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SHAREHOLDERS`
DISCLOSURE REQUIREMENTS
European Comparison: "What is to be Reported"
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COUNTRY
|
WHAT
IS TO BE REPORTED |
| Austria |
Direct
or indirect acquiring, exceeding or falling below of shareholding
of 5%, 10%, 25%, 50%, 75%, 90% of the shares of a company
incorporated in Austria and listed at the Austrian Stock Exchange
|
| Bulgaria |
-in
construction-
|
| Czech
Republic |
- Acquiring or exceeding of shareholding
of 10%, of the voting rights, of a company incorporated
in the Czech Republic, whose securities are listed at
the Czech stock exchange,
- Acquiring or exceeding of shareholding
of 20%, of the voting rights and more, of a company incorporated
in the Czech Republic, whose securities are listed at
the Czech stock exchange, if these shares following a
prior notification still exceed 10%.
|
| Denmark |
Shareholding when voting
rights/shareholding reach 5% of a companys total voting
rights/share capital (§ 29 par. 1).
Any 5% change in shareholding/votig
rights from 10% to 100% and when said holdings reach or
fall below 1/3 or 2/3 and/or any change through which said
holdings fall below any said limit (§ 29 par. 2).
|
| Estonia |
Acquiring
of, exceeding or falling below of shareholding of 5%,10%,
20%, 33%, 50% or 66% of the shares of the stock corporation
listed on the TSE. |
| Finland |
Direct or
indirect reaching, exceeding or falling below 10 %, 20 %,
one third, 50 %, or two thirds of the voting rights or the
share capital of a Finnish company whose share is admitted
to public trade or corresponding trade within the European
Economic Area.
The Ministry of Finance currently prepares
an amendment to the provisions concerning the shareholders
disclosure requirements. Under the new provisions, the thresholds
for disclosure will apparently be 5, 10, 15, 20, 25, 30,
35, 40, 45, and 50 per cent and two-thirds of the share
capital or voting rights. The Government Proposition on
the subject will, according to the current schedule, be
submitted to Parliament in September. The intention is to
get the proposed amendments approved by Parliament before
the next election in March 1999.
|
| France |
Acquisition
of shares by a natural person or legal entity, which causes
that persons or entitys aggregate holdings of
such shares to exceed or to fall below thresholds of 1/20,
1/10, 1/5, 1/3, 1/2 or 2/3 of the capital of a French company
listed on a French stock exchange.* |
| Germany |
- Acquiring or exceeding of shareholding of 25%, of the
voting rights, of a company, whose securities are listed
at the stock exchange,
- Acquiring or exceeding of
shareholding of 50%, of the voting rights, of a company
by another company.
|
| Greece |
-in
construction- |
| Hungary |
-in
construction- |
| Republic
of Latvia |
-
Acquiring an ownership
of a holding of publicly issued shares in the amount
which provides at least 1/10, 1/5 or 1/3 of all votes
at the general meeting of shareholders;
-
Selling a holding
of shares in the above-mentioned amount after notification
to the joint-stock company about the acquisition of
the shares;
-
Selling a portion
of the above-mentioned holding of shares, thus reducing
the sellers number of votes at the general meeting
of shareholders by at least 5%;
- Wish to acquire a holding in a public
joint-stock company giving more than 1/3, 1/2, 2/3, 3/4
or more of voting rights at a general meeting of shareholders.
|
| Liechtenstein |
If
by the acquiring or selling of such shares the number of votes
reaches, falls short off or exceeds 10, 25, 50 or 75% of the
voting rights, the number of shares held after this transaction
must be reported. |
| The
Netherlands |
- Acquiring or disposing of shares
of a public limited company incorporated under Dutch Law
and listed at a stock exchange situated and operating
in a member state of the European Union, which causes
the percentage of the shares to fall within a different
bandwidth;
- Acquiring or disposing of votes of
such a company, which causes the percentage of votes to
fall within a different bandwidth.
|
| Norway |
-in
construction- |
| Poland |
-in
construction- |
| Portugal |
-in
construction- |
| Spain |
Acquisition
or transmission of shares of a listed company which entails
that the participation of the acquirer exceeds 5%, or its
multiples, of the share capital of the listed company or that
the participation of the transferor falls below 5%, or its
multiples. |
| Switzerland |
- Direct or indirect acquiring or exceeding
of shareholding of 5%, 10%,20%, 33 1/3 %, 66 2/3 % of
the voting rights, whether or not such rights may be exercised,
of a company incorporated in Switzerland, whose equity
securities are listed,
- See the No.1.
- Direct or indirect acquiring or exceeding
of shareholding of 5%, 10%,20%, 33 1/3 %, 66 2/3 % of
the voting rights, whether or not such rights may be exercised,
of a company incorporated in Switzerland whose equity
securities are listed and in addition:
-its total holdings;
-the identity of its members;
-the nature of the agreement;
-The identity of its representatives.
|
| United
Kingdom |
- Acquiring or losing a "material
interest" in issued shares carrying voting rights,
or becoming aware of the same, which is equal to or more
than 3% of the nominal value of the share capital of a
public company incorporated in the UK
- Acquiring or losing an interest which
is not a "material interest", or an aggregate
of "material" and non-material interests, in
issued shares carrying voting rights, or becoming aware
of the same, which is equal to or more than 10% of the
nominal value of the share capital of a public company
incorporated in the UK
- Acquiring shares or voting rights
thereof bringing ones total holding up to or above
15% or, where the persons holding already represented
15% or more of the voting rights, increasing the holding
to or beyond any whole percentage figure
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