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🔗 Back to Summary. 🇫🇷 French Version: 2004L0109_FR.11. Open the PDF. Direct link to EUR-LEX.
Article 10 – Acquisition or disposal of major proportions of voting rights ⬅️ | ➡️ Article 12 – Procedures on the notification and disclosure of major holdings
Article 11 - 1.
Articles 9 and 10(c) shall not apply to shares provided to or by the members of the ESCB in carrying out their functions as monetary authorities, including shares provided to or by members of the ESCB under a pledge or repurchase or similar agreement for liquidity granted for monetary policy purposes or within a payment system.
2.
The exemption shall apply to the above transactions lasting for a short period and provided that the voting rights attaching to such shares are not exercised.