The Italian Securities Commission has updated the reporting regime for major holdings in listed companies by introducing a single notification form and a fully digital submission portal. Effective 15 June 2026, the new Model 120 (TR-1) replaces forms 120/A, 120/B and 120/D for notifications covering shares, financial instruments, aggregate positions and statements of investment intentions, reducing filing steps and improving the presentation of listed issuers' ownership structures. Available in Italian and English, Model 120 (TR-1) brings all major holdings information into one document. It is based on the European Securities and Markets Authority standard form for notification of major holdings, and the publication format is aligned with the European Single Access Point framework so data can be transmitted to national collection systems and then made available at European level. The SH.I.N.E portal will support guided completion and submission through a structured web interface with automated consistency checks, autocomplete and other tools. Consob's website will also present major shareholders more clearly by combining holdings in shares and financial instruments with the overall position and easier access to detailed notification data. To ease the transition, the new form may still be submitted by email until 30 September 2026 under the Issuers' Regulation. From 1 October 2026, only notifications completed online through the SH.I.N.E portal will be accepted.

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