Bearer shares will be abolished as of January 1, 2020. Only public limited companies whose shares are listed on a stock exchange or which have structured their shares as intermediated securities may still have bearer shares. If these requirements are met, the company must have a corresponding note entered in the commercial register by April 30, 2021 at the latest. From May 1, 2021, inadmissible bearer shares will be converted into registered shares by law. The corresponding entry in the commercial register will be made ex officio with the comment that the supporting documents contain information that differs from the entry. As long as the Articles of Association have not been amended with the entry of the registered shares, the Commercial Register Office will reject any application to enter a different amendment to the Articles of Association.