EUROPEAN UNION: ESMA Publishes a Jurisdictional Guide to Notifications of Major Holdings

Tuesday January 16 2018

ESMA has published a guide summarising the main rules and practices across the European Economic Area relating to notifications of major holdings under the Transparency Directive.

Part I of the Practical Guide sets out a summary of the main rules and practices in relation to making and publishing notifications of major holdings under national law in accordance with the Transparency Directive. Information is presented on a country-by-country basis to allow market participants to easily identify information about the jurisdiction(s) of interest to them. The focus is on on-exchange transactions based on the assumption that these trigger the majority of notification obligations under the Transparency Directive.

Part II of the Practical Guide presents key data i.e. information on notification thresholds, the triggering event, the deadline for learning of the triggering event, the deadline for making a notification as well as permitted channels and format for the filing of such and the deadline for publishing a notification. Information in Part II is organised in transversal tables, making it possible to compare rules across different jurisdictions.

The guide will be updated on an on-going basis.

Click on the link above for further information.