Particular disclosure duties regarding the acquisition and disposal of participations in German banks and insurance companies June 2012
Contents Page DISCLOSURE DUTIES REGARDING THE INTENTION TO ACQUIRE AND DISPOSE OF QUALIFIED PARTICIPATING INTERESTS PURSUANT TO 2C GERMAN BANKING ACT (KREDITWESENGESETZ, "KWG")... 3 DISCLOSURE DUTIES REGARDING THE INTENTION TO ACQUIRE AND DISPOSE OF QUALIFIED PARTICIPATING INTERESTS PURSUANT TO 104, 121A AND 1B INSURANCE SUPERVISION ACT (VERSICHERUNGSAUFSICHTSGESETZ, "VAG")... 4
Disclosure duties regarding the intention to acquire and dispose of qualified participating interests pursuant to 2c German Banking Act (Kreditwesengesetz, "KWG") 1 2c KWG (in conjunction with 1 para 9 KWG) Reporting party Anyone Target company Credit institutions Financial services institutions Facts The acquisition of, increase in, sale or reduction of a qualified participating interest, i.e. - at least 10% of the voting rights or the nominal capital or - decisive influence over the management of the target company Reaching, exceeding or falling below 20%, 30% or 50% of the voting rights or the nominal capital The attainment or relinquishment of control of the target company Compliance with the attribution provisions as per 1 para 9 KWG in conjunction with 22 para 1 to 3a WpHG Time limit for making a notification Within undue delay after making its intention known (no certainty of execution of transaction required) BaFin may determine a time limit within which the acquirer / seller has to notify BaFin of the execution / nonexecution of the transaction Decision of supervisory authority May prohibit the transaction during the assessment period Addressee of provision BaFin Deutsche Bundesbank 1 Further notification, publication and disclosure duties which depend on the legal form of the company also apply. Page 3
Disclosure duties regarding the intention to acquire and dispose of qualified participating interests pursuant to 104, 121a and 1b Insurance Supervision Act (Versicherungsaufsichtsgesetz, "VAG") Reporting party 104, 121a, 1b VAG (in conjunction with 7a para 2 VAG) Anyone Target company Direct insurers Reinsurers Insurance holding companies Facts The acquisition of, increase in, sale or reduction of a qualified participating interest, i.e. - at least 10% of the voting rights or the nominal capital or - decisive influence over the management of the target company Reaching, exceeding or falling below 20%, 30% or 50% of the voting rights or the nominal capital The attainment or relinquishment of control of the target company Compliance with the attribution provisions as per 7 para 2 VAG in conjunction with 22 para 1 to 3a WpHG Time limit for making a notification Within undue delay after making its intention known (no certainty of execution of transaction required) BaFin may determine a time limit within which the acquirer / seller has to notify BaFin of the execution / nonexecution of the transaction Decision of supervisory authority May prohibit the transaction during the assessment period Addressee of provision BaFin Page 4
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