News
Sep 2, 2024
Financial Action Task Force (FATF) deadline approaches
Dr. Christian Wilk, CFA
CoFounder & CEO
Financial Action Task Force (FATF) deadline approaches
Transparency in transition: Swiss public companies are currently facing a crucial change. The mandate to convert bearer shares into registered shares is a direct response to the Financial Action Task Force’s (FATF) call for increased transparency. This change is crucial for all management decision-makers within Swiss shareholding companies and requires immediate action to ensure compliance.
Logistical change: The switch from bearer to registered shares represents a more profound change in share ownership. The anonymity of bearer shares is replaced by the accountability of registered shares, which requires a reliable system to manage this transition effectively.
Rather quick action: In the event of non-compliance, shareholders will lose all rights attached to their shares, namely their entitlement to dividends and voting rights, and their registered shares will be cancelled on 1 November 2024 or returned to the company as treasury shares (Art. 8 of FATCA).
Aequitec’s seamless integration: Aequitec presents a sophisticated share register solution to address this change. Our system is designed to support companies through this transition, ensuring a smooth conversion and accurate record keeping, in full compliance with FATF requirements.
