• TAI FSC amended notice for reporting of issued voting shares in the financial holding companies act, and notice for reporting of issued voting shares in the banking act.

Amendments

• Relevant substantive beneficiaries or ultimate controllers to be added to declaration.
• Legal person with transparency status e.g. government agency exempted from declaring substantive beneficiary or ultimate controller when applying for more shares.
• Add shareholding and control structure chart as an explanation of the equity structure.
• Shareholding and control structure chart attached to declaration for reporting is used for supervision and need not be provided to financial institution at the same time.
• Legal persons who have held shares and who still exceed 5% must re-declare holding.

Effectiveness

• Notice is officially published on 25 December 2019, scheduled to take effect 1 July 2020.
• Notice is formally effective after half-year buffer period from date of its release.