Holders of significant holdings

(1) A person intending to acquire a significant holding within the meaning of section 1(9) of the Banking Act in the operator of an exchange must notify this without delay to the exchange supervisory authority. In the notification the person must state the size of the holding and, where applicable, the facts material to the establishment of the relevant influence, as well as the facts and documents material to assessing that person's reliability and examining the further grounds for prohibition under subsection (2), first sentence, to be determined in more detail by statutory instrument under subsection (7), and must name the persons and undertakings from whom they intend to acquire the corresponding shares. The exchange supervisory authority may require particulars and the production of further documents going beyond the requirements of the statutory instrument, where this appears appropriate for assessing reliability or examining the further grounds for prohibition under subsection (2), first sentence. Where the person subject to the notification obligation is a legal person or commercial partnership, that person must state in the notification the facts material to assessing the reliability of its statutory or constitutional representatives or personally liable partners. The holder of a significant holding must notify the exchange supervisory authority without delay of each newly appointed statutory or constitutional representative or new personally liable partner, together with the facts material to assessing that person's reliability. The holder of a significant holding must further notify the exchange supervisory authority without delay where they intend to increase the amount of the significant holding such that the thresholds of 20 per cent, 33 per cent or 50 per cent of the voting rights or of the capital are reached or exceeded, or that the operator of the exchange comes under their control within the meaning of section 1(8) of the Banking Act. The exchange supervisory authority may require information and the production of documents from holders of a holding in the operator of an exchange, where facts justify the assumption that this is a significant holding.
(2) The exchange supervisory authority may, within one month of receipt of the complete notification under subsection (1), prohibit the intended acquisition of the significant holding or its increase, where facts justify the assumption that 1. the person subject to the notification obligation or, where they are a legal person, also a statutory or constitutional representative, or, where they are a commercial partnership, also a partner, is not reliable, or otherwise fails to meet the requirements to be placed, in the interest of a sound and prudent management of the operator of the exchange; in case of doubt this also applies where facts justify the assumption that the funds they have raised for acquiring the significant holding derive from an objectively unlawful act, or 2. the conduct and appropriate development of exchange operations would be impaired. Where the acquisition is not prohibited, the exchange supervisory authority may set a period after whose expiry the person or commercial partnership that made the notification under subsection (1), first or sixth sentence must notify it of the completion or non-completion of the intended acquisition. After expiry of the period, that person or commercial partnership must submit the notification to the exchange supervisory authority without delay.
(3) The exchange supervisory authority has the rights to information and production under subsection (1) also after expiry of the period under subsection (2), first sentence.
(4) The exchange supervisory authority may prohibit the holder of a significant holding, and the undertakings controlled by them, from exercising their voting rights, and order that the shares may be disposed of only with its consent, where 1. the conditions for a prohibition order under subsection (2), first sentence exist, 2. the holder of the significant holding has failed to comply with the obligation under subsection (1) to give prior notice to the exchange supervisory authority and has not remedied this notification within a period set by the exchange supervisory authority, or 3. the holding has been acquired or increased contrary to an enforceable prohibition under subsection (2), first sentence. In the cases of the first sentence, the exercise of voting rights may be transferred to a trustee; the trustee must, in exercising the voting rights, have regard to the interests of a sound and prudent management of the operator of an exchange. In the cases of the first sentence, the exchange supervisory authority may, beyond the measures under the first sentence, instruct a trustee to dispose of the shares insofar as they constitute a significant holding, where the holder of the significant holding does not, within a reasonable period set by the exchange supervisory authority, demonstrate a reliable purchaser; the holders of the shares must cooperate to the necessary extent in the disposal. The trustee is appointed, on application by the operator of the exchange, a person holding an interest in it, or the exchange supervisory authority, by the court of the seat of the operator of the exchange. Where the conditions of the first sentence have ceased to exist, the exchange supervisory authority must apply for the revocation of the trustee's appointment. The trustee is entitled to reimbursement of reasonable expenses and to remuneration for their activity. The court determines the expenses and remuneration on application by the trustee; a further appeal on a point of law against the determination of remuneration is excluded. The Land advances the expenses and remuneration; the affected holder of the significant holding and the operator of the exchange are jointly and severally liable to the Land for its outlays.
(5) A person intending to give up a significant holding in the operator of the exchange, or to reduce the amount of their significant holding below the thresholds of 20 per cent, 33 per cent or 50 per cent of the voting rights or of the capital, or to change the holding such that the operator of the exchange is no longer a controlled undertaking, must notify this to the exchange supervisory authority without delay. The intended remaining amount of the holding must be stated. The exchange supervisory authority may set a period after whose expiry the person or commercial partnership that made the notification under the first sentence must notify the exchange supervisory authority of the completion or non-completion of the intended reduction or change. After expiry of the period, the person or commercial partnership that made the notification under the first sentence must submit the notification to the exchange supervisory authority without delay.
(6) The operator of the exchange must notify the exchange supervisory authority without delay of the acquisition or relinquishment of a significant holding in the operator, of the reaching, exceeding or falling below the holding thresholds of 20 per cent, 33 per cent and 50 per cent of the voting rights or of the capital, and of the fact that the operator becomes, or ceases to be, a subsidiary of another undertaking, where the operator becomes aware of the change in those holding relationships. The exchange operator must publish the facts subject to notification under the first sentence without delay on its website.
(7) The Land governments are empowered to issue, by statutory instrument, more detailed provisions on the type, scope and timing of the notifications provided for under subsections (1), (5) and (6). The Land government may transfer this authorisation, by statutory instrument, to the exchange supervisory authority.