Solvency II Art.57: Arts 57 to 59 Notify the supervisor before acquiring, increasing or disposing of a qualifying holding

What does Art.57 require?

Any person who decides to acquire or increase a qualifying holding so that voting rights or capital reach or exceed 20, 30 or 50 percent, or the undertaking becomes a subsidiary, must first notify the undertaking's supervisory authorities in writing with the information on the published list; disposals and reductions below those thresholds must also be notified. The supervisor has 60 working days to assess the acquirer's reputation, the reputation of those who will direct the business, financial soundness, continued prudential compliance and money laundering risk; silence means approval.