Exemptions

Exemptions from the obligation to report major shareholdings are made in certain cases for shares acquired for the sole purpose of clearing and settlement of transactions, for custodians who own shares on behalf of a third party, market makers, central banks and trading books of credit institutions, securities institutions and foreign securities companies.

The obligation to report major shareholdings applies each day separately when a notifier reaches, exceeds or falls below a threshold.
 
For example, in the morning you acquire shares above five per cent and then in the afternoon of the same day you dispose of the shares so that you fall below five per cent, then you don't need to file a notification of major shareholdings.
 
In other words, it is possible to refer to a type of "offset" as it is the net value of the holding for each day that applies.

It is not possible to refer to an offset between shares and other financial instruments than shares. For example, if you dispose of shares of five per cent in the morning and then in the afternoon of the same day acquire call options with underlying shares of five per cent, then you are not allowed to offset these transactions against each other.
 
The fact that you no longer hold the shares (and thereby cannot either utilise the voting rights for these) is of interest to the market.