Book contents
- Frontmatter
- Contents
- Contributors
- Preface
- Part I EC rules on takeover bids
- Part II Application in each Member State
- 3 Austria
- 4 Belgium
- 5 Czech Republic
- 6 Estonia
- 7 Germany
- 8 Greece
- 9 Hungary
- 10 Ireland
- 11 Latvia
- 12 Lithuania
- 13 Luxembourg
- 14 The Netherlands
- 15 Portugal
- 16 Slovak Republic
- 17 Spain
- 18 United Kingdom
- Part III Annexes
- Index
- Law Practitioner Series
12 - Lithuania
from Part II - Application in each Member State
Published online by Cambridge University Press: 07 May 2010
- Frontmatter
- Contents
- Contributors
- Preface
- Part I EC rules on takeover bids
- Part II Application in each Member State
- 3 Austria
- 4 Belgium
- 5 Czech Republic
- 6 Estonia
- 7 Germany
- 8 Greece
- 9 Hungary
- 10 Ireland
- 11 Latvia
- 12 Lithuania
- 13 Luxembourg
- 14 The Netherlands
- 15 Portugal
- 16 Slovak Republic
- 17 Spain
- 18 United Kingdom
- Part III Annexes
- Index
- Law Practitioner Series
Summary
Introduction
Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (the ‘Takeover Directive’) was fully implemented in Lithuania in July 2006.
In particular, the Takeover Directive was implemented by amending the Law on Securities Markets of the Republic of Lithuania No. I-1169 of 16 January 1996, and the Rules on Submission, Registration and Execution of a Tender Offer approved by the Resolution of the Securities Commission of the Republic of Lithuania No. 1K-9 of 17 July 2006.
Currently, all provisions regulating takeover bids are established in the following legal acts of the Republic of Lithuania:
(i) the Law on Securities of the Republic of Lithuania No. X-1023 of 18 January 2007 (the ‘Law on Securities’); and
(ii) the Rules on the Drawing up and Approval of the Circular of the Takeover Bid and the Execution of the Takeover Bid approved by the Resolution of the Securities Commission of the Republic of Lithuania No. 1K-9 of 17 July 2006, as amended by the Resolution of the Securities Commission of the Republic of Lithuania No. 1K-6 of 23 February 2007 (the ‘Rules’).
So far, there have been only a few precedents of case law on the provisions of the Law on Securities and the Rules implementing the requirements of the Takeover Directive.
The Securities Commission of the Republic of Lithuania, the competent authority in Lithuania, has issued some clarifications on the requirements established in the Law on Securities.
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- Common Legal Framework for Takeover Bids in Europe , pp. 275 - 294Publisher: Cambridge University PressPrint publication year: 2008