II.4.22.

Can a market participant have  more than one ultimate controller?

Answer: Yes. In line with Section 3 of the Agency Decision No 01/2012, market participants can have one or more ultimate controllers.

The Agency regards a legal or natural person as an ultimate controller of a market participant if:

- it holds 10 % or more of the shares in the market participant or its parent OR

- it is able to exercise significant influence over the management of the market participant through a controlling interest in the market participant or its parent OR

- it is entitled to control or exercise control of 10 % or more of the voting power in the market participant or its parent OR

- it is able to exercise significant influence over the management of the market participant through their voting power in the market participant or its parent.