Last week, Mr. Kristjan Verbič, President of the PanSlovenian Investors’ & Shareholders’ Association (VZMD), sent an official letter to the Speakers of the National Assembly and the National Council of the Republic of Slovenia, leaders of deputy groups, and presidents of parliamentary parties. The letter included his well-supported objections to the proposal for the change of Paragraph 10 of Article 296 of the amendment to the Financial Instruments Market Act (ZTFI-1) as proposed by the Government of the Republic of Slovenia. The experts from VZMD firmly believe that the suggested change, which came only a year after the last aggravation of the situation, is evidently a new attempt to suspend the successful program called "Share SUPPORT" (VIDEO) and a step towards implementing additional unreasonable limitations to the lawyer's trust account of securities used for executing shared sales. These sales proved to be an extremely efficient part of the "Share SUPPORT" (VIDEO). In December 2017 alone, resounding shared sales were executed for shares, which up until that moment were considered worthless, yet brought to 1,100 shareholders collectively more than EUR 260,000 from sales. The realized values of such shares always significantly exceeded (sometimes even by six times) the previous market values attained by "professional" financial intermediaries.


VZMD in its role of the herald and actor of the rights and interests of shareholders, stresses that they succeeded in doing this despite being considered a source of troubles by the financial industry and even the Securities Market Agency (ATVP). ATVP, among other things, publicly bombarded shareholders with unfounded "warnings" regarding "Share SUPPORT", whereas the smear campaign reached its peak in February 2017 (VIDEO) with the change of the Financial Instruments Market Act (ZTFI-1), with the clear intention to suppress "Share SUPPORT" by significantly restricting the use of trust accounts for securities for local lawyers and public notaries. On the other hand, this right was not restricted for major foreign intermediaries, who may continue using trust accounts with no restrictions whatsoever.

Nevertheless, VZMD persisted and aligned "Share SUPPORT" with the changed and tightened legislation. In addition to the financial industry's relentless defensive stance towards the new challenges, ATVP once again justifies it role of the financial industry ally and opponent to minority shareholders and other consumers. The new Financial Instruments Market Act (ZTFI-1) bill, which is currently being considered by the National Assembly of the Republic of Slovenia, namely includes a provision which would additionally restrict the use of the lawyer's trust accounts for securities for the execution of shared sales or purchases of securities to a time period of no more than 6 months (Paragraph 10 of Article 296 of the ZTFI-1 bill).

VZMD is convinced that such provisions made it to the ZTFI-1 bill at the ATVP initiative. Given the fact that the Government of the Republic of Slovenia claims that it needs more than the current period of over 4 years (which have passed since its initial commitment to sell) to maximize the sales sum from the sale of the NLB bank to the benefit of all taxpayers, and that it even asked the European Commission to extend the deadline for the sale in question, it would be highly unusual that the Government would assert that it was possible to execute professional and diligent shared sales or purchases of securities in less than 6 months. "It is therefore clear that the Government understands that shares cannot be sold under time pressure without extremely adverse effects for the sellers. So, how can they require the shareholders to sell their shares quickly and therefore well under the optimal price?! This can only benefit the major financial intermediaries," says Mr. Verbič in the letter and adds that throughout the entire process of abolishing registry accounts, which enabled all ownership certificate beneficiaries to store their securities free of charge, VZMD was warning about the disastrous consequences that this process would have on the existence of individual investors and shareholders in the Republic of Slovenia. Already at the early stage VZMD warned against "the complete extinction of shareholders", which was also the reason to set up the "Share SUPPORT" program (VIDEO from the press conference at its launch).

Unfortunately, VZMD found that its fears have come true. In 2016 alone, the number of shareholders in the central register dropped by no less than 94,759, from 319,988 to 225,229, followed by another drop of 39,310 shareholders in 2017. Altogether their number dropped by 42% to no more than 185,919 holders, of which more than 82,000 are (still) on abolished registry accounts open at the Central Securities Clearing Corporation and cannot directly access their accounts and receive dividends, severance payments etc. It is hard for VZMD to imagine the severity of the consequences, had the National Assembly of the Republic of Slovenia not at least partially considered the VZMD warnings and arguments and adopted a few mitigating measures, which included an extended deadline for the decomposition of registry accounts and the legal limitation of the amounts charged by financial intermediaries. VZMD is sure that there would be many more shareholders left, if ATVP would carry out its mission and legal obligations, and ensure a strict enforcement of the legal limit of the amounts charged by intermediaries. Instead, its fraternizing with the financial industry, which should normally be regulated by ATVP from a suitable distance, required the National Assembly of the Republic of Slovenia to accept the authentic interpretation of the Book Entry Securities Act (ZNVP-1) precisely in the part, which addresses the allowed amounts charged by intermediaries.

