Last measures before final cancellation of the bearer securities

Since 1st January 2014, bearer securities no longer exist in Belgium. By Act of 14 December 2005, they were automatically converted into dematerialized securities.

The legislation has moreover been amended to organize the final stages of the process of dematerialization initiated in January 2008. The amendments include better definition of the treatment of securities in opposition, of the terms of the sale of securities whose holders are unknown by 1st January 2015. They also clarify the role of the ‘Caisse des Dépôts et Consignations (CDC)” following these sales and organize some external control of compliance with the intervention of a professional figure (auditor, external accountant etc..).

A Royal Decree will complete the regulatory landscape governing the terms of the organization of public sales, the  transfers to the CDC and the calculation of fines.

The last actions to be taken by issuers are still numerous and spread over the next two years. Dematerialization should be fully completed by 2026. Cairn Legal can help you achieve these last steps with serenity, with trustable and wise legal advices on the matter. Please contact Mr. Frédéric de Patoul ( for further information.