The European Securities and Markets Authority (ESMA) has published a final report containing draft regulatory technical standards (RTS) under the revised Transparency Directive (TD) relating to the notification of major shareholdings.

The draft RTS address the following issues:

  • method of calculation of 5% threshold exemption regarding trading books and market makers;
  • calculation method regarding a basket of shares or an index;
  • methods for determining the ‘delta’ for calculating voting rights; and
  • financial intermediaries’ notification regime of financial instruments.

ESMA has also set out an indicative list of financial instruments which are subject to the notification requirements laid down in the TD.

The Final Report will be submitted to the European Commission by 27 November 2014. The Commission has three months to decide whether to endorse the draft RTS.

View ESMA publishes draft RTS on major shareholder disclosures, 29 September 2014