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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 28 Disclosure in case of acquisition of control S. 1524-1526

„… or has acquired control over the non-listed company.1 Article 28 Disclosure in case of acquisition of …” „… holdings in or control of non-listed companies, Art 28 establishes disclosure requirements for acquisition …” „… of control. In contrast to Art 27, Art 28 applies both to the acquisition of control of a non-listed …”

Article 27 Notification of the acquisition of major holdings and control of non-listed companies S. 1522-1524

„… to acquisition of “control”, the notification requirements of Art 27(1) already apply if lower …” „… of an agreement. Article 27 Notification of the acquisition of major holdings and control of …” „… an AIF notify the following of the acquisition of control by the AIF: (a) the non-listed company; (b …”

Article 30 Asset stripping S. 1527-1529

„… managing such an AIF shall for a period of 24 months following the acquisition of control of the company by …” „… of the acquisition of control of a non-listed company and an issuer as defined in Art 26 (1). The …” „… 24 months following the acquisition of control of the relevant target company by the AIF. Afterwards …”

Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies S. 1526-1527

„… Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed …” „… companies 1. Member States shall require that when an AIF acquires, individually or jointly, control of a …” „… development; and (c) the information concerning acquisitions of own shares prescribed by Article 22(2) of …”

Chapter 1 Organisational requirements S. 1628-1637

„… , upon completion of the assessment, decides to oppose the proposed acquisition, it shall, within two …” „… , and approval by, the competent authority of direct or indirect acquisitions of voting rights or …” „… an acquisition is proposed, and having regard to the likely influence of the proposed acquirer on the …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… Notification of acquisitions and disposals of qualifying holdings 1. Member States shall require any natural …” „… , disposed of within one year of acquisition. 2. The relevant competent authorities shall work in full …” „… investment firm becomes aware of any acquisitions or disposals of holdings in its capital that cause holdings …”

Article 26 Scope S. 1521-1522

„… vehicles from the application of Art 27-30. While Art 28-30 generally only apply to acquisition of “control …” „… Notification of the acquisition of major holdings and control of non-listed companies 1. Member States shall …” „… acquisition of control by the AIF: (a) the non-listed company; (b) the shareholders of which the identities …”

Article 13 Assessment S. 61-63

„… proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment …” „… acquisition is proposed, and having regard to the likely influence of the proposed acquirer on the investment …” „… acquisition against all of the following criteria: (a) the reputation of the proposed acquirer; (b) the …”

Article 9 Legitimate behaviour S. 705-711

„… acquirers may use inside information to coordinate the acquisition of control of the target, provided they …” „… person has used that information and has thus engaged in insider dealing on the basis of an acquisition …” „… information and has thus engaged in insider dealing on the basis of an acquisition or disposal where that …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… of the acquisition or disposal of major holdings (1) The home Member State shall ensure that, where a …” „… voting rights of the issuer held by the shareholder as a result of the acquisition or disposal where that …” „… this Article, as well as the appropriate control mechanisms by the competent authority of the home …”

Article 14 Membership of an authorised investor compensation scheme S. 63-64

„… issue a mandatory bid to all shareholders upon acquiring of control of the target. Information necessary …” „… committed or attempted, or that the proposed acquisition could increase the risk thereof. Pursuant …” „… with Article 89 which adjust the criteria set out in the first subparagraph of Art 13 (1) MiFID. As of …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… ) may be disregarded at the time of acquisition if at that time the gross amount of the debt securities …” „… time of acquisition, a UCITS may acquire in accordance with Art 56(2) of UCITSD no more than: a) 10% of …” „… . 2. If the limits referred to in paragraph 1 are exceeded for reasons beyond the control of a UCITS …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… et seq.). II. Cases of attribution Article 10 covers a range of situations of indirect control. All …” „… towards the issuer, they may thus be deemed to be in joint control of their joint holdings, and run the …” „… , the collateral taker may be obliged to notify the acquisition of voting rights, provided that they (i …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 10 50 Notification of acquisitions and disposals of qualifying holdings …” „… the acquisition or disposal of major holdings . . . . . . . . . . . . . . . . . . . . . .Article 9 …” „… 1140 Acquisition or disposal of major proportions of voting rights …”

