Regulatory Alerts2014-09-29
Regulatory Technical Standards on major shareholdings and an indicative list of financial instruments subject to notification requirements under the revised Transparency Directive
The European Securities and Markets Authority (ESMA) finalizes draft Regulatory Technical Standards to implement the revised Transparency Directive’s notification regime for major shareholdings. The standards establish harmonized calculation methods for the 5% threshold, mandate horizontal and vertical aggregation of shares and financial instruments, and define delta parameters for cash-settled derivatives and basket-referenced instruments. Following stakeholder consultation, ESMA submits the finalized standards and an indicative list of reportable financial instruments to the European Commission for endorsement.
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