Country | Rule | Disclosure Percentage | Notes | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | 100 | |||
United Kingdom | Major Shareholdings (UK Issuers) |
3% and each 1% thereafter up to 100% | ||||||||||||||||||||||||
United Kingdom | Major Shareholdings (UK Issuers - Fund Managers) |
5 | 10 | 10% to 100% at 1% increments | ||||||||||||||||||||||
United Kingdom | Major Shareholdings (Non-UK Issuers) |
5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | |||||||||||||||||
Gibraltar | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Guernsey | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Isle of Man | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Jersey | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Virgin Islands, British | Major Shareholdings | Curently no major shareholder disclosure regime in place |
Country | Rule | Disclosure Percentage | Notes | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | 100 | |||
Austria | Major Shareholdings | 3* | 4 | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 75 | 90 | The threshold of 3% applies only to issuers which have stipulated this threshold value in their articles of association. A special condition for this to become effective is the publication of the relevant clause of the articles of association on the issuer’s website and a notification to the FMA. | ||||||||||
Belgium | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | Issuers may impose private notification thresholds | |||||
Bulgaria | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | ||||||
Croatia | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | |||||||||||||||||
Cyprus | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | |||||||||||||||||
Czech Republic | Major Shareholdings | 1* | 3* | 5 | 10 | 15 | 20 | 25 | 30 | 40 | 50 | 75 | The thresholds of 1% and 3% are "size adjusted" whereby the 3% threshold only applies to holdings in companies with share capital > 100m CZK and the 1% threshold only applies to holdings in companies with share capital > 500m CZK | |||||||||||||
Denmark | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66.66 | 90 | ||||||||||||||||
Estonia | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66.66 | |||||||||||||||||
Finland | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 66.66 | 90 | In Finland shareholders are required to notify both voting rights and shares. | |||||||||||||||
France | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 33.33 | 50 | 66.66 | 90 | 95 | Issuers may impose private notification thresholds as low as 0.5% | |||||||||||||
Germany | Major Shareholdings | 3* | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | The 3% threshold applies only for notifying voting rights (TD Art. 9/10), but not for positions arising out of financial instruments (TD Art. 13) or aggregated positions (TD Art. 13a | |||||||||||||||
Greece | Major Shareholdings | 5 | 10* | 15 | 20 | 25 | 33.33 | 50 | 66.66 | Shareholders who have crossed the 10% threshold are required to notify any increase or decrease in their holdings which is equal to or greater than 3%. | ||||||||||||||||
Hungary | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 75 | 80 | 85 | 90 | 95 | ||||||||||
Iceland | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 50 | 66.66 | 90 | ||||||||||||||
Ireland | Major Shareholdings (Irish Issuers except CEIFs) |
3% and each 1% thereafter up to 100% | ||||||||||||||||||||||||
Ireland | Major Shareholdings (Non-Irish Issuers and CEIFs) |
5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | |||||||||||||||||
Italy | Major Shareholdings | 1* | 3* | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 66.66 | 90 | The threshold of 1% is a temporary threshold applicable to a list of non-SME companies.
