Changes in Dutch rules Notification of voting rights and holdings in listed companies (01-01-2012)
As of 1 January 2012, the Dutch rules on the notification of voting rights and participating interests in certain listed companies also capture certain cash-settled instruments
As of 1 January 2012, the scope of the rules governing the notification of voting rights and participating interests in –briefly put– listed Dutch public companies and non-European issuers with a Dutch listing has been extended to certain cash-settled instruments, such as ‘contracts for difference’ and ‘total return equity swaps’. The rationale behind this extension is that under certain circumstances these instruments may give the holder the possibility to influence the underlying voting rights and to obtain a participating interest in the relevant issuer. In relation to this change the Dutch Authority for the Financial Markets (“AFM”) has recently issued a policy rule and an updated version of the AFM brochure for shareholders.