Ministerial Order EHA/3241/2010 dated 13 December 2010 approves the list of the compulsory information to be sent to the "Dirección General de Seguros y Fondos de Pensiones" (Spanish Insurance Regulator) in case of acquisition or increase of significant participation in an insurance company, as well as the information related to those who intend to hold administrative and management positions in insurance companies, reinsurers and corporations whose principal activity is to hold shares in these entities. The order introduces two very interesting novelties. Firstly, it sets out the exemption of certain requirements in an acquisition of a significant stake when the purchaser has been assessed by the "Dirección General de Seguros y Fondos de Pensiones" during the two previous years in relation to other deals. Secondly, it also introduces the possibility to exempt the potential purchaser from the obligation to disclose part of the information, when it considered not being relevant to assess the acquisition.
13 December 2010