The Migration of Participating Securities Act 2019 was introduced to facilitate the transition of securities settlement for Irish companies from the UK-based CREST system to an EU-authorised central securities depository. This legislative response was necessitated by the uncertainties arising from the UK's exit from the EU, which risked disrupting the settlement of Irish securities and consequently affecting market liquidity and investor confidence.

This Act establishes a streamlined statutory process for migrating participating securities without requiring individual shareholder consent, thereby preserving legal and beneficial rights for shareholders. It also provides immunity to issuers for actions taken in good faith during migration, ensures regulatory compliance, and includes court oversight to resolve procedural ambiguities. Overall, the Act aims to safeguard the integrity of Irish capital markets amid changing regulatory landscapes.