Regulatory Alerts2015-01-01
Added · Updated
Instructions of Shares Buyback by Public Shareholding Companies Treasury Stocks for the Year 2014 Amended by Decision No. 218/2015
The Board of Commissioners amended the 2014 Instructions governing treasury stock buybacks by public shareholding companies, effective November 3, 2015. The rules limit purchases to 10% of subscribed shares and require funding from retained earnings and reserves, explicitly prohibiting financing through borrowing or existing bonds. Companies must obtain Commission approval within 21 business days, announce purchases after a seven-day waiting period, and adhere to daily trading volume caps of 25% to 50% of the daily trading average. The instructions also mandate weekly disclosure of purchase and sale activities, restrict insider trading, and define disposal methods for unsold treasury stocks within a six to eighteen-month retention period.
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