Practical Guide ESMA

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Date 31 July 2019,ESMA31 67 535,Table of Contents,Introduction 6. COUNTRY BY COUNTRY SUMMARY OF NATIONAL REQUIREMENTS REGARDING. NOTIFICATIONS OF MAJOR HOLDINGS UNDER NATIONAL LAW IN. ACCORDANCE WITH THE TRANSPARENCY DIRECTIVE 7,Belgium 10. Bulgaria 12,Croatia 14,Czech Republic 18,Denmark 20. Estonia 23,Finland 25,Germany 30,Hungary 34,Iceland 36. Ireland 38,Lithuania 46,Luxembourg 49,Netherlands 54.
Portugal 60,Romania 62,Slovakia 65,Slovenia 68,United Kingdom 77. PART II 79,TRANSVERSAL TABLES 79, Table 1 Applicable notification thresholds under TD Article 9 80. Table 2 Triggering event under TD Art 9 1 82, Table 3 Triggering event in cases where the exercise of a physically settled financial. instrument leads to an acquisition of shares with voting rights 83. Table 4 Triggering event under TD Art 9 2 83, Table 5 Deadline for learning of triggering event under TD Art 9 1 84. Table 6 Deadline for learning of triggering event under TD Art 9 2 84. Table 7 Deadline for making notification to the issuer 85. Table 8 Channels for submitting notifications to NCAs and issuers 86. Table 9 Permitted formats for submitting notifications to NCAs and issuers 87. Table 10 Deadline for publishing the notification 87. CEIFs Closed Ended Investment Funds,ESMA European Securities and Markets Authority.
L2D Level 2 Directive Commission Directive 2007 14 EC of 8 March. 2007 laying down detailed rules for the implementation of certain. provisions of Directive 2004 109 EC on the harmonisation of. transparency requirements in relation to information about. issuers whose securities are admitted to trading on a regulated. NCA National Competent Authority, Takeover Bids Directive Directive 2004 25 EC of the European Parliament and of the. Council of 21 April 2004 on takeover bids, TD Transparency Directive Directive 2004 109 EC of the European Parliament and of the. Council of 15 December 2004 on the harmonisation of. transparency requirements in relation to information about. issuers whose securities are admitted to trading on a regulated. market and amending Directive 2001 34 EC including. subsequent amendments,List of country acronyms,AT Austria. BE Belgium,BG Bulgaria,CZ Czech Republic,DE Germany. DK Denmark,EE Estonia,FI Finland,HR Croatia,HU Hungary.
IE Ireland,IS Iceland,LT Lithuania,LU Luxembourg,NL Netherlands. PT Portugal,RO Romania,SI Slovenia,SK Slovakia,UK United Kingdom. Introduction,Reasons for publication, This Practical Guide is an information document which summarises the main rules and. practices applicable across the European Economic Area1 EEA in relation to notifications of. major holdings under national law in accordance with the Transparency Directive The. Practical Guide is intended as an aide to market participants and may be particularly helpful. to shareholders with notification obligations under national law in accordance with the. Transparency Directive, Part I of the Practical Guide sets out a summary of the main rules and practices in relation to. making and publishing notifications of major holdings under national law in accordance with. the Transparency Directive Information is presented on a country by country basis to allow. market participants to easily identify information about the jurisdiction s of interest to them. The focus is on on exchange transactions based on the assumption that these trigger the. majority of notification obligations under the Transparency Directive. Part II of the Practical Guide presents key data i e information on notification thresholds the. triggering event the deadline for learning of the triggering event the deadline for making a. notification as well as permitted channels and format for the filing of such and the deadline for. publishing a notification Information in Part II is organised in transversal tables making it. possible to compare rules across different jurisdictions. Status of information and updates to the Practical Guide. The Practical Guide has been compiled on the basis of information provided by National. Competent Authorities under the Transparency Directive Any queries regarding Member. State specific content should be addressed directly to the relevant National Competent. Authority in that Member State, ESMA is responsible only for the accurate reproduction of the information received from the.
National Competent Authorities ESMA does not provide any representation or warranty that. the content of the Practical Guide is complete accurate or up to date. ESMA will update the Practical Guide on an ad hoc basis as and when necessary based on. changes to national rules and practices However there may be a small delay between the. time at which a change takes place nationally and the time at which the Practical Guide is. amended If any discrepancy is identified between the information in the Practical Guide and. legislation or rules published by national legislators or National Competent Authorities priority. should be given to the latter, The current version of the Practical Guide was published in July 2019 and incorporates. changes to certain information relating to Romania. Information about Liechtenstein is not included in this document. COUNTRY BY COUNTRY SUMMARY OF NATIONAL,REQUIREMENTS REGARDING NOTIFICATIONS OF MAJOR. HOLDINGS UNDER NATIONAL LAW IN ACCORDANCE,WITH THE TRANSPARENCY DIRECTIVE. Part I of the Practical Guide contains a fact sheet for each country setting out the national. requirements in relation to notification of major holdings under the Transparency Directive. The individual fact sheets each have four distinct sections. Section A presents general information regarding the competent authority the. notification thresholds applied in each jurisdiction as well as a hyperlink in case more. information regarding rules on notification of major holdings is required. Section B describes the requirements in relation to the notification process i e whether. the use of a standard form is required the triggering event for on exchange. transactions and passive crossings the notification deadline for on exchange. transactions the permitted channels and formats for the filing of a notification whether. notifications are required to be signed as well as the rules on intra day netting. Section C provides information on the entity responsible for publication of a notification. and the deadline for such publication, Finally section D contains a hyperlink to the standard form for the notification of major. holdings if such a standard form is used as well as a hyperlink to the national central. storage mechanism for regulated information OAM and contact details for the. National Competent Authority,A General information.
