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Press releases 2019

Press releases 2018

Lastest Press releases

Cyber Security: Consob-Bank of Italy joint strategy for the cyber security of the financial sector (Press Release of January 16^th, 2020)

Consob and the Bank of Italy have agreed on a common strategy for the strengthening of the cyber security of the Italian financial sector through specific measures related to financial infrastructures: payment systems, central counterparties, central depositories and securities trading venues.

By the recognition of the value of a cooperative and synergic approach, the strategy aims to fight the cyber threats related to the development of both new technologies and the digital economy, increasing the protection of both the financial operators and the digital services offered to citizens, business and public administration, as well as to ensure the reliability of the financial system as a whole.

The joint action plan covers several areas of intervention: regulation and supervision, public-private cooperation, training and development of awareness on cyber risks.

In particular, Consob and the Bank of Italy will make use of cyber risk assessment tools already adopted in the Eurosystem framework, such as Cyber Resilience Oversight Expectations for Financial Market Infrastructures (CROE), a methodology for cyber risk supervision. Consob and the Bank of Italy will also develop TIBER-IT, a model for the deployment of tests, resulting from the European framework of Threat Intelligence-Based Ethical Red Teaming (TIBER-EU), also evaluating its scope, methods and timing of application to the various financial entities, according to a gradual principle taking into account the preparation level of the operators.

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Crypto-activities: a contribution from Consob for a national regulatory regime (Press Release of January 2^nd, 2020)

Consob has published today on its website the final report on the initial offers and exchanges of crypto-activities.

The document wants to be a contribution to the debate drawn up with a view to the possible definition of a national regulatory regime for the managing of public crypto-activity offers and related exchanges.

First of all, the report clarifies the defining aspects of crypto-assets related to the purposes of the proposed legislation, then dwelling on the regime of platforms used for the offer of newly issued crypto-assets, on trading systems as well as on the so-called "digital portfolio services" for both safe keeping and transfer of crypto-assets.

The target of this exercise is to identify possible regulatory solutions to regulate some crypto-activities that are not comparable to financial instruments and, therefore, which require specific and appropriate regulation for providing a new reference framework to operators and investors as well.

The contribution was defined following a public debate involving market operators, from the publication on March 19 last of a document for discussion through a public hearing held on May 21 in Milan at Bocconi University .

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Consob prohibits as a precautionary measure the activities in Italy of the Cypriot investment firm Rodeler Limited (Press Release of December 23^th, 2019)

Consob adopted a precautionary measure prohibiting the provision of investment services and activities in Italy to the Cypriot investment firm Rodeler Limited and in relation to the following Internet domains related to the company:

1) www.24option.com,

2) www.rodeler.com,

3) www.24fx.com,

4) www.grandoption.com,

5) www.quickoption.com.

This measure is the second precautionary provision of this kind issued by Consob, after the one recently adopted with reference to Hoch Capital Limited.

The prohibition - issued on the basis of article 7-quater, paragraph 4 of the Consolidated Law on Finance (Tuf), implementing Article 86 of Mifid2, the European regulation on the provision of investment services - intends to ensure protection to the Italian investors.

The measure was necessary after Rodeler Limited has been reiterating its infringements of the regulations in force in spite of the directions of the Cyprus Securities and Exchange Commission (CySec, the Cypriot national Authority for the supervision of financial markets) issued in compliance with the reports sent by Consob to the CySec itself.

It is therefore forbidden as a precautionary measure to Rodeler Limited to provide investment services in Italy and to make solicitations and acquisitions of new clients in our country as well as to continue its relations with Italian clients. The investment firm must be compliant with the detailed orders given by the Italian clients for closing the open accounts.

The prohibition was justified by several complaints forwarded, even recently, to Consob by Italian investors, describing serious irregularities made by the Cypriot intermediary. The complaints forwarded by the investors include, among other things, activities related to Contracts for Difference (Cfd), financial instruments on which Consob - in compliance with similar measures already adopted by ESMA, the European Authority on financial markets - already intervened on last 20 June 2019, restricting the marketing of Cfd in Italy to retail investors in compliance with the product intervention's rules.

These complaints also refer to instances such as the total loss of the invested capital, inappropriate classification of clients and aggressive marketing techniques.

