Stand:updated on 17.06.2025 | Topic Major holdings of voting rights Major holdings of voting rights
Information on changes in major holdings of voting rights in listed companies enhances capital market transparency and helps investors make investment decisions. Consequently, natural and legal persons are required to notify BaFin and the listed company concerned about their percentage of voting rights as soon as this reaches, exceeds or falls below any one of certain thresholds due to the acquisition or disposal of voting shares or financial instruments, or for other reasons.
The thresholds concerned are 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%. In addition to reporting their holdings of voting rights, capital market participants must also submit notifications if they hold certain financial instruments that can be used to acquire shares. However, in this case the initial threshold is 5%. Changes in voting rights must be reported to the issuer and to BaFin without undue delay, and within four trading days at the latest (section 33 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)).
TThe company must publish the notification without undue delay, and within three trading days at the latest, and must submit the publication to the Company Register for filing.
Please note
Notifications of changes in major holdings of voting rights must be submitted to BaFin and the company in electronic form. Electronic notifications to BaFin must be submitted via BaFin’s MVP-Portal. Additional information on submitting voting rights notifications electronically to BaFin and the company can be found in the description of the corresponding specialised procedure in the MVP.
The database on BaFin’s website offers an overview of holdings of voting rights in listed companies.
Contact
If you have any further questions that are not answered by the FAQ please contact us by marktueberwachung@bafin.de.
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Data protection
Please refer to our data protection information.
