Bearer shares are negotiable instruments that grant ownership of a legal person to the person who holds the physical bearer share certificate and any other similar instruments that are not traceable. It does not apply to dematerialised and/or registered types of share certificates whose owners can be identified.

Bearer share warrants are negotiable instruments that grant ownership rights to a legal person who holds the physical bearer share warrant certificate and any other similar warrants or instruments that lack traceability. It does not include dematerialized and/or registered warrants or other instruments whose owner is identifiable. It also excludes any other instruments that grant the right to subscribe for ownership in a legal person under certain conditions but do not grant ownership or entitlement to ownership unless and until the instruments are exercised.