Rodeler Limited, based in Limassol, is an investment firm regulated by Cypriot law operating in Italy on the basis of the freedom to provide investment services in compliance of the "European passport", provided by Mifid2. According to the EU regulations, the authorization issued by the Supervisory Authority of the Home Country, in this case the CySec, enables the investment firm to be provide investment services and activities in all the other EU member countries, after a specific notification. Due to the principle of home country control, the intermediaries must be compliant with the supervision of the CySec, while the Authorities of the host country, including Consob, have no supervisory and enforcement powers.

Consob's precautionary measure will remain in force until clear evidence is obtained from CySec to prove the overcoming by Rodeler Limited of the critical features reported by the Italian clients.

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Consob has ordered the black-out of 16 websites that offer financial services illegally (Press Release of December 20^th, 2019)

The Commission availed itself of the powers resulting from the 'Decreto Crescita' ('Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Allianz Capital Ltd (www.capitalallianze.com);
- WebNet Ltd (www.2dots.it);
- "Cleavesecurities" (www.cleavesecurities.com);
- Game Capital Ads Limited (www.welttrades.com e www.it.welttrades.com);
- BCProfit2019 (www.bcprofit2019.com);
- Terratech Ltd (www.swissfingroup.com)
- Dubai FXM Ltd (www.dubaifxm.trade e www.dubaifxm.trading);
- "VirtualStocks" (www.virtualstocks.co e www.virtualstocks.cc);
- "RoyalFunds" (www.royalfunds.co e www.royalfunds.cc);
- Lctrade Ltd (www.lctrade.net);
- Arrow Capital Ltd (www.lvgrowmarkets.com e www.partners.lvgrowmarkets.com);
The total amount of websites which have been blocked by Consob since last July has so risen to 117 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.

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ESMA publishes a report on short-termism within the framework of sustainable finance initiatives (Press Release of December 19^th, 2019)

The European regulatory and supervisory authority for financial markets (ESMA) has published a report on the undue pressure that the financial sector can exert against the development of a long-term corporate vision, in response to the request of the European Commission.

The assessment of the factors that can contribute to short-termism and disregard long-term risks and opportunities as well is taken into account by ESMA's work on sustainable finance. This initiative is included among the various initiatives projected by the European Commission in its Action Plan related to financing sustainable growth.

On the basis of the evidence gathered by stakeholders ESMA assesses, among other things, the extent to which short-termism can be mitigated or intensified by current legislation about non-financial disclosure, the accounting methods (fair value), the commitment of institutional shareholders, the remuneration of fund managers and company management, as well as the use of credit default swaps by investment funds.

In the aforementioned opinion ESMA recommends to the European Commission some policy actions which could help to promote a long-term vision in economic-financial activities, to strengthen the commitment of institutional investors, to favor more responsible investment decisions and a higher quality and comparability as well in non-financial disclosure.

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Consob has ordered the black-out of 3 websites that offer financial services illegally (Press Release of December 13^th, 2019)

The Commission availed itself of the powers resulting from the 'Decreto Crescita' ('Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Priminvestfx Ltd (priminvestfx.com);
- Goldtech Media Services Oü (fin-fnr.com);
- Globalix Ltd (global-x.io).
The total amount of websites which have been blocked by Consob since last July has so risen to 101 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.
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Financial Dispute Arbitrator: Consob renews the three-year mandate to the members today in charge (Press Release of December 13^th, 2019)

On December 12, 2019 Consob confirmed the three-year appointment to the members of the Financial Dispute Arbitrator (Arbitro per le controversie finanziario - Acf), the body set for the out-of-court resolution of disputes between intermediaries and savers.

The members of the board of Arbitrator remain in office for a three-year period and they are renewable only one time for three years more. The first term for both the effective and the alternate members expired on December 12, 2019, with the exception of President Gianpaolo Barbuzzi, appointed for a five-year term, and Gustavo Olivieri, who was appointed last year to replace Federico Ferro-Luzzi, who had resigned.

Actual members have been confirmed:
- Daniela Morgante and Marilena Rispoli Farina (on Consob designation);
- Giorgio Afferni (on designation of the National Council of Consumers and Users);
- Giuseppe Guizzi (on designation of financial intermediaries).
Alternate members have been confirmed:
- Antonio Albanese, Maria Debora Braga, Michele De Mari, Raffaele Di Raimo, Luigi Salamone (on Consob designation);
- Vincenzo Farina and Donato Patera (on designation of the National Council of Consumers and Users);
- Francesco De Santis and Raffaele Lener (on designation of financial intermediaries).
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Consob prohibits as a precautionary measure the activities in Italy of the Cypriot investment firm Hoch Capital Ltd - First intervention of this kind to protect Italian investors (Press Release of December 10^th, 2019)

Consob adopted a precautionary measure against the Cypriot company Hoch Capital Ltd with the prohibition of exercising activities in Italy.

