Decree-Law 123/2017, of September 25, entered into force on 09/26/2017. This is the long-awaited diploma that regulates the regime for the conversion of bearer securities into registered securities, pursuant to Law no. 15/2017 of May 3.

The combined application of both diplomas requires bearer securities to be converted into registered securities until the end of the so-called transitional period, until 4 November 2017.

Bearer securities not converted into nominative shares until the end of the transitional period only confer legitimacy for the application for registration in favor of the respective holders. Bearer securities that are not converted into nominative shares until the end of the transitional period can not be transferred, and the right to participate in the distribution of results is still suspended.

For full reading of Decree-Law no. 123/2017 of September 25 click here.

The corporate department of Cristóvão & Fraga is, of course, available to clarify any doubts raised by this topic.