The End of Bearer Securities
On March 4, 2017, Law 15/2007, which prohibits the issue of bearer shares, entered into force and amends the Securities Code and the Commercial Company Code.
Under the new regime, existing bearer shares are converted into registered shares within six months after this law comes into force.
From that moment, the transfer of bearer shares is prohibited and the right to participate in the distribution of profits with bearer shares is suspended.
The conversion will be regulated by the Government within 120 days of the entry into force of this law.
