• FIN GVT requested responses on report investigating whether information of registered shareholders of listed companies could be made available in the public register.

Background

• Report was based on the program of the previous government and the action program for the fight against the gray economy and financial crime for the years 2020-2023.
• Foreign shareholders may register shareholdings as trustees but information about owner is no longer visible in central securities depository's public shareholder register.
• Consulting company KPMG investigated whether information about the owners of trustee-registered shares in listed companies could be published in a register.

Report

• According to report, legal and technically feasible options for increasing transparency include calculation of the lower limit of the disclosure obligation, or management register annex maintained by the central securities depository (the so-called Swedish model).
• Considers that shareholder publicity cannot be considered proportionate and appropriate means of achieving goal of preventing the gray economy and abuses.
• Action on shareholder publicity not recommended due to many disadvantages.
• Best option is changing the limit values of the disclosure obligation, which must be done when substantial shareholding or voting rights in listed company reaches certain percentage limits.

Effectiveness

• Requests for responses to questions regarding the explanation of making information of registered shareholders of listed companies available in the public register.
• Statements on the report due on or before 31 October 2023.