Flag-raising announcements

Disclosure obligations and the publication of disclosure notices

The disclosure obligation – that is, the obligation to report significant shareholdings – applies to shareholders of a listed company, persons treated as shareholders, and the listed company itself.

The amendment to the Securities Markets Act, which extended the disclosure obligation to include First North companies, came into force on 19 April 2024. Under the Securities Markets Act (746/2012), a shareholder or a person treated as a shareholder must submit a notification of a change in shareholding to the company and the Financial Supervisory Authority if their own holding and/or that of their entire group of persons under their control exceeds, falls below or reaches the disclosure threshold in terms of the listed company’s voting rights or shares.

A shareholder of a listed company, or a person treated as a shareholder, must submit a flagging notification to the target company and the Financial Supervisory Authority as follows:

Flag-setting limits and deadlines for flag-setting notifications

• A disclosure notice must be submitted when the shareholding or voting rights in a listed company reach, exceed or fall below 5 per cent, 10 per cent, 15 per cent, 20 per cent, 25 per cent, 30 per cent, 50 per cent, two-thirds or 90 per cent of the company’s total voting rights or total number of shares.
  
• Following the first notification, Fodelia’s shareholders and persons treated as such are obliged to report changes in their shareholdings in accordance with the above disclosure thresholds, both to the Financial Supervisory Authority and to Fodelia.
  
• A flagging notification must be made without undue delay, but no later than the next trading day after the shareholder became aware, or ought to have become aware, of the transaction that breached the flagging threshold.
  
• Further information and the flagging form are available on the Financial Supervisory Authority’s website.
  
• Please submit your flagging notification in writing using the flagging form and send it to the Financial Supervisory Authority at liputukset@finanssivalvonta.fi and to Fodelia at sijoittajaviestinta@fodelia.fi.