Thresholds Overview - Major Shareholdings
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
1. An amendment is required to be filed promptly on crossing the 10% threshold (instead of within 10 calendar days following the close of the month).
2. After crossing the 10% threshold, prompt amendments are required every time the Passive Investor increases or decreases ownership by 5% (instead of within 10 calendar days following the close of the month).

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%