The 3% threshold is regularly applicable only to holdings in non-SME companies. |
|||||||||||||
Latvia | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | 90 | 95 | |||||||||||||||
Lithuania | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | 95 | ||||||||||||||||
Luxembourg | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66.66 | |||||||||||||||||
Malta | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | 95 | ||||||||||||||||
Netherlands | Major Shareholdings | 3 | 5 | 10 | 15 | 20 | 25 | 30 | 40 | 50 | 60 | 75 | 95 | |||||||||||||
Norway | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66.66 | 90 | ||||||||||||||||
Poland | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 75 | 90 | ||||||||||||||||
Portugal | Major Shareholdings | 2 | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66.66 | 90 | |||||||||||||||
Romania | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 75 | |||||||||||||||||
Slovakia | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | |||||||||||||||||
Slovenia | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 75 | |||||||||||||||||
Spain | Major Shareholdings | 1* | 3 | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 60 | 70 | 75 | 80 | 90 | Spain has put in place specific notification thresholds for shareholders which are residents in tax havens, nil tax countries or countries with which no effective exchange of tax information is in place; such shareholders have to notify each time they reach/cross a 1% threshold. | |||||||
Sweden | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 66.66 | 90 | In Sweden shareholders are required to notify both voting rights and shares. | |||||||||||||||
Switzerland | Major Shareholdings | 3 | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66.66 | ||||||||||||||||
Monaco | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Ukraine | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | 95 | ||||||||||||||||
Liechtenstein | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 33.33 | 50 | 66 |
Country | Rule | Disclosure Percentage | Notes | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | 100 | |||
Canada | Major Shareholdings (Early Warning Reporting) |
10% and changes of 2% thereafter | 2% changes are swinging thresholds | |||||||||||||||||||||||
Canada | Major Shareholdings (Alternative Monthly Reporting) |
10% and changes of 2.5% thereafter | 2.5% changes are hard thresholds | |||||||||||||||||||||||
Canada | Major Shareholdings (SEDI - Insider Reporting) |
10% and every transaction involving any security of the issuer whilst an insider | ||||||||||||||||||||||||
United States | Major Shareholdings (Schedule 13D) |
5% and changes of 1% thereafter | Schedule 13D reports the acquisition and other information within ten days after the purchase. Amendments to Schedule 13D should be filed “promptly” to report material changes in the information disclosed. For example, material changes include, but are not limited to, an acquisition or disposition of beneficial ownership of 1% or more of the class of securities and any other changes that a reasonable investor would consider important to their decision to buy or sell the security in question. | |||||||||||||||||||||||
United States | Major Shareholdings (Schedule 13G: Qualified Institutional Investor) |
5-10 | 10% and changes of 5% thereafter | 1. Qualified Institutional Investors only report their greater than 5% positions held as of the close of the calendar year either in an initial report or in an amendment in the case of any change in the information provided. 2. However, if prior to the end of the calendar year the Qualified Institutional Investor owns more than 10% as of the close of any month, a Schedule 13G must be filed or amended within 10 calendar days reporting the holdings as of the close of the month. 3. After crossing the 10% threshold, Qualified Institutional Investors must file an amendment to their Schedule 13G within 10 calendar days following the close of the month to report any ownership change of 5% or more as of the close of the month. |
||||||||||||||||||||||
United States | Major Shareholdings (Schedule 13G: Passive Investor ) |
5 | 10 | 10% and changes of 5% thereafter | Initial
An initial Schedule 13G must be filed within 10 calendar days of crossing the 5% threshold (instead of within 45 calendar days after calendar year end). Amendments |
|||||||||||||||||||||
Australia | Major Shareholdings | 5% and changes of 1% thereafter | 1% changes are swinging thresholds | |||||||||||||||||||||||
Brazil | Major Shareholdings | 5% and changes of 5% thereafter | 5% changes are swinging thresholds | |||||||||||||||||||||||
Hong Kong | Major Shareholdings | 5 to 100% at 1% increments | ||||||||||||||||||||||||
India | Major Shareholdings | 5% and changes of 2% thereafter | NB. 10% initial threshold for issuer listed on Innovators Growth Platform with subsequent disclosure required for 5% changes. | |||||||||||||||||||||||
Indonesia | Major Shareholdings | 5% and any subsequent changes of ownership of at least 0.5% | ||||||||||||||||||||||||
Israel | Major Shareholdings | 5% and any further sales or purchases of shares | ||||||||||||||||||||||||
