Corporate Flash: The End of Bearer Shares
Law 15/2017, of May 3, which prohibits the issuance of bearer shares and securities, was published in the Portuguese Official Journal (Diário da República n.º 85/2017, Series I).This law is intended to combat money laundering and terrorist financing and to prevent tax evasion and avoidance. It also arises from the obligation to transpose, until 26 June 2017, Directive 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing.
By amending the Securities Code and the Commercial Companies Code, this new law will have important practical implications for Portuguese companies issuing bearer shares and securities and their shareholders.
See more in our Corporate Flash on the End of Bearer Shares below (in Portuguese).