Oficialus siūlymas dėl emitento vertybinių popierių: teisinis reguliavimas ir jo įgyvendinimas
MetadataShow full item record
Directive 2004/25/EC actually has not created (nor was intended to do so) the uniform mandatory legal regulation of takeover bid in Member States. An independent and creative legislation of Lithuania tailoring, expanding (both theoretically and practically), and adapting the theoretical principles of Directive 2004/25/EC through the national laws and its own methods so that they are consistent with the national specific features and legal traditions was that high road to be taken for the purpose of improvement of the institution of mandatory takeover bid and its practical implementation in the process of its modernisation in the country, and harmonisation on the overall level of the European Union. Failing this, the legal regulation of takeover bid and its implementation in Lithuania are still being confronted with difficulties: 1.Legal regulation existing in Lithuania is not sufficiently comprehensive, and the scope of application of takeover bid is arguable. 2. The legislative acts effective in Lithuania are leading to an exceptional situation where a takeover bid is fact must be announced without any limitations, i.e. on a broader scale than established in the absolute majority of other Member States. 3. Lack of detail in the legal rules along with the inefficient regime of sanctions is leading to a situation allowing for non-performance or delay of the obligation to make a takeover bid. As a result, a number of problems in practical implementation of the legal regulation arise, and they are not always handled justly. 4.The supervisory authority monitoring implementation of takeover bids exercises its discretionary powers which have not been granted to it by the effective legislation, and that leads to inadequate application of Directive 2004/25/EC, and legal uncertainty.