On 15 March 2022, the CNMV opened a public consultation to amend the substantial shareholding disclosure form (Model I).

Background:

• Form would now include information regarding holdings of loyalty shares that grant double voting rights.
• The proposed new substantial shareholding disclosure form is available in English and Spanish on page 6 of the draft circular, with explanatory notes from page 15 onwards.
• Comment period is open until 30 April 2022.
• Comments can be sent to the CNMV at:General Directorate of Markets
  National Stock Market Commission
  Edison, 4
  28006 Madrid

  Or by email: Mercados.circularcps2022@cnmv.es