Japan | Major Shareholdings | 5% to 100% at 1% changes | 1% changes are swinging thresholds | |||||||||||||||||||||||
New Zealand | Major Shareholdings | 5% and changes of 1% thereafter | 1% changes are swinging thresholds | |||||||||||||||||||||||
South Africa | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | 100 | |||||
Turkey | Major Shareholdings | 5 | 10 | 15 | 25 | 33 | 50 | 66 | 95 | |||||||||||||||||
Bermuda | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Colombia | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Kazakhstan | Major Shareholdings | Curently no major shareholder disclosure regime in place | A person independently or jointly with affiliated persons, who intends to acquire 30% or more of the voting shares of a company is obligated to notify the company and the NBK of such intention. | |||||||||||||||||||||||
Marshall Islands | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Namibia | Major Shareholdings | Curently no major shareholder disclosure regime in place | Beneficial ownership and shareholding in excess of 5% in banking institutions must be reported to the Bank of Namibia by the particular banking institution. | |||||||||||||||||||||||
Panama | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Peru | Major Shareholdings | Curently no major shareholder disclosure regime in place | SMV, the local securities market regulator, requires local companies (listed) to disclose its shareholders with more than 0.5% participation each quarter. There are no reporting requirements on behalf of shareholders. | |||||||||||||||||||||||
Puerto Rico | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Qatar | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Uganda | Major Shareholdings | Curently no major shareholder disclosure regime in place | Any shareholding of more than 5% in a financial institution must be disclosed to the Central Bank | |||||||||||||||||||||||
Uruguay | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Venezuela | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Zimbabwe | Major Shareholdings | Curently no major shareholder disclosure regime in place | ||||||||||||||||||||||||
Singapore | Major Shareholdings | 5% to 100% at 1% increments | ||||||||||||||||||||||||
Russia | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 50 | 75 | 95 | ||||||||||||||||
China | Major Shareholdings | 5% and subsequent increase or decrease of 5% | ||||||||||||||||||||||||
China | Major Shareholdings | 5% and subsequent increase or decrease of 1% | ||||||||||||||||||||||||
Thailand | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | ||||||
UAE | Major Shareholdings | 5% to 100% at 1% increments | ||||||||||||||||||||||||
Egypt | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | NB. Board members or employees acquiring 3% (or further multiples of 3%) must disclose. | |||||
Argentina | Major Shareholdings | 5 | 10 | 15 | 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 | Listed companies' controlling shareholders must disclose their share ownership. They must inform the CNV, before the 15th of each month, of any changes during the previous month in their holdings, using designated informative forms. | |||||
Malaysia | Major Shareholdings | 5% and any change thereafter | ||||||||||||||||||||||||
Chile | Major Shareholdings | 10% and any change thereafter | ||||||||||||||||||||||||
Mexico | Major Shareholdings | 1* | 10% and 5% changes | Any natural person who owns or receives 1% or more of the issuer's capital, directly or indirectly, through one or more legal persons, trusts or other investment vehicles, shall report such situation to the issuer annually using Annex V, by 15 May. | ||||||||||||||||||||||
Bahamas | Major Shareholdings | 10 | ||||||||||||||||||||||||
Barbados | Major Shareholdings | 10% and any trade | A shareholder who owns 10 per cent or more of the shares of a listed company shall declare every trade of those shares to the Exchange within one week of each such trade. Additionally, Where a person directly or indirectly acquires 25 per cent or more of the equity of a company, that person shall deliver by registered mail to the Regulator and to the company at its registered office or principal place of business within 24 hours of the acquisition, a written statement | |||||||||||||||||||||||
Cayman Islands | Major Shareholdings | 25 | ||||||||||||||||||||||||
Morocco | Major Shareholdings | 5 | 10 | 20 | 33.33 | 50 | 66.66 | |||||||||||||||||||
Philippines | Major Shareholdings | 5 | 10% and any change thereafter | |||||||||||||||||||||||
South Korea | Major Shareholdings | 5% and subsequent increase or decrease of 1% | ||||||||||||||||||||||||
Sri Lanka | Major Shareholdings | 10 | Any person or persons acting in concert with such person who acquire or hold ten per centum or more of the shares or voting rights of a company shall report their holdings to such company, the Commission and the Stock Exchange within two market days of such acquisition. | |||||||||||||||||||||||
Taiwan | Major Shareholdings | 10% and 1% increments | ||||||||||||||||||||||||
Vietman | Major Shareholdings | 5% and each 1% thereafter up to 100% |