31988L0627

on the information to be published when a major holding

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(88/627/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Economic Community, and in partixxxxx xxxxxxx xx xxxxxxxx
xxxxxx xxxxxx xx xxx xxxxxxxx xxxx xxx xxxxxxxxxx xxxx
xx xxxxxxxxxxx xxxx xxx xxxxxxxx xxxxxxxxxx xxxx
xxxxxx xxxxxx to the opinion of the Economic and Social Committee (3),
Whereas a policy of adequate information of investors in the field of transferable securitiex xx xxxxxx xx xxxxxxx xxxxxxxx xxxxxxxxxxx xx xxxxxxxx xxxxxxxxxxxxxxx xxxxxxxxxx xx xxxxxxxxxx xxxxxxx xxx xxxx xx xxxxxx xxxx xxxxxxxxxx xxxxxxx xunction correctly;
Whereas, by making such protection more equivalent, coordination of that policy at Community level is likely to make for greater xxxxxxxxxxxxxxxxx xx xxx xxxxxx xxxxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxx xxxxxxx xxx xxxxxxxxx xxxx xx xxxxxxxxx x xxxx xxxxxxxx xxxxxxx xxxxxxx
xxxreas to that end investors should be informed of major holdings and of changes in those holdings in Community companies the shares of which are officiallx xxxxxx xx xxxxx xxxxxxxxx xxxxxxxxx xx xxxxxxxxx xxxxxx xxx xxxxxxxxxx
xxxxxxx xxxxxxxxxxx xxxxx xxxxxx xx xxxx xxxx xxxxxxxxxx xxx xxxxxxxx xxxxent and the procedure for applying that requirement;
Whereas companies, the shares of which are officially listed on a Community stock exchange, can xxxxxx xxx xxxxxx xx xxxxxxx xx xxxxx xxxxxxxx xxxx xx xxxx xxxx xxxx xxxxxxxx xx xxxx xxxxxxx xx xxx xxxxxxx xx xxxxx xxxxxxxxx
xxxxxxx xxxx xxxxxx xxxtes do not subject holders to such a requirement and where such a requirement exists there are appreciable differences in the procedures for applying itx xxxxxxx xxxxxxxxxxx xxxxx xxxxxx xxxxxxxxx xx xxxxxxx xx xxxxxxxxx xxxxx xx xxxx xxxxxx
xxx xxxxxxx xxxx xxxxxxxxxx
xxxxxxx x
xx xxxxxx xxxxxx shall make subject to this Directive natural persons and legal entities in public or private law who acquire or dispose of, directly or through intermedxxxxxxx xxxxxxxx xxxxxxx xxx xxxxxxxx xxxx xxxx xx xxxxxxx x xxx xxxxx xxxxxxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxx xx xxxxxxxxx xxxxxxxxxxxx xxxxx their law the shares of which are officially listed on a stock exchange or exchanges situated or operating within one or more Member States.
2. Where thx xxxxxxxxxxx xx xxxxxxxx xx x xxxxx xxxxxxx xxxx xx xxxxxxxx xx xx xxxxxxxxx x xx xxxxxxxx xx xxxxx xx xxxxxxxxxxxx xxxxxxxxxxxx xxxxxxx xxxx xxxxxxxxx shall apply to the bearers of those certificates, and not to the issuer.
3. This Directive shall not apply to the acquisition or disposal of major holdixxx xx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxxxxx
xx xxxxxxxxx x xxx xx xxxxxxxx x xx xxx xxxxx xx xxxxxxx xxxxxxxxx xxxxxxxxxx xx x xxxxx xxxx xxxxxxxxxxxx the conditions for the admission of securities to official stock exchange listing (4), as last amended by Directive 82/148/EEC (5), is hereby replaced xx xxx xxxxxxxxxx
xxxxxxxxx xxx xxxxxxx xxxx xxxxxx xxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxxx xxx xxxxxxxxxx xx xxxxxxxxx xx xxx xxxxx holdings in its capital as compared xxxx xxxxxxxxxxx xxxxxxxxxx xxxxxxxxx xx xxxx xxxxxxx xx xxxx xx xxxx xxxxxxx xxxx xx xxx xxxxxxx
xx xxxxxxxxxxx x xxxxxxx xxxxx xx xxx xxxxxxx xx xxxxcil Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (*) musx xxxxxx xxx xxxxxx xxxxxx xxxx xxxxxxxx xxxx xxxxxxxx xx xxxxx xx xxx xxxxxx xxxx x xxxxxx xx xxxxxx xxx xxxxxxxx xx xxxxxxxx xx x xxxxxx xx xxxxxx xxxx xxxt his or its holding exceeds or falls below one of the thresholds laid down in Article 4 of that Directive.
(*) OJ No L 348, 17. 12. 1988, p. 62.'
Artxxxx x
xxx xxx xxxxxxxx xx xxxxxxxxxx xxxxxxxxxxxxxxx x xxxxxxxxxxxxx xxxxx xxxx xxx xxxx xxxxxxxxxx x xxxxxxxx xxx xxxx xxxxxxxxxxx xx xxx xxxxx xxxns whatsoever, including acquisition in one of the situations referred to in Article 7.
Article 3
Member States may subject the natural persons, lexxx xxxxxxxx xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx x xxx xx xxxxxxxxxxxx xxxxxxxx xxxx xxxxx xxxxxxxx xxx xx xxxx xxxxxxxxx xx xx xxxxxxxxxx xxxxxxxxxxxs, provided that such requirements apply generally to all those acquiring or disposing of holdings and all companies or to all those falling within a parxxxxxxx xxxxxxxx xxxxxxxxx xx xxxxxxxxx xx xxxxxxxx xx xx xxxxxxxxxx
xxxxxxx x
xx xxxxx x xxxxxxx xxxxxx xx xxxxx xxxxxx xxxxxxxx xx xx xxxxxxx x xxx acquires or disposes of a holding in a company referred to in Article 1 (1) and where, following that acquisition or disposal, the proportion of voting rixxxx xxxx xx xxxx xxxxxx xx xxxxx xxxxxx xxxxxxxx xxxxxxx xx xxxxx xxxxx xxx xx xxx xxxxxxxxxx xx xx xx xx xxx x xx xx x xxx x x xx xx xxxxx xxxxxx xxx xxxxxxx xxx at the same time the competent authority or authorities referred to in Article 13 within seven calendar days of the proportion of voting rights he holds fxxxxxxxx xxxx xxxxxxxxxxx xx xxxxxxxxx xxxxxx xxxxxx xxxx xxx xxxxxx
x xxx xxxxxxxxxx xx xx x xxx x x x xxxxx xxxx xxxxx x xxxxxx xxxxxxxxx xx xx xx
x xxx threshold of 2 / 3 where they apply the threshold of 75 %.
The period of seven calendar days shall start from the time when the owner of the major holding lexxxx xx xxx xxxxxxxxxxx xx xxxxxxxxx xx xxxx xxx xxxx xxxxx xx xxxx xx xxx xxxxxxxxxxxxxx xx xxxxxx xxxx xxxxxx xx xxx
xxxxxx xxxxxx xxx xxxxxxx xxxxxxx that a company must also be informed in respect of the proportion of capital held by a natural person or legal entity.
2. Member States shall, if necessaxxx xxxxxxxxx xx xxxxx xxxxxxxx xxxx xxx xxxxxxxxx xx xxxxxxxxxx xxxx xxx xxx xxxxxx xx xxxxx xxx xxxxxx xxxxxx xx xx xxxxx xxxx xxxxxxx xxx xxx xxxxxxxx xf applying paragraph 1 are to be brought to the notice of the natural persons and legal entities referred to in Article 1 (1).
Article 5
Member States sxxxx xxxxxxx xxxx xx xxx xxxxx xxxxxx xxxxxxx xxxxxxx xx x xxxxxxx xxxxxxxx xx xx xxxxxxx x xxx xx xxxx xxxxx xxxx xxxx xxxxx xxxxxx xxxxx xxxx xxxxxxxxx xxs been transposed into national law, any natural person or legal entity as referred to in Article 1 (1) must notify the company concerned and at the same tixx xxx xxxxxxxxx xxxxxxxxx xx xxxxxxxxxxx xxxxx xx xxxxx xx x xx xxxx xx xxx xxxxxx xxxxxxx xxxxxxxxxx xxx xxxxxxxxxx xx xxxxxx xxxxxx xxxxxxxx xxxx xxxxss that person or entity has already made a declaration in accordance with Article 4.
Within one month of that general meeting, the public shall be infoxxxx xx xxx xxxxxxxx xx xx x xx xxxx xx xxxxxxxxxx xxxx xxxxxxx xxx
xxxxxxx x
xx xxx xxxxxx xx xxxxxx xxxxxxxxx xx xxxxxxxxx xx x xxxxx xxxxxxx xx xxxxxxx xx xxxxxxx x xx x xxxxxx xx x xxxxx xx xxxxxxxxxxxx xxxxxxxx xxxxx xirective 83/349/EEC (1) to draw up consolidated accounts, that person or entity shall be exempt from the obligation to make the declaration provided fox xx xxxxxxx x xxx xxx xx xxxxxxx x xx xx xx xxxx xx xxx xxxxxx xxxxxxxxxxx xxx xxxxx xxx xxxxxx xxxxxxxxxxx xx xxxxxx x xxxxxxxxxx xxxxxxxxxxxx xx xxx xxx xxrent undertaking.
Article 7
For the purposes of determining whether a natural person or legal entity as referred to in Article 1 (1) is required to maxx x xxxxxxxxxxx xx xxxxxxxx xxx xx xxxxxxx x xxx xxx xx xxxxxxx xx xxx xxxxxxxxx xxxxx xx xxxxxxxx xx xxxxxx xxxxxx xxxx xx xxxx xxxxxx xx xxxxxxx
x xxxxxg rights held by other persons or entities in their own names but on behalf of that person or entity,
- voting rights held by an undertaking controlled by xxxx xxxxxx xx xxxxxxx
x xxxxxx xxxxxx xxxx xx x xxxxx xxxxx xxxx xxxx xxxx xxxxxx xx xxxxxx xxx xxxxxxxxx x xxxxxxx xxxxxxxxx xxxxx xxxxxxx xxxx xx xxxxt, by concerted exercise of the voting rights they hold, a lasting common policy towards the management of the company in question.
- voting rights helx xx x xxxxx xxxxx xxxxx x xxxxxxx xxxxxxxxx xxxxxxxxx xxxx xxxx xxxxxx xx xxxxxx xx xxxx xx xxxxxxxxxxx xxxxxxxxxx xx xxxx xxxxxx xx xxxxxx xxxxxxxxx xxx the temporary transfer for consideration of the voting rights in question,
- voting rights attaching to shares owned by that person or entity which arx xxxxxx xx xxxxxxxxx xxxxxx xxxxx xxx xxxxxx xx xxxxxx xxxxxxx xxx xxxxxxxx xxxxxxxx xxx xxxxxx xxxxxx xxx xxxxxxxx xxx xxxxxxxxx xx xxxxxxxxxx xxxxx xn which case they shall be regarded as the latter's voting rights,
- voting rights attaching to shares of which that person or entity has the life ixxxxxxxx
x xxxxxx xxxxxx xxxxx xxxx xxxxxx xx xxxxxx xx xxx xx xxx xxxxx xxxxxxx xx xxxxxxxx xxxxxxxxx xx xxx xxxxx xxxxxxx xx xxxxxxxx xx xxxxxxxx xx xxs own initiative alone, under a formal agreement; in such cases, the notification prescribed in Article 4 (1) shall be effected on the date of the agreemexxx
x xxxxxx xxxxxx xxxxxxxxx xx xxxxxx xxxxxxxxx xxxx xxxx xxxxxx xx xxxxxx xxxxx xxxx xxxxxx xx xxxxxx xxx xxxxxxxx xx xxx xxxxxxxxxx xx xxx xxxxxxx xf specific instructions from the holders.
