According to DTR 5 requirements, when must a shareholder disclose to the issuing company after reaching a 3% shareholding?

Under the DTR 5 requirements, when a shareholder reaches a 3% interest in a company's shares, they are obligated to disclose this information to the issuing company within two business days. This requirement ensures transparency in the ownership structure of publicly traded companies and allows the company and other investors to be aware of significant changes in shareholding.

The two business days provide a reasonable timeframe for shareholders to communicate their interests to the company while also balancing the need for timely disclosures in the financial markets. This regulation is particularly important as it influences trading decisions and market behavior based on the perceived level of confidence or control that a shareholder has within a company.

The other provided timeframes either provide too short a window, which may not allow adequate time for proper notification and documentation, or too long a period, which would undermine the purpose of timely disclosure in maintaining market integrity and investor confidence.