Art. 10 Additional information for qualifying holdings of more than 20 % and up to 50 % | RTS on acquisition of qualified holding in ART issuer | MiCA

Article 10 sits in the middle of a tiered disclosure framework, building directly on Article 9 (which covers holdings up to 20%) and referencing Article 11 (which covers majority acquisitions above 50%).

It applies where a proposed acquisition would result in a qualifying holding of more than 20% and up to 50% of a target entity.

At this level of influence, the proposed acquirer must submit a more detailed strategy document than that required under Article 9, reflecting the greater degree of influence over the target entity that such a holding confers.

Notably, the article also extends these same requirements to smaller acquirers covered by Article 9 whose actual influence over the target entity is assessed as equivalent to that of a 20–50% shareholder.

Important points:

Where your proposed acquisition results in a qualifying holding of more than 20% and up to 50%, submit a strategy document covering your intended influence on the target entity's financial position, strategic development, and resource allocation.
This article stacks on top of Article 9, meaning all information required under that article must also be submitted alongside the additional Article 10 requirements.
The enhanced disclosure obligations can also apply to proposed acquirers below the 20% threshold if their actual assessed influence over the target entity is equivalent to that of a 20–50% holding.

1. Where the proposed acquisition would result in the proposed acquirer holding a qualifying holding in the target entity of more than 20 % and up to 50 %, the proposed acquirer shall submit to the competent authority of the target entity a document on the strategy containing, where relevant, the following information:
  1. all the information requested pursuant to Article 9;
  2. details on the influence that the proposed acquirer intends to exercise on the financial position, including dividend policy, the strategic development, and the allocation of resources of the target entity;
  3. a description of the proposed acquirer’s intentions and strategy towards the target entity, covering all the elements referred to in Article 11(2) with a level of detail proportionate to the influence in the target entity stemming from the acquisition.
1. The information referred to in paragraph 1 shall also be provided to the competent authority of the target entity by any proposed acquirer referred to in Article 9 where the influence exercised by the shareholding of the proposed acquirer, based on the assessment of the shareholding of the target entity, would be equivalent to the influence exercised by shareholdings of more than 20 % and up to 50 %.