The Executive Branch, through Decree No. 3827/2020 dated 07/15/2020, exceptionally suspended the application of pecuniary sanctions and non- sanctioning measures for failing to meet the term established to exchange shares.
These regulations suspend the application of fines (pecuniary sanctions) and non-sanctioning measures established in Law 6399/2019, until 09/14/2020, taking into account the extraordinary conditions caused by the COVID-19 pandemic. Therefore, all those companies that carry out the exchange of shares as of 09/15/2020, will be subject to sanctions.
Likewise, obligation to suspend the economic rights of holders that do not exchange their bearer shares as of 09/15/2020 is established for Public Limited Companies, until they are actually exchanged fulfilling all formalities.
Finally, regarding meetings of shareholders, after 09/14/2020 meetings may be held only with registered shareholders.
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