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What does the “Indirect Holding” label mean in the Shareholders and active Participants tables?

In the Shareholders and Active Investments tables, holdings may be marked with the label “Indirect Holding.

The label "indirect holding" indicates that an ownership interest or voting rights position is not held directly, but is attributed to a person or company.

Why is “Indirect Holding” displayed?

The label is based on the underlying publications, particularly voting rights notifications under the German Securities Trading Act (WpHG).

A distinction is made between the following types of voting rights:

  • Direct voting rights (Section 33 WpHG) – voting rights held directly
  • Attributed voting rights (Section 34 WpHG) – voting rights attributed to a person or company

If a position is based entirely or partly on attributed voting rights, it is marked with the “Indirect Holding” label on North Data.

Example

A person does not directly hold any shares or voting rights. However, due to their ownership interest in an intermediary company, the corresponding voting rights are attributed to them.

In this case, the position is marked with the “Indirect Holding” label, indicating that the position is not held directly.