|
SHAREHOLDERS`
DISCLOSURE REQUIREMENTS
European Comparison: "Exceptions"
|
COUNTRY
|
EXCEPTIONS |
| Austria |
This
reporting duty does not exist if the purchase or sale of shares
is made within the framework of a Securities business** ) |
| Bulgaria |
-in
construction-
|
| Czech
Republic |
A shareholder does not
have this duty:
- shareholder in a position of a person
controlled, which is under a control of another person,
if the latter has already fulfilled the reporting requirement
for the former.
- Owner of non-printed shares, in case
his/her share in the rights to vote is determined by a
number of his/her shares only.
|
| Denmark |
None |
| Estonia |
Reporting
duty does not exist if the shareholder confirms in writing
that the shares are acquired for business purposes and not
for the purposes of participating in stock corporation’s
management. |
| Finland |
-None-
|
| France |
-None-
|
| Germany |
-None-
|
| Greece |
-in
construction- |
| Hungary |
-in
construction- |
| Republic
of Latvia |
The
duty to report the acquisition does not exist if selling shares
in the amount of at least 1/10, 1/5 or 1/3 of all votes at
the general meeting of shareholders within 7 days from the
date of acquisition. |
| Liechtenstein |
If
the buyer or seller of the shares is a company that is part
of a group of companies for which consolidated annual accounts
must be drawn up, it does not have a reporting obligation
in case the report is made by one of its controlling companies
instead. |
| The
Netherlands |
- Temporary: for a period of three
months of their acquisition, shares and votes that are
held in the regular practise of a profession or company,
provided that the share and votes will not be used to
exercise a right to say;
- Permanent: shares and votes held
in the regular practise of the depository trust company,
provided that those shares or votes cannot be used by
the depositor involved to exercise a right to say.
|
| Norway |
-in
construction- |
| Poland |
-in
construction- |
| Portugal |
-in
construction- |
| Spain |
Listed
companies incorporated and existing under the Law of an EU
State other than Spain, the shares of which are traded in
a Spanish Stock Exchange and also in, at least, another EU
Stock Exchange, are not subject to the obligations described
herein. |
| Switzerland |
- Whosoever intends to acquire securities
may obtain a ruling from the Supervisory Authority as
to whether it will be subject to the obligation to notify.
- Exceptions are allowed in particular
due to one of the following reasons:
i)
short–term nature of the trade,
ii)
the trade isn’t issued for the purpose of exercising
the rights of vote,
iii)
trade is bind with conditions.
|
| United
Kingdom |
- criminal sanctions do not apply to
foreign persons with no UK presence, but restrictions
do
- various interests do not require
notification (see s 209, Part IV CA 1985)
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