EUROPEAN UNION: ESMA Issues New Standard Form for the Notification of EU Major Shareholdings

Friday October 23 2015

ESMA has published a new standard form for shareholders to notify major holdings of voting rights to competent authorities and issuers as required under the TD.

The standard form is structured into a general part, for the key information about the notification, and a detailed part, for information on the voting rights attached to shares and a breakdown of the voting rights by type of financial instrument.

The use of this standard form is not mandated by the TD. However, its use is recommended by securities regulators as it will provide investors with comparable information on major holdings and simplify the process for persons subject to the notification obligation.

The following information is required to be reported:

• Date on which the threshold was crossed or reached;
• Total positions of person(s) subject to the notification obligation;
• Notified details of the resulting situation on the date on which the threshold was crossed or reached, which includes, the class/type of shares, number and % of voting rights, and subtotals;
• Details of the Financial Instruments, including those with similar economic effect – the type of instrument, expiration date, exercise/conversion period, number of voting rights that may be acquired if the instrument is exercised/converted and % of voting rights must be reported;
• Information in relation to the person subject to the notification obligation, including, % of voting rights if it equals or is higher than the notifiable threshold, % of voting rights through financial instruments if it equals or is higher than the notifiable threshold and the total of both if it equals or is higher than the notifiable threshold

Click here for standard form for major holdings

Click on the link above for further details.