This will happen to the millions forgotten in the registration accounts



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STA / M.M. / 6/20/2019, 3:20

At KDD, there are still about 80,000 registration accounts, in which the remaining shares of the privatization remain. The National Assembly has established a transitional period during which the holders can transfer their assets to a trading account. So then …

In February 2017, we reported that after the removal of the registration accounts, there were still around 67 million euros. Currently, the KDD (Central Securities Clearing Corporation) still accounts for approximately 80,000 of these accounts, with the remaining shares remaining in privatization. By the end of 2021, this property will remain in KDD after the dematerialized securities bill, which was approved by the National Assembly, and then transferred to Kapitalska družba (Kad).

Who forgot € 67 million in registration accounts?

The novel predicts that the dematerialized securities in the canceled registration accounts will be transferred to the competent court account in a dedicated joint account maintained by the KDD. Holders can transfer them to the trading account by the end of 2021 and after that date will be transferred to a special account of Kapitalska družba, explained the Secretary of State at the Ministry of Finance. Dragonja Method.

How will they manage the inheritance?

There is also a change in the article that will simplify, facilitate, accelerate and accelerate the implementation of the final succession decision and allow KDD members to harmonize the procedure for executing the resolution in the succession of national and foreign titles. In relation to costs, KDD members shall not charge the individuals the additional costs of opening and closing the account, except those specified in their rates.

What will they spend in money?

In the debate on the draft amendment, MEPs welcomed solutions that relieved the courts and procedures, and agreed to transfer the forgotten 2022 accounts to Kad and to spend on pensions, the functioning of the demographic fund. They were unequal about eliminating cost containment, but agreed that this should not be determined by law, as the Constitutional Court has pointed out.

MEPs agreed that the forgotten 2022 accounts will be transferred to Kad and spent on pensions or pensions. functioning of the demographic fund.
MEPs agreed that the forgotten 2022 accounts will be transferred to Kad and spent on pensions or pensions. functioning of the demographic fund.PHOTO: Dreamstime

When transferring the abandoned property of 2022 "the benefits of these securities will be distributed indirectly among all citizens"he thought Jože Lenart of LMŠ. "This would be achieved by state or by state. especially pensioners", she said Mateja Udovč of SMC. He looked like this Franc Kramar of SAB, who said that the forgotten accounts should be "to be used for demographic fund purposes".

"When it is transformed into a demographic reserve fund in the future, it is important that it has as many different sources of funding as possible. As a realist, we know that the source of funding for abandoned titles will be a more marginal character, and certainly not to the extent that it could be neglected"he added. Robert Polnar of DeSUS.

The owners still have time to get their property

Jani Prednik The SD pointed to the solution that the owners of the abandoned property still have time to rescue it:By the end of 2021, homeowners will still be able to request the transfer of their securities to the trading account and therefore will not miss the opportunity to dispose of their properties."he recalled.

In NSi, the proposal received support, reducing the administrative burden and following the decisions of the Constitutional Court, summarized Jožef Horvat of NSi. They also welcomed the relief in SDS and Levica, but did not like the solution to contain the costs, while the Constitutional Court fell at brokerages that opposed the restrictions. In both parliamentary groups, abstentions abstained.

"The decision seems very disincentive to small and individual investors, as charging high costs to people almost paralyzes the change of provider and discourages small investors from buying securities.", she said Suzana Lep Shimenko of SDS. Luka Moon of Levice, however, he considered that the abolition of the restriction could mean that brokerage firms could be expropriated by small shareholders.

Jani Ivanushi it seems from the SNS that the costs of maintaining accounts in KDD members, ie banks and brokerage firms, are limited. "This should be done by KDD, which has the power to define a ceiling of costs through the implementation of rules"he emphasized.

Let's remember

Since 2017, the Dematerialized Securities Act has eliminated the registration accounts of natural persons and, at the end of September 2016, the legal entities in which the holders retained ownership of the privatization in the early 1990s. carried out in preparation for the implementation of uniform standards for the implementation of corporate actions in securities related to the integration in the European settlement platform Target 2 Securities.

While in early 2016, in the KDD register, the value of the assets was EUR7.7 billion, this amount was reduced to less than one percent of the original value until one month after the official cancellation of the registration accounts. However, it remains high and with a good 67 million euros.

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