The Transparency Directive requires issuers of securities traded on exchanges markets within the EU to ensure appropriate transparency through a regular flow of information to the markets.
It sets specific requirements in relation to annual and half yearly financial reports.
A particular regulator may specify additional transparency requirements at a national level.
Investors must notify issuers when they acquire or dispose of shares traded on stock exchanges if as a result their total voting rights crossing certain set thresholds.
In Germany for example the threshold percentages at which notifications have to be given are: 3, 5, 10, 15, 20, 25, 30, 50 and 75%. Once the triggering event is reached, the investor has 4 days to notify the Markets Regulator.
While for many such requirements, the EU has aspired for common standards, in this instance, each country may have different thresholds. The EU publishes a national guide of thresholds which can be accessed here.