Greece – CB Qualifying Holdings Acquisition

• GRE CB published Executive Committee Act of Sep. 2, 2025, amending Act of CB PD/TE 120 of Jul 11, 2011, on Precautionary assessment of the acquisition and increase of qualifying holdings in an insurance or reinsurance undertaking.

Overview

• The amendment addresses the precautionary assessment of acquiring qualifying holdings in insurance or reinsurance undertakings.
• Amendment replaces article 2 of Act 120/2017; certificates accompanying submissions must be issued by legally authorized persons and validated as per law; documents submitted must be in Greek or English, with provisions for other official EU languages.
• New annexes and questionnaires are introduced; existing Annex is renamed to Annex I and a new Annex II is added which includes Questionnaires A and B in English for natural and legal persons.
• Questionnaires require detailed information on proposed acquisition/acquirer/financing.
• Specific information requirements based on percentage of qualifying holdings, outlined.
• Part I requires information on the proposed acquisition, including business name, overview, aims, and existing shareholdings.
• Part II specifies additional requirements based on percentage of holdings, i.e. 50% or more requires a business plan; up to 20% requires intentions regarding shareholding; and 20% to 50% requires influence on financial position/strategic development.
• Information required about the proposed acquirer’s identity; organizational structure and management of the acquiring legal entity; control and shareholding structure; past 3 years financial statements; private equity/hedge funds; third country entities.

Effectiveness

• Act enters into force upon publication in the Government Gazette.