DENMARK: Changes to Denmark major shareholding rules approved

Wednesday May 6 2015

Changes to the Securities Trading Act have been published as regards the disclosure of major shareholdings.

The revisions implement the revisions to the EU Transparency Directive, which must be implemented by Member States by November 2015.

Section 29 is replaced by new text, which maintains the current reporting thresholds but extends the reporting obligation to any person who directly or indirectly controls

1) financial instruments that by contract give the holder the unconditional right to acquire or the discretion to acquire already issued shares in companies, or

2) financial instruments that are not covered by the previous paragraph, but which are based on already issued shares in companies and have economic impact equivalent to those financial instruments included in the previous paragraph, regardless of whether they grant the right to acquire shares.

A new Section 29a is added, which stipulates that the Danish FSA may suspend voting rights for violation of the reporting requirements.

Click on the above link for details (in Danish).