It is the first time in which Consob exercises this power, provided for by Article 7-quater, paragraph 4 of the Consolidated Law on Finance (TUF), in implementation of Article 86 of Mifid2, the European regulation on the provision of investment services.

The prohibition, aimed at ensuring the protection of Italian investors, was necessary after the recurrent violations of Hoch Capital Ltd of the regulations in force, despite the measures adopted by the Cyprus Securities and Exchange Commission (CySec), the national authority for the supervision of financial markets of Cyprus, following the reports sent by Consob to CySec itself.

The present provision forbids in a precautionary way to Hoch Capital Ltd to provide investment services in Italy, to solicit and acquire new customers in our Country as well as to carry on their relations with Italian customers. Therefore the company is asked to close the accounts of Italian customers in accordance with the instructions given by the customers themselves.

The present prohibition is due to the several complaints transmitted to Consob, even recently, by Italian investors, complaining about serious irregularities made by the Cypriot intermediary. The reports of these representatives concern, in particular, activities like Contracts for Difference (Cfd), financial instruments on which Consob - aligned with similar measures adopted by ESMA, the European regulatory and supervisory authority on financial markets - already intervened on 20 June 2019, introducing restrictions in Italy to the offer of Cfd to retail investors in the context of the so-called product intervention discipline.

The complaints refer, among others, to situations such as the total loss of the invested capital, the classification of the investor as a professional client in the absence of prerequisites and the pressures exercised by the personnel of the company to acquire additional deposits.

Hoch Capital Ltd, based in Limassol, is a Cypriot law broker operating in Italy in compliance with the free provision of investment services guaranteed by the "European passport" provided by Mifid2. In compliance with the EU regulations, the authorization issued by the Supervisory Authority of the Country of origin, in this case the CySec, enables the company to operate in all the other EU member countries, being subject to specific notification. On behalf of the principle of home country control, the intermediary is subject to the supervision of the CySec, while the authorities of the host countries, including Consob, do not have supervisory powers.

The prohibition will remain in force until suitable evidence is obtained from CySec to demonstrate the final overcoming by Hoch Capital Ltd of the critical points complained of by Italian customers.

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Consob has ordered the black-out of 4 websites that offer financial services illegally (Press Release of December 6^th, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Equalizer Ltd Eood (https://www.capitalgma.com);
- Swiss Investment Corporation Ltd e Polis Systems Ltd (https://swissaz.com);
- Gam Group Ltd (https://marketsfxcap.com);
- Platiniumfx Ltd (www.platiniumfx.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 98 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.
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Cybersecurity, Consob adheres to the CERTFin

Consob adheres to CERTFin, the highly specialized cybersecurity structure set up by the Bank of Italy, Abi, ANIA, IVASS and the ABI Lab Consortium to strengthen collaboration against IT threats related to the development of new technologies and the digital economy, guaranteeing an always greater security for operators in the Italian banking, insurance and financial world and for digital services offered to families, business and public administrations.

This is established by the agreement signed by the Governor of the Bank of Italy, Ignazio Visco, by the President of IVASS, Fabio Panetta, by the Director General of the ABI, Giovanni Sabatini, by the Director General of ANIA, Dario Focarelli, by the President of Consob, Paolo Savona and by the President of ABI Lab, Pierfrancesco Gaggi, to supplement both the agreement signed at the end of 2016 to establish the CERTFin and the agreement signed at the end of 2018 for the adhesion of ANIA and IVASS.

In particular, the new agreement provides for the entry of Consob into the Strategic Committee, the governing body entrusted with the CERTFin address decisions.

Based on the principle of public-private cooperation, CERTFin has the task of raising the cyber risks management capacity of banking, insurance and financial operators, strengthening the operational resilience of the Italian financial system as a whole, through operational and strategic support to the activities of prevention, preparation and response to cyber attacks and security incidents.

