{"id":8588,"date":"2016-04-14T11:12:19","date_gmt":"2016-04-14T09:12:19","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/?page_id=8588"},"modified":"2023-03-02T10:36:09","modified_gmt":"2023-03-02T09:36:09","slug":"major-holdings","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/capital-markets\/supervision-of-issuers\/disclosure-requirements\/major-holdings\/","title":{"rendered":"Major Holdings"},"content":{"rendered":"

Pursuant to Article 130 et seq. of the Stock Exchange Act 2018<\/a> (BörseG 2018<\/abbr> ) persons who purchase shares, financial instruments or other comparable instruments related to Issuers<\/a> and in so doing cross relevant percentage thresholds, are required to make a major holding notification<\/a>. This obligation applies pursuant to Article 130 para. 1 BörseG 2018<\/abbr> only in relation to an issuer whose shares are admitted to trading on a regulated market and whose home member state is Austria.<\/p>

Thresholds<\/h2>

The reporting obligation arises as soon as during purchase\/disposal\/other procedures the holding reaches, exceeds or falls below a threshold of 4%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 75% or 90%. This shall also apply to the thresholds stated by such an issuer in its Articles of Association pursuant to Article 27 para. 1 no. 1 of the Takeover Act (ÜbG<\/abbr> ). In accordance with Article 130 para. 1 BörseG 2018<\/abbr> the issuer may also stipulate a 3% holding threshold as a relevant threshold in its Articles of Association. A special condition for this provision in the Articles of Association being effective is that it must be published on the issuer’s website and notified to the FMA<\/abbr> .<\/p>

A reporting obligation also arises pursuant to Article 130 para. 2 BörseG 2018<\/abbr> if the proportion of voting rights changes without the shareholder’s active intervention, i.e. as a result of events that change the proportion of voting rights (e.g. dilution).<\/p>

Attribution<\/h2>

Article 133 BörseG 2018<\/abbr> broadens the reporting obligations to include certain circumstances under which persons are entitled, legally or actually, to exercise voting rights in one or several of the instances listed in Article 133 BörseG 2018<\/abbr> . The voting rights held by other persons are “attributed” to the person subject to notification.<\/p>

Examples:<\/p>