CYPRUS: CySEC Update Substantial Acquisitions Form

Monday February 12 2018

The Cyprus Securities and Exchange Commission (CySEC) have updated the form for notifications for holding, acquisition or further increase of qualifying holding in a CIF by a natural person. The notification should be completed individually by all natural persons that propose to acquire, directly or indirectly, a qualifying holding in a CIF or to further increase, directly or indirectly, such a qualifying holding in a CIF, as a result of which the proportion of the voting rights or of the share capital held would reach or exceed the minimum limits of twenty per cent (20%), thirty per cent (30%) or fifty per cent (50%) or so that the CIF would become such person’s subsidiary.

The notification must also be completed in the case of:

• Involuntary acquisition – where a person may exceed the the limits of section 12 (1), as a result of a repurchase, from the CIF, of shares held by other shareholders, or in the case of capital increase in which the existing shareholders do not participate, or in the case of acquisition through inheritance. In such cases, the said person must notify immediately the relevant authorities, as soon as he/she realises such an excess in the limits of section 12 (1) of the Law.
• Persons that do not intend to acquire on their own, directly or indirectly, a qualifying holding in the target CIF, but acting in concert with other persons, their cumulative holding will exceed 10% or they will collectively have significant influence over the management of the CIF.

The notification must be completed in electronic form.

Click on the link above for further information.