What are Dematerialized Securities?
They are those securities or financial instruments, without a paper certificate, registered for accounting purposes on an electronic register with an authorized financial intermediary .
For example, trading on the markets of the Italian Stock Exchange of shares or bonds takes place exclusively in dematerialized form, that is, without any "physical passage" of paper certificates.
For each issue of financial instruments, the Offeror must choose a single centralized management company with which to open an account.
In Italy, Euronext Securities Milan (Monte Titoli S.p.A.) performs the functions of central depository for dematerialized financial instruments. The Offeror can decide whether to operate independently at the central depository or use a third-party company specializing in this activity (so-called Issuer Agent).
With the exception of shares in LLCs, all financial instruments can or must be dematerialized, subject to the issuance of an ISIN code by the Bank of Italy, which uniquely identifies each financial instrument to be centralized.
The relevant legislation allows the voluntary dematerialization of shares in fact to all SpAs, even if they are unlisted and not subject to regulatory requirements.
Dematerializing and centralizing shares allows, among other things, the registration of each transfer of ownership without any notarial cost by old and new shareholders, in fact making it easier to buy and sell.
Once the transaction is concluded (whether between individuals or on an Italian Stock Exchange market in the case of shares admitted to trading for example) the investor will not have to worry about physically handing over the share certificates, but it will be the centralized management company (Monte Titoli) that will make an accounting entry by which it will transfer the securities from the seller party's securities deposit account to the buyer party's securities deposit account.
The banks of the respective parties will also act as tax substitutes for individuals.
Securities Deposit Account (CDT)
A securities deposit account is the means by which a financial intermediary (e.g., a bank) stores, administers financial instruments owned by clients and executes the related purchase, sale and subscription orders given.
Opening a securities deposit account requires the signing of an ad hoc contract and association with a current account to which the returns and expenses inherent in the securities held are respectively credited and/or debited (e.g.: coupons and dividends on the one hand, stamp duty and any management and administration fees on the other).
How to recognize whether an offering is in the Dematerialization Regime?
The presence of the CDT "stamp" (securities deposit account), in the top bar, identifies the offering in Dematerialization Reg ime therefore it is necessary to have a Securities Deposit Account to participate.
If after 8 days from the closing of the campaign the Investor has not entered the Securities Deposit Account number in their portfolio on Mamacrowd, the order will be automatically cancelled by the Manager who will arrange for the return of the collected order amounts.
In case of a successful campaign what happens to the Securities acquired?
The issuance of the Securities will be managed by the Company in Dematerialization Regime. Upon completion of the transaction you will be able to see the subscribed Securities in your Securities Deposit Account.
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