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Art. 47. Transfer to accounts  
1. In cases of acquisition of securities on the primary market or through initial public offering, the underwriter of the issue shall take steps for opening accounts for transferees and for transferring the securities from the issuer’s account or underwriter’s account into the transferees’ accounts with the Depository.

2. The actions pursuant to p.1 shall include comparison of the content of a document issued from a person participating in public offering of the securities with the content of the register of securities holders, kept by the underwriter of the issue with the Depository. The exchange of information between the underwriter and the Depository for entering in the register of securities holders is fully described in Enclosure 02/E02.

3. The sub-accounts of the shareholders of an investment company open type and mutual fund shall be opened and administrated by a member of the Depository - managing of a company on representative principle.