If an investor reaches a particular percentage of the voting rights of a listed company, they are required by federal law to notify both the Disclosure Office and the company. The company is, in turn, obliged to publish this information via the Disclosure Office.


Disclosing shareholdings provides transparency regarding the amount of control that particular shareholders have over a listed company. Significant changes in ownership and voting rights can affect stock price development. Our publicly available overview of significant shareholders reflects the situation as regards significant shareholdings in listed companies.


Investors who reach, exceed or fall below the threshold of 3, 5, 10, 15, 20, 25, 33⅓, 50 or 66⅔ percent of voting rights in a listed company are subject to a notification obligation. The investor – whether an individual, group or fund – must notify the listed company and the Disclosure Office within four trading days.

disclosure sharholdings


The company is involved in the two-step notification process: it is required to publish the disclosure notification received from the investor via the online platform within two trading days.