On 12 April 2024, FIN GVT published decisions presented by the President of the Republic on the session of 12 April 2024, including the confirmation of bill HE 3/2024.

• FIN PRL accepted bill; President ordered the law to enter into force on 19 April 2024.

Background

• On Feb. 15, 2024, FIN PRL published HE 3/2024 on FIN GVT proposal to amend Securities markets act into law affecting provisions on major shareholdings, voting rights, takeovers
• 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.