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Portugal: Prohibition of Bearer Shares

In on May 3, 2017 by NEWCO

document-428331_1280

Law 15/2017 was published in Portugal, prohibiting the issuance of bearer securities and creating a transitory regime for converting them into nominative shares for the amounts that existed at the date they came into effect.

Under this law, as of 4 May 2017, when it came into effect, all shares issued must be nominative and issuance of bearer shares shall not be permitted. Bearer securities shall be converted into nominative shares within a period of six months as of this date, it shall also be prohibited to transfer bearer securities, and the right to participate in the distribution of income associated with bearer securities shall be suspended.

Conversion of bearer securities into nominal securities will be the object of government regulation within the next 120 days.

You can access the entire text of the legislation here (in Portuguese).

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