1266 Transparency rules
1266 Transparency rules
Companies Act 2006 | Legislation

(1)     After section 89 of the Financial Services and Markets Act 2000 insert—

“Transparency obligations 89A Transparency rules

(1)     The competent authority may make rules for the purposes of the transparency obligations directive.

(2)     The rules may include provision for dealing with any matters arising out of or related to any provision of the transparency obligations directive.

(3)     The competent authority may also make rules—

(a)     for the purpose of ensuring that voteholder information in respect of voting shares traded on a UK market other than a regulated market is made public or notified to the competent authority;

(b)     providing for persons who hold comparable instruments (see section 89F(1)(c)) in respect of voting shares to be treated, in the circumstances specified in the rules, as holding some or all of the voting rights in respect of those shares.

(4)     Rules under this section may, in particular, make provision—

(a)     specifying how the proportion of—

(i)     the total voting rights in respect of shares in an issuer, or

(ii)     the total voting rights in respect of a particular class of shares in an issuer,

held by a person is to be determined;

(b)     specifying the circumstances in which, for the purposes of any determination of the voting rights held by a person (“P”) in respect of voting shares in an issuer, any voting rights held, or treated by virtue of subsection (3)(b) as held, by another person in respect of voting shares in the issuer are to be regarded as held by P;