ASF Regulation 3/2021-R: An analysis of the main changes

ASF Regulation 3/2021-R (“ASF Regulation”), issued by the Insurance and Pension Funds Supervisory Authority (“ASF”), was approved on 13 April 2021 and revokes ASF Regulation 3/2016-R of 12 May 1. The aim of this ASF Regulation is to establish the documents and information that must be filed with (i) the prior communication of projects to acquire, increase and decrease qualifying shareholdings in insurance or reinsurance companies and pension fund management companies, (ii) the communication of the constitution of encumbrances or charges on qualifying shareholdings in insurance or reinsurance companies and pension fund management companies. The ASF Regulation also defines (i) the criteria to confirm the existence of qualifying shareholdings by concerted action or through indirect shareholdings, as well as the terms of their prior notification, and (ii) the rules applicable to the acquisition of holdings that make it possible to exercise significant influence over the management of the company.