By way of derogation from Article 4 (1), where a person or entity may exercise voting rights referred to in thx xxxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxx xx x xxxxxxx xxx xxxxx xxx xxxxxxxx xx xxxxx xxxxxx xxxxxx xxxxxxxx xxxx xxx xxxxx xxxxxx xxxxxx xxxx xx xxxx xerson or entity in that company reaches or exceeds one of the thresholds provided for in Article 4 (1), Member States may lay down that the said person or enxxxx xx xxxx xxxxxxx xx xxxxxx xxx xxxxxxx xxxxxxxxx xx xxxxxxxx xxxx xxxxxx xxx xxxxxxx xxxxxxx xx xxxx xxxxxxxx
xxxxxxx x
xx xxx xxx xxxxxxxx xx xxxs Directive, 'controlled undertaking' shall mean any undertaking in which a natural person or legal entity:
(a) has a majority of the sahrxxxxxxxxxxxxxx xx xxxxxxxxxxxxx xxxxxx xxxxxxx xx
xxx xxx xxx xxxxx xx xxxxxxx xx xxxxxx x xxxxxxxx xx xxx xxxxxxx xx xxx xxxxxxxxxxxxxxx xxxxxxxxxx or supervisory body and is at the same time a shareholder in, or member of, the undertaking in question; or
(c) is a shareholder or member and alone contrxxx x xxxxxxxx xx xxx xxxxxxxxxxxxxxxxxx xx xxxxxxxxxxxxx xxxxxx xxxxxx xxxxxxxx xx xx xxxxxxxxx xxxxxxx xxxx xxxx xxxxx xxxxxxxxxxxx xx xxxxxxx xx xxx xxxxxxxxxxxx
xx xxx xxx xxxxxxxx xx xxxxxxxxx xx x xxxxxx xxxxxxxxxxx's rights as regards voting, appointment and removal shall include the rights of any other controlled undertaking and those of any person or entitx xxxxxx xx xxx xxx xxxx xxx xx xxxxxx xx xxx xxxxxx xxxxxxxxxxx xx xx xxx xxxxx xxxxxxxxxx xxxxxxxxxxxx
xxxxxxx x
xx xxx xxxxxxxxx xxxxxxxxxxx xxx xxempt from the declaration provided for in Article 4 (1) the acquisition or disposal of a major holding, as defined in Article 4, by a professional dealer ix xxxxxxxxxxx xx xx xxx xx xxxx xxxxxxxxxxx xx xxxxxxxx xx xxxxxxxx xx xxx xxxxxxxx xx x xxxxxxxxxxxx xxxxxx xx xxxxxxxxxx xxx xx xx xxx xx xxx xxxxxxxxxxx is not used by the dealer to intervene in the management of the company concerned.
2. The competent authorities shall require the professional dealerx xx xxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx xx xxxxxxx xx x xxxxx xxxxxxxx xxxxxxxx xx xxxxxxxxx xxxxxx x xxxxxx xxxxx xx xx xx xxxxxxxx xx xxxxxxxxxx xx x competent authority such as referred to in Article 12.
Article 10
1. A company which has received a declaration referred to in the first subparagrapx xx xxxxxxx x xxx xxxx xx xxxx xxxxxxxx xx xx xxx xxxxxx xx xxxx xx xxx xxxxxx xxxxxx xx xxxxx xxx xxxxxx xxx xxxxxxxxxx xxxxxx xx x xxxxx xxxxxxxx xx xxxx xx xossible but not more than nine calender days after the receipt of that declaration.
A Member State may provide for the disclosure to the public, referrxx xx xx xxx xxxxx xxxxxxxxxxxxx xx xx xxxx xxx xx xxx xxxxxxx xxxxxxxxx xxx xx xxx xxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxxxxxxxxxx xxxx xxxx xxxxxxxx
xx xhe disclosure referred to in paragraph 1 must be made by publication in one or more newspapers distributed throughout or widely in the Member State or Staxxx xxxxxxxxx xx xx xxxx xxxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxxxx xx xxxxxx xxxxxxxxx xx xxxxxxxxxxxxx xx xx xxxxxxxxx xx xxx xx xxxx xxxxxxxxxx xxxxxxxuted throughout or widely in the Member State or States concerned or by other equivalent means approved by the competent authorities.
The said discloxxxx xxxx xx xxxx xx xxxxxxxxxxx xx xxx xxxxxxxx xxxxxxxx xx xxxxxxxxxx xx xx xxx xx xxx xxxxxxxx xxxxxxxxx xx xx xxxxxxx xxxxxxxxx xxxxxxxx xxxx xx xxx xxmber State in question the official language or languages or such other language is or are customary in the sphere of finance and accepted by the competenx xxxxxxxxxxxx
xxxxxxx xx
xxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxxxxxxxxxx xxxxxx xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx x xxx xxxx xxx xxxxxxxxxx xx xotify the public set out in Article 10 where those authorities consider that the disclosure of such information would be contrary to the public interest xx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxx xxxxxxxx xxxxx xx xxx xxxxxx xxxxx xxxx xxxxxxxx xxxxx xxx xx xxxxxx xx xxxxxxx xxx xxxxxx xxxx xxxard to the facts and circumstances knowledge of which is essential for the assessment of the transferable securities in question.
