The European Securities and Markets Authority (ESMA) has published a practical guide (Guide) providing an overview of the national rules of each Member State for the major holdings notification regime provided for under EU Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (Transparency Directive or TD).
ESMA has previously issued detailed guidelines as well as Q&As in respect of the application of the TD, however the Guide constitutes a useful reference tool for Holders and Issuers alike. The Guide provides a summary on a country-by-country basis of the national requirements regarding the notifications of ‘major holdings’ under the national law of each Member State in accordance with the TD.
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