Article 15 Advertisements S. 1007-1009

„… competent authority of the home Member State shall have the power to exercise control over the compliance of …” „… potential subscription or acquisition of securities’. In accordance with the above definition of …” „… advertisement, an announcement must have the specific purpose of promoting a subscription or acquisition of …”

Article 1 Subject matter and scope S. 1099-1104

„… of an ‘early-warning’ system for the preparation of a control acquisition. These two pillars are …” „… facilitate the acquisition or sale of securities. The side effect of these requirements is the establishment …” „… Transparency Directive (TD) Directive 2004/109/EC of the European Parliament and of the Council of …”

Article 30 Internally managed investment companies, restrictions on third-party portfolio management S. 1369-1370

„… board of directors to sign off on almost all transactions and acquisitions. The question becomes …” „… tion for management companies.6 The reasons for withdrawing authorisation under Art 29(4) of UCITSD …” „… are likewise analogous to those for the authorisation of the management company.7 Since the management …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… time of acquisition, a UCITS may acquire in accordance with Art 56(2) of UCITSD no more than: a) 10% of …” „… . 2. If the limits referred to in paragraph 1 are exceeded for reasons beyond the control of a UCITS …” „… exercise of subscription rights2 and c) in events beyond the control of the UCITS’ management company (e.g …”

Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage S. 1519-1521

„… at acquiring control, acquire control of a non-listed company in accordance with paragraph 5; (b …” „… managed by those AIFMs jointly, acquire control of a non-listed company in accordance with paragraph 5. 2 …” „… 30 shall apply also to AIFMs managing AIFs that acquire control over issuers. For the purposes of …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… shareholder control procedure in case of the acquisition of qualifying holdings in an AIFM. However, Art 10(1 …” „… I. General features Art 10 refers to material changes to the conditions for the authorisation of …” „… 10 (1) AIFMD, AIFM must notify the competent authorities in their home state of material changes to …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… shareholder control procedure in case of the acquisition of qualifying holdings in an AIFM. However, Art 10(1 …” „… initial capital of at least EUR 300,000. The minimum initial capital requirement applicable to an external …” „… . However, the minimum initial capital requirement increases by 0.02% of the value of the portfolios managed …”

Article 19 Managers’ transactions S. 808-824

„… identifier of the financial instrument; (e) the nature of the transaction(s) (e.g. acquisition or disposal …” „… acquisitions, disposals, short sales, subscriptions or exchanges of all financial instruments, and other …” „… of the transaction(s) (e.g. acquisition or disposal), indicating whether it is linked to an exercise …”

Article 5 Requirement for authorisation S. 35-37

„… Regulatory Sandboxes to Smart Regulation’, 23:1 Fordham Journal of Corporate & Financial Law 31-103 …” „… . Introduction to Chapter I Chapter I sets out the conditions and procedures for authorisation of investment …” „… MiFID defines the scope of authorisation. Art 9 MiFID deals with the organisation and requirements for …”

Article 3 Integration of securities markets S. 1114-1118

„… , Member States may continue to be more prescriptive in the context of control acquisitions. Many of the …” „… transactions affecting the ownership or control of companies, supervised by the authorities appointed by Member …” „… principle of home state control. Chapter II Periodic information Article 4 Annual financial reports (1) The …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… law requires the board of directors to sign off on almost all transactions and acquisitions. The …” „… office of the investment company shall be situated in the investment company’s home Member State …” „… . Commented below, see → Art 29. Article 28 Limited scope of activities No investment company may engage in …”

Article 43 S. 594-597

„… administration and control is located).1 However, with respect to ‘inbound cases’, the jurisprudence of the CJEU …” „… case if a company is a spin-off of an established company4 or if it is a special purpose acquisition …” „… incorporation theory, the applicable law is determined by the place of registration, (ii) according to the real …”

Article 7 Inside information S. 673-692

„… decided that only information regarding the final stage of an acquisition process was sufficiently precise …” „… basis of similar facts, that information regarding a planned acquisition was not sufficiently precise …” „… and target, size of the control premium, and potential for synergies.97 Investors may rationally …”

Article 1 Subject matter and scope S. 1711-1720

„… , registered or otherwise designated so as to be in the possession or under the control of the collateral taker …” „… question is how the phrase ‘in the possession or under the control of the collateral taker’ is interpreted …” „… the control of the collateral taker.35 While this decision is an interpretation of the English law …”

