Regulatory Alerts2010-06-25
Added · Updated
Directive No. SBB/47/2010 on Time Limit for Reduction and/or Relinquishing Shareholdings
The directive requires persons holding more than 5% of a bank's subscribed capital to reduce their holdings to 5% or less within 36 months of the effective date. Influential shareholders, defined as those holding two percent or more of total subscribed capital, must relinquish shareholdings in any other bank within the same period. Non-compliance results in penalties under article 58(7) of Proclamation number 592/2008, and the directive entered into force on August 16, 2010.
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