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Notifications of Major Holdings

The obligation to notify major shareholdings and proportions of voting rights applies to listed companies’ shareholders, persons comparable to a shareholder and the listed company itself. The notification obligation concerns proportions of shareholdings and voting rights in a Finnish company whose shares are subject to trading on a regulated market in an EEA member state. 

Which Circumstances Require a Notification?

Shareholders or persons comparable to shareholders must notify the listed company and the FIN-FSA of changes in their holdings when their own holdings and/or the holdings of controlled entities exceed, fall below or reach the notification thresholds for voting rights or shares in the listed company. The thresholds are 5%, 10%, 15%, 20%, 25%, 30%, 50%, 2/3 and 90% of the number of voting rights or shares in a company.

Persons comparable to shareholders include persons who do not themselves own shares in the target company but exercise control over a shareholding company, as well as persons who are not themselves shareholders but who can exercise asset or managing rights conferred by shares, or who hold financial instruments giving rise to a notification obligation.

Listed companies themselves have an obligation to disclose a breach of notification thresholds due to the acquisition, disposal or annulment of their own shares.

A notification of major holdings must be made without undue delay, but no later than the next trading day after the shareholder has learned or should have learned of a transaction leading to the breach of a notification threshold.

Make the notification in writing on a notification form and send it to Loihde using the address and to the FIN-FSA using the address liputukset(at) Further information is available here