Newsletter for housing companies
Information about housing company shares in a new register starting from 2019
Next year, an electronic register of housing company shares will be introduced in Finland. The aim is to collect exhaustive information about the holding and mortgaging of housing company shares in the new register.
Starting from 2019, housing companies and mutual real estate companies can transfer their lists of shares to the register of housing company shares. At the same time, the obligation to maintain a list of shares will be discontinued. The transfer requires that information about each company's representatives is up to date in the Trade Register.
We will notify housing companies and building managers of how to transfer lists of shares in practice closer to the transfer. At the same time, we will specify the schedules of different activities.
At this stage, no actions are required from housing companies.
The electronic register will replace paper
Lists of shareholders in older housing companies will be converted into electronic format in stages. First, companies need to carry out certain actions, after which the share certificates of individual shareholders can be converted into electronic format.
In the first phase, housing companies need to transfer their lists of shares to the electronic register of housing company shares. After this, share certificates will be annulled no later than in conjunction with a trade or mortgaging concerning the specific certificate. At the same time, an electronic shareholding entry will be made in the register of housing company shares.
New housing companies will be established in the electronic register starting from 2019. After this, no share certificates will be printed on paper, as the same information will be available in the electronic register of housing company shares.
An up-to-date register increases reliability
The new register of housing company shares will improve the availability and reliability of information about apartments and their ownership and mortgaging.
The register is being prepared in the ASREK project of the Ministry of Agriculture and Forestry in cooperation with other ministries. The National Land Survey of Finland is building the register of housing company shares, together with the Finnish Patent and Registration Office, the Tax Administration and the Population Register Centre.
The legislation on the new register is currently being prepared. The register will be deployed after the legislation enters into force.