Shareholding disclosure rules remain a cornerstone for market transparency across global jurisdictions, requiring investors to report holdings when they hit specific thresholds tied to voting rights, share capital or the total outstanding shares in a class. However, keeping pace with regulatory shifts impacting disclosure data and reporting processes has become increasingly challenging for financial institutions.
LSEG, a global financial infrastructure and data provider, recently offered a guide to regulatory reporting.
The pace of regulatory change is accelerating, marked by shorter reporting deadlines and the expansion of equity derivatives requirements. While the core principles are similar worldwide, inconsistencies in how rules are applied across jurisdictions add complexity. Firms need agile data and technology to stay compliant within tighter timelines, ensuring effective reporting while minimising operational risks.
In addition to standard thresholds, some regions impose stricter disclosure requirements for holdings during takeovers, with differing reporting thresholds and deadlines. These complexities highlight the importance of working with accurate data and technology solutions capable of handling evolving disclosure landscapes, as discussed in a recent LSEG webinar.
Experts in the webinar highlighted how rapid regulatory changes and rule divergence globally have increased compliance complexity and reporting costs for financial firms. Regulatory variations are forcing investors to modify data workflows and automated processes with a level of agility that many struggle to achieve.
Since the 2008 financial crisis, regulators have pushed for greater transparency to reduce market manipulation and support anti-money laundering initiatives, expanding disclosure to include beneficial ownership in listed firms and equity derivatives.
Recent updates include Australia’s Treasury Laws Amendment Bill 2024, for instance, which extends disclosure to foreign-listed entities and cash-settled equity derivatives. Japan’s Financial Services Agency has also proposed updates effective May 2026, refining disclosure requirements to improve issuer-investor engagement and incorporating detailed equity derivative reporting.
In the US, the SEC’s updates to Schedule 13D and 13G have broadened disclosure for equity derivatives while significantly reducing disclosure timelines, with further requirements under Rule 13f-2 set for early 2026.
As more countries adopt derivative disclosure requirements to align with anti-money laundering standards, variations across jurisdictions add a further layer of complexity for investors.
For firms, leveraging data and technology for automated shareholding disclosure is no longer optional, LSEG explained. Automation and vendor data can reduce compliance risks while ensuring firms meet tight deadlines. However, these solutions must be flexible enough to adapt quickly to regulatory changes, as seen in SEC Rule 13f-2’s requirement for new position assessments and the calculation of average gross monthly positions.
LSEG’s shareholding disclosure data underpins the reporting processes of many of the world’s largest asset managers and institutional investors, providing comprehensive and accurate data to navigate regulatory changes confidently.
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