EU Transparency Directive: shareholding disclosure
The EU Transparency Directive requires notification of major shareholding changes in companies listed on EU regulated markets. Each national authority maintains its own disclosure register; disclosures at 3 per cent and above are publicly filed.
Who must file
Persons acquiring or disposing of voting rights that cause them to cross notifiable thresholds
Threshold
Directive 2004/109/EC Article 9 sets 5, 10, 15, 20, 25, 30, 50 and 75 per cent; member states may set lower initial thresholds, and the Netherlands register this site reads (AFM) starts at 3 per cent, which is the value the spine code uses (THRESH eu 3.0)
Deadline
| Notification |
|---|
| as soon as possible and no later than four trading days after the holder learns of the crossing (Directive 2004/109/EC Article 12(2)) |
What the filing contains
Notification of acquisition or disposal, percentage of voting rights, identification of issuer
Where to find them
AFM and national regulators maintain disclosure registers and individual national financial regulators. Each member state's regulator publishes its own disclosures.
How Prior Moves uses them
EU major shareholding filings provide insight into investor behaviour across European markets
Sources
- directive
- threshold_nl: scripts/jp/jp_action_eval.py THRESH eu 3.0
- verified: 2026-09-18, directive text fetched from EUR-Lex