Article 46 General provisions S. 560-566

„… other EU countries. The rationale is cost savings: The acquisition of multiple permits for distribution …” „… organisational requirements in the area of internal control functions; (d) firms providing investment services …” „… clients within the meaning of Section I of Annex II to Directive 2014/65/EU established throughout the …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… prohibits the following conduct: the acquisition or disposal of financial instruments to which inside …” „… measures to ensure that legal persons can be held liable where the lack of supervision or control, by a …” „… information can no longer be controlled by the issuer.23 Onward disclosure of recommendations or inducements …”

Index S. 1785-1803

„… disclosure MAR 17 1 – failure of supervision or control MAD 8 6 – inciting, aiding and abetting; attempt …” „… evaluation MiFID II 48 31 – permission of electronic access MiFID II 48 70 – pre- and post-trade controls …” „… basis MiFIR 13 6 Access to trading venue EMIR 8 3; MiFIR 35-37 1-22 Access-control-rule MiFIR 17 5 …”

Article 17 Public disclosure of inside information S. 778-799

„… parent undertaking or related undertaking, owns or controls or for the operational matters of which the …” „… , acquisitions, splits and spin-offs, purchases or disposals of major assets or branches of corporate activity …” „… Inside information is within the scope of Art 17(2) if it is owned or controlled by the EAMP or a parent …”

Article 24 General principles and information to clients S. 157-180

„… firm controls (see Art 13(1) of the MiFID II Delegated Directive for more information). An investment …” „… the balance between the interests of investment firms and their clients should be different only …” „… content, scope and form of conduct-of-business rules under MiFID II must at least be taken into account …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… legal person referred to in Article 10, (a) learns of the acquisition or disposal or of the possibility …” „… it, regardless of the date on which the acquisition, disposal or possibility of exercising voting …” „… , should have learned of the acquisition or disposal; (e) to clarify the conditions of independence to be …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… Zimmer, § 14 margin no 58, argue that the acquisition of a stake of at least 5% is sufficiently …” „… , conversely, that it is always impermissible to disclose inside information in the context of acquisition …” „… corporate insiders can be controlled better by the issuer, and an unimpeded flow of information is crucial …”

Article 11 Annual financial reports S. 1155-1156

„… natural person or legal person referred to in Article 10, (a) learns of the acquisition or disposal or of …” „… have learned of it, regardless of the date on which the acquisition, disposal or possibility of …” „… resulting situation in terms of voting rights; (b) the chain of controlled undertakings through which voting …”

Article 3 Definitions S. 654-657

„… an acquisition of securities in a company which does not trigger a legal or regulatory obligation to …” „… a third country, so long as an act or omission concerns an instrument within the meaning of Arts 2(1 …” „… instrument that is the subject of insider dealing or is affected by, or used in, a manipulative scheme, is …”

Article 20 Investment recommendations and statistics S. 824-833

„… the investment services; and information on the price and date of acquisition of shares in the …” „… sufficiently being controlled by the same person or persons.41 In case of a natural person, the information to …” „… European Parliament and to the Council on the application of MAR by 3 July 2019. Inter alia, that report …”

doi.org/10.5771/9783845279893

European Council for Agricultural Law / Comité Européen de Droit Rural / Europäisches Komitee für Agrarrecht, Roland Norer - CAP Reform: Market Organisation and Rural Areas

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European Council for Agricultural Law / Comité Européen de Droit Rural / Europäisches Komitee für Agrarrecht (ed.), Roland Norer (ed.)

CAP Reform: Market Organisation and Rural Areas

Series: Schriften zum Agrar-, Umwelt- und Verbraucherschutzrecht

Volume 75 2017

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Commission II – Kommission II Questionnaire de la Commission II – Questionnaire of Commission II – Fragebogen der Kommission II S. 165-174

„… authorisation procedure for the acquisition of agricultural land and control systems)? 8. How is judicial …” „… control of the acquisition of agricultural land ensured in your country? Does national law lay down any …” „… : cross-border acquisitions and acquisitions by nonagricultural capital of agricultural land 1. Background …”

János Ede Szilágyi Rapport général de la Commission II – General Report of Commission II – Generalbericht der Kommission II S. 175-292

„… , the young farmer shall be capable of exercising effective and long-term control over the legal person …” „… the young farmer is actually in control of the holding, given the fact that the wording of Article 2 …” „… acquisitions and leases: A set of minimum principles and measures to address the human rights challenge, 28 …”

Teresa Kurowska, Dorota Lobos–Kotowska, Pawel Gala Poland S. 477-478

„… occurring in practice even expand the scale of the acquisition beyond the control of agricultural real …” „… 30.04.2016 of the transition period in the acquisition of agricultural real estate by the foreigners from EEA …” „… and Switzerland placed new challenges before Poland for preparation of legislation enabling control of …”

María Adriana Victoria, Nancy Lydia Malanos Argentina S. 457-462

„… accompany MERCOSUR requirements. As for the acquisition of agricultural land in another country (borderline …” „… National Registry of Rural Lands and also a control system. The law states the total and absolute nullity …” „… Ciencias Jurídicas y Sociales de la Universidad del Centro Educativo Latinoamericano Legal framework of …”

Roland Norer Rapport de Synthese – Synthesis Report – Synthesebericht Rapport de Synthese – Synthesis Report – Synthesebericht S. 365-430

„… particular emphasis was placed in this context on crossborder and non-agricultural acquisitions of …” „… and control system and conditions for refusal or withdrawal of payments and administrative penalties …” „… means for achieving public control of administration. Rural Areas If we now turn our focus to the work …”

Alessandra Di Lauro, Luc Bodiguel Rapport général de la Commission III – General Report of Commission III – Generalbericht der Kommission III S. 317-354

„… forest land transactions has been passed that standardises strict preconditions for the acquisition of …” „… . The Polish reporter proposed in this regard a controlled liberalisation. The president of the …” „… de contrôle nationaux au sein de l’UE et, en Italie, par l’activité constante de l’inspection …”

doi.org/10.5771/9783845274393

Martin Sternal - Mergers and Acquisitions by Digital Technology Giants

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Martin Sternal

Mergers and Acquisitions by Digital Technology Giants

Series: Nomos Universitätsschriften - Betriebswirtschaftslehre

Volume 10 2020

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2 Digital Giants’ Mergers and Acquisitions Activity: Drivers of Value Creation and Value Dilution S. 23-71

„… Digital Giants’ Mergers and Acquisitions Activity: Drivers of Value Creation and Value Dilution4 …” „… Mergers and Acquisitions? in: Proceedings of the 40th International Conference on Information Systems …” „… (ICIS), Munich, Germany. 23 strong acquisition activities and high levels of financial liquidity (Dolata …”

5 Overall Conclusion and Contribution S. 162-168

„… and acquisitions activity of digital technology giants. It analyzes the effect on the value of …” „… . The first research question (chapter 2) discusses the effect of mergers and acquisitions on the value …” „… reshape platform boundaries and are part of the digital giants’ growth story. The acquisitions can profit …”

References S. 169-180

„… . The Journal of Finance 49, 985–1014. Akdoğu, E., 2009. Gaining a competitive edge through acquisitions …” „… ., Walkling, R.A., 2011. Anticipation, Acquisitions, and Bidder Returns: Industry Shocks and the Transfer of …” „… , P.P., Tesar, L.L., 2010. The Value of Control in Emerging Markets. Review of Financial Studies 23 …”

4 Dotcom Giants vs. Digital Giants: Two Groups of Leading Digital Technology Players from Different Periods S. 127-161

„… control by capital markets. Management can focus on selfinterest motives for acquisitions instead of …” „… levels of available financial resources decrease control by capital markets and can lead to corporate …” „… acquisitions with the M&A activity of digital technology giants and analyzes rival effects of dotcom giants on …”

3 Competitive Dynamics in the Digital Technology Industry: Rival Effects in the Light of Digital Giants’ Mergers and Acquisitions Activity S. 72-126

„… Giants’ Mergers and Acquisitions Activity16 Introduction “Don’t be evil” – Preface of Google’s Code of …” „… 2014, the share prices of Facebook and Tencent increase after the acquisition of WhatsApp by Facebook …” „… government recommended that the antitrust assessment of mergers and acquisitions activity in the digital …”

doi.org/10.5771/9783748910473

Jens Peter Schmidt, Fabian Hübener - New Digital Markets Act

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Jens Peter Schmidt (ed.), Fabian Hübener (ed.)

