On 15 February 2024, FIN PRL issued HE 3/2024 on FIN GVT proposal to amend Securities Markets Act into law affecting provisions on major shareholdings and voting rights.

• Also affects major shareholdings and voting rights, takeover bids, and obligation to bid, so that they would apply to multilateral trading facilities, not just regulated markets.
• By broadening the scope of the provisions, the aim of the proposal is to improve investor protection and transparency of investors in companies traded on an MTF.
• In addition, the aim is to clarify legal situation as per persons acting in concert insofar application of relevant provisions would lead to problems identified in market practice.
• Also, problems identified of inappropriate outcome, together with compliance obligations to manage conflicts of interest from other financial markets legislation.