LEGAL REGIME OF BEARER SHARES
LEGAL REGIME OF BEARER SHARES

Summary/Abstract: The Romanian Parliament was seized in 2017 and 2018 with several legislative proposals which aim either to amend the Law 31/1990, in the sense of banning bearer shares, orto amend legislation on public procurement, in these sense of excluding participation to public procurement procedure of an economic operator which issues bearer shares. The authors of the legislative proposals mainly assert the fact that issuance of bearer shares enables concealment of shareholders’ identity, use of some companies for money laundering, financing some terrorist activities, violation of the legislation on the conflict of interest, etc. This paper analyses the legal regime of the shares issued by trading companies, focusing mainly on bearer shares. In addition, it is our intention to start from legislative solutions adopted by other states and identify methods which should eliminate and/or minimise the risks generated by issuers of bearer shares.

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