Shareholders of listed companies have an obligation to notify both the listed company and FIN-FSA of changes in their holdings and voting rights (notification obligation). Listed companies have an obligation to publicly disclose the shareholder's notification. The notification obligation does not apply to holdings and voting rights in First North listed companies.
The objective of the regulations on the notification obligation is to ensure that investors have access to information on the ownership and power structures of a listed company and any changes therein. Information disclosed on the basis of the notification obligation also provides investors with information for example on changes in shareholders’ voting rights, the liquidity of the company's share and any changes therein, and any major economic interests related to the company's shares. Considering the material impact that information on changes in the structure of holdings and voting rights may have on the value of a listed company's shares, notifications of major shareholdings give investors an opportunity to equal access to information.
The Securities Markets Act specifies the thresholds for submitting a notification of major shareholding. A notification must be made when the holding or proportion of voting rights reaches, exceeds or falls below 5, 10, 15, 20, 25, 30, 50 or 90 percent, or two thirds, of the voting rights or number of shares of the company. For details on calculation of the holding, see the section 'When does a notification obligation arise?'
Notifications of major shareholdings must be made without undue delay, but no later than on the trading day following a breach of the notification threshold.