Regulatory Alerts2023-04-27
Added · Updated
Circular No. BSD04/2011
Acquisitions of shares in private banks that result in a holding exceeding 5 percent are declared illegal and subject to penalties under sub-article 58(7) of Proc. No. 592/2008. This prohibition applies to shareholders currently holding 5 percent or less who attempt to acquire shares in excess of the limit, as well as to shareholders who have already exceeded the limit and seek additional shares. The directive reinforces the shareholding cap established by the Proclamation and Directive No. SBB/47/2010.
Topics
Share