"Propiedad oculta" y "voto vacío" en la armonización de la transparencia corporativa

Resumo

The European Parliament legislative resolution of 12 June 2013 approved, on first reading, the proposal for the amendment of Directive of the European Parliament and of the Council amending Directive 2004/109/EC on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and Commission Directive 2007/14/EC. The purpose of this paper is to make an evaluative study on the foundations and key aspects of the regulation in connection with the duty to report a relevant equity interest acquired through financial derivative instruments with similar economic effect, regardless of their the physical or cash settlement. This is one of the main amendments to the Transparency Directive 2004/109/CE. It is based on the need to prevent the secretly-access to ownership of a listed company or the influence caused by empty-voting strategies through the use of financial derivatives, without the subsequent application of the transparency rules