How to submit major holding notifications - CONSOB AND ITS ACTIVITIES
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New notification procedures
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. These forms, set out in the current Annex 4 to the Regulation, shall be used until 14 June 2026.
15 June 2026
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 As of that date, disclosures submitted using the previous now-repealed forms will no longer be accepted.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
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 better detailed 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.
Form 120 (TR-1)
(not valid before 15 June 2026)
Here you can download the new form in PDF format, translated into English; it can be edited and filled in using standard PDF editing software. If submitting by email (allowed until 30 September 2026), please sign the form with an electronic signature and make sure you send a searchable document.
Download English Form 120 (TR-1)Registration on SH.I.N.E.
From 1 June 2026, it is possible to submit a registration application for 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 other Consob systems are asked to use the simplified procedure
- if you have forgotten or lost your password, you can reset here
Access to SH.I.N.E.
(available from 15 June 2026)
SH.I.N.E. is intended for any natural or legal person who is the direct or indirect holder of a major holding in a listed issuer, that must be notified in accordance with Article 120 of the Consolidated Law on Finance, or for anyone who can make the notification on their behalf.
From 15 June 2026, it will be possible to access SH.I.N.E. using your own login details in order to complete Form 120 (TR-1) online and submit it to Consob.
Contacts
- For inquiries regarding major holding disclosure obligations and the contents of the new notification form, please contact the Shareholding Structure Unit 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.).