Authorities In Greece Ponder Reduction In Share Blocking

According to press reports in Athens, the Hellenic Capital Market Commission (CMC) is considering a reduction in the time limit during which shares in Greek companies cannot be bought and sold prior to the AGM from five days to three.

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According to press reports in Athens, the Hellenic Capital Market Commission (CMC) is considering a reduction in the time limit during which shares in Greek companies cannot be bought and sold prior to the AGM from five days to three.

The CMC says that the proposed reduction will be examined by a working group under the supervision of the Ministry of Development and Commerce, since the change will require an alteration in company law.

The working group will draft a new law following the review of the necessary amendments to the current legal framework and will also decide on the number of days that the shares should be blocked prior to general meetings.

“The reduction will facilitate the participation of foreign investors in AGMs and therefore their active participation in the management of Greek companies,” says a spokeswoman for EFG Eurobank, which welcomes the proposed change.

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