Issuer-specific reporting thresholds

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In some countries, securities supervision laws allow the issuer to set additional reporting thresholds for the publication of significant voting rights in their articles of association .

overview

Market transparency regulations stipulate the reporting and publication requirements for significant shares of voting rights. If an investor exceeds or falls below the statutory threshold values , he is obliged to disclose this participation. The duty to report exists to the responsible financial market supervisory authority and the issuer. The legally prescribed threshold values ​​can differ in the individual countries. Nevertheless, the legally prescribed threshold values ​​for investments are always the same for all issuers in the country.

However, some countries allow additional reporting thresholds determined by the issuer in their market transparency regulations. These thresholds are in addition to the legally prescribed threshold values. It is relevant for the investor that these additional reporting thresholds can be lower than the statutory reporting thresholds. Such additional reporting thresholds determined by the issuer are set out in the issuer's articles of association.

According to the European Securities and Markets Authority (ESMA), market transparency regulations in Austria , Belgium , France and Italy allow the issuer to set additional reporting thresholds in its articles of association. The following issuers, for example, have set additional reporting thresholds in their articles of association: Accor SA 0.5% and a large number of 0.5%, Befimmo SCA 3%, Eutelsat Communications SA 1% and a large number of 1%, l'Oreal SA 1% and a variety of 1% up to 5%, Sion Industries NV 3% and Total SA 1% and a variety of 1%.

In Austria the additional regulation is found in the statutes, in Belgium these are the “gecoördineerde statuten”, in France the “ statuts de la société ” and in Italy the “statuto”. Internationally these are "bylaws" and "articles of association".

Lowest additional reporting threshold in Belgium

Paragraph 18 of the law of May 2, 2007 allows issuers whose shares are traded on a regulated market and for which Belgium is the domicile country to set additional reporting thresholds in their articles of association. The law came into force with the Royal Decree of February 14, 2008 on the disclosure requirements for significant shares of voting rights. The lowest legal reporting threshold in Belgium is 5%. While in the issuer's articles of association, the lowest possible additional reporting threshold is 1%. The Belgian financial market supervision Financial Services and Markets Authority published an unofficial list of issuers that additional reporting thresholds have specified in their statutes. It is also stated that the issuer is solely responsible for the accuracy of the information.

Lowest additional reporting threshold in France

In France, investors must report significant voting rights notifications to the French financial market regulator, the Autorité des marchés financiers . According to the Commercial Act of July 26, 2005, the lowest legal reporting threshold for exceeding or falling below 5% (1/20). According to Article L233-7 III, the issuer is allowed to set additional reporting obligations in its articles of association. The lowest possible additional reporting threshold must not be less than 0.5%.

Individual evidence

  1. ↑ ESMA - individual answers from CESR members (PDF file; 1.2 MB) . ESMA website. Retrieved October 14, 2012.
  2. ↑ Examples of additional reporting thresholds . Website watchingstock.com. Retrieved November 2, 2012.
  3. ↑ Belgian Royal Decree of February 14, 2008 on the disclosure of material holdings (PDF file) . Website of the Belgian FSMA. Retrieved October 14, 2012.
  4. ↑ Unofficial list of issuers with additional reporting thresholds . Website of the Belgian FSMA. Retrieved October 14, 2012.
  5. ↑ AMF Q&A: new methods for calculating major holdings ( Memento of October 7, 2007 in the Internet Archive ) (PDF; 32 kB). French AMF website. Retrieved July 17, 2007.
  6. ↑ Commercial Law Article L233-7 . Website www.legifrance.gouv.fr. Retrieved March 22, 2012.