PORTUGAL: THE END OF BEARER SECURITIES
Law 15/2017, of 3 May 2017
Law 15/2017 was published on 3 May 2017 (DR 85, Series I, of 3 May 2017), which entered into force on 4 May 2017. This Law has:
It is no longer possible, as of 4 May 2017, to issue bearer securities and the existing ones must be converted into nominative securities until 4 November 2017.
The existing bearer securities must be converted into nominative securities according to the procedure set forth in the regulation to be issued by the Government on/before 4 September 2017.
Consequences of a breach
Once the above mentioned 6-month period has lapsed:
For any clarification or additional information, please do not hesitate to contact:
 Pursuant to the Portuguese Securities Code, securities comprise, among others, shares, bonds, equity instruments, units in collective investment schemes and covered warrants.
 Also pursuant to the Portuguese Securities Code, bearer securities are those regarding which the issuer is not able to know at all times the respective holders’ identity, as opposed to nominative securities where the issuer has this capacity.
 As soon as this regulation is issued we will circulate updated information.
The information contained in this Newsletter is of a general nature and does not constitute legal advice