Currently, fifty financial sector operators (banks, insurances and market infrastructures) are part of the CERTFin; among them, eleven operators also participate in the so-called "Virtual Team", a group of experts created specifically to investigate the main phenomena detected for the benefit of the whole reference community.

The CERTFin carries out daily a careful activity of data collection, indications, reports and analysis of the main phenomena linked to cybersecurity that can have an impact on the sector, favoring the timely and effective exchange of information between Italian banking and financial operators; since the start of its activity in 2017, the organization has already sent more than 3,100 reports with reference to more than 1,700 different phenomena detected and analyzed.

In line with the National Cybersecurity Strategy, the CERTFin also performs a function of linking up with all the other institutional initiatives launched in Italy regarding cybersecurity and protection of critical infrastructure, consolidating collaboration and further expanding the network of institutional stakeholders and national and international experts.

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Consob has ordered the black-out of 6 websites that offer financial services illegally (Press Release of November 29^th, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Orion Consulting Ltd (www.kapitalswiss.com);
- CapitalTechFX (https://capitaltech24.com);
- Game Capital Ads Limited (https://360worldbtc.com e https://it.360worldbtc.com);
- Maximus Global Markets Ltd (https://evolutionbrokers.com);
- ActivBroker Ltd (https://activbroker.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 94 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.

Press release PDF

Consob has ordered the black-out of 5 websites that offer financial services illegally (Press Release of November 22^nd, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Redal Ltd, Elit Property Vision Ltd e Richmondfx Ltd (https://richmondfx.com);
- Globalfx Ltd (https://globalfx.org);
- Rmt 500 Ltd (https://rmt500.com);
- Premium Solutions Ltd (https://thepremiumbrokers.com);
- Aj Asset Management (www.ajassetmanagement.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 88 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.

Press release PDF

Consob has ordered the black-out of 6 websites that offer financial services illegally (Press Release of November 15^th, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Waltika Partners Ltd (https://imperial-finance.io);
- CobraCFD Ltd (www.c0bracfd.com and www.cobracfd.biz/it);
- Alfa Financial, Zurich Corporation e lsystems LTD (https://web.zurichcorporation.com);
- Energy Capital Group Eood (www.omegafx.io);
- Crypto Consultancy Ltd (www.cfmcapital.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 83 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.

Press Release PDF

Consob has ordered the black-out of 6 websites that offer financial services illegally (Press Release of November 11^th, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Lion Finance Ltd (https://cfd2fxpro.com);
- Globalix Ltd (www.globalix.co);
- UAB Elnira (https://alltrademarkets.com);
- Grandtrade.exchange (https://grandtrade.exchange);
- BTB Corporate LT (https://bcapitalprofit.com);
- Selinusinvestment.com (www.selinusinvestment.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 77 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.

Press Release PDF

Memorandum of Understanding (MoU) between Consob and the Bank of Italy on investment services and activities and collective asset management (Consob and Bank of Italy joint Press Release of November 6^th, 2019)

The National Commission for Companies and the Stock Exchange (Consob) and the Bank of Italy have signed a new Memorandum of Understanding (MoU) on investment services and activities and collective asset management, intended to replace the previous MoU of 31 October 2007.

The update is aimed at adapting the framework of cooperation between the two Authorities to the regulatory changes that have taken place in recent years. It also intends to increase the overall degree of effectiveness and efficiency of the coordination of the respective supervision activities.

In summary, the new Protocol:
- redefines the scope of the collaboration between Consob and the Bank of Italy in the framework of the ECB's competences in the context of the Single Supervisory Mechanism;
- governs the procedures for exercising the regulatory powers of the two Authorities, in consistence with the changes in the regulatory framework introduced by Legislative Decree no. 129 of 2017, implementing MiFID II;
- defines the exchange of information acquired in the context of the controls of respective competence and the methods of cooperation on inspection;
- contains provisions aimed at ensuring coordination in the event of irregularities being ascertained and in relation to the crisis management of qualified parties;
- dictates the provisions for the coordination of the procedures for the issuing of the authorization measures for which the Consolidated Law on Finance (Testo unico della finanza - T.U.F.) provides for the agreement or the release of opinions between the two Authorities.
The document is available on both the websites www.consob.it and www.bancaditalia.it.

