Legal Q&A · Securities & Shareholders

What is the difference between a transfer, a transmission and a movement of securities between accounts?

Law as at 29 August 2026

Answered by , Czech and Slovak attorney, admitted to the Slovak and Czech Bars (SAK 300422 · ČAK 19654).

Short answer

A transfer changes the holder of a security under an agreement; a transmission changes the holder as a result of another legal event, such as inheritance; and an account movement moves securities between accounts of the same holder. The legal basis also determines the instruction and form used for the central securities depository. The depository will reject and return an incorrectly selected instruction, so it is worth clarifying the distinction before filing.

One client is selling shares, siblings are inheriting securities from their father, and a third holder is simply moving shares from a dealer to an account maintained elsewhere. In the central securities depository’s records, these are three different operations requiring three different instructions. Confusing them means a returned filing.

What matters is the basis on which the securities move. A transfer is based on an agreement:

A transfer of a security is a change in the holder of the security carried out under an agreement pursuant to this Act.

— Section 19(1) of Act No. 566/2001 Coll. (unofficial English translation)

Typically, this is an agreement to buy or donate securities. A transmission, by contrast, is a change of holder based on a final inheritance decision, a final decision of another state authority or other legal facts specified by law (Section 18(1)). This includes inheritance and the dissolution of a company with a legal successor. An account movement is a third, often overlooked category:

A movement of a security does not change the person holding the security; instead, it moves the security from the holder’s account to another account of the same holder.

— Section 18a(1) of Act No. 566/2001 Coll. (unofficial English translation)

For a transfer, both the transferor and the acquirer give registration instructions within the agreed period, or otherwise within seven days of entering into the agreement (Section 23(1)). If the instructions do not match, the depository or member will not register the transfer and will return the instructions with reasons (Section 23(2)). For a transmission, the acquirer submits the instruction (Section 18(4)) together with the original or an officially certified copy of the document establishing the legal event, such as an inheritance decision (Section 18(5)). The transfer provisions apply as appropriate to movements between accounts (Section 18a(3)).

CDCP forms: F6, F7 and F8

Under the central securities depository’s operational practice, form F6 is used for a transfer, F7 for a transmission and F8 for an account movement. For an account movement, the legal reason is stated as ‘movement of securities without a change of holder’. For a donation, CDCP also requires the original or an officially certified copy of the donation agreement, with officially certified signatures of the donor and recipient. Since 1 February 2022, individuals and ordinary legal entities have submitted these instructions for holder accounts maintained directly at CDCP through an authorised participant or member, rather than directly to the depository. The information on forms comes from CDCP documents dating from before 17 August 2026, so confirm the specific form and filing method in the current operating rules before submitting.

Common misunderstandings

A sale of an enterprise looks like a transfer, but the Act requires the transmission provisions to be used (Section 18(3)). For inheritance, the Act allows a special procedure in addition to transmission: the heir submits an instruction to register a transfer from the deceased’s account (Section 18b). Accounts of deceased holders are discussed in we have inherited securities. An account movement is not a ‘change to a new holder’: someone who wants shares to pass to their children or their own s. r. o. needs a transfer or transmission, rather than a movement between accounts.

How we can help

We prepare the agreement and registration instructions through share transfers, handle deceased holders’ accounts through inheritance of securities, and take care of depository filings through representation before CDCP. If you are unsure which legal basis applies, contact us before signing the agreement, rather than after an instruction is returned.

This answer provides general information on the law as at 29 August 2026. It does not constitute legal services or replace an assessment of an individual case. The details of your situation may differ. Book a consultation to discuss them.

More legal questions

All questions and answers
  1. We have an old securities account at CDCP from privatisation. What should we do with it? A holder account opened at the central securities depository for an individual by 30 September 2015 is treated as an unassigned holder account. Instructions for it are submitted through a depository member, and at the holder's request both the depository and the member must move the securities to an account with the member free of charge. However, part of this regime only takes effect once a technical system is launched, so the current position needs to be checked.
  2. We are a joint-stock company. Who maintains our shareholder list? This depends on the form of the shares. For book-entry shares, the records of book-entry securities maintained by the central securities depository replace the shareholder list, so the company does not maintain a separate list. For certificated registered shares, the issuer must enter into an agreement with the central securities depository to maintain the shareholder list without delay after issuing the shares. Failure to do so is often one of the first findings in an acquisition.
  3. We have inherited securities. How do we access the account at CDCP? The key document is the final inheritance decision, on the basis of which the securities are recorded in the heir's account. To retain inherited securities in their own account, an individual will generally open an account with a member. For a subsequent transfer, however, Section 18b permits an instruction directly from the deceased's account under the prescribed conditions, without the intermediate step of transferring the securities to the heir's account. Bear in mind that the duty to provide a free annual statement does not apply from the holder's death until the inheritance decision becomes final.
  4. How do we create a pledge over shares, and what is entered in the pledge register? A pledge over securities arises only upon registration in the pledge register maintained by the central securities depository: signing the pledge agreement alone is insufficient. The pledgee or pledgor submits the registration instruction with written confirmation of the agreement's contents. For shares in an account maintained by a member, the instruction is submitted through that member. Alongside the parties and securities, the register records the amount and maturity of the secured claim.

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Mgr. Patrik Tulinský, LL.M. Czech and Slovak attorney · SAK 300422 · ČAK 19654

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