"It cannot go unnoticed that apparently the new attempt at destroying "Share SUPPORT" and eradicating shareholders is in such a rush that the ZTFI-1 amendment bill does not include a transitional provision according to which the six-month deadline would only commence when the act would enter into force. Instead, this deadline would take effect retroactively! Clearly, there is a strong interest to suppress VZMD by constantly changing the legislation," concludes Mr. Verbič and adds that obviously VZMD has become such an issue for the financial "elites" that ATVP and the Government of the Republic of Slovenia may simply propose an act to ban VZMD (?!), since they are already abusing the legal system of the Republic of Slovenia by continually changing it.

VZMD therefore appeals to members of the National Assembly of the Republic of Slovenia to abstain from supporting the new draconian restrictions, which are directed exclusively against local minority shareholders and not the major international financial intermediaries, and support the following amendment: The following shall be deleted from Paragraph 10 of Article 296 of the ZTFI-1 bill: "and the book-entry securities shall not be managed on the trust account for more than six months".


Other Related International Activities:

THE NATIONAL ASSEMBLY - in Slovenia, financial intermediaries became beneficiaries of dividends instead of (minority) shareholders - the VZMD has appealed for the additional Authentic interpretation of the Act due to the renewed circumvention of the law,

VZMD's 'Share SUPPORT' persists despite coalition's support for the controversial amendment to the Act and pressures from the financial industry

VIDEO TALK with the prominent international attorney, after meetings at the VZMD’s headquarters - preservation and European perspective of the “Share SUPPORT”, actions against VolksWagen, internationalization of the settlement of expropriated investors in Slovenian banks, significant recovery of costs for truck owners

NATIONAL ASSEMBLY - the proposal by the Slovenian Government also rejected at the Finance Committee - owing to VZMD's arguments the Committee ’s amendment to Article 25 of ZTFI was adopted, which makes it open for promised improvements

NATIONAL ASSEMBLY - VZMD at today’s meeting supported by the Committee of the National Council of the Republic of Slovenia, NSi party, European Federation of Investors, civil society as well as with further arguments against the government proposal of the amending act aimed at destroying the “Share SUPPORT” and further expropriations

INSTANT DISMISSAL OF GOVERNOR! - reaffirmation of VZMD's shocking analyses and statements in regard to the billion-euro "Plunder of the century" during the bank "restructuring" and direct responsibility of the National bank of Slovenia executives for enormous damages to the citizens and the Republic of Slovenia

EXCLUSIVE VIDEO REPORT from the meeting of the Committee of the Slovenian National Council which unanimously took VZMD’s side after facing off with the Securities Market Agency (ATVP) and the Ministry of Finance regarding the disputable Article 25 of the amending act to the Financial Instruments Act

European Federation of Investors sent out an open letter to members of the National Assembly and the Prime Minister as well as responsible persons at the European Commission - warnings and explicit support for VZMD and the “Share SUPPORT” in opposition to the government’s proposal of the amending act to Financial Instruments Act

BRUSSELS – after the Executive Board meeting, also the European Federation of Investors and Financial Services Users staunchly stood up for the Share SUPPORT and VZMD - a letter to members of the National Assembly and Prime Minister of the Republic of Slovenia as well as responsible persons at the European Commission

NATIONAL ASSEMBLY – VZMD’s serious warnings regarding the Government’s proposal to amendment the Financial Instruments Market Act exclusively aimed at destructing the »Share SUPPORT« based on unrelenting pressures and narrow interests of the financial industry together with Securities Market Agency

Urgent notice for the general public about the Slovenian Securities Market Agency (ATVP) and the manner in which it is managed by Mr. Miloš Čas, and before law amendments passed solely to abolish the “Share SUPPORT” at VZMD and options to preserve the investments of minority shareholders

EUROPEAN BANKING AUTHORITY - uniquely radical expropriations in Slovenian banks presented as an excess without comparison at the EBA meeting in London

THE NATIONAL ASSEMBLY OF THE REPUBLIC OF SLOVENIA – The president, Mr. Brglez, received Mr. Verbič, listened to the VZMD proposals and standpoints, and expressed willingness to constructively settle the open issues in the context of the recent decision of the Constitutional Court of the Republic of Slovenia

After 1,045 days, the CONSTITUTIONAL COURT agrees with the VZMD that the Banking Act is unconstitutionally encroaching upon an efficient judicial protection, and orders the National Assembly to systemically address this unconstitutionality

Vice-President of the European Commission with the VZMD President on the letter putting pressure on the Prime Minister of the Republic of Slovenia as well as on the happenings at the Bank of Slovenia and the expropriations of Slovenian investors

BRUSSELS – Share SUPPORT receives great interest at the meeting of the European Federation of Investors and Financial Services Users

PARIS – at the yesterday's meeting of the European Securities and Market Authority (ESMA), Mr. Verbič also on the initiative to establish an institute of the European Economic Ombudsman, and on the questionable actions of the Slovenian regulator ATVP

ANOTHER POORLY FORETHOUGHT NATIONALIZATION – a new amending act of Book Entry Securities Act to introduce another state controller, additional “debauchery” of Takeovers Act and unequal treatment of all other shareholders in Slovenia – VZMD: forsaken shares should belong to their issuers

