Alternative share header scheme

The Alternative Share Header Regime, or Rubrication, is a mode available to the investor to deal with the sale of a single share and theilliquidity of investments in unlisted companies, and is different from the Ordinary Regime.

By adhering to the Ordinary Regime, the investor is registered in the shareholders' register directly with his or her personal details; while with Rubrication, registration is done through a securities brokerage firm, Directa SIM, which will appear on the register as the holder of the units on behalf of the investor, without any loss of ownership of the subscribed units.


Investors who adhere to Rubrication can sell the shares of the companies in which they are members to other buyers who are registered holders of a Directa SIM account, without incurring notary or accountant costs. It is Directa SIM, once it receives notice of the sale, that transfers ownership of the shares to the new holder.

In equity crowdfunding, with Rubrication the investor continues to enjoy the tax benefits for investments in startups or innovative SMEs provided by the Relaunch Decree. Should one wish to do so, it is possible at a later date to request a return to the Ordinary Regime.

For more information see our FAQ.

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