No L 348/62 “Official Journal of the European Communities 17. 12. 88 COUNCIL DIRECTIVE of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (88/627/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 54 thereof, Having regard to the proposal from the Commission ('), In cooperation with the European Parliament (), Having regard to the opinion of the Economic and Social Committee (%), Whereas a policy of adequate information of investors in the field of transferable securities is likely to improve investor protection, to increase investors’ confidence in securities markets and thus to ensure that securities markets function correctly ; Whereas, by making such protection more equivalent, coordination of that policy at"Community level is likely to make for greater inter-penetration of the Member States’ transferable securities markets and therefore help to establish a true European capital market ; Whereas to that end investors should be informed of major holdings and of changes in those holdings in Community companies the shares of which are officially listed on stock' exchanges situtated or operating within the Community ; "Whereas coordinated rules should be laid down concerning the detailed content and the procedure for applying that requirement; Whereas companies, the shares of which are officially listed on a Community stock exchange, can inform the public of changes in major holdings only if they have been informed of such changes by the holders of those holdings ; ‘Whereas most Member States do not subject holders to such a requirement and where such a requirement exists there are appreciable differences in the procedures for () OJ No C 351, 31. 12. 1985, p. 35, and OJ No C 255, 25. 9. 1987, p. 6. (® OJ No C 125, 11. 5. 1987, p. 144, and OJ No C 309, 5. 12. 1988. () OJ No C 263, 20. 10. 1986, p. 1. applying it; whereas coordinated rules should therefore be adopted at Community level in this field, HAS ADOPTED THIS DIRECTIVE: Article 1 1. Member States shall make subject to this Directive natural persons and legal entities in public or private law who acquire or dispose of, directly or through interme- diaries, holdings meeting the criteria laid down in Article 4 (1) which involve changes in the holdings of voting rights in companies incorporated under their law the shares of which are officially listed on a stock exchange or exchanges situated or operating within one or more Member States. 2.  Where the acquisition or disposal of a major holding such as referred to in paragraph 1 is effected by means of certificates representing shares, this Directive shall apply to the bearers of those certificates, and not to the issuer. 3. This Directive shall not apply to the acquisition or disposal of major ‘ holdings in collective investment undertakings. 4. Paragraph 5 (c) of Schedule C of the Annex to Council Directive 79/279/EEC of 5§ March 1979 coordi- nating the conditions for the admission of securities to official stock exchange listing (*), as last amended by Directive . 82/148/EEC (), is hereby replaced by the * following : . c) The company must inform the public of any changes in the structure (shareholders and breakdowns of holdings) of the major holdings in its capital as compared with information previously published on that subject as soon as such changes come to its notice. In particular, a company which is not subject to Council Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (") must inform the public within nine calender days whenever it comes to its notice that a person or entity has acquired or disposed of a number of shares such that his or its holding exceeds or falls below one of the thresholds laid down in Article 4 of that Directive. () OJ No L 348, 17. 12. 1988, p. 62" () OJ No L 66, 16. 3. 1979, p. 21. ) OJ No L 62, 5. 3. 1982, p. 22.