New Digital Markets Act

2023

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Jens Peter Schmidt Chapter 9 Merger control (Art. 14 DMA) S. 74-79

„… concentrations as defined by the ECMR (vulgo: merger, acquisition of sole or joint control) with regard to the …” „… following the conclusion of the agreement, announcement of the public bid, or acquisition of a controlling …” „… . Importance of merger control in the digital economy . . . . . . . . . . . . . . . . . . . . . . . . 1B. No …”

Index S. 255-260

„… power 3 12– exploitation of 2 9Marketplace, digital 2 2Merger control– competences 9 10 et seqq …” „… requirements 10 43– grounds for annulment 10 44 et seq.– obligations of gatekeepers 10 45– right to …” „… proceedings, concern 10 41– subject matter of the action 10 38– time limit for bringing an action 10 42 …”

Annex: Digital Markets Act S. 177-254

„… those acquisitions to the Commission for the purposes of merger control. The Commission should also …” „… , from one area of activity to another. Some of those undertakings exercise control over whole platform …” „… question, and to national rules concerning merger control. However, the application of those rules should …”

Titelei/Inhaltsverzeichnis

„… control.XIIIPablo Figueroa, LL.M. (Cornell Law School and College of Europe)Pablo Figueroa is partner in competition …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. 72CHAPTER 9MERGER CONTROL (ART. 14 DMA)Jens Peter SchmidtImportance of merger control in the …” „… on all aspects of German and European antitrust and competition law. This includes merger control …”

Fabian Hübener, Raphael Reims Chapter 10 EU penalties, investigative powers and legal protection S. 80-95

„… or indirect control of an enterprise or undertaking by another’ are also covered.Unlike in cartel law …” „… that the competition authorities have identified the acquisition-driven corporate growth of the …” „… Assessment of the Framework and Approach of the EU Digital Markets Act’, ELR 2022, 85; Belloso, ‘The Proposal …”

doi.org/10.5771/9783748937067

Klaus Heine, Oliver Budzinski - Wettbewerb, Recht und Wirtschaftspolitik

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Klaus Heine (ed.), Oliver Budzinski (ed.)

Wettbewerb, Recht und Wirtschaftspolitik

Series: Wettbewerb und Regulierung von Märkten und Unternehmen

Volume 62 2024

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Arndt Christiansen The SIEC Test in German Merger Control S. 159-178

„… own ideas and interests.Merger control has been one of the many topics that Wolfgang Kerbercovered …” „… the control of concentra‐tions between undertakings, in: Official Journal L 24, 29.01.2004, 1-22.2 …” „… Kerber has always fol‐lowed the development of (EU) merger control with great interest andexpertise …”

Oliver Budzinski, Klaus Heine, Annika Stöhr Einleitung: eine Festschrift für Wolfgang Kerber S. 9-20

„… Contemporary Merger Control, in:Legal Issues of Economic Integration, Vol. 34 (2), 133-166.Budzinski, O …” „… Wolfgang Kerber17LiteraturverzeichnisAigner, G.; Budzinski, O. & Christiansen, A. (2006), The Analysis of …” „… CoordinatedEffects in European Merger Control: Where Do We Stand after Sony/BMG andImpala?, in: European Competition …”

Justus Haucap, Joel Stiebale Nicht-Preisliche Wettbewerbseffekte von Unternehmenszusammenschlüssen S. 23-72

Lea Bernhardt, Ralf Dewenter Die Europäische Fusionskontrolle und die Rolle von Innovationen S. 137-158

„… acquisition timeseries, in: Journal of Applied Econometrics, Vol. 7, 83–100.Veugelers, R. (2012), Innovation …” „… ; repair of motor veh. and motorcycles 676 11.26 50.2K - Financial and insurance activities 589 9.81 60.01J …” „… - Agriculture, forestry and fishing 14 0.23 99.82P - Education 6 0.1 99.92T - Activities of households as …”

Roger van den Bergh, Franziska Weber Control of buyer power: which role (if any) for competition law? S. 73-92

„… “Anzapfverbot”.163.2. Merger controlIn the field of merger control, the concept of market dominance has …” „… Control of buyer power: which role (if any) for competition law?Roger van den Bergh & Franziska …” „… frame ofreference to judge the normative desirability of the control of buyer powerthrough rules of …”

doi.org/10.5771/9783748943938

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