- Public offering of securities
- Admission of securities to the regulated market
- Prospectus approval procedure
- License to provide investment services
- Licence to acquire a qualifying holding in a brokerage company
- License for a board member in a brokerage company
- License for a member of the supervisory board
- Broker license
- Tied agent licence
- Authorization to access auction systems
Detailed description of the individual elements of the application
The assessment of the holder's reputation covers two elements:
- Hers/his integrity and
- Hers/his professional competence.
The integrity requirements apply regardless of the size of the qualifying holding that the holder intends to acquire. On the contrary, the assessment of professional competence takes into account the influence that the holder will have on the company. This means that in accordance with the principle of proportionality, the qualification requirements are reduced for future holders who cannot exercise a significant influence on the company in their position or who undertake not to exercise such influence.
Reputation and experience of persons who will have an impact on the company
If, after acquiring a qualifying holding, the future holder can and intends to appoint new persons to manage the activities of the company, such persons must be capable and suitable. If the future holder intends to appoint a person that is not fit and proper, the supervisor must object to the proposed acquisition.
The financial strength of the future qualifying holder should mean its ability to finance the acquisition of the holding and maintain a stable financial structure of the holder and the company in the near future. This ability should be evident from the overall objective of the acquisition and the acquisition policy of the future holder and – if the proposed acquisition would lead to a qualifying stake of 50% or more or if the company would become a subsidiary of the future holder – the intended financial goals consistent with the strategy in the business plan. The supervisor must, taking into account the nature of the future holder and the acquisition, determine whether the future holder is financially stable enough to ensure good and prudent management of the company in the near future (usually three years).
Implications for decency to act in accordance with regulations
The proposed acquisition of the holding should not have a negative impact on the company's compliance with regulations. The supervisor must consider not only impartial facts, such as the intended holding in the company, the reputation of the prospective holder, its financial stability and the structure of its group, but also the plans expressed by the future holder in its strategy regarding the company (including what can be seen from the business plan). These plans could be supported by appropriate commitments from the future holder to meet the prescribed requirements in accordance with the assessment criteria set out in the sectoral directives and regulations. These commitments may include, for example, financial support in the event of liquidity or solvency problems or problems with the management of the company, the future target holding of the future holder in the company, and directions and goals for development.
Prevention of money laundering and terrorist financing
Prevention of money laundering and terrorist financing assessment complements the integrity assessment and must be carried out regardless of the value and other characteristics of the proposed acquisition of a qualifying holding. The supervisor objects to the acquisition of a holding if it knows or suspects or has reasonable grounds to know or suspect that the future holder is involved in, or has been involved in, money laundering activities or attempts, regardless of whether these activities or attempts are directly or indirectly related to the proposed acquisition. It also objects if it knows or suspects or has reasonable grounds to know or suspect that the future holder has engaged in terrorist activities or financed terrorism, in particular if the future holder is subject to the relevant financial sanctions regime, or if the proposed acquisition increases the risk of money laundering or financing of terrorism.