CHAPTER 3 ACQUISITION OR DIVESTITURE OF A MATERIAL HOLDING

Article 27d

Member States shall require institutions, and financial holding companies and mixed financial holding companies within the scope of Article 21a(1), to notify the competent authority where they intend to dispose, directly or indirectly, of a material holding as determined in accordance with Article 27a(2). That notification shall be made in writing and in advance of the divestiture, indicating the size of the holding concerned.

Article 27e

Where the proposed acquirer fails to notify the proposed acquisition in advance in accordance with Article 27a(1) or has acquired a material holding as referred to in that Article despite the opposition by the competent authority, Member States shall require the competent authority to take appropriate measures. Where a material holding is acquired despite opposition by the competent authority, Member States shall, without prejudice to potential penalties, provide either for exercise of the corresponding voting rights to be suspended or for votes cast to be declared null and void.