Disclosure Requirements - Austria
Disclosure Category: 3
Background and legal basis
The obligation to report, which falls on the shareholder, derives from Article 91 of the Austrian Stock Exchange Act dated 8 November 1989.
The custodian incurs no disclosure obligation.
The Transparency Directive stipulates, within Article 9, Paragraph 4 as implemented in Austrian law in April 2007, that disclosure obligations do not apply to custodians holding shares on behalf of clients. Nonetheless, it is our understanding that the Austrian Financial Market Authorities (FMA) has the general authority to request from Erste Bank and CBF, as CBL’s depository, information about the interest held by a shareholder.
Obligation to report threshold crossings
Any acquisition that causes the holding to reach, exceed or fall below 4%, 10%, 15% 20%, 25%, 30%, 35%, 40%, 45%, 50%, 75% or 90% must be reported within seven days to the Stock Exchange Council, to the FMA and to the issuing company.
The FMA provides a standard form for disclosure of beneficial owner voting rights (see http://www.fma.gv.at/).
Note: Specific rules are to be applied for shareholders of an Austrian Stock Exchange.
Any person who does not fulfil their disclosure obligations may be fined up to EUR 30,000 by the FMA.