{"id":13386,"date":"2026-06-29T11:11:28","date_gmt":"2026-06-29T09:11:28","guid":{"rendered":"https:\/\/orsingher.com\/capital-markets-consob-simplifies-reporting-of-significant-shareholdings\/"},"modified":"2026-06-29T12:02:02","modified_gmt":"2026-06-29T10:02:02","slug":"capital-markets-consob-simplifies-reporting-of-significant-shareholdings","status":"publish","type":"post","link":"https:\/\/orsingher.com\/en\/capital-markets-consob-simplifies-reporting-of-significant-shareholdings\/","title":{"rendered":"CAPITAL MARKETS | Consob simplifies reporting of significant shareholdings"},"content":{"rendered":"<p>With <a href=\"https:\/\/www.consob.it\/web\/area-pubblica\/-\/delibera-n.-23997#_ftnref1\" target=\"_blank\" rel=\"noopener\">Resolution No. 23997 of 18 May 2026<\/a>, Consob has revised\u00a0the system for reporting significant shareholdings in listed companies, introducing a single notification form and a fully digitalised portal that enhance ease of use and the quality of information, bringing it into line with European best practices.<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.consob.it\/documents\/d\/asset-library-1912910\/modello-120-tr-1-en\" target=\"_blank\" rel=\"noopener\">new\u00a0120 (TR-1)\u00a0model<\/a>\u00a0replaces and\u00a0consolidates\u00a0the\u00a0previous\u00a0forms 120\/A, 120\/B\u00a0and 120\/D into a single document,\u00a0available in both Italian and English,\u00a0covering disclosures\u00a0of\u00a0shareholdings in shares, financial instruments, aggregate\u00a0positions\u00a0and declarations of investment intentions.\u00a0The amendment will take effect from 15 June 2026.\u00a0In parallel, Consob has introduced a new digital platform, SH.I.N.E. (<em>SHareholders\u00a0Integrated Notification Environment<\/em>), which will\u00a0enable guided completion and submission of notifications via a web interface featuring automatic consistency checks, autocomplete functions and other support tools.<\/p>\n<p>The new framework is designed to ensure greater consistency with ESMA standards and with the European Single Access Point (ESAP),\u00a0facilitating\u00a0the collection and cross-border accessibility of ownership information at EU level.\u00a0The reform forms part of Consob\u2019s broader regulatory modernisation programme launched in parallel with the implementation of the Listing Act.<\/p>\n<p>To\u00a0facilitate\u00a0the transition, following the entry into force of the new regime, it will still be possible to\u00a0submit\u00a0the new form by email until 30 September 2026,\u00a0in accordance with\u00a0the procedures set out in the Issuers&#8217; Regulations (<a href=\"https:\/\/www.consob.it\/documents\/d\/asset-library-1912910\/allegato-4-regolamento-emittenti-delibera-23997-2026\" target=\"_blank\" rel=\"noopener\">new Annex 4<\/a>) and on the\u202f<a href=\"https:\/\/www.consob.it\/web\/area-pubblica\/modalita-di-notifica-delle-partecipazioni-rilevanti\" target=\"_blank\" rel=\"noopener\">Consob website<\/a>. From 1 October 2026, however, only notifications of significant shareholdings completed\u202f<em>online\u202f<\/em>via the SH.I.NE portal will be accepted.<\/p>\n<p>Newsletter n. 119 &#8211; June 2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With Resolution No. 23997 of 18 May 2026, Consob has revised\u00a0the system for reporting significant shareholdings in listed companies, introducing a single notification form and a fully digitalised portal that enhance ease of use and the quality of information, bringing it into line with European best practices. The\u00a0new\u00a0120 (TR-1)\u00a0model\u00a0replaces and\u00a0consolidates\u00a0the\u00a0previous\u00a0forms 120\/A, 120\/B\u00a0and 120\/D into a [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[65],"tags":[],"class_list":["post-13386","post","type-post","status-publish","format-standard","hentry","category-newsletters-en-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/posts\/13386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/comments?post=13386"}],"version-history":[{"count":0,"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/posts\/13386\/revisions"}],"wp:attachment":[{"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/media?parent=13386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/categories?post=13386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/orsingher.com\/en\/wp-json\/wp\/v2\/tags?post=13386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}