On Friday evening, the members of the National Assembly of the Republic of Slovenia adopted the amending act to the Book Entry Securities Act (ZNVP-1) in the third reading with 70 votes for and 4 against, and which to a large extent draws on the VZMD's proposals to alleviate the catastrophic impact of the amending act of the ZNVP-1, which namely brings with it the abolishment of the registry accounts for about 260,000 natural persons. Following the unanimous support to the amendment of the ruling coalition within the 2nd reading on Wednesday September 23, 2015, the members also supported, with 69 votes for and 4 against, the additional amendment to the Article 48 of the ZNVP-1, tabled by the deputy group of the Slovenian Democratic Party (SDS), which by means of its additional 3rd paragraph shall limit the annual costs of keeping accounts and the compensation for the balance maintenance on the trading account to the maximum of 0.5% of the average value of securities on the account..


Following the support to VZMD to limit such costs, which have too frequently accounted for the significant part of the minority shareholder portfolio value, such additional amendment also followed the VZMD's opinion on the coalition's amendment, delivered to the National Assembly of the Republic of Slovenia on September 17, 2015, which is why it was supported by VZMD immediately upon its tabling, on Thursday, September 24, 2015. On this occasion, the VZMD President, Mr. Kristjan Verbič, welcomed the significant progress in handling registry accounts abolishment problems, which »nevertheless reflects a certain extent of regard to uphold minority shareholders and regulate the status of investors - particularly those who are keen on being part of the Slovenian joint-stock companies, and in this manner maintain and increase effectiveness of tied up resources, save for their old age, healthcare services, education of their offspring, etc.« and was also pleased about the fact that the »the party politics was finally unified and responded to the VZMD's appeal to make slight additional efforts when formulating the definitive text of Article 48 of the ZNVP-1 proposal, and, after all already invested efforts and adjustments, to reach a solution which could be classified as acceptable and optimal in the usual context of the claimed urgency .«

Note that, ever since the drafting of the mentioned Act, VZMD has vigorously opposed the abolishment of the registry accounts at the Central Securities Clearing Corporation (KDD), where nearly 260,000 minority shareholder have their securities freely deposited, which have been largely acquired through ownership certificates. As it has been proved necessary that the abolishment of the registry accounts could not be avoided, VZMD, on September 4, 2015 put forward a compromise proposal, which represented to a large extent a foundation also for the amendment of the ruling coalition. The latter provided for the delay of the natural person registry account abolishment into 2017, and ushered in the direct reporting by the KDD. Thus, for at least 100,000 minority shareholders - who hold shares worth up to EUR 100 on their registry accounts at KDD - the amendment brings court fee exemption in the event that they do not transfer their shares to trading accounts at brokerage firms or banks which would consequently lead to transfer to the court deposit after January 1, 2017. In this regard, VZMD firmly raised the question of methods for valuation of shares on registry accounts and of the inappropriateness of the very low limit of EUR 100 up to which the shareholders are entitled to the court fee exemption.

However, as early as in February this year, VZMD sent to the Ministry of Finance of the Republic of Slovenia even an Urgency, with which they reiterated that Ministry, among other things was proposing abolishment of registry accounts at KDD, obscuring ownership structures, lowering the level of legal security, making it more difficult to attend meetings, additional financial and social burdens, explicitly reducing the number of minority shareholders and the proportion of local ownership in Slovenian companies etc. The first proposed amending act of the ZNVP-1 namely bore all the more serious consequences for the capital market, especially for over 260,000 Slovenian minority shareholders (natural persons), who might be the next year relentlessly deleted from the register of shareholders, that is, they might lose their shares in the face of abolishment of (their) registry accounts at the KDD, or »punished« with the court fees for the automatic court deposits of their shares. That is why VZMD has insisted on scathing criticism of such amending act of the ZNVP-1, which was anew pointed out by the VZMD President also in the meeting of the Finance and Monetary Policy Council of the National Assembly of the Republic of Slovenia on Wednesday, September 2, 2015. (RECORDING of the meeting – VZMD caveats and proposals from 51:40 minute onwards)

