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.
Securities often emerge late in inheritance proceedings, or not at all. The notary relies on what the heirs provide and, since statements are no longer sent after the holder’s death, establishing the account position is often the first problem.
Why statements stop after death
The central securities depository or a member must provide the account holder with a statement without delay after an entry is made or at the holder’s request. If it maintains a holder account, it must provide a statement on a durable medium free of charge at least once a year. However, the Act adds an exception to this duty:
this duty does not apply from the account holder’s death until the inheritance decision becomes final.
— Section 105(7) of Act No. 566/2001 Coll. (unofficial English translation)
Silence after the deceased’s death therefore does not mean the account is empty. It only means that the Act does not require a free statement during this period. Establishing the position is therefore a task for the heirs or for the notary as part of the proceedings.
Entries are based on the inheritance decision
Where a security is jointly owned by several holders in defined shares, the central securities depository or member records it in a holder account, nominee account or member’s client account under an agreement, under a final inheritance decision, on the basis of a final decision of another state authority or on the basis of other legal facts (Section 105(9)).
The inheritance decision is therefore the document on which everything depends. It is essential that the securities are identified precisely by issuer, type, ISIN and number of units, and that these details match the actual records. Correcting an inaccurate description in the decision is harder than preparing it properly in the first place.
When the heir needs their own account
On request, the central securities depository opens a holder account only for a central securities depository, a member, a state authority acting on behalf of the Slovak Republic, and a legal entity covered by special legislation. It may also do so for another legal entity if its operating rules permit this (Section 105(2)).
For individuals, a holder account is opened by a member of the central securities depository (Section 105(3)). If the heir wants to continue holding the securities in their own account, they need to open one with a member. However, this is not always a mandatory intermediate step when the securities are transferred onward. Under Section 18b, an instruction may be submitted directly from the deceased’s account if the statutory conditions are met: the heir provides the final inheritance decision and, together with the transferee, satisfies the requirements for the instruction. The first decision should therefore be whether the securities will be retained or transferred immediately.
If the deceased’s account was opened at the depository before October 2015, it is usually an unassigned account with its own regime. We discuss this in we have an old CDCP account from privatisation.
What may be in the account and what to do with it
Portfolios inherited from privatisation commonly contain three types of holdings, each requiring a different approach:
- Shares in traded companies. These have a market value and can be sold through a securities dealer.
- Shares in companies that no longer exist. The issuer has been deleted from the Commercial Register, and the account is debited without the depository having to deliver a statement. It must publish this fact on its website (Section 105(7)).
- Shares in untraded companies with an unclear value. These are often why retaining the account is not worthwhile for the heirs and why a way to transfer or otherwise dispose of the shares is sought.
The decision about what to do with them belongs in the inheritance proceedings, rather than afterwards. Supplementary proceedings for newly discovered assets are possible, but they mean further proceedings and further time.
What to watch for
- Establish the position before the proceedings end. Adding assets after the decision becomes final is more difficult.
- Check whether the securities are subject to a pledge or suspension of the right of disposal. Both form part of the information kept in the holder account (Section 105(1)(c)).
- Allow for fees. Account maintenance and individual actions are charged under the depository’s or member’s fee schedule.
How we can help
We establish what was recorded in the deceased’s account, prepare materials for the notary so that the securities are correctly identified in the decision, and arrange their subsequent entry in the heir’s account. We handle this through inheritance of securities, manage depository filings through representation before CDCP, and, if the inherited shares are to be transferred or sold, follow through with share transfers.
This answer provides general information on the law as at 10 September 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.
