As of January 1, 2020, bearer shares will generally be abolished. Only stock corporations whose shares are listed on a stock exchange or which have structured their shares as intermediated securities may still hold 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.

As of May 1, 2021, inadmissible bearer shares will be converted into registered shares by law. The corresponding entry in the commercial register will be entered officially with the remark that the supporting documents contain information deviating from the entry. As long as the Articles of Association have not been amended with registered shares, the Commercial Register will reject any application for any another amendment to the Articles of Association.

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