Even beforehand, VZMD had frequently voiced against the proposed abolishment of the registry accounts (inter alia also using the remarks and proposals regarding the ZNVP-1 on October 28, 2014November 26, 2014 and February 5, 2015), in addition, VZMD has since October 2014 been actively engaged in harmonizing the text of the Proposed directive of the European Parliament and Council of the EU regarding changes to the 2007/36/ES directive regarding encouraging the long-term shareholder engagement and 2013/34/EU directive regarding specific elements of the declaration about corporate governance. Regarding the Proposed directive directly related to the Proposed amending act of the ZNVP-1, VZMD, as early as on October 6, 2014 sent its remarks and proposals - in line with the Better Finance proposals (European Federation of Financial Services, where Mr. Verbič is a member of the Executive Board) - also to directly to the Ministry for Economic Development and Technology.

Other Related International Activities:

ANOTHER 260,000 EXPROPRIATED – VZMD has attempted to alleviate the abolishment of registry accounts by amending the Book Entry Securities Act through the COMPROMISE AMENDMENT AND APPEAL to the National Assembly of the Republic of Slovenia

The District Court and the Higher Court officially acknowledge VZMD arguments concerning the unconstitutionality of expropriations, however the proceedings have been suspended until the final decision has been reached by the Constitutional Court of the Republic of Slovenia, which contacted the EU Court in Luxembourg - VZMD has provided written standpoints thereto after a world-class EU law expert joined the team

ATTENTION - unveiling evidence against the unlawfulness of Slovenian banks valuations and the overblown "bank gap" as a foundation for billion euro damage to the state and its citizens, based on unlawful actions by Bank of Slovenia and its Emergency measures decisions

Is the European Commission attempting to obstruct the investigation and protect the responsible persons?! The unprecedented provocation opens plethora of grave issues about processes, structure and perspectives of the EU -

»PLUNDER OF THE CENTURY« - VIDEO CONFRONTATION & disclosure of misleading statements of the Bank of Slovenia, the previous Slovenian government and other protagonists of the highly questionable 2013 bank restructuring, involving mass expropriation of citizens

EU PARLIAMENT & COUNCIL – VZMD contended with the progress & results of harmonization of the Proposed directive for encouraging long-term shareholder engagement, but warns of completely different practices as well as catastrophic repercussions of the Slovenian proposed amendment to the Book Entries Securities Act which is linked to the same Directive

CONSTITUTIONAL COURT - VZMD also lodged a proposal for the temporary decree for PROHIBITING THE SALE OF Nova KBM bank - to prevent direct damage to the Republic of Slovenia and its citizens


BANK OF SLOVENIA – »a year later« with a new secret resolution continues the destructive policy, on the basis of an already stipulated »calculation« of negative capital - the deletion of all subordinated bonds and stocks, also in Slovenia's sixth bank

STRESS TESTS – new and obvious proof of the extremely unequal adjudication of Slovenian banks – are they guilty in Brussels or Ljubljana, and what are their motives? The PanSlovenian Shareholders' Association (VZMD) has called on the Bank of Slovenia (BA) and the European Central Bank (ECB) to explain, why only in Slovenia are we left to use »static« and extremely pessimistic assumptions, while in other countries and banks of the EU fresh data and »dynamic« valuations are used and even allow for

WARSAW - the evening award ceremony, the second day of the »Warsaw Capital Market Summit 2014« international conference and beginning of the conference organized by International Monetary Fund and National Bank of Poland with active participation of VZMD through investo.si and invest-to.net programs (Warsaw, October 2014)

BANK OF SLOVENIA / NLB - unprecedented deceit of renowned international financial companies and investors - VZMD informed them of concealed facts, in its endeavor of protecting investors, and called for inacting supervision, proper sanctions of those responsible, alleviation of consequences, and thus preservation of the remaining reputation of the Republic of Slovenia (Ljubljana, September 2014)

