The European Securities and Markets Authority (ESMA) has published a Practical Guide to the national rules across the European Economic Area (EEA) on major holdings notification requirements under the Transparency Directive (TD). The Guide has been designed to help market participants navigate the different requirements across the EEA states. Click here to access the Practical Guide.   The TD requires investors to notify issuers when they acquire or dispose of shares admitted to trading on regulated markets, resulting in their total voting rights crossing certain set thresholds. As the TD is a minimum harmonisation directive, countries have some discretion on how to transpose the TD requirements into national law. In the UK, the TD requirements concerning major holdings notifications are set out in the Disclosure Guidance and Transparency Rules (namely, DTR 5).   ESMA intends to update the Guide on an ad-hoc basis in order to reflect any changes to national rules and practices.