Wednesday September 18 2013
News Source: Global Disclosures
Focus: Substantial Acquisitions
Type: General
Country: European Union
The European Securities and Markets Authority has published the responses to its draft Regulatory Technical Standard for consultation on the information requirements when applying for approval of acquisition of a qualifying holding in an investment firm (EU substantial acquisitions).
Article 10b(4) of the Markets in Financial Instruments Directive (MiFID) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided at the time of the initial notification. Article 10a of MiFID requires ESMA to draft regulatory technical standards (RTS) to establish an exhaustive list of information referred to in Article 10b(4) of MiFID.
The consultation on the draft RTS covered the following:
- Proportionality
- Documentation
- Close links
- Consolidated supervision
- Third country acquirersLegal structures of acquirers
- Shareholding structure of proposed acquirers
The following parties made submissions:
- EFAMA
- Investment Management Association
- European Federation of Financial Advisers and Financial Intermediaries (FECIF)
- European Private Equity and Venture Capital Association
ESMA will consider the responses it receives to this CP in Q4, and will finalise the draft RTS for submission to the Commission by 1 January 2014 for endorsement.
Click on the above link for the responses.