Governance documents
Transparency rules
Under the Belgian Transparency Law (Article 14, first paragraph, of the Law of 2 May 2007 on disclosure of major holdings in listed companies), shareholders must notify Oxurion and the FSMA whenever they cross or fall below the following thresholds of voting rights: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, and every 5% thereafter. When holdings reach or exceed 20%, the notification must also include a description of the notifying party's intentions and a 12-month history of acquisitions. Notifications must be filed within 2 business days of the triggering transaction. Oxurion must then publish the notification within 1 business day on the Euronext Brussels official notices page. Shareholders may not exercise voting rights in excess of the last notified threshold. The FSMA and Belgian commercial courts may suspend voting rights and order forced sale in case of non-compliance. Reference: www.fsma.be