CNMV statement on the simplification of notifications of issuers' own shares and during takeover bids
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The CNMV sets out the changes introduced by Royal Decree 813/2026, in force since 28 October, which simplifies notifications of treasury shares and of major holdings during a takeover bid. Issuers will only report their own-share position when it crosses 3%, 5% or 10% of voting rights, without detailing each transaction.
Key points
- The obligation to report every transaction whenever cumulative purchases exceeded 1% of capital is removed.
- During takeover bids, shareholders of the target will report purchases on reaching 3% of voting rights (previously 1%).
- Until a new form is approved, Form 2 will be used without completing section 4.
Who is affected
Listed companies with buyback programmes and shareholders of companies subject to a takeover bid.
Deadlines
In force since 28 October 2026.
Plain-language version
The CNMV, Spain's market watchdog, explains a rule in force since 28 October that cuts red tape. Companies buying back their own shares now only report when they cross 3%, 5% or 10%, not every purchase. During a takeover bid, shareholders will report once they reach 3% of the votes instead of 1%.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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