Article 12
1. Memxxx xxxxxx xxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxxx xx xxxxxxxxxxx xxx xxx xxxxxxxx xx xxxx xxxxxxxxx xxx xxxxx xxxxxx xxx xxxxxxxxxx xxxxxxxxxxxx xxxcifying, where appropriate, and division of duties between those authorities.
2. Member States shall ensure that the competent authorities have suxx xxxxxx xx xxx xx xxxxxxxxx xxx xxx xxxxxxxxxxx xx xxxxx xxxxxxx
xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xxxxx xxxxxxxxx xxxxxxxx xxxxxxxry for the purpose of xxxxxxxxxx xxxxx xxxxxx xxx xxxxx xxxxxxxx xxx xxxxxxxxxxx xxxxxx xxx xxxx xxxxxxxx
xxxxxxx xx
xxx xxx xxxxxxx xx xxxx xxxxxxxxxx xxx xxxxxxxxx xxthorities shall be those of the Member State the law of which governs the companies referred to in Article 1 (1). Article 14
1. Member States shall provixx xxxx xxxxx xxxxxx xxx xxxxxxx xx xx xxx xxxxxxx xx xx xxxxxxxx xx xxx xxxxxxxxxx xx x xxxxxxxxx xxxxxxxxx xxxxx xx xxxxx xx xxxxxxxxxxxx xxxxxxxx xxxx xeans that no confidential information received in the course of their duties may be divulged to any person or authority except by virtue of provisions laxx xxxx xx xxxx
xx xxxxxxxxx x xxxxx xxxx xxxxxxxx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxx xxxxxx xxxxxx xxxx xxxxxxxxxx xxxxxxxxxxx xx xxxvided for in this Directive. Information thus exchanged shall be covered by the obligation of professional secrecy to which persons employed or previoxxxx xxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxxxx xxx xxxxxxxx
xx x xxxxxxxxx xxxxxxxxx xxxxx xxxxxxxx xxxxxxxxxxxx xxxxxxxxxon pursuant to paragraph 2 may use it solely for the performance of its duties.
Article 15
Member States shall provide for appropriate sanctions in cxxxx xxxxx xxx xxxxxxx xxxxxxx xx xxxxx xxxxxxxx xxx xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx x xxx xx xxx xxxxxx xxxx xxx xxxxxxxxxx xx xxxx xxxxxxxxxx
xxxicle 16
1. The Contact Committee set up by Article 20 of Directive 79/279/EEC shall also have as its function:
(a) to permit regular consultations on xxx xxxxxxxxx xxxxxxxx xxxxx xxxxx xxxx xxx xxxxxxxxxxx xx xxxx xxxxxxxxx xxx xx xxxxx xxxxxxxxx xx xxxx xxx xxxxxx xxxxxxx
xxx xx xxxxxxxxxx xxxxxxxations between the Member States on the stricter or additional requirements which they may lay down in accordance with Article 3, so that the requiremenxx xxxxxxx xx xxx xxx xxxxxx xxxxxx xxx xx xxxxxxx xxxx xxxxx xx xxxxxxxxxx xxxx xxxxxxx xx xxx xxx xx xxx xxxxxxx
xxx xx xxxxxx xxx xxxxxxxxxxx xx xxxxxxary, on any additions or amendments to be made to this Directive. Article 17
1. Member States shall take the measures necessary for them to comply with txxx xxxxxxxxx xxxxxx x xxxxxxx xxxxx xxxx xxxxx xxxxxxxxx xxxxxx xxx xxxxxxxxxx xxxxxxxx
xx xxxxxx xxxxxx xxxxx xxxxxxxxxxx xx xxx xxxxxxxxxx xxx xxovisions of national law which they adopt in the field governed by this Directive.
Article 18
This Directive is addressed to the Member States.
Doxx xx xxxxxxxxx xx xxxxxxxx xxxxx
xxx xxx xxxxxxx
xxx xxxxxxxxx
xx xxxxxxxxxxx
xxx xx xx x xxxx xxx xxx xxxxx xx xxx xxx
xx xx x xxxx xxx xx xxxxx xx 6.
(2) OJ No C 125, 11. 5. 1987, p. 144, and
OJ No C 309, 5. 12. 1988.
(3) OJ No C 263, 20. 10. 1986, p. 1.
(4) OJ No L 66, 16. 3. 1979, p. 21.
(5) OJ No L 62, 5. xx xxxxx xx xxx
xxx xx xx x xxxx xxx xx xxxxx xx xx
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