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NEWS ALERT - Prohibition of Bearer Shares

On 3rd May, Law 15/2017 was published, forbidding the issuance of bearer shares.

This new law, that amends the Securities Code and the Commercial Companies Code, forbids the issuance of bearer shares and provides for the approval of a transitory regime that will allow for the conversion of bearer shares into registered shares.

The transitory regime for the conversion of securities will be regulated by the Government within the next 120 days.

In the case of new shares, they must necessarily be registered, as bearer shares cease to exist from now onwards.



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