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Alternative Investment Fund Managers Directive (AIFMD)
Article 26

Article 26 — Scope

  1. This Section shall apply to the following:
    1. AIFMs managing one or more AIFs which either individually or jointly on the basis of an agreement aimed at acquiring control, acquire control of a non-listed company in accordance with paragraph 5;
    2. AIFMs cooperating with one or more other AIFMs on the basis of an agreement pursuant to which the AIFs managed by those AIFMs jointly, acquire control of a non-listed company in accordance with paragraph 5.
  2. This Section shall not apply where the non-listed companies concerned are:
    1. small and medium-sized enterprises within the meaning of Article 2(1) of the Annex to Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises(1)
    2. special purpose vehicles with the purpose of purchasing, holding or administrating real estate.
  3. Without prejudice to paragraphs 1 and 2 of this Article, Article 27(1) shall also apply to AIFMs managing AIFs that acquire a non-controlling participation in a non-listed company.
  4. Article 28(1), (2) and (3) and Article 30 shall apply also to AIFMs managing AIFs that acquire control over issuers. For the purposes of those Articles, paragraphs 1 and 2 of this Article shall apply mutatis mutandis.
  5. For the purpose of this Section, for non-listed companies, control shall mean more than 50 % of the voting rights of the companies.

    When calculating the percentage of voting rights held by the relevant AIF, in addition to the voting rights held directly by the relevant AIF, the voting rights of the following shall be taken into account, subject to control as referred to in the first subparagraph being established:

    1. an undertaking controlled by the AIF; and
    2. a natural or legal person acting in its own name but on behalf of the AIF or on behalf of an undertaking controlled by the AIF.

    The percentage of voting rights shall be calculated on the basis of all the shares to which voting rights are attached even if the exercise thereof is suspended.

    Notwithstanding point (i) of Article 4(1), for the purpose of Article 28(1), (2) and (3) and Article 30 in regard to issuers control shall be determined in accordance with Article 5(3) of Directive 2004/25/EC.

  6. This Section shall apply subject to the conditions and restrictions set out in Article 6 of Directive 2002/14/EC.
  7. This Section shall apply without prejudice to any stricter rules adopted by Member States with respect to the acquisition of holdings in issuers and non-listed companies in their territories.