Rights issue

Defined in Article 2, Commission Regulation (EC) No 809/2004

Definitions over time (1)

1. 01/07/2012 – today applies on 12/11/2026 Article 2, Commission Regulation (EC) No 809/2004 Scope: Whole act

   For the purposes of this Regulation, the following definitions shall apply in addition to those laid down in Directive 2003/71/EC:

   ‘Rights issue’, means any issue of statutory pre-emption rights which allow for the subscription of new shares and is addressed only to existing shareholders. Rights issue also includes an issue where such statutory pre-emption rights are disabled and replaced by an instrument or a provision conferring near identical rights to existing shareholders when those rights meet the following conditions: shareholders are offered the rights free of charge; shareholders are entitled to take up new shares in proportion to their existing holdings, or, in the case of other securities giving a right to participate in the share issue, in proportion to their entitlements to the underlying shares; the rights to subscribe are negotiable and transferable or, if not, the shares arising from the rights are sold at the end of the offer period for the benefit of those shareholders who did not take up those entitlements; the issuer is able, as regards the entitlements referred to in point (b), to impose limits or restrictions or exclusions and make arrangements it considers appropriate to deal with treasury shares, fractional entitlements and requirements laid down by law or by a regulatory authority in any country or territory; the minimum period during which shares may be taken up is the same as the period for the exercise of statutory pre-emption rights laid down in Article 29(3) of Council Directive 77/91/EEC (^{7}); the rights lapse at the expiration of the exercise period.

Used in (10 places in 5 provisions on 12/11/2026)

Commission Regulation (EC) No 809/2004 (10 in 5)

Article 2² · Article 26a² · Annex XVIII⁴ · Annex XXIII · Annex XXIV