ESMA_QA_2029

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2029

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Regulatory Context

Regulation : TRANSPARENCE

Level 1 Regulation: Transparency Directive (TD) Directive 2004/109/EC

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Notifications of major shareholdings

Subject Matter: Major shareholding notification – acquisition of a shareholder; TD Art. 9(1)

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Question

Submission Date: 27 October 2009

Company A is a major shareholder in an issuer X whose shares are admitted to trading on a regulated market. Company B, which previously does not hold any shares or voting rights in X, ac-quires control in company A. Should B notify its holdings in issuer X even though the holdings of A in issuer X remain the same?

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ESMA Answer

Answer Date: 27-10-2009

[ESMA31-67-127 TD Q11] As B indirectly acquires voting rights of issuer X, it has to notify its holdings in X. As required by Article 12(1) of the TD, the chain of controlled undertakings through which voting rights are effectively held, must be disclosed in the notification.

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This document was automatically extracted from the ESMA EMIR Q&A database.