DNB refers to the DNO obligation for a qualifying holding in an investment firm and a manager of UCITS

DNB refers to the DNO obligation for a qualifying holding in an investment firm and a manager of UCITS

In a news item on its website (only available in Dutch), DNB draws attention to the obligation to receive a declaration of no objection (DNO) from DNB before acquiring an interest of 10% or more in an investment firm or a UCITS manager. DNB notes that it has recently become increasingly common for a shareholder (legal or natural person) to have a qualifying holding in an investment firm or in a UCITS manager without having obtained a DNO intended for that purpose. If there is a qualifying holding without a DNO issued for that purpose, DNB can proceed with enforcement. In doing so, DNB calls on all (indirect) shareholders of investment firms and managers of UCITS to check whether a DNO is present for the (indirect) participation and whether the DNO has been obtained for the correct bandwidth. If this is not the case, this must be reported to DNB.

Finally, DNB also refers to the obligation for investment firms and UCITS managers to notify DNB each year of the holders of a qualifying participation in the company.

Finnius has a lot of experience with DNO applications. We recently wrote an article with an overview of regulatory aspects of a takeover of a financial institution, in which the DNO application is extensively discussed. We are happy to assist.