Overview
On 4 December 2026, Australia's major shareholding disclosure rules will expand significantly. This article describes how the new rules work.
The rules operate in three layers, each serving a specific purpose. Understanding how they connect will help you interpret results and troubleshoot issues.
The Three Layers
We have deployed 11 rules, each grouped into one of the Reference, Main, or Anchor rule layers.
Layer 1: Reference Rules
Rules 1005–1009 monitor five different categories of holdings:
(Rule 1005) Major: Australia - Statutory - Derivatives - Reference;
(Rule 1006) Major: Australia - Statutory - Relatable Derivatives - Reference
(Rule 1007) Major: Australia - Statutory - Derivatives - Deemed Economic Interests - Physical - Reference
(Rule 1008) Major: Australia - Statutory - Derivatives - Deemed Economic Interests - Non-Physical - Reference
(Rule 1009) Major: Australia - Statutory - Derivatives - Offsetting Short Positions - Reference
These rules run in the background. They do not generate disclosure alerts on your results dashboard, but they do appear as OK or Info results. Think of them as internal "scorekeepers" that track your position across each category so the Main Statutory rule knows what's changed.
Why separate rules? The new Australian regime requires disclosure when 1% moves occur in any of these five categories independently. One reference rule per category ensures each is monitored accurately and separately.
Layer 2: Main Rule (Major: Australia - Statutory Regime)
The Major: Australia - Statutory Regime rule (1012) is the central coordinator. It checks all disclosure triggers:
Have you crossed the 5% threshold (up or down)?
Has your total long holding changed by 1% or more?
Has any of the five derivative/short categories changed by 1% or more?
When a trigger is met, Rule 1012 confirms it and signals the disclosure rules (Layer 3) to generate detailed breakdowns.
You may see Disclosure alerts from this rule that require filing. It generates a disclosure alert when any trigger is met.
Layer 3: Anchor Rules
Rules 1013-1017 are paired with the reference rules and run when Layer 2 detects a disclosure trigger.
Each Anchor rule corresponds to one of the five categories:
(Rule 1013) Major: Australia - Statutory - Derivatives
(Rule 1014) Major: Australia - Statutory - Relatable Derivatives
(Rule 1015) Major: Australia - Statutory - Derivatives - Deemed Economic Interests - Physical
(Rule 1016) Major: Australia - Statutory - Derivatives - Deemed Economic Interests - Non-Physical
(Rule 1017) Major: Australia - Statutory - Derivatives - Offsetting Short Positions
When a trigger is met, the Anchor rules generate Disclosure alerts showing the current position and whether that category contributed to the disclosure.
Please note these will trigger even when no derivatives are held.
You will see results from these rules that are associated with the underlying position to determine which category it falls into, but they do not require direct filing.
Refer to the Main Statutory (1012) rule for all disclosure activities. Mark these as filed once the Main Statutory disclosure is complete.
Why 11 Rules?
Regulatory requirement: The Australian regime requires separate monitoring of five distinct categories. One rule can't cleanly track all five independently without creating either:
Overcounting (same position tracked multiple times).
Undercounting (positions accidentally excluded).
Confusion about which category triggered a disclosure.
Paired rules for clarity: Anchor rules lock in the last disclosure value for that category, and the Reference rules track each day’s result independently. The two values are used by the Main Statutory rule to generate alerts for the Derivative rules. This separation:
Makes troubleshooting easier (you know exactly which category the issue belongs to).
Reduces false positives (each category has its own 1% threshold).
Aligns with how the Australian regulator expects the disclosures to be structured.
Portfolio-level reporting: Because the rules run at both top entity and portfolio levels, you get a complete picture of your disclosure obligations across your entire structure.
Which Rules Generate Alerts?
Action | Filing Procedure |
DO | File via the Main Statutory rule (1012: Major: Australia - Statutory Regime) and mark the Anchor Rules as filed. |
DON'T | Attempt to file the Anchor Rules (1013-1017) directly. |
Disclosure alerts appear for:
Main Rule (1012): When any threshold is crossed, or 1% movement occurs.
Anchor Rules (1013-1017): Detailed breakdowns when alerts are triggered.
Please note that alerts from the Anchor rules do not indicate a separate disclosure requirement. Refer to the Main Statutory (1012) rule for all disclosure activities. Mark alerts from the Anchor rules as filed once the disclosure from the Main Statutory rule is complete.
Disclosure alerts do not appear for:
Reference Rules (1005–1009) appear in your environment as OK or Info results; they don't trigger disclosure alerts.
Questions?
Please reach out to us via your In-App Messenger or by emailing our Support team if you have additional questions or aren’t seeing the results you expect.
The following companion article, "How to Prepare for the New Australian Major Shareholding Regime," also provides additional information.