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LEGAL UPDATES
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The Transparency Requirements (Securities admitted to Trading on a Regulated Market) (Amending) Law of 2013
02.07.2013

The law amending the basic Transparency Requirements Law provides that the issuers of exclusively debt securities, the denomination per unit of which is at least  Euro 100,000 (instead of Euro 50,000 provided prior to the amendment) shall be exempted from the obligation to publicize periodic information. Furthermore, the issuer may now choose any EU member state as a venue for a general meeting, provided that only holders of debt securities whose denomination per unit amounts to at least Euro100,000 are invited to this meeting.
Also, the definition of “home member state” with regard to issuers incorporated in a third country provided in Section 5(2) of the Law, was amended. It now states that, in the case of an issuer incorporated in a third country and of an issuer of shares or debt securities the denomination per unit of which is less than Euro 1,000, “home member state” shall mean the member state referred to in paragraph (c) of the definition of “home member state” provided in Section 2 of the Public Offer and Prospectus Law.

 

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