The amended notification regime for major holdings (Transparency Directive 2013/50/EU) is analyzed in this chapter. It is questioned whether this regime successfully targets hidden control structures or whether the emergence of alternative modes of control in group structures once again challenges the scope of major holding disclosure. The 2013 Directive introduced several new provisions of which financial instruments should be included when calculating the different thresholds for notification of major holdings of shares in companies. The chapter analyzes and discusses different types of holdings, including contract rights related to shareholdings, and how they should be aggregated under the Transparency Directives (horizontal aggregation). It furthermore discusses the extent to which a parent company’s holdings should be aggregated with holdings held by affiliated entities (vertical aggregation). The chapter concludes with reflections on a mismatch between horizontal and vertical aggregation, which potentially can be used to circumvent the disclosure of major holdings and thereby to facilitate “shadow business.”