BELGIUM: FSMA publishes revised procedural note on Belgium dealing disclosures

Wednesday May 6 2015

The Financial Services and Markets Authority has published a revised procedural note on Belgium dealing disclosure rules.

The document concerns the notification of transactions in securities during a bid period.

Pursuant to Article 12 of the Royal Decree on takeover bids, notification of transactions must be made to the FSMA on each working day, where appropriate after the closing of the most liquid market for the securities in question. Where several transactions are concluded on a single working day, a separate notification must be made for each transaction.

In order to simplify the notification process, an xls form is now available for reporting. This form needs to be emailed to the FSMA at the address info.ems@fsma.be. In addition, a copy signed by the natural person to whom the notification obligation applies or by the person(s) authorized to represent the legal person to whom the notification obligation applies needs to be transmitted in PDF format.

The FSMA daily publishes on its website the transactions of which it has been notified. If the notification was made by a natural person who directly or indirectly holds at least 1 % of the voting securities of the offeror or of the target company, then the publication is made on a non-nominative basis.

The form contains the following information:

• Name of the notifying party
• Capacity of the notifying party
• Type of transaction
• Date of transaction
• Issuer
• Type of security
• Number of securities
• Price per security
• Market
• Total number of securities held after the transaction

Click on the below link for details.