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Consob has ordered the black-out of 6 websites that offer financial services illegally (Press Release of November 4^th, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- TomCom Limited (https://royalfxpro.eu);
- Bonatech Ltd e Mitchell Group EOOD (https://ccxcrypto.com);
- Next Trade Ltd e TLC Consulting Ltd (https://aspenholding.co e https://aspen-holding.com);
- "Trader Platinum" (www.traderplatinum.com);
- London Capital Trade Ltd (www.londoncapitaltrade.net).
The total amount of websites which have been blocked by Consob since last July has so risen to 71 units, since the acquisition by the Authority of the powers to order the blackout of sites.

The measures through which the aforementioned companies have been ordered to terminate the abusive activity are listed on the Consob website www.consob.it.

The activities for the blocking of the websites by the internet connectivity providers, operating on the Italian market, are underway. For technical reasons it can take several days for the black-out to come into effect.

Consob warns all the investors about the relevance of making their individual investment choices in a cautious and well informed way, adopting common sense precautions, such as verifying in advance that the operators identified for investment have the required authorizations.

To this end, Consob reminds to all investors to look at the section "Be aware of fraud!", on the homepage of the www.consob.it website.

Press Release PDF

Note on the Bio-on case (Press Release of October 25^th, 2019)

About the Bio-on case, Consob is cooperating actively with the Public Prosecutor's Office of the city of Bologna. The cooperation has taken place since the beginning of the investigations and it was also started due to the impulse of Consob.

In this event, Consob is fully exercising its supervisory powers.

Bio-on is a company listed on the AIM, a multilateral trading platform, established as an unregulated market. AIM as such is not subject to the supervision of Consob, except for the events which are connected to market abuse. Accordingly, Consob had already started, since last summer, all the necessary checks. The investigations are still in progress.

Press Release PDF

Be aware of fraud! Consob orders to internet providers to block the access to 7 unauthorized websites offering financial services (Press Release October 24^th, 2019)

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- "Pro Star" (www.traderia.com);
- Capital Com Investment Ltd (https://capital4bank.com);
- Capzone Invest Ltd (www.hqbroker.com);
- Game Capital Ads Limited (https://360smartfx.com);
- Pbox Ltd (www.pbntrade.com);
- Instafx24 Ltd (www.instafx24.com);
- Silver Wolf Limited (www.bronzemarkets.com).
The black-out of these websites by internet access providers operating on the Italian market is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Press release PDF

Be aware of fraud! Consob orders to internet providers to block the access to 5 unauthorized websites offering financial services (Press Release October 18^th, 2019)

Consob has ordered the black-out of 5 websites that offer financial services illegally.

The Commission availed itself of the powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

The companies and websites are listed below:
- Red Bird Ltd (www.cfdtrend.com);
- Mfi broker Ltd (www.mfibroker.com);
- Software and Media Ltd (https://boxinvesting.com);
- Salvax Ltd (www.fxsuit.com);
- "FxRoyal24" (https://fxroyal24.co.uk).
The measures with which the aforementioned companies were ordered to terminate the abusive activity can be viewed on the website www.consob.it.

The black-out of these websites by internet access providers operating on the Italian market is ongoing.

For technical reasons, it can take several days for the black-out to come into effect.

Press release PDF

Signed in Rome a new Memorandum of Understandings between Guardia di Finanza and Consob (Joint Press Release of October 15^th, 2019)

Today, in Rome, at the "Piave" barracks, headquarters of the General Command of the Guardia di Finanza (Finance Police) the President of CONSOB, Professor Paolo Savona, and the Commander-in-chief of the Guardia di Finanza, General of Army Corps Giuseppe Zafarana, have signed a new Memorandum of Understanding (MoU), aimed at strengthening and extending the range of cooperation between the two institutions.

The agreement - which updates and replaces the one already signed in 2013 - intends to further strengthen the already existing cooperation relationships, with the aim of making supervision and assessment more effective, also with reference to market abuse and to the spread of abusive and money laundering occurrences.

All this turns substantially into an increasingly greater capacity to face the pitfalls deriving from emerging threats, in relation to which strategies of both contrast and prevention of violations in the financial branch can be jointly developed, with particular attention to the impact of the innovation technologies on both the financial system and its digitalisation.

The agreement also provides for the planning of periodic educational projects reserved to the staff of both institutions as well as to special research projects of training partnerships, aimed at the study of economic and financial events also with regard to the risks connected with the spread of cryptocurrencies.

A special Committee for the coordination of all these activities will be established. Its members will consequently be appointed by Consob and the Guardia di Finanza.

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