Luxembourg (LU)

Jurisdiction Overview

IDQuestionAnswer
172 *Are bearer shares available? Yes, unregistered bearer shares are available/circulating or registered by a private custodian.
 Data Date: 2018

Notes

 
According to Article 2 paragraph 4 from the Law of July 29, 2014 related to the immobilisation of bearer shares, the register is kept by a private custodian. The Global Forum further adds: "Following this new legislation, the board of directors of all companies issuing bearer shares must nominate a custodian where all bearer shares have to be deposited (Article 2 of the law). Pursuant to Article 2 of the law, the custodian is not an official authority but rather one of the following professionals established in Luxembourg: credit institution, asset manager, distributors of UCI shares, professionals of the financial sectors (PSF), lawyers, notaries, statutory auditors and chartered accountants." (GF 2015: 30). As from 18th February 2016, bearer shares which have not yet been deposited must be cancelled and the share capital of the company in question must be reduced by the corresponding amount. In 2019 the Global Forum informed that the situation remained the same (GF 2019: 49).

Sources

http://www.bsp.lu/publications/articles-books/bearer-share-regime-main-features-and-upcoming-deadlines#.VOcBtdJyagQ?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original;
 
GF 2019: 49; GF 2013: 40
 
http://www.kwm.com/en/uk/knowledge/insights/luxembourg-abolishes-bearer-shares-20150122
 
GF 2015: 29-31
 
http://www.fiduciaire-lpg.lu/en/publications/corporate-law/bearer-shares