UDC 336.76
Biblid: 1451-3188, 20 (2021)
Vol. 20, No 76, pp. 99-117
DOI: https://doi.org/10.18485/iipe_ez.2021.20.76.7

Оriginal article
Received: 31 Oct 2021
Accepted: 08 Nov 2021


MITROVIĆ Milena (Istraživač pripravnik, Institut za međunarodnu politiku i privredu), milena.mitrovic@diplomacy.bg.ac.rs

The author deals with the notification of the acquisition or disposal of major shareholdings. The provisions of the Transparency Directives and the current course of harmonization in this area have been analysed. In particular, the issues of the occurrence of reporting and the need to take into account various financial instruments and transactions that can have an impact on the management of the company without directly acquiring the right to vote are taken into account when regulating the occurrence of notification of reaching, crossing or falling below the relevant participation threshold. The existing concerns and problems that arise in connection with the existing solutions are pointed out. It was pointed out that there is a need for regulators to constantly keep in mind the innovation in the financial market in order to adequately respond to the need to identify those individuals who can really influence the decision-making of a company. However, getting the right amount of information is crucial, as otherwise market participants will be “overloaded” with information. Furthermore, there is room for improvement in terms of sanctioning failure to notify the acquisition or disposal of major shareholdings.

Keywords: major shareholding, financial instruments, acquisition or disposal of a major shareholding, disclosure of information, empty voting, hidden ownership