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T2S, <strong>the</strong> Transparency Task Force and <strong>the</strong> importance <strong>of</strong>shareholder visibilityShareholder visibility in <strong>the</strong> UK has four strands:› Obligation <strong>to</strong> report share ownership over fixed thresholds;› Ability for issuers <strong>to</strong> demand information› Legal penalties for failure <strong>to</strong> provide information› Information provided is in <strong>the</strong> public domainShareholder h visibility ibili in Europe varies by Member State:› In some instances, an enquiry can only be made in advance <strong>of</strong> acorporate action› In some markets, issuers have <strong>to</strong> pay intermediaries forownership information

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