I’m going to harp on the Italian case (not because I am Italian and think it is the centre of the world, but because it illustrates just how broad one’s rules n

I’m going to harp on the Italian case (not because I am Italian and think it is the centre of the world, but because it illustrates just how broad one’s rules need to be to be dependable). I am an Italian citizen. Say I own shares on the LTSE. Say I also owe the Italian government some back taxes, and that the government moves to expropriate my assets to cover my liability. My LTSE shares are now the property of the Italian government and have been shorn of whatever by-laws they might have had attached. The government then proceeds to auction off the components of my esistiate to the highest bidder, who purchases the shares without any obligation regarding his duties and structure. This is why in general (in the mathematical sense, meaning ”in all cases”) the scheme you posit is not iron-clad. Probably it will work in most circumstances but that’s a lesser level of certainty that offers no guarantees whatsoever.