Art. 9 Additional information for qualifying holdings of up to 20 % | RTS on acquisition of qualified holding in ART issuer | MiCA

This article sets out the strategy document requirements for proposed acquirers whose acquisition would result in a qualifying holding of up to 20% in the target entity.

It sits within a tiered framework alongside Articles 10 and 11, which impose progressively more detailed obligations as the size of the proposed holding increases.

At this lowest threshold, the requirements are relatively light, focusing on the acquirer's intentions and financial position rather than demanding full business plans or financial projections.

Important points:

If your proposed acquisition results in a qualifying holding of up to 20%, submit a strategy document to the competent authority of the target entity covering your investment intentions and financial position.
The strategy document must address how long you intend to hold the shareholding, whether you plan to act as an active minority shareholder, and your willingness to provide additional financing to the target entity if needed.
This article forms the baseline tier of a scaled disclosure framework, with Articles 10 and 11 requiring progressively greater detail for larger holdings.

Where the proposed acquisition would result in the proposed acquirer holding a qualifying holding in the target entity of up to 20 %, the proposed acquirer shall submit to the competent authority of the target entity a document on the strategy containing, where relevant, the following information:

the strategy of the proposed acquirer regarding the proposed acquisition, including the period for which the proposed acquirer intends to hold its shareholding after the proposed acquisition and any intention of the proposed acquirer to increase, reduce or maintain the level of its shareholding in the foreseeable future;
an indication of the intentions of the proposed acquirer towards the target entity, and in particular whether or not the proposed acquirer intends to act as an active minority shareholder, and the rationale for that action;
information on the financial position of the proposed acquirer and its willingness to support the target entity with additional financing if needed for the development of its activities or in case of financial difficulties.