Stand:updated on 22.12.2022 | Topic Major holdings of voting rights Major holdings of voting rights
Content
Knowledge about changes concerning major holdings of voting rights as regards to companies with shares admitted to trading on an organised market increases the transparency of the capital market and helps investors in making their investment decisions. For that reason, natural and legal persons are obliged to notify BaFin and the listed company in question of the percentage of their holdings of voting rights as soon as these rise above, fall below or reach certain thresholds in the company because of acquisition or disposal of shares or financial instruments or due to other reasons.
The thresholds are 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%. In addition to direct holdings of voting rights, since 20 January 2007 capital market participants have also been required to file notifications when they hold certain financial instruments with which shares can be acquired. In this case, however, the opening threshold is 5%. Changes in voting rights must be reported to the issuer and to BaFin without undue delay – i.e. within four trading days at the latest (section 33 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)).
The company must also pass on the notification without undue delay, i.e. within three trading days at the latest, to "a combination of media for Europe-wide dissemination" and to the company register, which stores the data.
BaFin has prepared a list of frequently asked questions about the notification and publication requirements and made it available for download below (available in German and English). The, compulsory standard form for the notification of major holdings including an attachment (both available in German and English) may also be downloaded below.
Please note
From 1 July 2020 on submission of a notification to BaFin and to the company must be made electronically. The notification to BaFin has to be submitted by using BaFin’s MVP-Portal. Further information to the electronical submission of a notification to BaFin and to the company can be obtained from the description of the according MVP-specialised procedure.
An overview of voting rights in listed companies can be found in a database on the BaFin website.
Contact
If you have any further questions that are not answered by the FAQ please contact us by marktueberwachung@bafin.de.
Please send any disclosures about actual or suspected violations of supervisory provisions to our contact point for whistleblowers.
Data protection
Please refer to our data protection information.
