ESMA_QA_1180
Topic
Disclosures
01/07/2012
Subject Matter
Notification of UCITS and UCITS management companies; exchange of information between competent authorities
Question
Should UCITS that wish to market several investment compartments of the same UCITS undertake different notification procedures via their competent authority?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_1179
Topic
Disclosures
01/07/2012
Subject Matter
Notification of UCITS and UCITS management companies; exchange of information between competent authorities
Question
Should UCITS that wish to market new investment compartments in a Member State where they are already notified for marketing for other existing investment compartments undertake a new notification procedure via their competent authority?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_2031
Topic
Transparency
25/02/2011
Subject Matter
Designation of an agent for the exercise of financial rights; TD Art. 17 and 18
Question
Question a: Articles 17 and 18 of the TD require issuers to ensure that all the facilities and information necessary to enable shareholders / debt securities holders to exercise their rights are available in the home Member State. Each issuer is also required to designate as its agent a financial institution through which shareholders / debt securities holders may exercise their financial rights.
Must the issuer appoint as its agent a financial institution domiciled in the home Member State? Or is it sufficient to appoint a financial institution domiciled in another Member State?

Question b: Before the TD was adopted, similar provisions were included in Articles 65(2)(c) and 78(2)(b) of the Directive 2001/34/EC. However, there was an exemption for issuers providing financial services: “In particular, it [the issuer] must: (...) designate as its agent a financial institution through which holders of debt securities may exercise their financial rights, unless the under-taking itself provides financial services.”
Does the TD require issuers who are financial institutions to appoint as an agent a financial institution other than itself?

Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_2029
Topic
Notifications of major shareholdings
27/10/2009
Subject Matter
Major shareholding notification – acquisition of a shareholder; TD Art. 9(1)
Question
Company A is a major shareholder in an issuer X whose shares are admitted to trading on a regulated market. Company B, which previously does not hold any shares or voting rights in X, ac-quires control in company A. Should B notify its holdings in issuer X even though the holdings of A in issuer X remain the same?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_2030
Topic
Notifications of major shareholdings
27/10/2009
Subject Matter
Disclosure of major holdings in case of joint investors' account; TD Art. 9 and 10
Question
Shall the owners of a joint investors account (an account for two persons that are considered co-owners of the securities contained in the joint account), in order to calculate their thresholds, aggregate the proportion of voting rights attached to their personal accounts to the proportion of voting rights attached to the shares of the joint account? How do these persons notify their participation to the joint account?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC