A shareholder of a listed company has an obligation to inform the Financial Supervisory Authority and the listed company in question of the changes in its holding in the listed company’s shares. A listed company is obliged to publish the flagging notification received from a shareholder.
Under the provisions of the Securities Markets Act, changes in holdings must be disclosed when the holding reaches, exceeds or falls below 5, 10, 15, 20, 25, 30, 50 or 66.7 (2/3) per cent of the voting rights or the numbers of shares of the company.
The objective of the regulation on the notification obligation is to ensure that shareholders have access to information on the ownership and power structures of a listed company and any changes therein. Considering the material impact that flagging information may have on the value of a listed company’s shares, notifications give investors an opportunity to equal access to information.
A flagging notification must be submitted without undue delay, but no later than on the trading day following a breach of the notification threshold. Flagging notifications must be sent to F-Secure using email address email@example.com. Flagging notifications must be sent to the Financial Supervisory Authority according to its guidelines.