CZECH REPUBLIC: Response from CNB on Czech Republic takeovers queries

Tuesday March 22 2011

In reply to a number of queries on the application of Czech Republic takeover rules, the Czech National Bank has provided the following clarifications:

“1. Section 37 of the Act on Takeovers sets a general rule according to which a person shall include voting rights provided that he is able to direct the exercise of those voting rights. Voting rights attaching to securities which the person is entitled to acquire on its own initiative alone are presumed to be such rights.

2. There is no specific electronic means of submission. Only general rules of submission apply which allow for (i) an e-mail submission to podatelna@cnb.cz provided that the e-mail is signed by an advanced electronic signature (Electronic Signatures Act: http://www.mvcr.cz/mvcren/article/electronic-signature-773488.aspx?q=Y2hudW09Mg%3d%3d) or (ii) submission via Data Mailbox Information System (http://www.ceskaposta.cz/en/sluzby/czech-point/datove-schranky/data-mailboxes-id31230/).”