The European Securities and Markets Authority (ESMA) has published for consultation draft regulatory technical standards (RTS) on major shareholder notifications pursuant to the amended Transparency Directive. The draft RTS relate to:
- the method of calculation of the 5% threshold for the market maker and trading book exemptions referred to in paragraphs 5 and 6 of article 9, including in the case of a group of companies taking into account article 12(4) and (5);
- the method for calculating voting rights for certain financial instruments referenced to a basket of shares or an index;
- the methods of determination of delta for the purposes of calculating voting rights relating to financial instruments that provide exclusively for a cash settlement; and
- exemptions mentioned in article 13 (4) that apply to financial instruments held by a natural person or a legal entity fulfilling orders received from clients or responding to a client’s request to trade otherwise than on a proprietary basis or hedging positions arising out of such dealings.
The deadline for responses to the consultation is 30 May 2014. ESMA then intends to submit the draft RTS to the Commission by 27 November 2014 for endorsement.
View Consultation Paper on draft regulatory technical standards on major shareholdings and indicative list of financial instruments subject to notification requirements under the revised Transparency Directive, 21 March 2014