves open possibilities for Belgian residents to acquire bearer securities.