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In order to improve the protection of financial market participants, the Act further amends
rules of Securities advertisement. Henceforth it prohibits using untrue or misleading
information, to withhold facts relevant for decision making, etc. An issuer is liable for
damage it caused by a violation of these duties.
Members of statutory or supervisory bodies of an issuer of listed securities shall have
information duty towards the issuer itself, the Securities Stock Exchange and the Office, e.g.
with regard to the property interest or membership in bodies of other business companies.
Another provision has been partly amended in the following way - if a legal or natural
person acquires an interest in voting rights attached to shares of an issuer of listed shares
equal to more than 5%, 10%, 20%, 33%, 50% or 66% of all voting rights attached to the shares of
one issuer of listed shares, it shall be required to notify the issuer, the Central Depository
and the Office in writing, within three working days from the date of acquisition, of exceeding
these limits and to specify the size of its interest. The same procedure applies if its
interest falls below any of the above mentioned limits. The same duty applies to legal persons
and natural persons acting in concurrence according to this Act.
Subsections
Last modified: 2003-03-01
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