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Listing 2020
Questions and answersNotification obligation
Notification obligation (aka flagging obligation) refers to the obligation to notify major shareholdings and proportions of voting rights in accordance with Chapter 9 of the Finnish Securities Markets Act. The obligation to notify major shareholdings and proportions of voting rights applies to listed companies’ shareholders, persons comparable to a shareholder and the listed company itself. The purpose of the obligation is to provide investors with equal opportunities to have information on a listed company’s structure of ownership, voting rights and changes therein.
A notification shall be made whenever the proportion of holdings or votes in a listed company for a shareholder, or a person comparable to a shareholder, and/or holdings of controlled entities, reaches, exceeds, or falls below a disclosure threshold. The thresholds are 5%, 10%, 15%, 20%, 25%, 30%, 50%, 2/3 and 90% of the number of voting rights or shares in a company. Persons comparable to shareholders include, among others, persons who exercise control over a shareholding company.
Finnish Securities Markets Act has been changed as of 19 April 2024 so that the obligation also applies to holdings and voting rights in companies traded in First North.
How to make a notification of major shareholdings?
The notification form with instructions and more information on the notification obligation is available on FIN-FSA website at https://www.finanssivalvonta.fi/en/financial-market-participants/capital-markets/issuers-and-investors/notification-of-major-holdings/.
Please send the notification of major holdings to Partnera Corporation, CFO Jussi Lappalainen, by e-mail at jussi.lappalainen@partnera.fi. Make sure that the notification has been received by calling Jussi Lappalainen at +358 40 530 6466.
Partnera publishes notifications as Company Announcements.
Transition period for First North companies
A notification to the company, as well as the Finnish Financial Supervisory Authority, shall be made as follows:
Notifications after the transition period (as of 20 June 2024)
As of 20 June 2024, notifications shall be made without undue delay, but no later than the next trading day after the shareholder has learned or should have learned of a transaction leading to the breach of a notification threshold.