CAPITAL MARKETS | Consob simplifies reporting of significant shareholdings

With Resolution No. 23997 of 18 May 2026, Consob has revised the 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 new 120 (TR-1) model replaces and consolidates the previous forms 120/A, 120/B and 120/D into a single document, available in both Italian and English, covering disclosures of shareholdings in shares, financial instruments, aggregate positions and declarations of investment intentions. The amendment will take effect from 15 June 2026. In parallel, Consob has introduced a new digital platform, SH.I.N.E. (SHareholders Integrated Notification Environment), which will enable guided completion and submission of notifications via a web interface featuring automatic consistency checks, autocomplete functions and other support tools.

The new framework is designed to ensure greater consistency with ESMA standards and with the European Single Access Point (ESAP), facilitating the collection and cross-border accessibility of ownership information at EU level. The reform forms part of Consob’s broader regulatory modernisation programme launched in parallel with the implementation of the Listing Act.

To facilitate the transition, following the entry into force of the new regime, it will still be possible to submit the new form by email until 30 September 2026, in accordance with the procedures set out in the Issuers’ Regulations (new Annex 4) and on the Consob website. From 1 October 2026, however, only notifications of significant shareholdings completed online via the SH.I.NE portal will be accepted.

Newsletter n. 119 – June 2026