AI Summary of Article 6 Control of the shareholding
Natural or legal persons proposing to acquire, increase, dispose of or reduce a qualifying holding in a payment institution must notify the institution’s competent authorities in writing in advance where the holding would reach or fall below 20%, 30% or 50%, or would cause the institution to become or cease to be a subsidiary. The proposed acquirer must supply the competent authority with information indicating the intended holding’s size and the relevant information referred to in Article 23(4) of Directive 2013/36/EU.
Member States must ensure competent authorities may oppose or take appropriate measures where a proposed acquirer’s influence is likely to be detrimental to the prudent and sound management of the payment institution; measures may include injunctions, penalties against directors or persons responsible for management, or suspension of voting rights attached to the shares. Similar measures apply for failure to provide prior information, and if a holding is acquired despite opposition authorities must provide for suspension of the corresponding voting rights, nullity of votes cast or the possibility of annulling those votes.
Article 6 Control of the shareholding
1. Any natural or legal person who has taken a decision to acquire or to further increase, directly or indirectly, a qualifying holding within the meaning of point (36) of Article 4(1) of Regulation (EU) No 575/2013 in a payment institution, as a result of which the proportion of the capital or of the voting rights held would reach or exceed 20 %, 30 % or 50 %, or so that the payment institution would become its subsidiary, shall inform the competent authorities of that payment institution in writing of their intention in advance. The same applies to any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding, or to reduce its qualifying holding so that the proportion of the capital or of the voting rights held would fall below 20 %, 30 % or 50 %, or so that the payment institution would cease to be its subsidiary.
2. The proposed acquirer of a qualifying holding shall supply to the competent authority information indicating the size of the intended holding and relevant information referred to in Article 23(4) of Directive 2013/36/EU.