7 February, 2019

Transfer of securities after the termination of registry accounts

In the year 2015, the Book Entry Securities Act (hereinafter: ZNVP) has removed 80,000 registry accounts (where the remaining shares were privatized) for natural persons and legal entities, which means that their shareholders had to transfer them to a trading account of a member of the Central Securities Clearing Corporation (KDD) if they did not want to lose their assets. This would also bring them costs that they did not have with the registry accounts.

After the termination of the registry accounts, the remaining securities were transferred to the temporary accounts with the KDD, with a total value of more than 67 million euros. When it was established that additional costs could have been incurred, the Ministry of Finance proposed that the canceled registry accounts should remain on the joint dedicated account at the KDD until the end of 2021, and then transferred to a special account with Pension Fund Management (KAD).

According to the proposal, the holders of these securities may require that by the end of 2021 these securities be transferred to their account with a KDD member.

We advise you to pay attention to the activities of the Ministry of Finance in relation to the subject matter in order to avoid damages due to loss of securities.

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