Rules on transparency notifications

The obligation to make transparency notifications rests with the company's shareholders. To enable shareholders to meet their obligations, companies must disclose the denominator and any statutory thresholds. In addition, they must make public the notifications made.

  • The issuer should not disclose the actual notification received, but rather, in a communiqué, all the information contained therein.

    Recommendations regarding press releases on transparency notifications: Communication FSMA_2015_18 (available in French - Dutch only) 

  • Press releases relating to the denominator must contain information on the denominator (the total number of voting rights) as well as on the company’s capital and total number of voting securities.
  • A company setting statutory thresholds must communicate about this once.

Regulated information

The information described above is regulated information.

Specific disclosure and storage obligations apply to regulated information:

  1. Dissemination (or disclosure) – to be done using media and in a manner ensuring fast access to such information on a non-discriminatory basis to as wide a public as possible.
  2. Storage - regulated information is to be made available on:
    • the issuer’s website.
    • eCorporate. Regulated information uploaded to eCorporate is automatically recorded in STORI.

To learn more about technical requirements regarding the publication of regulated information, please refer to

Schematic overview with explanation


  • Press releases relating to notifications: no later than three trading days after receipt of the notification
  • Press releases relating to the denominator: not later than the end of each calendar month in which one of the above numbers has increased or decreased
  • Press releases relating to statutory thresholds: as soon as possible after their setting

To learn more about the transparency legislation, please refer to the Practical Instructions FSMA_2011_08 (which is an extract from the integral version avaibable in French and Dutch only).

For any question regarding transparency: