From January 1, 2020, bearer shares will be abolished in principle. Only public limited companies whose shares are listed on a stock exchange or whose shares are registered as book effects may still have bearer shares. If these requirements are met, the company must have a corresponding comment 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 is entered ex officio with the comment that the documents contain information that differs from the entry. As long as the Articles of Incorporation have not been amended with the entry of the registered shares, the Commercial Register Office will reject any application for the entry of any other amendment to the Articles of Incorporation.

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