Shareholding Disclosures

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Requirements and challenges

Regulators around the world require market participants to make disclosures when they accumulate a substantial shareholding in an entity, invest in a protected industry, become involved in a takeover bid or engage in short selling.

The intricacy of the rules alongside different shareholding disclosure (SD) requirements per jurisdiction poses significant challenges to be both compliant and transparent. Market participants must continually monitor changes in their shareholdings and identify genuine obligations to disclose. Firms must, for example, calculate their total shareholdings in individual entities and compare these with the issued share capital for each entity and the disclosure thresholds set by local regulators.

The challenges facing market participants are made more complicated by ongoing changes to regulatory requirements. This means that, firms must continually track changes to the shareholding disclosure requirements – as well as all other regulations.

AxiomSL solution

AxiomSL’s one platform SD model has been designed based on input from compliance experts. This architecture, which can be used with all other regulatory reporting requirements addresses the key challenges of shareholding disclosure reporting. This enables our clients to build and sustain a robust compliance infrastructure and a culture of oversight and transparency. Overall this greatly reduces the cost and complexity of compliance involved in managing disclosure related activities.

AxiomSL’s solution provides the rule sets, calculations, templates and reporting functionality needed to remain fully compliant with shareholding disclosure requirements and related transparency directives around the world. Our solution leverages the legal up-to-date regulatory content, provided by aosphere, an affiliate of Allen & Overy, for all 87 jurisdictions enabling our clients to build and sustain a robust compliance infrastructure and a culture of oversight and transparency. Our solution includes Form 13D/G in the US, the TR1 Form in the UK, Hong Kong short selling reporting rules, the European Union (EU) Transparency Directives, CH SIX I-III, and many others around the world.

As well as shareholding disclosure requirements, AxiomSL’s platform can be used to comply with all other major reporting requirements globally, including Solvency II, the Markets in Financial Instruments Regulation (MiFIR), the Alternative Investment Fund Managers Directive (AIFMD), the Market Abuse Directive (MAD), the European Market Infrastructure Regulation (EMIR), Form Private Fund (PF), the Foreign Account Tax Compliance Act (FATCA) and many others. AxiomSL’s ‘one platform’ approach ensures consistency across reports submitted for different regulations and reduces the cost and complexity of compliance.

The analysis performed by AxiomSL includes calculating a firm’s total shareholdings in individual entities and comparing these amounts with the issued share capital to see whether the firm has accumulated a substantial shareholding and is therefore obliged to report the fact.

If a disclosure is required, AxiomSL provides all of the necessary templates. It populates these and enables firms to submit them directly from the solution. AxiomSL continually updates its reporting templates to reflect regulatory changes. This leaves firms free of burdensome development work. The unparalleled levels of transparency offered by AxiomSL mean that if a disclosure is found to be necessary, users can drill down to the source data and calculations to manually verify that the disclosure is required.


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+1 212 248 4188

AxiomSL | APAC

+65 3159 1055

AxiomSL | EMEA

+44 203 823 4600

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Resource Center

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