danicole schreef op 9 september 2025 10:28:
[...]
Dit is wat ik tegen kom:
- geen inkopen tijdens de begin-/eindveilingen
- prijs niet hoger dan de laatst verhandelde prijs en niet boven de actuele "hoogste biedprijs"
- max 25% van het "gemiddelde dagelijkse volume" gedurende de voorliggende 20 handelsdagen (is dan inclusief eindveilingen)
2.4 CONDITIONS FOR TRADING
Article 3 of the Commission Regulation sets out the conditions for how the trading of shares shall be
carried out under a buy-back programme.
Article 3 no. 1 (a) states that the buy-back transactions must be carried out by the issuer on a trading
venue where the shares are admitted to trading or traded. Furthermore, it follows from article 3 no. 1
(b) that
orders shall not be placed during an auction phase and orders placed before the start of the
auction phase shall not be modified during that phase. Article 3 no. 1 (c) is not relevant for buy-back
programmes carried out on the marketplaces of Oslo Børs.
Buy-backs of shares cannot be purchased at a price higher than the higher of the price of the last
independent trade and the highest current independent purchase bid on the trading venue where the
purchase is carried out, including when the shares are traded on different trading venues, cf. article 3
no. 2. Furthermore,
the issuer may not purchase on any trading day more than 25 % of the average daily
volume of the shares on the trading venue on which the purchase is carried out, cf. article 3 no. 3 first
paragraph. The second paragraph sets out two alternatives for how the calculation of the average daily
volume is to be made and states that this shall be based on the average daily volume traded during
either of the following periods:
a) The average daily volume preceding the month of the disclosure of the buy-back programme,
such a fixed volume shall be referred to in the buy-back programme and apply for the duration
of that programme.
b)
The average daily volume in the 20 trading days preceding the date of purchase, where there
is no reference to such fixed volume as set out in (a) in the buy-back programme.
In the experience of Oslo Børs, alternative (b) is the most often used alternative for buy-back
programmes on the marketplaces of Oslo Børs. This means that the issuer, during the duration of the
buy-back programme, must make a daily calculation of the average daily volume in the 20 trading days
preceding the trading day on which buy-backs of shares are carried out.
3
It follows from the preamble item 4 of the Commission Regulation that buy-back transactions should
be carried out on a trading venue where the shares of the issuer are admitted to trading or traded. It
is however stated that negotiated transactions that do not contribute to price formation could be used
for the purpose of a buy-back programme and benefit from the exemption from the prohibitions of
market abuse, provided that all the conditions referred to in MAR and the Commission Regulation are
met.