The Future Financing Act (ZuFinG), which came into force on 15 December 2023, also introduced the electronic share. It is intended to promote the law's aim of strengthening the attractiveness and competitiveness of the location and facilitating access to the capital market for small and medium-sized enterprises.
Will the legal objective be achieved? What is the difference between the "simple" electronic share and the crypto share and what is the opportunity/risk profile of these two forms of e-share? For which companies is it worth dealing with this relatively unwieldy subject matter? What corporate resolutions are required for the introduction of the simple e-share or the crypto-share? Can individual shareholders prevent their introduction and is regular stock exchange trading in crypto shares on the regulated stock exchange segments permissible?
These and other questions are answered in the article by lawyer Dr Lutz Krämer - published in "Der Aufsichtsrat" - below. Impatient readers can already be told: Members of the management and supervisory boards of established listed stock corporations currently have little reason to include a switch to electronic shares on the agenda of their meetings and the next AGM invitation. For FinTechs and start-ups with an affinity for blockchain technology, however, crypto shares could be an innovation well worth considering.
Article by Dr Lutz Krämer, published in "Der Aufsichtsrat" - issue 07-08/2024: