The FFSA has published new guidance relating to disclosure of derivative contracts. According to the guidance, also cash-settled derivative contracts may trigger shareholder’s disclosure obligation insofar as, based on the derivative contract, the holder of the derivative may, directly or indirectly, exercise actual voting power/control in respect of the underlying shares. The FFSA also emphasizes that derivative contracts may trigger a duty for the holder to make a mandatory purchase offer if the contract grants the holder actual control in respect to the issued underlying shares.
According to the guidance, the FFSA will pay special attention to the use of derivative contracts in its future regulatory work.