As per Directive Number 1047/2025 Dematerialization of Publicly Offered Securities, Part III: Dematerialization Process, Article 6 Communication During Dematerialization, issuers shall notify all their Security Holders about the requirements under this directive; the dematerialization process; the initiation of dematerialization process for their securities; and the status of the dematerialization process up on request. Thus:   

1. Publicly offered securities and other securities referred under article 3 sub-article 2 of the above directive, shall be dematerialized and registered with the Central Security Depository.
2. As per article 4 sub-article 1 of the above directive publicly offered securities shall not be registered with the Central Securities Depository and traded until such securities are registered with the Authority.
3. Dematerialized securities shall be legally recognized, valid, and enforceable financial instruments.
4. Ownership of dematerialized securities shall be evidenced by the Central Security Depository electronic records.
5. Transfer of ownership of dematerialized securities shall be done through electronic book entries in the Central Security Depository system.
6. The electronic register maintained by the Central Security Depository shall serve as the authoritative source of ownership information, documenting the identification details of shareholders, quantities issued and securities held by Security Holders and other information as required by the rules of the Securities Depository.
7. Dematerialized Securities of the same issue shall be fungible where by the securities of the same class, same issuance, and right issued by the same issuers are interchangeable in the market without affecting their value.
8. Every issuer shall notify all its Security Holders to update their contact information. And every Security Holders of the Bank shall update their contact information/KYC (that requested by ECMA for dematerialization) before an issuer submits its securities register to the Securities Depository for dematerialization.
9. No person shall place an instruction sell or buy deposited or dematerialized securities without first having a securities account. A Securities Depository Member shall open and maintain a securities account with the Securities Depository itself and its clients.
10. Securities Holders shall open a securities account at the Central Securities Depository through a Securities Depository Member after completing an account opening form, attaching identification details and know your customer requirements in the format prescribed in the Securities Depository’s rules.
11. After opening a Central Securities Depository account, every Securities Holder shall submit his physical certificate or evidence of ownership of securities to a Securities depository Member accompanied by a deposit form, a valid means of identification and know your customer requirements as prescribed in the Securities Depository rules.
12. Before a Security Holder deposits the physical certificates of Pledged securities, the holder must consult with the Pledgee.
13. Unpaid or partly paid shares shall only be dematerialized upon being fully paid up by the securities holder.
14. Every Issuers shall report all complaints and their final resolution to the Authority within five (5) working days after the end of every month. Where the complaint is not resolved within 10(ten) working days, or where the complaint is not satisfied with the decision of the issuer, the Securities Holder may refer the complaint or appeal against the decision of the issuer to the Authority. The referral or the appeal to the Authority shall include a summary of the process and copies of all relevant supporting documents.
15. Ten years after the declaration of dematerialization date by the Authority, securities represented by physical certificates that remain unclaimed or un-reclaimed since the date of dematerialization shall be transferred to a Special Account managed by the Authority. Securities holders then may claim their securities by providing evidence of their legal or beneficial ownership to the Authority.
16. Refusing to tender certificates of securities for dematerialization is prohibited.

Bank of Abyssinia S.C.