Several amendments have been made since 2005 to the rules and regulations governing the notification of major holdings in listed companies. The need for a more detailed interpretation of existing legislation prompted the Board to set up a working group on major holdings chaired by Bernard Field. The group's remit is to put forward proposals that take account of existing practices, both in France and abroad.
Some of the issues at stake relate to the fact that, in certain cases, the notifying party is required to include shares that it does not hold and to treat them in the same way as those held for own account. The working group will also collaborate with the industry to re-examine the requirements arising from the obligation to declare an intention when the 10% or 20% thresholds are breached.
These issues are part of a broader debate about creeping takeovers and the problems encountered by issuers in identifying their shareholders at general meetings.
The working group is composed of representatives of listed companies, investment services providers, lawyers and members of professional groups. It began work in March 2008.
© AMF - Autorité des Marchés Financiers
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