Hlutafélagafjármunir

Hlutafélagafjármunir, often abbreviated as HAF, are a type of financial instrument used in Icelandic law to facilitate the transfer of shares in a company. They are issued by a company (the issuer) to its shareholders (the holders) and represent a claim on the assets of the company. HAF are distinct from ordinary shares in that they do not carry the same rights and liabilities as shares in other jurisdictions. Instead, they are designed to provide a simple and efficient way to transfer shares without the need for a public offering or the involvement of a stock exchange.

The key features of HAF include:

1. **Simplified Transfer**: HAF can be transferred between shareholders without the need for a public offering or the involvement of a stock exchange. This makes them a convenient tool for shareholders who wish to transfer their shares without the complexities of a public offering.

2. **No Public Offering**: Unlike ordinary shares, HAF do not require a public offering. This means that the company does not need to comply with the disclosure requirements and other formalities associated with a public offering.

3. **No Stock Exchange Listing**: HAF are not listed on a stock exchange. This means that they do not have the same level of liquidity as shares listed on a stock exchange.

4. **No Voting Rights**: HAF typically do not carry voting rights. This means that the holder of HAF does not have the right to vote on matters such as the election of directors or the approval of major transactions.

5. **No Dividend Rights**: HAF typically do not carry dividend rights. This means that the holder of HAF does not have the right to receive dividends unless the company chooses to distribute them.

HAF are a useful tool for companies that wish to facilitate the transfer of shares between shareholders without the need for a public offering or the involvement of a stock exchange. They are commonly used in Icelandic companies and are regulated by the Icelandic Financial Supervisory Authority.