5. — Directive 2004/109/EC of the European Parliament and of the Council of 15…

5.

Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC · European Union

This Article shall not apply to the acquisition or disposal of a major holding reaching or crossing the 5 % threshold by a market maker acting in its capacity of a market maker, provided that: it is authorised by its home Member State under Directive 2004/39/EC; and it neither intervenes in the management of the issuer concerned nor exerts any influence on the issuer to buy such shares or back the share price.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.