A new Law on Central Registration and Depositary was adopted. This law provides for the creation of a licensed Central Depository Company that is to issue deeds that will be able to be used instead of material shares. For the first time the law introduces a concept of beneficial ownership of shares.

Banks and other licensed securities companies are required to enter into agreements with the Central Depository that includes certain mandatory provisions. They are required to participate in a special fund that will guarantee settlement of securities transactions.

The Central Depository will be owned by its members, none of which may own more than 5% of its capital. Transactions are to be based on cash against delivery, with a settlement time to be specified by the CMA.