Various instruments

Financial instruments that are covered by the obligation to report major shareholdings include, among others:

• Shares
• Paid subscription units: if the paid subscription units contain shares and/or other financial instruments which provide the right to acquire shares
• Call options
• Futures
• Depository certificates
  

 
Financial instruments that aren’t covered by the obligation to report major shareholdings include, among others:
 

• Convertibles
• Subscription options
• Put options
  

If the question is whether the threshold is considered to have been exceeded by the fact that the sum of shares and, for example, options together contribute to the threshold being reached then the answer is that the reporting should be done.
 
Example: If a shareholder has 3 per cent in a listed company and then acquires a financial instrument which provides him or her with the right, within a certain period of time, to acquire an additional 4 per cent in the company, then a notification should be filed with FI.
 
If the person then utilises his or her right and acquires 4 per cent, then another notification should be filed with FI. Indeed it is the same 5-percentage threshold which the notification refers to in both cases, but the message and the information differ. In the first notification, the information is provided that the shareholder has been given the right to acquire the shares; the second notification reports that the acquisition has been completed.
 
The regulation of which instruments are included can be found in the Financial Instruments Trading Act (1991:980), Chapter 4, section 2.