Mediafax (Mediafax)
Czech markets  |  November 06, 2012 18:15:06

The amendment, which is to reveal the owner of shares, lawmakers sent to the second reading


PRAGUE (MEDIAFAX) - The Chamber of Deputies discussed on Tuesday in the first reading a bill designed to increase the transparency of corporations. Bearer shares will be in accordance with standards while continuing to exist, but the state must have a new opportunity at any time to identify their owners.

"The purpose of the standard is to solve the problems of bearer shares, just make it known who truly belong. Today it is not. Offers and avenues to make a transfer of certificated shares," he said on Tuesday at the promoter Justice Minister Pavel Blazek (ODS), when legislators imagined how the government wants to reduce the scope for corruption in an environment of limited companies.

Each bearer shares will have to be booked at the proposal of the Central Depository, or physically deposited at the bank.All joint-stock companies that would like to have on bearer shares, you will need to choose one of these options or accept the transformation of their securities to shares. This will be ex-minister of justice under the law Jiri Pospisil follow automatically from 1 January 2014.

As record keeping in the Central Depository and physical store shares at a bank (immobilization) will include identification of the owner of the shares. "This identification allows the use of bodies active in criminal proceedings, as well as other supervisory and administrative bodies, public purchasers, providers of subsidies and grants, and other entities. Transfer of ownership or immobilized book-entry shares is bound to change the registration of the owner or the Central Depository banks, "the explanatory report of the Ministry.

The purpose of the proposal is in accordance with the Ministry of Justice to exclude the possibility of shareholding structures, where the identity of shareholders from the authorities verified. Since the new law expects that the measures limiting the possibility of illegal proceeds of crime.

From the opposition on Tuesday voices which, while welcoming the idea of ??the law, but would like to share the company had no choice, as its shares name add. Jerome Tejc (CSSD) and Michal Babak (VV) called for a single registry.

"Canceling anonymous shares welcome, otherwise there is a lack of transparency and opportunities for corruption. However, the only one who will know immobilized owner, the bank authorities and law enforcement, no one else. According to me will not be tracked publicly owned joint-stock companies, I would prefer to have a single register .There is no reason for someone to protect banking secrecy, the owners of the Shares may know the whole public. I'm all for central depository, just for this one chance, "said Tejc.

Babak said that VV will serve in this sense amendment. "It does not address anonymous cancellation of shares, mainly because akciovkám gives three options for how to deal with stocks, how to write property. Central registry is the way to go. Yet the possibility to register shares in commercial banks is not. Third is the transformation of bearer shares into registered shares , it is a good idea, but I think the law makers do not know how it works in practice. asset value per share may not be true, a joint stock company you can write anything there, "mentioned Deputy Public Affairs.

At the same news also introduces an obligation to shareholders holding certificated shares to establish, for the purposes of payment of dividend bank account. After the introduction of modifications will be possible to verify the identification of shareholders, which is carried out by the company itself, but also to monitor the flow of dividends or other pecuniary benefit in favor of the shareholders.

Bank account number will be mandatory requirements list of shareholders and the listed company will be required to provide this information to the authorities responsible for criminal proceedings under the same conditions as data regarding the shareholder provides a central depository under the Act on Undertaking on the Capital Market.

"Canceling anonymous shares is an important step, but certainly in the fight against corruption not as crucial as it is sometimes presented. Fact does not address the possibility that complicated ownership structure of companies offer," said Karolina Peake (PEOPLE).

Deputy Prime Minister for the fight against corruption as highlighted at least as important agreement, according to which, in cooperation with the Ministry of Justice and the Ministry of Regional Development prepared by the end of next draft of the measures to uncover the ownership structure of the company. She would touch the companies that compete for the fulfillment of public funds, such as public order.

The law has come into force on the date of its publication.

Katerina Šurmanová, Miroslav Kyncl, surmanova@mediafax.cz

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