ESMA publishes list of thresholds for shareholder identification


The European Securities and Markets Authority (ESMA), the EU’s securities and markets regulator, has today published a document listing the thresholds above which shareholders can be identified in the various Member States of the European Union (EU).

The document contains information provided by national competent authorities setting out:

  • national thresholds for shareholder identification in Member States that have established such a threshold;
  • relevant national legislation and rules; and
  • indication of Member States where the revised Shareholder Rights Directive (SRDII) has not yet been transposed into national law.

ESMA drafted this document to enhance transparency around the regimes adopted across the EU.

The revised SRDII requires Member States to ensure that companies have the right to identify their shareholders. Member States may provide for companies having a registered office on their territory to be only allowed to request the identification of shareholders holding more than a certain percentage of shares or voting rights. Such a percentage shall not exceed 0,5 %.

Next steps

When ESMA receives notifications from Member States that information reflected in the document has changed, the document will be updated and republished on the website. However, there may be a small delay in making such updates. If any discrepancy is identified between the information in the document and legislation or rules published at national level, priority should therefore be given to the latter.

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