Securities adjustment
Securities validation refers to the process of cancellation of securities based on an old currency are covered. They will be replaced by securities denominated in a new currency.
history
There were securities adjustments because of the German hyperinflation in 1923 (see also German inflation 1914 to 1923 ) z. B. for bonds as well as bonds of the federal states, cities or municipalities in German Reichsmark, which were exchanged according to the Bond Removal Act of 1925.
In Germany, the securities adjustment relates in particular to the reorganization of the domestic securities denominated in Reichsmark or Goldmark , which were stored in the Reichsbank in East Berlin in 1945 after the end of the Second World War . For companies based in West Germany , all securities were declared invalid in accordance with the Securities Adjustment Act of October 1, 1949, and new global certificates for the total amount were deposited with the securities depository banks . The verifiable beneficiaries received new papers that were converted 1: 1 for shares. After the securities adjustment was completed on December 31, 1964, no further claims could be asserted.
As a result of the German reunification in 1990, the compensation and equalization law of 1994 declared the securities in the former GDR to be invalid. As a result, owners could no longer derive any rights from the securities, but they acquired a right to surrender . Applications for the release of the documents could be submitted to the Federal Office for the Regulation of Open Property Issues (BARoV) by May 31, 1995 .
literature
- Kurt Eichhorn: Handbook for securities cleanup. Wertpapier-Mitteilungen, Frankfurt am Main 1949
- Andre Sayatz: The fate of the Reichsmark securities and bonds denominated in foreign currencies after 1945. Historical and new attempts to clean up securities. Berliner Wissenschaftsverlag, Berlin 1998, ISBN 978-3-87061-675-5 .