NEW YORK – VZMD President invited to be a guest-speaker at the Annual Conference of the International Financial Litigation Network (IFLN) yesterday – shortly after a successful business delegation in Iran, he also participated in a discussion in the world's financial centre with some distinguished international lawyers and representatives from key law offices regarding the scandalous expropriation of the owners of shares and bonds at Slovenian banks - an alarming case indicating problems in the (New York, May 2014)

EUROPEAN COMMISSION – a reminder to the EU Commission President J.M. Barroso about the unequal treatment of Slovenia, and about the endangered financial, economic and social stability accompanying scandalous expropriation of share and bond owners at Slovenian Banks – a letter of the Civil Society Initiative and NKBM Section at VZMD to the EU Commission President is soon to be presented in the European Parliament as well (Brussels, March 2014)


EXPROPRIATION – VZMD has filed three more lawsuits, this time against the banks, because the entry of subordinated bonds and shares termination in the register has been established as null – further use of all legal remedies to protect the expropriated owners, the signatories to the VZMD Agreement, and granting authority to the law office (Ljubljana, February 2013)

Slovenian Constitutional Court acknowledges the legal interest of 293 initiators united by VZMD who demanded a constitutional review of the Banking Act (Ljubljana, January 2013)

CONSTITUTIONAL COURT acknowledged the legal interest of 290 initiators, united by VZMD who demanded constitutional review of the Banking Act; the Court has given priority to the two VZMD initiatives but suspension of the Act was rejected, due to misleading statements by the Government and the Bank of Slovenia - shares and subordinated bonds of 100.000 owners had been erased in the three biggest Slovenian banks! (Ljubljana, December 2013)

EXCLUSIVE VIDEO REPORT about the week of the MOSCOW-VIENNA-CAPETOWN conferences involving the following: active participation of the international business-investment VZMD programmes, signing a memorandum with the Russian Federation of Investors, and protection of rights of the Slovene and European shareholders at the Viennese conference »The Financial Repression of Savers and Investors« (Moscow, Vienna, Cape Town, October 2013)


NKBM = BANKIA – mass protests take place in front of The Central Bank of Spain (CBS) because of national fraud against 350,000 shareholders who are represented by the law firm that is attending, along with VZMD (Pan−Slovenian Shareholders’ Association), the international initiative at CBS. (Madrid, September 2013)

WORLD BANK – President of VZMD and EuroFinUse Board Member speaker of the first panel at the international conference about audit reform and the importance of audit committees (Bucharest, June 2013)


VIDEO REPORT – exclusively from the European Parliament: the EuroFinUse international conference and the Election Assembly, the announcement of the new President and Board of directors of this influential European association, into which a representative of Slovenia is also re-elected (Brussels, March 2013)

BRUSSELS – Slovenia with VZMD once more elected to the top of the European Federation of Financial Services Users – intensive international activities today continue with a conference in the European Parliament (Brussels, March 2013)

TOKYO – conclusion of the visit of Slovene economic and political delegation with Slovenian-Japanese Business & Investment Forum and the reception at Japanese investors’ association – the active role of VZMD with its international investors’ programs investo.si and invest-to.net(Tokyo, March 2013)

INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs investo.si and invest-to.net also present (New Delhi, February 2013)

Memorandum of cooperation signed between the International Center for Promotion of Enterprises (ICPE) and VZMD, with additional expansion of activities within the framework of international investment programs investo.si and invest-to.net (Ljubljana, January, 2013)

EXCLUSIVE VIDEO REPORT of “International Conference on Benefits and Challenges of Public Private Partnerships for improving Energy Efficiency” – key statements of prominent participants (Ljubljana, October, 2012)


EXCLUSIVE VIDEO REPORT from EuropeanIssuers International Conference on »The future of European Equity Markets« at the Milan Stock Exchange – programs investo.si in invest-to.net also at the upcoming International Investors´ Conference in Wiesbaden (Milano, November 2012)

VIDEO REPORT - International Conference at the Brussels Stock Exchange Stimulated Investors' Representatives and Institutions to Participate at the Investors' Week 2012 in September in Slovenia(Brussels, March 2012)


www.vzmd.si – More on the VZMD – PanSlovenian Shareholders' Association

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