Rapport sur les déclarations de franchissement de seuil de ... - AFG
Rapport sur les déclarations de franchissement de seuil de ... - AFG
Rapport sur les déclarations de franchissement de seuil de ... - AFG
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<strong>Rapport</strong> du groupe <strong>de</strong> travail <strong>de</strong> l’AMF <strong>sur</strong> <strong>les</strong> <strong>déclarations</strong> <strong>de</strong> <strong>franchissement</strong><br />
<strong>de</strong> <strong>seuil</strong> <strong>de</strong> participation et <strong>les</strong> <strong>déclarations</strong> d’intention (Octobre 2008)<br />
Part 5<br />
Notification, publication and transmission of changes in the percentage of<br />
voting rights to the company register<br />
Section 21<br />
Notification requirements applicable to the notifying party<br />
(1) Any person (the notifying party) whose shareholding in an issuer whose home country is the Fe<strong>de</strong>ral Republic<br />
of Germany reaches, exceeds or falls below 3 percent, 5 percent, 10 percent, 15 percent, 20 percent, 25 percent,<br />
30 percent, 50 percent or 75 percent of the voting rights by purchase, sale or by any other means shall, without<br />
undue <strong>de</strong>lay, and at the latest within four trading days, notify this to the issuer and simultaneously to the<br />
Supervisory Authority in compliance with section 22 (1) and (2). In respect of certificates representing shares, the<br />
notification requirement shall apply exclusively to the hol<strong>de</strong>r of the certificates. The notification period set forth in<br />
sentence 1 begins at the point when the notifying party learns or in consi<strong>de</strong>ration of the circumstances must have<br />
learned that his/her percentage of the voting rights has reached, excee<strong>de</strong>d or fallen below the above-mentioned<br />
thresholds.<br />
(1a) Any person who, at the time the shares are admitted for the first time to trading on an organised market,<br />
holds 3 percent or more of the voting rights in an issuer whose home country is the Fe<strong>de</strong>ral Republic of Germany,<br />
shall notify this issuer and the Supervisory Authority pursuant to subsection (1) sentence 1. Subsection (1)<br />
sentence 2 shall apply mutatis mutandis.<br />
(2) Domestic issuers and issuers whose home country is the Fe<strong>de</strong>ral Republic of Germany within the meaning of<br />
this part are only those whose shares are admitted to trading on an organised market.<br />
(3) The Fe<strong>de</strong>ral Ministry of Finance may, by means of an Ordinance not requiring the consent of the Bun<strong>de</strong>srat,<br />
issue more <strong>de</strong>tailed provisions concerning the contents, nature, language, scope and form of the notification<br />
pursuant to subsection (1) sentence 1 and subsection (1a).<br />
Section 22<br />
Attribution of voting rights<br />
(1) For the purpose of notification requirements un<strong>de</strong>r section 21 (1) and (1a), the following voting rights attached<br />
to shares in the issuer whose home country is the Fe<strong>de</strong>ral Republic of Germany shall be equivalent to the voting<br />
rights of the notifying party:<br />
1. voting rights of a subsidiary of the notifying party;<br />
2. voting rights of a third party which are held by such third party for the account of the notifying party;<br />
3. voting rights which are assigned as security by the notifying party to a third party, un<strong>les</strong>s such third party<br />
is authorised to exercise the voting rights attached to the shares and <strong>de</strong>clares its intention to do so<br />
in<strong>de</strong>pen<strong>de</strong>ntly of the notifying party's instructions;<br />
4. voting rights in respect of which usufruct has been created in favour of the notifying party;<br />
5. voting rights which may be acquired by the notifying party by a <strong>de</strong>claration of intent;<br />
6. voting rights which have been entrusted to the notifying party or which it may exercise by means of proxy<br />
voting, provi<strong>de</strong>d that the notifying party may exercise the voting rights attached to the shares at its own<br />
discretion in the absence of specific instructions from the sharehol<strong>de</strong>r.<br />
For the purpose of attribution pursuant to sentence 1 nos. 2 to 6, subsidiaries of the notifying party shall be<br />
<strong>de</strong>emed equivalent to the notifying party. Any voting rights of a subsidiary shall be attributed in full to the notifying<br />
party.<br />
(2) Any voting rights attached to shares in the issuer whose home country is the Fe<strong>de</strong>ral Republic of Germany<br />
which belong to a third party shall also be attributed to the notifying party in full if the notifying party or its<br />
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