How large-shareholding filings work
A large-shareholding disclosure is a public notice that a holder’s ownership or voting rights crossed a legal percentage threshold. It identifies the holder, issuer, interest, and event that made the notice due. It is a record of disclosure, not proof of a trade thesis.
Seven registers, seven clocks
The rule deadline measures when a notice is due. The observed gap is a separate measurement: the median number of calendar days between consecutive filings by the same filer in the R1 grading artifact. R1 reports a gap only where its market object contains window_basis; the other entries are marked unavailable.
| Register | Regulator | Trigger | Statutory deadline | Observed same-filer gap |
|---|---|---|---|---|
| Japan EDINET | Rule source Japan FSA, through EDINET | Above 5% of a listed company; a 1 percentage-point change after the first report also triggers a change report. | Within 5 business days, in principle. | 6 days median (5,549 gaps). R1 |
| Korea DART | Rule source Financial Supervisory Service, through DART | 5% or more, with a new report; a 1 percentage-point change triggers a change report. | Within 5 days, excluding Saturdays and public holidays, for the general report. | 22 days median (26,493 gaps). R1 |
| Hong Kong HKEX Disclosure of Interests | Rule source Securities and Futures Commission, with notices filed through HKEX | 5% or more of the voting shares of a listed corporation. | Within 3 business days of becoming aware of the event; an initial notification can have a 10-business-day rule where the interest was not known at the event date. | R1 has no window_basis entry for Hong Kong. R1 |
| Australia ASX substantial holder | Rule source ASIC, with the notice given to the issuer and relevant exchange | 5% or more of the voting shares of a listed entity. | Within 2 business days after becoming aware of the information. | R1 has no window_basis entry for Australia. R1 |
| United Kingdom FCA TR-1 | Rule source Financial Conduct Authority, National Storage Mechanism | 3% of voting rights, then each prescribed threshold crossing above or below it. | The holder notifies the issuer without delay; the issuer announces it within 2 trading days after receipt. | 15 days median (999 gaps). R1 |
| Netherlands AFM substantial holdings | Rule source Autoriteit Financiële Markten | 3% of issued capital or voting rights, then the 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75%, and 95% thresholds. | Without delay as soon as a threshold is reached, exceeded, or crossed downward. | R1 has no window_basis entry for the Netherlands. R1 |
| Nasdaq Nordic major shareholding | Rule source National competent authorities and the relevant Nasdaq Nordic exchange | The collected notices cover major-holding thresholds under the applicable Danish, Finnish, Icelandic, or Swedish regime; the starting threshold is generally 5%. | As soon as possible under the applicable national transparency rule; the exact statutory clock depends on the listing country. | R1 has no window_basis entry for the Nordics. R1 |
Why Korea reaches the reader sooner than a US 13F
Korea’s DART report is triggered by a holder crossing 5% and is due within 5 days. A US Form 13F is a quarterly snapshot for an institutional investment manager with at least $100 million in Section 13(f) securities, due within 45 days after quarter-end. The Korean rule therefore starts a clock around the crossing; the US rule waits for the quarter to end and then allows another 45 days.
US comparator: SEC Form 13F FAQ. Korea rule: DART ownership-reporting guide. The R1 gap figures describe filing cadence in this collected sample, not a statutory deadline.
How to read the stamped record
A stamp is a dated call attached to a market, investor, and issuer. The record grades it against a later filing window. Repeated daily receipts for the same pair collapse to one distinct call, so a reader can separate evidence about a prediction from the mechanics of a register’s clock. The stamped record carries the graded calls.