Latest updates

New disclosure requirements create challenges for investors
  • Austria
  • January 16 2013

The Stock Exchange Act has recently been amended to extend significantly disclosure obligations for shareholdings in listed companies. The main objective is to capture arrangements, in particular derivatives, which previously escaped major shareholding disclosure rules, even though they could be (and were) used for stake-building purposes in Austrian listed companies.

Application of long disclosure rules on derivatives
  • Austria
  • August 17 2011

Under the Stock Exchange Act, persons that directly or indirectly acquire or sell shares of an issuer whose shares are admitted to trading on a regulated European Economic Area market must declare when the proportion of voting rights changes in accordance with stipulated thresholds. Failure to comply with the share disclosure regime is an administrative offence and may result in a fine of up to €30,000.

Ursula Rath
Schoenherr
  • Vienna
  • Austria
Schoenherr
Schoenherr