摘要：In future, shareholding transparency should
be achieved by means of more closely-knit
notification obligations on reaching as well
as exceeding or falling below major shareholding
thresholds. The current reporting obligations
for certain shareholding volumes are set
at 5, 10, 50 or 75 percent of voting rights in
a listed company. Under the TUG, additional
notification obligations are foreseen for reaching,
exceeding or falling below 3, 15, 20, 25
and 30 percent (¡ì 21 of the draft Securities
Trading Act, or WpHG-E). By introducing the
3-percent limit, the TUG goes beyond