EXCLUSIVE VIDEO INTERVIEW with the Managing director of the European Federation of Investors & Financial Services Users

European Court of Justice in Luxembourg has ruled in favor of investors expropriated during the nationalization of six Slovenian banks in 2013

EUROPEAN CENTRAL BANK - official letter by the Slovenian MEP about serious issues regarding the unjustified calculations on which the expropriations and nationalization of all Slovenian systemic banks were based - again no actual answer! – Do the Slovenian authorities really only react to referendum initiatives?! - Due to complete disregard by the Government of the Republic of Slovenia, the VZMD is forced to continue the internationalization of the unique(!) bail-in restructuring of Slovenian banks together with mass expropriation and enormous damage to all taxpayers

THE SUPREME COURT - the highest ordinary court of law in Slovenia also bolstered the position of the VZMD: the law with which the self-proclaimed "domestic troika" nationalized as many as six of our banks is unconstitutional!

CALL FOR IMMEDIATE ACTION due to alarming advertising by financial intermediaries and detrimental effects of abolishing registry accounts which could lead to disappearance of 200,000 small investors and bring about catastrophic consequences for the issuers (public limited companies) and the entire capital market – in view of the disregard of the Government and financial authorities in the Republic of Slovenia, the VZMD is compelled to point out to the burning issues of the bail-in restructuring of Slovenian banks along with the expropriation of shareholders and bondholders through international media

LUXEMBOURG - The reasoned opinion published today by the Advocate-General of the European Court of Justice reaffirm the arguments made by VZMD and the expropriated investors

EU Commission & Slovenian Government - European warnings due to detrimental consequences of expropriation and a call to resolve the untenable situation as soon as possible

BANKIA – a success of Spanish minority shareholders encourages also the expropriated share and bond owners in Slovenia – invitation to obtain compensation

PARIS – the highest representatives of European investors' associations were very interested in hearing the in-depth presentation by Mr. Kotnik and Mr. Verbič regarding the 'bail-in' procedures in the EU, and were extremely surprised by the unique and radical, downright disastrous violations and expropriations in the Republic of Slovenia

PARIS – in the General meeting of the European Federation of Investors, Mr. Kotnik and Mr. Verbič acquainted prominent international participants with the scandalous expropriation of shareholders and bondholders of Slovenian banks, activities and endeavors of the VZMD - PanSlovenian Investors' & Shareholders' Association

LUXEMBOURG – on Tuesday it was the first time for Slovenia to stand before the Grand Chamber of the European Court of Justice due to the expropriation of shareholders and bondholders of Slovenian banks

Slovenian EUR 264 million to pay off investors in shares and bonds of Greek banks as well – Slovenian authorities continue to thumb their nose at expropriated investors in Slovenian banks and their own taxpayers - BUT FOR HOW LONG!?!

EU COURT - prior to the pending public hearing in Luxembourg, new shocking facts have come out in regard to the background of the (dual) plunder of holders of shares and bonds of Slovenian banks and at the same time the plunder of all Slovenian taxpayers which rampantly keeps going on!

Slovenian EUR 264 million to pay off investors in shares and bonds of Greek banks as well – Slovenian authorities continue to thumb their nose at expropriated investors in Slovenian banks and their own taxpayers - BUT FOR HOW LONG!?!

EU COURT in Luxembourg should hold oral proceedings in the process of preparing responses for the Constitutional Court of the Republic of Slovenia - the motion of expropriated holders of subordinated bonds and shares of Slovenian Banks represented by VZMD put forward

BRUSSELS – European Federation of Investors (BETTER FINANCE) presented the only(!) objective Report on the real return of pension savings funds – the PanSlovenian Investors' & Shareholders' Association (VZMD) also actively espousing reforms of the pension savings and funds systems in the EU

EUROPEAN COMMISSION officially bolstered the position of VZMD stating that its »Banking Communication« is not a legally binding act - the Bank of Slovenia and Slovenian financial authorities insist on the exact opposite and in fighting against their own citizens they disgrace themselves by trying to apologize for scandalous measures and fallacies

THE NATIONAL ASSEMBLY unanimously responded to the VZMD's rationale and appeal - significant cost reduction for all minority shareholders and investors (approximately 400,000 citizens) with the new amendment to the amending act of the Book Entry Securities Act

THE COALITION'S AMENDMENT to a large extent follows the VZMD proposals to alleviate the catastrophic impact of the amending act of ZNVP-1, however yesterday VZMD sent a constructive opinion and another appeal to the National Assembly to make slight additional efforts in reaching an optimal solution

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 and 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 and, March 2013)

INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs and 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 and (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 in 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) – More on the VZMD – PanSlovenian Shareholders' Association and – Over 300 videos from VZMD.TV and – More on the – Invest to Slovenia Program – More on the network of 65 national organizations of shareholders and investors –