Original question
Original language
[ESMA31-67-127 TD Q20]
Article 13a extends to a natural person or a legal entity the notification requirements laid down in Articles 9, 10 and 13 when the number of voting rights held directly or indirectly by such person or entity under Articles 9 and 10 aggregated with the number of voting rights relating to financial instruments held directly or indirectly under Article 13 reaches, exceeds or falls below the thresholds set out in Article 9(1).
The table below illustrates the changing position in an issuer and provides examples of the notifications to be performed assuming the minimum threshold for notification is 5%:
|
Day |
Position of direct/ indirect holdings of voting rights (Art. 9/10)[1] |
Position in financial instruments (Art. 13)
|
Total position (Art. 13a) |
Notification required? Yes/No |
Threshold triggered according which basket (Art. 9/10[2], 13, 13a TD)? |
|---|---|---|---|---|---|
|
1 |
7% |
- |
7% |
Yes |
Art. 9/10 |
|
2 |
7% |
2% |
9% |
No |
- |
|
3 |
8% |
4% |
12% |
Yes |
Art. 13a(1) |
|
4 |
11% (exercise of 3% f.i.) |
1% |
12% |
Yes |
Art. 9/10 |
|
5 |
8% |
6% |
14% |
Yes |
Art. 9/10 Art. 13 |
|
6 |
8% |
4% |
12% |
Yes |
Art. 13 |
|
7 |
9% (exercise of 1% f.i.) |
3% |
12% |
No |
- |
|
8 |
9% |
7% |
16% |
Yes |
Art. 13 Art. 13a(1) |
|
9 |
12% |
7% |
19% |
Yes |
Art. 9/10 |
[1] For purposes of convenience holdings under Article 9 and 10 are not separately represented.
[2] This case is an example of Art. 13a(2), where the holder acquires the underlying shares of the financial instrument and crosses or reaches a threshold laid down by Article 9(1) and has to make a disclosure accordingly.