28.04.2020 Business law

Shield 3.0 – new deadline for share dematerialisation

The draft bill of another special act aimed at counteracting the economic effects of the coronavirus epidemic assumes a two-month postponement of the obligatory dematerialisation of shares. According to the planned solutions, the paper share documents are to expire on 1 March 2021, instead of 1 January 2021.

Digitisation of shares – changes within the anti-crisis shield

In connection with the coronavirus epidemic and the implemented aid solutions for companies affected by the pandemic, the government decided to postpone the deadlines for the shares` dematerialization in non-public companies.

See also: Dematerialisation of shares – new obligations for non-public companies

Share dematerialization – new deadlines:

  • Postponement from 30 June to 30 September 2020 of the final date of concluding an agreement with the entity managing the register of shareholders or an agreement for the registration of shares in the depository of securities and the date of making the first call of shareholders to deposit shares in paper form,
  • Postponement from 1 January 2021 to 1 March 2021 of the date of full digitisation of shares, i.e. the date when the probative value of paper shares expires completely.

The regulations introduced as part of the anti-crisis shield amend only the deadlines for the digitisation of shares, while the rules for its implementation remain the same. The obligation to dematerialise shares was introduced by the Act of 6 September 2019 amending the provisions of the Commercial Companies Code.

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