{"id":9941,"date":"2026-06-27T08:00:29","date_gmt":"2026-06-27T05:00:29","guid":{"rendered":"https:\/\/rockbridge.legal\/joint-stock-company-reform-fulfill-the-obligation-by-01-07-26-or-risk-liquidation\/"},"modified":"2026-07-16T11:43:44","modified_gmt":"2026-07-16T08:43:44","slug":"joint-stock-company-reform-fulfill-the-obligation-by-01-07-26-or-risk-liquidation","status":"publish","type":[],"link":"https:\/\/rockbridge.legal\/en\/joint-stock-company-reform-fulfill-the-obligation-by-01-07-26-or-risk-liquidation\/","title":{"rendered":"Joint-Stock Company Reform: Fulfill the Obligation by 01.07.26 or Risk Liquidation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9941\" class=\"elementor elementor-9941 elementor-9144\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-e8ccec7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e8ccec7\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-94e0123\" data-id=\"94e0123\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f4da485 elementor-widget elementor-widget-post-info\" data-id=\"f4da485\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-a470701 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/rockbridge.legal\/en\/2026\/06\/27\/\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>June 27, 2026<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-1d75820 elementor-inline-item\">\n\t\t\t\t\t\t<a href=\"#\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-user-circle\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-custom\">\n\t\t\t\t\t\t\t\t\t\tBy Viktorija Cherkas\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49121ae elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"49121ae\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On May 30, 2024, the Saeima adopted amendments to the Commercial Law, which established an obligation for joint-stock companies (AS) to specify the type of shares in their articles of association\u2014registered or dematerialized shares\u2014by July 1, 2026.    <\/p><h5>Why the Reform is Happening<br><br><\/h5><p>The joint-stock company reform is part of broader amendments to the Commercial Law aimed at making ownership structures transparent and aligning Latvian practice with international Anti-Money Laundering (AML) standards. Historically, bearer shares allowed the concealment of true shareholders, but this no longer meets modern requirements for the traceability of financial flows and the disclosure of ultimate beneficial owners. Therefore, the reform provides for clear, unified accounting: every company must have a single transparent register of shareholders.  <\/p><h5>What Exactly is Expected from an AS<br><br><\/h5><p>Firstly, the company must choose one type of share. Existing registered shares become &#8220;registered shares&#8221; (re\u0123istr\u0113t\u0101s akcijas), while bearer shares become &#8220;dematerialized shares.&#8221; In the future, a joint-stock company may only have one type of share; it will no longer be possible to emit both types of shares simultaneously. The types of shares differ based on where and how information about their owners is stored.   <br><br>Registered shares (formerly name-specific shares) are recorded in a shareholder register maintained by the company itself. The company knows and records each shareholder, the transfer of shares occurs via an entry in the register, and intermediaries are not required. This means lower maintenance costs and full control over who becomes a shareholder. Therefore, registered shares are intended for smaller, closed companies with a stable, small circle of owners\u2014family businesses and companies that do not want shares to change owners freely. Registered shares are meant for control and simplicity within a narrow circle of shareholders.    <br><br>Dematerialized shares (formerly bearer shares) are recorded in a central securities depository\u2014in Latvia, this is Nasdaq CSD\u2014and are not entered into the company&#8217;s shareholder register. Ownership is evidenced by an entry in a depository account, and the transfer of shares occurs through the securities accounts of financial institutions. This method is more convenient if there are many shareholders or if they change frequently; it ensures faster and standardized share circulation and is a prerequisite if the company plans to attract investors or list shares on the stock exchange. In return, there are depository service costs and greater dependence on external infrastructure. Dematerialized shares are intended for higher circulation, growth, and capital attraction.    <br><br>Secondly, based on the choice made, amendments to the articles of association must be drafted and approved at a shareholders&#8217; meeting.<br><br>Thirdly, these amendments must be submitted and registered with the Register of Enterprises by July 1, 2026.  <br><br>In parallel with the changes to the articles of association, there is an obligation to disclose shareholders and submit a properly formatted shareholder register to the Register of Enterprises and, in the case of dematerialized shares, to notify the depository and major shareholders. It is precisely this requirement for the public disclosure of shareholders that has proven to be the most complex and frequently delayed part for many. <\/p><h5>Consequences of Missing the Deadline<br><br><\/h5><p>For failure to comply with the requirements, an AS may be subject to simplified liquidation, similar to cases where the ultimate beneficial owner is not disclosed. This means that a company that does not arrange the share type and shareholder disclosure in a timely manner risks being struck from the register. For a company that is actually operating and generating revenue, this would be a disproportionately severe sanction that could follow solely due to administrative negligence.  <br><br>Furthermore, the consequences also affect the shareholders themselves. If a shareholder has not provided the company with the necessary information, they may lose voting rights and the right to receive dividends, and in extreme cases, may even be excluded from the company, with their shares passing into the company&#8217;s ownership. This is a strong incentive to put things in order on time, as the price for inaction can be not only the liquidation of the company but also personal financial and ownership loss.  <\/p><h5>What to Do Now<br><br><\/h5><p>The recommendation for boards is simple: evaluate which type of share fits the goals of the AS, convene a shareholders&#8217; meeting, approve the amendments to the articles of association, and register them in a timely manner. If you have doubts about the choice of share type or the shareholder disclosure procedure, we will be happy to help! <br><br>Make informed decisions!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-166a978 elementor-hidden-mobile\" data-id=\"166a978\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29e5acb elementor-widget elementor-widget-heading\" data-id=\"29e5acb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/rockbridge.legal\/en\/blog\/\">RETURN TO ARTICLES 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Contact me <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-c852c3a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c852c3a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5a7ae2d\" data-id=\"5a7ae2d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-965d765 elementor-widget elementor-widget-image\" data-id=\"965d765\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1080\" height=\"1080\" src=\"https:\/\/rockbridge.legal\/wp-content\/uploads\/2024\/01\/Viktorija-Cherkas-2.png\" class=\"attachment-full size-full wp-image-9338\" alt=\"\" srcset=\"https:\/\/rockbridge.legal\/wp-content\/uploads\/2024\/01\/Viktorija-Cherkas-2.png 1080w, https:\/\/rockbridge.legal\/wp-content\/uploads\/2024\/01\/Viktorija-Cherkas-2-300x300.png 300w, https:\/\/rockbridge.legal\/wp-content\/uploads\/2024\/01\/Viktorija-Cherkas-2-1024x1024.png 1024w, https:\/\/rockbridge.legal\/wp-content\/uploads\/2024\/01\/Viktorija-Cherkas-2-150x150.png 150w, https:\/\/rockbridge.legal\/wp-content\/uploads\/2024\/01\/Viktorija-Cherkas-2-768x768.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7097f3a\" data-id=\"7097f3a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9eedc6b elementor-widget elementor-widget-heading\" data-id=\"9eedc6b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">VIKTORIJA Cherkas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9967d12 elementor-widget elementor-widget-heading\" data-id=\"9967d12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PARTNER, ATTORNEY AT LAW<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec9b56d elementor-widget elementor-widget-text-editor\" data-id=\"ec9b56d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Viktorija is a Latvian legal expert recognized by international directories in project management and mergers and acquisitions (M&#038;A), including energy projects (development of wind and solar park projects). <\/p><p>Viktorija also provides legal advice for day-to-day business operations \u2013 from company formation, management, shareholder relations, restructuring, and other business-related matters. At the same time, Viktorija is an expert in real estate development, acquisition, and leasing, and provides assistance to individuals and companies regarding relocation or property acquisition in Spain. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d08df6b elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"d08df6b\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"tel:%20(+371)%2029340444\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-phone-alt\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">  (+371) 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\u012bpa\u0161ums\">\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"tab-label\">Nekustamais \u012bpa\u0161ums<\/span>\n\t\t<\/a>\n\t<\/div>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>On May 30, 2024, the Saeima adopted amendments to the Commercial Law, which established an obligation for joint-stock companies (AS) to specify the type of shares in their articles of association\u2014registered or dematerialized shares\u2014by July 1, 2026. Why the Reform is Happening The joint-stock company reform is part of broader amendments to the Commercial Law [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":9943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[54],"tags":[],"class_list":["post-9941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-matters"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/posts\/9941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/comments?post=9941"}],"version-history":[{"count":1,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/posts\/9941\/revisions"}],"predecessor-version":[{"id":9944,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/posts\/9941\/revisions\/9944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/media\/9943"}],"wp:attachment":[{"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/media?parent=9941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/categories?post=9941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/tags?post=9941"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/rockbridge.legal\/en\/wp-json\/wp\/v2\/type?post=9941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}