New law reform bearer shares

From Monday May 4 comes into force amendments to the Law 47 of 2013, which creates a regime of custody for bearer shares.

The main change introduced is the reduction of the deadlines for its implementation caused by international pressure to improve financial transparency. Martinelli’s government approved the immobilization of bearer shares in 2013, but introduced two articles that impede the effective implementation of the law until 2018.

The text said that would take effect two years after its enactment. Since the law was passed in August 2013, this would not happen until August this year.
The measure is drawn to always know who is the ultimate beneficiary of the shares of a company, being recorded these movements.

Law 18 of 2015 restates these deadlines: Take the entry into force of the rule by next May 4 and the terminus for all companies to register bearer shares at December 31st. After that date, “social pacts will be considered amended by rule of law prohibiting the issuance of bearer shares, except in cases where the board or the shareholders adopted resolution approving the company avails itself of the regime immobilization of actions established in this law, “says the statement.