From 1 September 2022, the rules on disclosure of large shareholdings will change

From 1 September 2022, the rules on disclosure of large shareholdings in companies listed on the Oslo Stock Exchange and Euronext Expand are amended. Here we list the most important amendments:

  • The disclosure obligation will apply to derivatives with listed shares as underlying and which have a similar economic effect to owning shares, for example swaps and financial contracts for difference.
  • No longer a disclosure obligation for subscription rights and convertible bonds which only give the right to demand shares issued.
  • Both lending and borrowing of shares will be subject to the disclosure or large shareholdings obligation.
  • The holdings of spouses and children shall no longer be consolidated with the relevant investor.
  • The notification of large shareholdings must still be sent promptly but can exceptionally be postponed until the stock exchange opens on the second trading day at the latest.
  • The requirements for the content of the notification of large shareholdings are essentially continued.  
  • The thresholds for disclosure of large shareholdings will continue unchanged.
  • Still no rules on disclosure of large shareholdings at Euronext Growth Oslo.
  • Financial instruments linked to a basket of shares or an index must be included in the mandatory holding if the index represents more than 1% of the voting rights in the relevant issuer or the shares in the relevant issuer make up at least 20% of the values in the index.

Here you can read information about the changes from the Norwegian Financial Supervisory Authority.

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