argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: Switzerland - abolition - bearer share

On 21 June 2019, the Federal Assembly adopted a new federal law implementing the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum Act introduces the following changes: the abolition of the bearer share. Exceptions exist for listed companies and bearer shares issued in the form of intermediary securities. Existing bearer shares that do not fall under the exemption regime must be converted into registered shares. Bearer shares still outstanding 18 months after the Global Forum Act comes into force will be automatically converted into registered shares. Bearer shareholders who have not complied with their reporting obligations even after the conversion of their bearer shares into registered shares risk the (irreversible) loss of all rights. Members of the board of directors or managing directors who deliberately fail to properly maintain the stock register or the register of beneficial owners will be fined. The Global Forum Act should come into effect on 1 January 2020 and will apply directly to all existing companies. As a result, all Swiss corporations and limited liability companies and their shareholders must intervene if necessary. In order for the joint-stock company with bearer shares not to be affected by the new regime, it is advisable to convert bearer shares issued into registered shares by 1 January 2020.