The disclosure needs to be made public by notification to the competent financial authority as well as to the issuer.
E.g. in Austria, Belgium, France and Italy issuers are allowed to stipulate additional notification thresholds in their articles of association according to the European Securities and Markets Authority [ESMA].
Issuers having shares admitted to trading on a regulated market, for which Belgium is the home member state can stipulate additional notification thresholds, on the basis of article 18 of the law of 2 May 2007.
The Belgium financial authority provides on unofficial list of issuers which set additional notification thresholds in their articles of association.
According to the act of 26 July 2005 the lowest disclosure threshold is 1/20 which represents 5% (article l. 233-7 of the commercial code).