By Resolution No. 23997 of 18 May 2026, Consob amended Annex 4 to the Issuers’ Regulation, with effect from 15 June 2026, adopting a new template for the discloure of major holdings pursuant to Article 120 of the Italian Consolidated Law on Finance (Legislative Decree no. 58/1998) and the related implementing provisions.

The new Form 120 (TR-1) follows the Standard Form published by ESMA (European Securities and Markets Authority) and it replaces and repeals Forms 120/A and 120/B (used for the notification of holdings in shares, financial instruments and aggregated holdings) and Form 120/D (used for the declaration of the investor’s intentions), by combining the relevant information into a single form.

Form 120 (TR-1) will enter into force on 15 June 2026. As of that date, disclosures submitted using the previous now-repealed forms will no longer be accepted.

From 15 June 2026, the new digital reporting system SH.I.N.E. (SHareholders Integrated Notification Environment) will also be available. It will be accessible to all Italian and foreign investors (upon request of access credentials) and will allow users to complete Form 120 (TR-1) through a guided process and submit it to Consob directly online. SH.I.N.E. will also replace the current “Teleraccolta Partecipazioni Rilevanti” system, which is presently available only to Italian listed issuers.

From 1 October 2026, only notifications of major holdings submitted online via SH.I.N.E. will be accepted, except in cases of technical unavailability of the platform. Until 30 September 2026, Form 120 (TR-1) may also be submitted by e- mail, exclusively to one of Consob’s official email addresses, as indicated in the new Annex 4.

The document “Guidelines for compliance with the disclosure obligations pursuant to Article 120 of Legislative Decree no. 58/1998”, last published in the Regulation section of Consob website in 2020, is currently under revision in order to align it with the new form.

> Download Form 120 (TR-1) in PDF format – in force from 15 June 2026
The English version will be available shortly. This form cannot be used until 15 June 2026.

> Registration to the SH.I.N.E. portal – available from 1 June 2026
From 1 June 2026, it will be possible to submit a registration application to SH.I.N.E. through the Consob systems credential issuance procedure:

• new users who do not have any credentials must follow the standard procedure
• users who already have valid credentials for the Teleraccolta systems are asked to use the simplified procedure  
• if you have forgotten or lost your password, you can reset here

Contacts

• For inquiries regarding major holding disclosure obligations and the contents of the new notification form, please contact the Takeover and Shareholding Structure Office at: info120@consob.it
• In case of problems with the registration or for general inquiries regarding the credential issuance procedure, please send your request to: sistemacredenziali@consob.it
• To report a malfunction of SH.I.N.E., please contact the IT Help Desk at: +39 06 8477 388 (available on working days from 9:30 a.m. to 5:30 p.m.).