National Competent Authority Financial Market Authority FMA. Applicable national notification 33 4 5 10 15 20 25 30 35 40 45 50 75. thresholds2 percentages 90, For further information please refer to https www fma gv at en capital. markets disclosure requirements major,B Filing of a notification. Standard form Required for link please see section D below. Triggering event,The triggering event is the point in time. at which a shareholder reaches exceeds,or falls below a notification threshold. Triggering event for on exchange Settlement date,transactions under TD Art 9 1.
Sec 91 para 1 B rseG,On exchange transactions are,transactions which are carried. out on a regulated market, Triggering event for passive Registration of new shares. crossings i e when there is a,change in the breakdown of. voting rights under TD Art 9 2,Sec 91 para 1a B rseG. Deadline for notifying on exchange Two trading days following triggering event4. transactions under TD Art 12 2 and,L2D Art 9 Sec 91 para 1 B rseG.
The deadline for notifying covers the,maximum permitted time for learning of. the triggering event and for making the,notification. Furthermore the thresholds stated by the issuer in its by laws pursuant to Sec 27 para 1 no 1 of the Austrian Takeover Act. are applicable notification thresholds pursuant to Sec 91 para 1 of B rseG as well. In Austria the threshold of 3 applies only to issuers which have stipulated this threshold value in their articles of association. A special condition for this to become effective is the publication of the relevant clause of the articles of association on the issuer s. website and a notification to the FMA, Although the notifiable person shall be deemed to have knowledge of the triggering event no later than two trading days following. the transaction and the deadline for making the notification shall be no later than two further trading days in general the. notification shall be submitted promptly but not later than two trading days after the threshold was crossed. Notifying the National Competent, Permitted channel s Digital portal https www fma gv at en capital. markets disclosure requirements major,Permitted format s No rule.
Notifying the issuer,Permitted channel s Email Post. Permitted format s No rule, Signature of notification required when To the NCA No To the issuer No. notification is submitted,Intra day netting Permitted. Intra day netting means that a,shareholder who exceeds a notification. threshold and falls below the same,notification threshold later in the same.
trading day nets the voting rights for the,calculation of the notification position. C Publication of a notification,Entity responsible for publishing Issuer. notifications under TD Art 12 Sec 93,para 2 B rseG. Deadline for publication after the date of Two trading days after the date of receipt of. receipt of the notification the notification,D Further information. Link to standard form if applicable https www fma gv at en capital. markets disclosure requirements major, Link to national central storage http issuerinfo oekb at startpage html.
mechanism for regulated information, Contact details for National Competent marktaufsicht fma gv at. Authority if further information is needed,A General information. National Competent Authority Financial Services and Markets Authority. Applicable national notification 5 10 15 20 25 30 35 40 45 50 55 60. thresholds percentages 65 70 75 80 85 90 95, For further information please refer to https www fsma be en shareholding. structure 0,B Filing of a notification, Standard form Optional but in practice always used. Triggering event,The triggering event is the point in time.
at which a shareholder reaches exceeds,or falls below a notification threshold. Triggering event for on exchange Trade date,transactions under TD Art 9 1. Art 8 1 Law of 2 May 2007,On exchange transactions are. transactions which are carried,out on a regulated market. Triggering event for passive Registration of new shares. crossings i e when there is a,change in the breakdown of.
voting rights under TD Art 9 2,Art 8 3 Law of 2 May 2007. Deadline for notifying on exchange Six trading days following triggering event. transactions under TD Art 12 2 and,L2D Art 9 Art 12 1 Law of 2 May. 2007 and Art 5 RD of 14 February 2008,The deadline for notifying covers the. maximum permitted time for learning of,the triggering event and for making the. notification,Notifying the National Competent,Permitted channel s Email trp fin fsma be.
Permitted format s Excel Readable PDF,Notifying the issuer. Permitted channel s Email,Permitted format s Readable PDF. Signature of notification required when To the NCA Yes To the issuer Yes. notification is submitted,Intra day netting Permitted. Intra day netting means that a,shareholder who exceeds a notification. threshold and falls below the same,notification threshold later in the same.
trading day nets the voting rights for the,calculation of the notification position. C Publication of a notification,Entity responsible for publishing Issuer. notifications under TD Art 12 Art 14,Law of 2 May 2007. Deadline for publication after the date of Three trading days after the day on which the. receipt of notification notification was received,D Further information. Link to standard form if applicable http www fsma be en Supervision fm gv ah ci. rcmedprak aspx, Link to national central storage http stori fsma be Pages Search aspx PageI.
mechanism for regulated information D f3b9f276 36ab 42ae 9c7d 7b29492756f5. Contact details for National Competent trp fin fsma be. Authority if further information is needed,A General information. National Competent Authority Financial Supervision Commission FSC. Applicable national notification 5 10 15 20 25 30 35 40 45 50 55 60. thresholds percentages 65 70 75 80 85 90 95, For further information please refer to http www fsc bg en markets capital. market legal framework laws 5,B Filing of a notification. Standard form Required for link please see section D below. Triggering event,The triggering event is the point in time. at which a shareholder reaches exceeds,or falls below a notification threshold.
Triggering event for on exchange Settlement date,transactions under TD Art 9 1. Article 145 and following of,Public Offering of Securities Act. in conjunction with article 127,par 2 of Rules of procedure of

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