Hungary’s OTP acquires Slovenia’s second largest bank

The Hungarian OTP Bank Group has signed an agreement to acquire an outright stake in NKBM, Slovenia’s second largest bank, to become the leading banking player on the Slovenian market. OTP acquired the bank from Apollo, a US private equity…

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Highlights – Meetings with Slovenian Presidency representatives in committees

Slovenian Presidency of the Council of the EU official logo
Parliament’s committees will meet representatives of the Slovenian Presidency of the Council of the European Union to discuss its priorities in relation to the committees’ respective areas of responsibility. These meetings will start taking place in the week of 12 July 2021. The Slovenian Presidency started in the beginning of July and will run until the end of December 2021.

Source : © European Union, 2021 – EP

Highlights – Motor Insurance Directive: committee vote – Committee on the Internal Market and Consumer Protection

close up of car's fumes emissions in the traffic jam
The Committee on Internal Market and Consumer Protection will vote on the provisional inter-institutional agreement on the Motor Insurance Directive, on 12 July. The amended rules aim to better protect injured people when accidents occur in any EU member state, including domestic victims of an accident caused by a driver from another EU country. They also harmonise minimum amounts of cover. Victims of accidents will also be protected if a liable party’s insurance company goes bankrupt.

Source : © European Union, 2021 – EP

Briefing – Prospectuses for investors – Simplifying equity-raising during the pandemic – 01-07-2021

A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this, the Commission proposed to amend Regulation (EU) 2017/1129. These amendments aim at creating a temporary (18 month) regime for a short-form prospectus and to simplify the procedure for issuers (so that they can rapidly raise capital), as well as to release pressure on financial intermediaries. The Commission proposal was reviewed by the co-legislators who, among other things, increased the range of those who can benefit from the regime, added elements that must appear in the recovery prospectus and increased the minimum information in the prospectus. They further amended Directive 2004/109/EC (the ‘Transparency Directive’), thus providing Member States with the option to postpone, by one year, the requirement for listed companies.

Source : © European Union, 2021 – EP

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