United States: Governance & Securities Law Focus: Europe Edition, April 2018


Transparency Directive: ESMA Publishes Updated Guide to Notifications of Major Holdings

On 16 January 2018, the European Securities and Markets Authority (ESMA) published an updated version of its practical guide to the national rules across the EEA on the notification of major holdings under the Transparency Directive. The original version of the practical guide was covered in our April 2017 edition.

Part I of the practical guide provides a country-by-country summary of the main rules and practices regarding notifications of major holdings under the Transparency Directive. Part II presents key data across different jurisdictions in a table setting out notification thresholds, the triggering event, the deadline for learning of the triggering event and the deadline for making a notification. The full text of the updated practical guide is available here:

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