Switzerland moves to end bearer shares

The Swiss government will begin to phase out bearer shares on 1 November in a bid to curb tax avoidance by bearer shareholders. Under the new rules  companies no longer issue bearer shares—equity in a company that is owned by whoever holds a physical stock certificate—unless they are a listed company or they structure the share through an intermediary. Existing bearer shares will be automatically converted into registered shares after an 18-month transitional period.  The Act sets out a...