Flagging obligation refers to the obligation to notify major shareholdings and proportions of voting rights in accordance with Chapter 9 of the Finnish Securities Markets Act. The Finnish Securities Markets Act has been changed as of 19 April 2024 so that the obligation also applies to holdings and voting rights in companies traded in First North.

The purpose of the obligation is to provide investors with equal opportunities to have information on companies’ ownership structures and changes therein. A flagging notification shall be made whenever the proportion of holdings or votes in a listed company for a shareholder, or a person comparable to a shareholder, and/or holdings of controlled entities, reaches, exceeds, or falls below a disclosure threshold. The thresholds are 5%, 10%, 15%, 20%, 25%, 30%, 50%, 2/3 and 90% of the number of voting rights or shares in a company. 

A flagging notification to the company, as well as the Finnish Financial Supervisory Authority, shall be made as follows: