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Abusive financial services: Consob blacks out 6 websites (Press release of 15 January 2021)

Consob has ordered the blackout of 6 new websites that abusively offer financial services.

The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the websites Consob has ordered to be blacked out:
- "Axedo" (Internet website www.axedo.co);
- "Fxfinancepro" e "Globalinvestfx" (Internet website https://fxfinancepro.com and related page https://client.fxfinancepro.com);
- Think Market 247 Ltd (Internet website www.thinkmarket247.com and related page https://trade.thinkmarket247.com);
- Donnybrook Consulting Ltd (Internet websites https://energy-markets.io, https://energy-markets.cc and related page webtrader.energy-markets.cc);
- Universe Citizen Limited (Internet website www.fxcitizen.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 360.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

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Consob further extends for a three-months period the obligations for enhanced transparency on changes in significant shareholdings and declaration of investment objectives - The validity of the provisions has been extended from 14 January 2021 to 13 April 2021 (Press release of 14 January 2021)

Consob has further extended for a three-months period, from 14 January 2021 to 13 April 2021, the transitional regime of enhanced transparency regarding changes in significant shareholdings and communication of investment objectives for companies with a shareholder base particularly widespread (as defined by Article no. 120 of the Consolidated Law on Finance - Tuf).

The resolution (resolution no. 21672 of 13 January 2021) extends, unless revoked early, the similar provisions already temporarily issued in April 2020 (resolutions no. 21326 and no. 21327 of 9 April 2020) and then renewed for further three months, first in July 2020 until 12 October 2020 (resolution no. 21434 of 8 July 2020) and then in October 2020 until January 2021 (resolution no. 21525 of 7 October 2020).

The further extension became necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 epidemic.

In particular, as specified more in details in the press release of 10 April 2020, the transitional regime of enhanced transparency provides for:

a) the addition of a threshold of 1%, compared to the pre-existing one of 3%, as the minimum threshold upon exceeding which the obligation to communicate to the market, through Consob, of the investments acquired in large-capitalized listed ("non-SMEs") companies is triggered; for SMEs, on the other hand, the threshold of 3% is added before the threshold of 5%;

b) the addition of a threshold of 5%, compared to that of 10%, as the first threshold upon exceeding which the obligation to communicate to the market, through Consob, the "declaration of intentions" is triggered for the acquisition of shareholdings, that is, investment objectives for the subsequent six months.

The list of companies to which the enhanced transparency regime referred to in point a) is applied is the one most recently updated on 9 October 2020 (executive resolution no. 40/2020, only Italian version). However, it remains unchanged the list of companies to which the enhanced transparency regime referred to in point b) is applied.

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ACF: increased compensations to savers and appeals accepted. "Plus" sign in the activity budget in 2020 (Press release of 11 January 2021)

Decisions in favour of savers are increasing, the volume of compensation almost doubled, the number of appeals is increasing: these are some of the main data of the activity of the Alternative Financial Dispute Resolution Scheme (ACF) in 2020, the year of the health emergency from Covid, which saw a further consolidation of the role of ACF, the out-of-court resolution body for disputes between small investors and intermediaries, operating at Consob since 2017.

1,772 appeals received by the ACF last year (+5.6% compared to 1,678 in 2019). This brings the total number of appeals transmitted by savers in the first four years of activity to 7,113 (2017/2020).

The South was also confirmed in 2020 as the area of origin of the highest number of appeals (42.8%), followed by the Centre (32.4%) and the North (24.8%) of the country.

More than 100 million euro, the total value of the compensation claimed in 2020, ranging from a minimum of 94.66 to a maximum of 500,000 euro, corresponding to the limit of competence for the value of the ACF. The average value of individual disputes was just under 60,000 euro, in line with what was recorded in previous years. At the end of 2020, the total value of the compensation claimed in the four-year period exceeded the threshold of 400 million euro.

In 2020, 1,514 proceedings were concluded, an increase of 13.2% compared to 1,337 in 2019; on the other hand, 5,267 rulings in the four-year period 2017/2020.

The Board held 53 meetings (46 in 2019), making 1,060 decisions (853 in 2019), 65% of which were granted appeals, a 10% jump compared to the 2019 figure, when 55% of the appeals examined had been granted. The total value of the compensation awarded to savers almost doubled (+81.5%): 28.5 million euro in 2020 compared to 15.7 million euro recorded in 2019. This brings the total amount of compensation awarded from 2017 to date to 84.4 million, with an average per capita of about 40,000 euro.

There were 212 measures to settle disputes taken by the President in 2020 following a settlement agreement concluded directly between the parties. The figure, up 9.2% compared to 194 extinctions in 2019, confirms that the ACF is progressively establishing itself also as a reference point in the relations between savers and intermediaries, such as to favour the spontaneous resolution of disputes even before the Ombudsman decides. The four-year total of appeals terminated early thus rises to 676.

Cases of unacceptability/inadmissibility of appeals for detected and non-remediable irregularities are declining positively: 242 were the measures taken by the President in the last year (-16.5% from 290 in 2019), for a total of 1,298 in the four-year period. The progressive decrease in the situations of ascertained irregularities is a sign of a better knowledge of the ACF instrument by savers and its more suitable use.

At the same time, the number of savers who prefer to be assisted by a lawyer continues to grow (over 73% of the total in 2020, compared to 69% in 2019), despite the possibility of submitting the appeal to the ACF directly, without assistance and free of charge. The economic significance of financial disputes and the difficulties many savers still face in personally protecting their rights are contributing factors to this trend.

The intermediaries involved in the proceedings initiated before the Consob Ombudsman in 2020 were 89 (93 in 2019); 183 in total were the intermediaries receiving at least one appeal from January 2017 to date, compared to the approximately 1,100 intermediaries authorised to provide investment services currently participating in the ACF system.

The most critical areas found in the relations between savers and intermediaries proved to be, even in the year just ended, those relating to the information made available to clients at the time of the investment and to the illiquidity situations of securities widely placed in recent years among retail investors, which have made it impossible for many savers to dispose of the investments held, also often characterized by a significant decrease in value compared to the initial investment.

More than 3,200 decisions so far published and freely available on the institutional website (www.acf.consob.it), of which 1,200 published in 2020 alone, provide a varied and detailed picture of the most critical aspects that have emerged.

In this regard, it is desirable to align intermediaries' operating practices more closely with the ACF guidelines, as this, in addition to allowing the appropriate treatment of client's complaints, can nullify situations of potential conflict at birth, thus helping to strengthen the relationship of trust between the parties, an essential prerequisite to foster increasingly efficient and protected processes for the use of private savings.

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Coordination table between Consob, the Bank of Italy and Ivass regarding the application of IAS/IFRS: Accounting treatment of tax credits purchased pursuant to the Law Decrees "Cura Italia" and "Rilancio" (Join press release Consob, Bank of Italy and Ivass of 5 January 2021)

The Law Decrees no. 18/2020, so-called "Cura Italia", and no. 34/2020, so-called "Rilancio", have introduced tax incentives connected both with investment expenditures, i.e. "eco-" and "sisma-bonus", and with current expenditures, i.e. rents for non-residential use, which are given out to families and businesses in the form of tax credits. Most of these tax credits can be transferred to third parties by the beneficiaries.

In relation to this assignment, the "Coordination table between the Bank of Italy, Consob and Ivass on the application of IAS/IFRS" publishes a document by which clarifications are provided regarding the accounting treatment and the representation in the financial statements of these credits by the acquiring entity.

The document is therefore aimed at entities supervised by the three Authorities, given that the purchase of these loans may be of interest to banks, insurance companies and other financial intermediaries, and to all issuers required to the application of international accounting standards, regardless of the business operations compartment (industrial, banking and others).

The document aims to clarify some application doubts and ensure homogeneous behaviors by the operators.

The full text of the document is available on the websites www.consob.it, www.bancaditalia.it and www.ivass.it (only Italian version).

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Measures concerning clients of the British Financial Intermediaries operating in Italy related to Brexit contained in Decree Law No. 183 of 31 December 2020 (Press release of 2 January 2021)

From 1 January 2021, after the expire of the transitional period provided for in the EU-UK Withdrawal Agreement, the exit of the United Kingdom from the European Union (Brexit) will have significant impacts on the performance of financial services to clients in the Union by British financial intermediaries. Such intermediaries will have to obtain a new authorisation to continue providing investment services in Italy, in compliance with the national regime for non-EU countries firms[1].

In 2020, the European and Italian authorities did all efforts to mitigate the possible negative consequences for clients. Consob recommended several times British financial intermediaries to orderly manage the transition to a new regime in connection with Brexit (http://www.consob.it/web/area-pubblica/brexit-consob) and, most recently, invited such intermediaries' clients to verify they had received adequate information about the actions taken to manage the said transition (http://www.consob.it/documents/46180/46181/p_release_20201112.pdf/f3be7240-f6a0-4a5a-81d8-4c56ab82427f).

Aiming at ensuring an orderly process, Article 22 of Decree Law No. 183 of 31 December 2020 includes specific provisions for safeguarding the clients of the financial intermediaries established in the United Kingdom.

In order to avoid the discontinuation of the investment services provided and to minimise the adverse effects for clients, the Decree foresees that, on condition that they applied, before 31 December 2020, for a new authorisation to operate in Italy, British banks and investment firms may carry on their activities until such time as the authorisation is either granted or refused by the Italian competent authorities[2], in any case no later than 30 June 2021. During such period the said intermediaries are not allowed neither the opening of new contractual relationships nor the modification of the outstanding ones. The clients of financial intermediaries that operate in Italy through the establishment of branches will be protected both by the Italian compensation scheme and by the Italian alternative dispute resolution system (ACF).

The British financial intermediaries are required to provide the clients with the relevant information on compensation scheme as soon as possible and, in any case, no later than 10 February 2021.

The Decree Law also provides that, in case the authorisation to continue the activities in the Italian territory is refused, British financial intermediaries are compelled to cease such non-authorised activities within a timeframe and in a way that is not detrimental to their clients; they will also have to manage the wind-down of the outstanding contractual relationships in the shortest possible time and, in any case, no later than three months after the communication of the refusal decision and in compliance with the contractually agreed terms. During the wind-down period, the safeguards stemming from the adherence of the financial intermediaries operating under the right of establishment of branches to the alternative dispute resolution system and to the compensation scheme are also ensured.

In all circumstances, British financial intermediaries providing investment services shall provide to clients adequate information about the consequences of Brexit on the outstanding contractual relationships.

Clients are invited to contact British financial intermediaries, especially if they weren't informed properly, in order to obtain all necessary information concerning the possibility to either continue or cease the contractual relationship with them.

Those financial intermediaries that are compelled to cease their operation in Italy, either because they did not apply to receive an authorisation or because the required authorisation is refused, are due to refund the clients' money, financial instruments and other assets, according to the instructions received by them. It is thus of the utmost importance that the clients provide the British financial intermediaries with all necessary information (eg. the account IBAN to receive the foreseen refund).

Clients intending to withdraw from their contracts, or to transfer any such contract to another intermediary authorised to operate in Italy, are again urged to act promptly, in compliance with the legal and contractual provisions (which may require specific procedures to be followed).

Consob is updating the list both of EU investment firms and of third country firms other than banks authorised to operate in Italy from 1 January 2021, also providing adequate evidence - in the specific section of its website (http://www.consob.it/web/consob-and-its-activities/investment-firms) - of British investment firms no longer authorised to provide investment services to Italian clients and of those that instead could carry on their activities by virtue of what provided for under Decree Law No. 183 of 31 December 2020.

Clients of banks and insurance companies are invited to look for additional information on the websites of, respectively, the Bank of Italy (https://www.bancaditalia.it/compiti/stabilita-finanziaria/informazioni-brexit/index.html) and the Ivass (https://www.ivass.it/consumatori/azioni-tutela/brexit/index.html).

[1] In particular, in the Consob Bulletin (http://www.consob.it/web/area-pubblica/bollettino) are published the decisions of authorisation of the British financial intermediaries, along with the specification of the services that these are allowed to perform and the possible inherent operational limitations, also in connection with the types of clients serviced.

[2] The law decree specifies that, after the end of the transitional period, the performance of investment services and activities under the regime of the freedom of providing services by investment firms and banks is forbidden with respect to retail clients (as defined in Article 1, para. 1, point m-duodecies of the Consolidated Law on Finance) and to professional clients upon request (as defined in Article 6, para. 2-quinquies, point b, and para. 2-sexies, point b, of the Consolidated Law on Finance).

Press release PDF version

Measures concerning British financial intermediaries operating in Italy after Brexit contained in Decree Law no. 183 of 31 December 2020 (Press release of 2 January 2021)

Article 22 of Decree Law No. 183 of 31 December 2020 (www.gazzettaufficiale.it/eli/id/2020/12/31/20G00206/sg) includes provisions affecting the operation of British financial intermediaries and insurance companies after the expire of the transitional period (31 December 2020) envisaged by the EU-UK Withdrawal Agreement.

In particular, Article 22 of the mentioned Decree Law extends some of the measures contained in Decree Law No. 22 of 25 March 2019, with a view to facilitate the correct and orderly management of the transition from the European passport regime to the national regime for companies of non-EU countries, in order to better safeguard clients' interest.

The provisions dealing with financial intermediaries providing investment services and activities are recalled hereafter, whereas for those specifically dealing with the performance of banking and insurance activities, please refer, respectively, to the websites of the Bank of Italy (https://www.bancaditalia.it/compiti/stabilita-finanziaria/informazioni-brexit/index.html) and of the Ivass (https://www.ivass.it/consumatori/azioni-tutela/brexit/index.html).

On condition that they applied, before 31 December 2020, for a new authorisation to operate in Italy as a non-EU country firm or an Italian investment firm to which hand over activities, it is foreseen that the British financial intermediaries may carry on the activities performed before the end of the transitional period until such time as the authorisation is either granted or refused, in any case no later than 30 June 2021. During such period the operation is limited to the activities for which an authorisation is sought and to the outstanding contractual relationships. Therefore it is not allowed neither the opening of new contractual relationships nor the modification of the outstanding ones, whereas it is allowed to perform the activities in connection with the management of the so-called «life-cycle event » for derivatives contracts not subject to clearing by a central counterparty.

The financial intermediaries that are allowed to continue their operation as referred to above are subject to the national regime applicable to the firms of non-EU countries and to the supervision of the competent Italian authorities thereon.

Those financial intermediaries that operate under the regime of the freedom to provide services are forbidden from providing their services to retail clients (as defined in Article 1, para. 1, point m-duodecies of the Consolidated Law on Finance) and to professional clients upon request (as defined in Article 6, para. 2-quinquies, point b, and para. 2-sexies, point b, of the Consolidated Law on Finance).

Those financial intermediaries that operate in Italy through the establishment of branches keep their adherence to the Italian alternative dispute resolution system (Arbitro per le Controversie Finanziarie) and are due to adhere to the Italian compensation system (Fondo Nazionale di Garanzia, FNG) according to what provided for under the relative statute. Within 30 days from the expire of the transitional period, the British financial intermediaries are due to contact the FNG to fulfil the adherence requirements, including through the payment of the inherent financial contribution. The said financial intermediaries are required to provide the clients with the relevant information thereon, as soon as possible and no later than forty days from 1 January 2021. The information to the clients are to be provided in a clear and simple language and shall include the details for the contact person dealing with further information or clarifications.

Should the authorisation to continue the activities in the Italian territory be refused, the British financial intermediaries are compelled to cease such non-authorised activities into the shortest time possible and, in any case, no later than three months after the communication of the refusal decision, according ways and times that are not detrimental to clients. During the wind-down period, the British financial intermediaries continue to be subject to the national regime applicable to non-EU countries firms and to the supervision of the competent Italian authorities thereon; during such period, the safeguards stemming from the adherence to the alternative dispute resolution system and to the compensation system are also ensured for the intermediaries operating in Italy through the establishment of branches and all intermediaries are bound by the same disclosure requirements as referred to above.

The Decree Law also includes specific provisions as concern the impacts on the outstanding contractual relationships with clients for those financial intermediaries that are compelled to cease their operation in Italy either because they did not apply to receive an authorisation or because the required authorisation was refused. Such intermediaries are due to refund the clients' money, financial instruments and other assets, according to the instructions received by them.

All British financial intermediaries providing investment services in Italy shall give their clients adequate information about the consequences of the Brexit on the outstanding contractual relationships.

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Memorandum of Cooperation with the Japan Financial Services Agency (Press release of 23 December 2020)

Rome - The Commissione Nazionale per le Società e la Borsa (CONSOB) today announced the signing of a Memorandum of Cooperation (MOC) with the Japan Financial Services Agency (JFSA) regarding cooperation and the exchange of information in the supervision and oversight of regulated firms that operate on a cross-border basis in Italy and Japan.

The MOC establishes a framework for cooperation, contemplates the sharing of information, and provides procedures for on-site visits.

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Consob and SEC sign New Supervisory Cooperation Arrangement (Join Press release Consob-SEC of 22 December 2020)

Washington D.C. / Rome, Dec. 22, 2020 - The Securities and Exchange Commission and the Commissione Nazionale per le Società e la Borsa (CONSOB) today announced the signing of a Memorandum of Understanding (MOU) concerning consultation, cooperation and the exchange of information regarding the supervision of regulated entities that conduct financial services business in the U.S., Italy, or both.

The MOU enhances the ability of the SEC and of the CONSOB to consult, coordinate, and share supervisory information with each other and facilitates the respective cross-border examinations of regulated entities.

SEC Chairman Jay Clayton said, "Today's MOU reaffirms the importance of cross-border collaboration with respect to the oversight of our respective registrants. Effective cooperation will benefit each of our financial markets and investors."

CONSOB Chairman Paolo Savona said, "Cross border supervision and oversight is at the forefront of the activity of securities regulators and this MOU is an important step forward".

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Abusive financial services: Consob blacks out 5 websites (Press release of 21 December 2020)

Consob has ordered the blackout of 5 new websites that abusively offer financial services.

The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the websites Consob has ordered to be blacked out:
- "Octaviotrade" (Internet website https://octaviotrade.com);
- Konstos Markets Ltd (Internet website www.stocklux.co);
- Salvax Limited (Internet website www.fxsuit.eu);
- "LiborTC Ltd" (Internet website https://libortc.com and related page https://client.libortc.com);
- Tradixa Ltd e All Media Eood (Internet website www.tradixas.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 354.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

Press release PDF version

New procedure for accessing the KIDs of the PRIIPs and related structured data - Results of the consultation (Press release of 17 December 2020)

On 15 December, a new procedure for accessing documents containing key information, the so-called KID of the PRIIPs - pre-assembled retail and insurance investment products - was defined with the obligation to make the PRIIPs-related information and structured data marketed in Italy accessible to Consob (Resolutions no. 21639 and n. 21640 of 15 December 2020).

At the same time, the Operating Instructions which identify the procedure of access to the KIDs and the related structured data by Consob have been adopted.

More specifically, according to the new regulation, the creators of PRIIPs are required to make the KIDs (in PDF format) and structured data (in XML format) available to Consob in their own reserved area within the Authority's SFTP server before the beginning of marketing.

Alternatively, but starting from January 1, 2022 only, the creators will be allowed to use a web interface system both with reference to KIDs and structured data.

In the identification of the structured data to be made accessible to Consob, an information set was defined consistent with the present requirements of the KID according to the European legislation and compatible with the one already adopted by the major data providers. Furthermore, the possibility of delegating the fulfilment of the said obligations to third parties was specifically regulated, thus allowing the creators to make use of external data providers who are already recipients of information flows consistent with the structured data requests envisaged by Consob.

The aforementioned resolutions provide for a transitional period on the basis of which:

a) the obligation to make the KID available in PDF format within Consob's SFTP server enters into force on 1 January 2021, while acknowledging to the creators of PRIIPs the possibility of opting, until 31 December 2021, for a alternative regime, consisting in the prior notification to Consob by PEC (certified e-mail) of the KIDs in accordance with the current regime. From 1 January 2022, the obligation is fulfilled by making the KID available on the SFTP server or by the web interface;

b) the obligation to make the information and structured data relating to the PRIIPs accessible to Consob applies from 1 January 2022; it is fulfilled by making it available on the SFTP server or by the web interface. If, however, the creators have decided to make the KIDs accessible on the SFTP server as early as January 1, 2021, starting from the same date they will also have to make the personal information about the creator of the PRIIP and information relating to the provision of the KIDs available.

The results of the consultation (held in the 30 July - 30 September 2020 period - only Italian version) with the contributions received, the explanatory report, Resolutions no. 21639 and n. 21640 of 15 December 2020 and the operating instructions are published on the Consob website.

Press release PDF version

Abusive financial services: Consob blacks out 4 abusive websites (Press Release of 11 December 2020)

Consob has ordered the blackout of 4 new websites that abusively offer financial services.

The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the websites Consob has ordered to be blacked out:

- Investoomatic Limited (website www.investoomatic.com);

- Kiqiwk Holdings Intl Limited (website www.solutionmarkets.com);

- "ADV-Investment"(websites www.adv-investment.com and www2.adv-investment.com),

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 349.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

Press release PDF version

Consob, the regulatory changes to adapt secondary legislation to the new European Directive on shareholder rights have been approved (Press Release of 11 December 2020)

Green light by Consob to the regulatory changes necessary to adapt the secondary legislation to the second European Directive on shareholder rights (Shrd2).

The changes involved the Regulation on related-party transactions (Rpt), the Issuers' Regulation and the Market Regulation.

As regards the discipline of related-party transactions, already largely consistent with the Shrd2, the main changes concern: a) the definition of the directors involved in a related-party transaction, who are required to abstain from voting; b) the reserve of competence to resolve upon the administrative body for the approval of major transactions, which is also extended to smaller companies, newly listed companies and those with widespread shareholding as well as cases of urgency. The solutions adopted aim, among other things, to maintain the flexibility provided by the legislation already in force.

On the other hand, as regards the Issuers' Regulations, the amendments concern: a) the transparency discipline regarding remuneration with regard to advertising and the contents of the related report on the remuneration policy and remuneration paid; b) the disclosure schemes, which are refined depending on the evolution of market practice; c) the discipline on the transparency of asset managers and voting consultants, with reference to which the methods and terms of compliance are indicated.

The resolutions adopted for amending the regulations identify adequate transitional arrangements for the application of the new provisions, taking into account the needs represented by the market to have an appropriate deadline for the entry into force of the new rules.

By way of this intervention, further amendments to the Issuers' Regulation were also adopted, which incorporate the new definition of "Small and medium-sized enterprises" (SMEs) as recently reformulated in the Consolidated Law on Finance.

The text of the resolutions amending the regulations, the explanatory reports, the comments received throughout the consultation and the description of the following results are available, only in Italian language, on the www.consob.it website.

Press release PDF version

Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 4 December 2020)

Consob has ordered the blackout of 5 new websites that abusively offer financial services.

The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the websites Consob has ordered to be blacked out:

- "BitOptionFx" (website https://bitoptionfx.com);

- BrokerMajor Ltd (website www.brokermajor-fx.com);

- Systemgates Ltd (website www.weltrade.com);

- RT GLOBAL LTD (website www.apptrader.com);

- The Capital Holding LLCeFX Publications INC (website www.beforexcapital.com).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 345.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

Press release PDF version

CFTC and CONSOB Sign MOU for Supervision of Cross-Border Firms (Joint Consob/CFTC Press release of 30 November 2020)

Rome / Washington, D.C. - The Commodity Futures Trading Commission and the Commissione Nazionale per le Società e la Borsa (CONSOB) today announced the signing of a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated firms that operate on a cross-border basis in the United States and in Italy.

Through the MOU, the CFTC and the CONSOB express their willingness to cooperate in the interest of fulfilling their respective regulatory mandates in the context of supervising firms within the scope of the MOU. The MOU establishes a framework for cooperation, contemplates the sharing of information, and provides procedures for examinations.

"This MOU builds upon the longstanding cooperative relationship between the CFTC and CONSOB," said CFTC Chairman Heath P. Tarbert. "It will enhance our joint ability to supervise those who operate in our respective derivatives markets."

"I am pleased we have been able to agree to this MOU with the CFTC, which will support cross border supervision on the provision of investment services for the purpose of preserving the integrity of the market and protecting investors" added CONSOB Chairman Paolo Savona.

Press release PDF version

Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 27 november 2020)

Consob has ordered the blackout of 5 new websites that abusively offer financial services.

The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the websites Consob has ordered to be blacked out:
- B.O. Tradefinancials Ltd (website www.accessfxtrade.com)
- Capital Letter GMBH e Capital Letter Ltd (website www.brightfinance.co);
- NewTraders Holdings Ltd (websites www.toltechfx.com, www.cmcxxmarket.com and www.newtradersholdings.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 340.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

Press release PDF version

Abusive financial services: Consob blacks out 5 abusive websites (Press Relase of 20 november 2020)

Consob has ordered the blackout of 5 new sites that abusively offer financial services.

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

Below are the sites Consob has ordered to be blacked out:
- ForTradersFX Ltd (website www.for-tradersfx.com);
- "Mibtrades" (website www.mibtrades.com);
- "Iacademy" (websites www.iacademy.io and urliacademy.io);
- GAM Group Ltd e LLC IC Prime Broker (website https://marketsfx.co);
- HBC Market Ltd and ZentraleZahlstelle Ltd (website www.hbc-markets.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 335.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it, it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press release PDF version

Financial abuse: Consob obscures 7 websites (Press Release of November 13^th, 2020)

Consob has ordered the blackout of 7 new websites illegally offering financial services/financial products: 5 websites of abusive financial intermediation and 2 websites offering financial products without a prospectus.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), to blackout the abusive financial intermediaries websites, as well as of the power provided for by the Law n. 8 of 28 February 2020 (Article 4, paragraph 3-bis), to blackout the websites through which the abusive offer has been put in place.

Below are the sites for which Consob has ordered the blackout:
- "Pro Star" (website www.golden-cfd.com);
- "European Trade 24" and "Allegra TM" (website www.eutrade24.com);
- Maginito Services Ltd and NBG Market (KI) Limited (website www.nbgmarket.com);
- "Mistertrader" and "Redfin Capital" (websites https://imrtrader.com e www.redfin.capital);
- Arbistar 2.0, S.L. (websites arbistar.com e app.arbistar.com).
Accordingly, the overall number of websites blacked out by Consob has risen to 330, starting from July 2019, when the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it, it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press release PDF version

BREXIT – Warning notice to clients of investment firms and banks based in the United Kingdom and operating in Italy (Press release of November 12^th, 2020)

From 1° January 2021, due to the United Kingdom's exit from the European Union (EU), British investment firms and banks will be allowed to continue to provide investment services and activities in Italy only if authorized, respectively, by Consob and by the Bank of Italy as third country firms.

In the absence of the required authorisations, British intermediaries must have ceased their operations in Italy or transferred their business to other authorizsed intermediaries by 31 December 2020.

Consob will consequently update the list of EU investment firms and of third country firms other than banks authorised to operate in Italy from 1° January 2021, also providing adequate evidence in the specific section of its institutional website (http://www.consob.it/web/consob-and-its-activities/investment-firms) of UK investment firms no longer authorised to provide investment services to Italian clients.

The UK intermediaries have been called upon - both by ESMA and by Consob - to promptly provide clients with appropriate information regarding the consequences of Brexit on existing contractual relationships.

Having regard to the approaching deadline of 31 December, clients of British intermediaries are invited to verify that they have received adequate and comprehensive information. If this is not the case, it is important that they contact their intermediaries as soon as possible to obtain clarifications about their current contractual relationships and their rights; the contact information about the intermediaries can also be found on the website of the UK's Financial Conduct Authority (https://register.fca.org.uk/s/).

Clients intending to withdraw from their contracts, or to transfer any such contract to another intermediary authorised to operate in Italy, are invited to act promptly, in compliance with the legal and contractual provisions (which may require specific procedures to be followed), in order to prevent possible disruptions in connection with the likely inflow of requests as approaching the deadline of 31 December.

Clients of UK-based banks providing investment services and activities in Italy, are invited to also consult the Bank of Italy website: https://www.bancaditalia.it/compiti/stabilita-finanziaria/informazioni-brexit/index.html?com.dotmarketing.htmlpage.language=1.

Press Release PDF version

The curtain falls on Financial Education Month and World Investor Week (Wiw) - A growing education offer: more than 600 scheduled events, including fairy tales, theater, games and webinars - Lusardi: "A very encouraging outcome despite the Covid health emergency"

A very encouraging outcome despite Covid health emergency, with increasing figures and a widening audience: this is how Annamaria Lusardi, Director of the National Committee for Financial Education, summarizes the Financial Education Month, at its third edition this year, ending today in coincidence with the conclusion of the World Investor Week (WIW), the initiative promoted in Italy by Consob within a project launched four years ago by Iosco, the forum of national regulatory and supervisory authorities on financial markets.

Common goal: to raise the financial literacy level of the Italians, enabling them to better manage both their money and their planning for the future through investment choices made in full awareness.

"The balance of the third edition of the Financial Education Month, which took place this year in the midst of a health emergency, is extremely encouraging", Lusardi commented today at the closing of both the Month and the WIW (click here to the website) . "The events organized throughout Italy were more than 600, an even higher amount than last year, which achieved a large participation even if managed mostly through webinars. This is to confirm that, in Italy, financial education is not only needed but also of a great interest. It is a need felt by citizens of all ages, by women, by children. It is also an evidence of the increased awareness that a basic knowledge on the subjects of finance, pensions and insurance sectors can contribute to a more peacefully living and to better coping with difficulties, such as the present crisis ".

Even 617 initiatives have been scheduled, proposed by 182 subjects including institutions, associations and companies. The offer for education involved a public of all ages, children, students, adults, pertaining to the various sectors of finance, insurance and welfare, the latter being at the core of this third edition.

"How much to save to guarantee a decent standard of living at the end of your working life? And how to save? To be fully aware of how to address these questions, both education and social security and insurance information play a decisive role because they help us to cope with complex choices in uncertainty situations", remarked Mario Padula, President of COVIP.

Extensive use was also made this year, in the context of WIW, of educational tools combining both education and entertainment (edutainment) such as fairy tales (see the tale 'Sofia goes on the Stock Exchange'), theater performances (see the brochure of 'Occhio alle truffe!' (Watch for Scams!) Finance on the stage), interactive games (see ' Lear…ning – A Consob Game for Investors'), but also conferences (see the form 'Investments in a time of crisis') and webinars. The offer for education also involved the business world, in particular SMEs, with a specific emphasis to the issues of sustainable finance (see the conference 'Sustainable finance, transparency and financial education for companies').

"Thanks also to the cooperation with the members of the EduFin Committee and the WIW partners (see the presentation in the opening press conference) - remarked Nadia Linciano, Consob representative in the Committee - we have reached, fully online, a number of people larger than usual, through the communication of the significance of both improving everyone's skills and understanding the mental mechanisms underlying economic-financial decisions ".

Rome, 6 November, 2020
Press Release PDF version

Financial abuse: Consob obscures 5 websites (Press release of November 6^th, 2020)

Consob has ordered the blackout of 5 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- Evergo Ltd (website www.tradesrun.com and related page client.trading-dashboard.co);
- FS International LTD (website www.fxglobe.international);
- Giuseppe Eros Lana (website www.berkshiresystem.com);
- Pure M Global Limited (website www.ascend-market.com);
- 4FXLUXUS Pvt Ltd and Global Pegasus LTD (website https://4fxluxus.com).
Accordingly, it has risen to 323 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it, it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Financial abuse: Consob obscures 6 websites (Press Release of October 30, 2020)

Consob has ordered the blackout of 6 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- "Lengvin Partners LTD" and "Amados Partners LTD" (websites https://investfd.io, https://investfd.co and pages https://invest-fd.io/sign-in and https://invest-fd.io/finance);
- "Crypto Engine"(website https://it.cryptoengine.app);
- Fx-globalinvest Ltd (website https://www.fx-globalinvest.com and its registration page https://client.fx-globalinvest.com)
- Globalinvestfx Ltd (website https://globalinvestfx.com and its registration page https://client.globalinvestfx.com);
- Fx Leader Italia (website www.fxleaderitalia.com).
Accordingly, it has risen to 318 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Fairy tales, games and theater: starts on Monday 2 November the fourth edition of the World Investor Week, promoted by Consob - More than 70 financial education initiatives are scheduled

Fairy tales, comics, games, theater, interactive shows, conferences, webinars: these are the tools through which the fourth edition of the World Investor Week (WIW) - scheduled from Monday 2^nd to Friday 6^th November – is intending to reach a broad audience of every shape and age, from elementary school children to businesses up to the adult public, with the aim of raising the level of financial literacy in Italy and thereby fostering the savings protection measures.

More than seventy events on the schedule (http://www.consob.it/web/investor-education/calendario-eventi-2020), all strictly online this year, to adapt to the provisions on the fight against the COVID-19 pandemic.

The initiative is promoted and coordinated in Italy by Consob as part of a wider global project developed by Iosco, the organization of all national regulatory and supervisory authorities on financial markets. More than one hundred countries are involved. The Italian edition (http://www.consob.it/documents/46180/46181/intervento_20201029.pdf/d3f6b4a0-979c-4b05-835f-99c8bdac8671 ) avails itself of the collaboration and contribution of various subjects, variously engaged on the theme of financial education: Adeimf, Anasf, Feduf, Global Thinking Foundation, Museo del Risparmio, Politecnico di Milano, Regional school office of Lombardy and Lazio.

The WIW is included in the Month of Financial Education, next October at its third edition, organized by the EduFin Committee, with the support of the Ministry of Economy, the Ministry of Public Education, Consob, Bank of Italy, Ivass, Covip.

Among the novelties of the WIW 2020 the use of the fairy tale (http://www.consob.it/documents/46180/46181/Sofia-borsa.pdf/a3c9c00c-df08-48d2-a409-6b3257c2e817 and http://www.consob.it/documents/46180/46181/format_Sofia-borsa.pdf/58663849-ede0-445e-aa3e-6e5e9d6c66b9 ), to bring children closer to the world of finance and a conference-show on behavioral errors to be avoided during crisis periods. Treasure hunts, comics and other interactive games expand the edutainment offer, the training method mixing both education and entertainment. Charles Ponzi, the Italian scammer who emigrated to the United States a century ago, will return to the stage. He developed a scheme of financial fraud, which became established all over the world since then as the "Ponzi scheme", and is still widespread today. More traditional initiatives are also planned, aimed at involving and getting aware to the issues of financial education the general adult public, including women and the elderly.

"Greater financial skills - commented Anna Genovese, Consob Commissioner (http://www.consob.it/documents/46180/46181/20201029_WIW_Genovese.pdf/4996bbd9-a5b7-446c-a0c7-16ef11b311bb ) - contribute to the raising of both the awareness and the autonomy of judgment which are necessary to increase the financial 'resilience' of each of us. The implications - added Genovese - are positive for the individual and for the community, too, especially in a context of uncertainty such as the one we are experiencing today since the outbreak of the pandemic ".

Rome, 29 October 2020

Press Release PDF version

Financial abuse: Consob obscures 6 websites (Press Release of October 22^nd, 2020)

Consob has ordered the blackout of 6 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- 4EX7 Ltd (website www.4ex7.net);
- HanabishiPartners Ltd (websites https://investactive.io, https://investactive.cc and related page https://status.investactive.cc);
- Elevate4x Ltd (website www.elevate4x.net)
- DBFX Limited (website www.dbfxtrades.com);
- Golden Dawn (IT) (website https://www.ctxholdings.com).
Accordingly, it has risen to 312 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Financial abuse: Consob obscures 6 websites

Consob has ordered the blackout of 6 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- Broker Major Ltd (website www.brokermajor.com);
- Premium Solutions Ltd (website https://the-premium-brokers.net and related page https://trader.secure.the-premium-brokers.net);
- Swissgems Ltd e Media Solutions Ltd(website www.cfdnets.com and url marketscfd.net);
- "Royaltyfinance"(website www.royaltyfinance.io);
- ESOS International LTD and Kakedy International S.R.O (websites www.ainvestments.com and www.ainvestments.biz).
Accordingly, it has risen to 306 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Consob further extends for a three-months period the obligations for enhanced transparency on changes in significant shareholdings and declaration of investment objectives. The validity of the provisions has been extended from 13 October 2020 to 13 January 2021. (Press Release of October 9^th 2020)

Consob has further extended for a three-months period, from 13 October 2020 to 13 January 2021, the transitional regime of enhanced transparency regarding changes in significant shareholdings and communication of investment objectives for companies with a shareholder base particularly widespread (as defined by Article no. 120 of the Consolidated Law on Finance - Tuf).

The resolution (resolution no. 21525 of 7 October 2020) extends until 13 January 2021, unless anticipated revocation, the similar provisions already temporarily issued in the last April (resolutions no. 21326 and no. 21327 of 9 April 2020) and then renewed for three months in the last July until 12 October 2020 (resolution no. 21434 of 8 July 2020).

The further extension became necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 epidemic.

In particular, as specified more in details in the press release of 10 April 2020, the transitional regime of enhanced transparency provides for:

a) the addition of a threshold of 1%, compared to the pre-existing one of 3%, as the minimum threshold upon exceeding which the obligation to communicate to the market, through Consob, of the investments acquired in large-capitalized listed ("non-SMEs") companies is triggered; for SMEs, on the other hand, the threshold of 3% is added before the threshold of 5%;

b) the addition of a threshold of 5%, compared to that of 10%, as the first threshold upon exceeding which the obligation to communicate to the market, through Consob, the "declaration of intentions" is triggered for the acquisition of shareholdings, that is, investment objectives for the subsequent six months.

The list of companies to which the enhanced transparency regime referred to in point a) is applied is the one most recently updated on 9 October 2020 (executive resolution no. 40/2020, only Italian version). However, it remains unchanged the list of companies to which the enhanced transparency regime referred to in point b) is applied.

Press release PDF version

Financial abuse: Consob obscures 5 websites (Press release of October 8^th, 2020)

Consob has ordered the blackout of 5 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- Digital Exchange Limited and Securex Plus Solutions EOOD (website www.dgxlimited.com);
- GrahamFE FinServices LTD and Elit Property Vision LTD (website www.grahamfe.com);
- Brokermasters Ltd (website www.brokermasters.net);
- Raw Trading Ltd (website www.icmarkets.com);
- Fintech Software Inc, Oproserv Limited, Leadernet OU (website www.fx-leader.com).
Accordingly, it has risen to 300 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Financial abuse: Consob obscures 5 websites (Press Release of October 1^st, 2020)

Consob has ordered the blackout of 5 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- "richemontson" (website https://richemontson.cc);
- Globalix Ltd (website www.globalixs.com);
- Astrica Ltd (website www.market4fx.com);
- "Tradixa Ltd" (website www.tradi-xa.com);
- "MyCapital"(website https://mycapitalit.cc);
Accordingly, it has risen to 295 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

#OttobreEdufin2020 - Financial Education Month online presentation (Press release of September 25^th, 2020)

On Thursday 1^stOctober 2020 at 3.00 pm, the Third edition of the Financial Education Month, promoted by the Committee for the planning and coordination of financial education activities – Edufin, will be launched online. Most of the 2020 initiatives will take place online.

The programme and objectives of this Third edition will be illustrated by Annamaria Lusardi, Director of the Committee for the planning and coordination of the activities for financial education - Edufin and by Alessandro Rivera, Director General of the Treasury of the Ministry of Economics and Finance. The meeting, moderated by Marco Lo Conte, journalist at Il Sole24ore, will be attended by Mario Padula, President of COVIP (Supervisory Commission on Pension Funds), Magda Bianco, Head of the Directorate General for Consumer Protection and Financial Education at Bank of Italy, and member of the Financial Education Committee, Daniele Previati, President of ADEIMF (Association of teachers of economics, intermediaries and financial markets, and corporate finance) and Agar Brugiavini, of Università Ca' Foscari.

The agenda includes a live talk on the relevance of financial education at the time of COVID-19. This Third edition will end with the presentation of the contest addressed to university students An idea for the future –Contest for university students on social security education for young people promoted by ADEIMF (Association of teachers of economics, financial intermediaries and financial markets and corporate finance), presented in collaboration with the Edufin Committee.

Links to the event:

www.quellocheconta.gov.it

https://stream.lifesizecloud.com/extension/5520933/b9ca5bcc-ee20-459e-a4f9-277b787a5b98

Financial illegal services: Consob blacks out 6 websites (Press release of September 24^th, 2020)

Consob has ordered the blackout of 6 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- "Tio Markets Ltd" (website www.tiomarkets.com);
- "Terratech Ltd" (website www.eufxindex.com);
- "GFX FINANCE" Capital Letter GMBH (website www.gfxroyal.com);
- "Luxor Asset Management Trust" (website www.luxoramt.com);
- "bstox24" (website https://bstox24.com and related page https://client.bstox24.com);
- "Crypterium Financial Services" (website https://crypteriumfs.com).
Accordingly, it has risen to 290 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Nicoletta Giusto appointed independent member of the CCP Supervisory Committee of ESMA (Press release of September 24^th, 2020)

On 22 September, Nicoletta Giusto, head of the Consob Office for International Affairs, was appointed an independent member of the Central Counterparty (CCP) Supervisory Committee of ESMA, the European Union's securities market regulator, for a five-year mandate which can be extended once.

ESMA appointed also, on the same date, Klaus Löber as Chair and Froukelien Wendt as an independent member of the CCP Supervisory Committee.

All the appointments were defined on September 14, after a hearing at the European Parliament (EP) Commission for Economic and Monetary Affairs.

Financial illegal services: Consob blacks out 5 websites (Press release of September 18th, 2020)

Consob has ordered the blackout of 5 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- Bellerophon Ltd and Bliz Biz Pty Ltd (website www.blizfx.com and the related page https://client.blizfx.com);
- KBS Capital Markets LTD (website www.imctrades.com);
- Amber ("clone" website https://amberfondsmaeglerselskab.com);
- Kaf Trade Ltd and K-Trade Ltd (website www.kaftrade.com and the related page https://client.kaftrade.com);
- Plan Bit Global Limited and Plan Bit Tech Ltd (website www.redfinstocks.com and the related page https://trader.secure.redfinstocks.com).
Accordingly, it has risen to 284 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

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Reopening of Consob offices (Press release of September 14^th, 2020)

Consob, which today ensured the remote management of all institutional activities, will reopen tomorrow, 15 September, its offices, after having carried out the sanitation operations of the Rome and Milan buildings and having recognized that all the swabs carried out by the members of the Commission and by the internal traced staff persons tested negative. The Commission continues to operate making use of the experience acquired, within the framework of the precautions in force.

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Covid, the Consob offices in Rome and Milan have been closed as a precaution - A positive case has been detected. The sanitation operations are underway - Full operation of the Institute is guaranteed by the ongoing of remote activities. (Press release of September 11^th, 2020)

From next Monday, 14 September, the Consob offices in Rome and Milan will be closed until Friday the 18th. The provision was adopted by the General Director in quality of employer as a precautionary measure after a positive case to Covid was detected today in the Institute.

During the locking, sanitation operations will be carried out in compliance with current health regulations.

The case concerns the President, Paolo Savona, who tested positive for the swab. The President is an asymptomatic carrier; is in quarantine and he is working from home.

The full operation of the Institute is ensured by remote activities.

Press release PDF version

Maria Antonietta Scopelliti is the new Secretary General of Consob. She replaces Carlo Deodato. The alternation will be effective from 16 September 2020 (Press release of September 8^th, 2020)

Maria Antonietta Scopelliti, the current Head of Markets Division of Consob, is the new Secretary General of the Institute.

Scopelliti replaces the magistrate Carlo Deodato, Secretary General of Consob since April 2019, who chose to come back to the Council of State as Section President.

The alternation was deliberated today by the Commission, to be effective from 16 September next.

The Commission expressed its heartfelt appreciation to Deodato, thanking him for his valuable professional contribution, his appreciated decision-making balance and his human qualities.

Scopelliti, who graduated in Economics and Commerce, has held various positions in Consob, among which Head of the Spot Markets and Derivative Markets Office, Head of the Budget and Financial Management Office, Head of the Studies and Statistics Office. Since 2013 she has been the Head of the Markets Division. She participated to several working groups established by national and international organizations.

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Financial illegal services: Consob blacks out 11 websites (Press release of September 4^th, 2020)

Consob has ordered the black-out of 11 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the websites for which Consob has ordered the blackout:
- Dinengo Partners LTD (website https://marketsdock.com, and related pages client.marketsdock.com and status.marketsdock.com);
- Jean Pierre Technologies LTD (website www.jp.finance, and related pages https://trade.jp.finance and https://cashier.jp.finance);
- KBS Capital Markets LTD (website www.topcapitalfx.com and the related page www.my.topcapitalfx.com);
- NorthfintechFX Trading Services Ltd (website www.northfintechfx.co and the related page www.northfintechfx.trade);
- "Wallwood Broker" (website https://wallwoodbroker.com);
- "247 First Invest" (website https://247firstinvest.com);
- Uptos Ltd (website www.uptos.org);
- Equalizer Ltd (website www.marketfxc.com);
- "Inter Media Ltd" (website www.cfgtrades.com);
- "Acquantum AG" (website www.acquantum.eu);
- "Matrix banco" (website https//matrixbanco.com).
Accordingly, it has risen to 279 the overall number of websites which have been blacked out by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the www.consob.it website.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it, it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press release PDF version

Financial illegal services: Consob blacks out 7 websites (Press release of July 31^st, 2020)

Consob has ordered the black-out of 7 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:

- DirectaFx Limited (website www.directafx.com);

- Gntfin LTD (website www.gnt-fin.com);

- Maxi Services Ltd (website https: //maximarkets.org);

- Platiniumfund Ltd (website www.platinium-fund.com);

- Digital Exchange Limited and Securex Plus Solutions EOOD (website internetwww.dgxltd.io);

- "ProConsultingInvest" (website www.proconsultinginvest.co);

- "Tfx25" (website www.tfx25.co.uk).

Accordingly, it has risen to 268 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Extension for a further two trading days of the acceptance period of the voluntary totalitarian public exchange offer promoted by Intesa Sanpaolo S.p.A. with reference to ordinary shares issued by Unione di Banche Italiane S.p.A (Press release of July 27th, 2020)

Consob today, with its Resolution no. 21460 of 27 July 2020 has ordered, pursuant to the Article no. 40, fourth paragraph, of the Issuers' Regulation, the official extension for a further two trading days of the acceptance period of the voluntary totalitarian public exchange offer promoted by Intesa Sanpaolo S.p.A. with reference to ordinary shares issued by Unione di Banche Italiane S.p.A; therefore, the acceptance period for the public exchange offer will end on 30 July 2020.

Rome, 27 July 2020

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Financial illegal services: Consob blacks out 4 websites (Press release of July 24th, 2020)

Consob has ordered the black-out of new websites that illegally offer financial services/financial products and, in particular, of 3 websites through which an offer of financial products is made in the absence of a prospectus and of 1 website through which it is carried out the advertising activity relating to one of the three aforementioned offers.

The Authority availed itself of the new power introduced by the Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis), with reference to the black-out of the websites through which both abusive offers and advertising are carried out.

Below are the sites for which Consob has ordered the blackout:

- Ganancias Deportivas (https: //gananciasdeportivas.net website);

- Mindcapital Oü (https: //mind.capital website);

- Vivaexchange Oü (www.exw-wallet.com website);

- IS-R InternetServices-Reinders (https://www.bonus-wallet.com/exw-wallet-app-tokenreview/italiano website).

Accordingly, it has risen to 261 the overall number of websites that have been obscured by Consob from July 2019, since the Authority was empowered to order the black-out of the websites of abusive financial intermediaries.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the black-out of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Financial illegal services: Consob blacks out 5 websites (Press release of July 16th, 2020)

Consob has ordered the black-out of 5 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- Capoinvest Ltd (sito internet www.capoinvestgroup.co.uk);
- Terratech Ltd (sito internet www.eufxinvest.com);
- Level Up Capital Ltd (sito internet https://trade100fm.net);
- Trade Com Limited (sito internet https://globalspotfx.com);
- Pure M Global Limited (sito internet https://realmarketbroker.com).
Accordingly, it has risen to 257 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Three months extension of the strengthened transparency obligations (Press release of July 10th, 2020)

Consob with resolution no. of 21434 of 8 July 2020 has extended for a period of three months - from 12 July 2020 until 12 October 2020, unless revoked earlier - the provisions of resolutions n. 21326 and 21327 of 9 April 2020 with which the Commission, making use of the powers of the so-called "Companies Decree" (Legislative Decree No. 23 of April 8, 2020), respectively, strengthened the transparency obligations on the changes in the significant shareholdings and expected to disclose the investment objectives for companies with a shareholder base particularly widespread upon exceeding a certain threshold for a period of the next six months (see Press Release of 10 April 2020).

The extension became necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 epidemic.

Press Release PDF version

Financial illegal services: Consob blacks out 5 websites (Press release of July 10th, 2020)

Consob has ordered the black-out of 5 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:
- Uptos Ltd (sito internet www.uptos.net);
- Swissinv24 Ltd (sito internet www.swissinv24h.com);
- One Thousand One Ltd (sito internet www.daxcapitals.com);
- "AJ Asset" (sito internet www.aj-asset.net);
- Tradixa Ltd (sito internet www.tradixa.co).
Accordingly, it has risen to 252 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Financial illegal services: Consob blacks out 8 websites (Press release of July 3rd, 2020)

Consob has ordered the black-out of 8 new websites, which illegally offer financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Below are the sites for which Consob has ordered the blackout:

- DevTech Holding (swissglobalpro.com website);

- Profx700 Limited (www.profx700.com website;

- "Euronovafxasset" (euronovafxasset.com website);

- Meg Trans Ltd and Roi Stock Limited (www.raxtrade.com website)

- "Trade Idea" and Netbit Services and Solutions Limited (www.tradeidea.co, https://elitetrading.co, secure.elitetrading.co and trading.elitetrading.co websites).

Accordingly, it has risen to 247 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it .

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Rome, 3 July 2020

Press Release PDF version

Financial illegal services: Consob blacks out 16 websites (Press release of June 19th, 2020)

Consob has ordered the black-out of 16 new websites, which illegally offer financial services.

The Authority made use of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), according to which Consob can order Internet connectivity service providers to prohibit access from Italy to the websites through which financial services are offered without due authorization.

The websites for which Consob has ordered the blackout are listed below:

- Equalizer Ltd (websites www.capitalgmafx.com, https://secure.capitalgmafx.com, https://trade.capitalgmafx.com, www.marketscfds.com, https://secure.marketscfds.com, https://trading.marketscfds.com, https://ztrade24.com, https://secure.ztrade24.com, https://trade.ztrade24.com);
- Sucaba Enterprise Ltd (website www.skycapital.cc);
- Lead Secure LTD (website www.fxdirects.com);
- RL Ltd (website www.royaltd24.net);
- Platiniumfund Ltd (website www.platiniumfund.com);
- Findealadvisers" (website www.findealadvisers.com);
- FSM SMART Ltd (website it.fsmsmart.net);
- "RMT500" (website www.rmt500.net) .

Thus, it has risen to 239 the total number of websites blacked out by Consob since July 2019, when the Authority got the power to order that the websites of fraudulent financial intermediaries be blacked out.

The measures adopted by Consob are available on the website www.consob.it .

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized and, in reference to offers of financial services, that a prospectus has been published.

To this end, Consob reminds you that there is a section on the homepage of its website www.consob.it entitled "Watch for scams!" providing useful information to warn investors against financially abusive initiatives.

Press Release PDF version

Covid-19: Related party regulation, Consob simplifies the use of the exemption in the case of urgent capital strengthening operations - The provision will be in force until 30 June 2021 (Press release of June 12th, 2020)

Consob temporarily suspended (resolution n. 21396 of 10 June 2020) the application of some provisions of the Regulation on related party transactions (Opc) in order to facilitate the use of the exemption option provided for by the Opc Regulation in case of urgent capital strengthening operations involving related parties.

This option, already provided for by the regulations in force since 2011, allows companies to derogate from the procedural requirements for the approval of related party transactions (including the opinions of the Committee of independent directors), provided that a public adequate information be given on the transaction and on the reasons of urgency and that shareholders are allowed to express themselves on the transaction during the first useful meeting.

A prerequisite for the intervention is that in the current emergency situation connected to the Covid-19 pandemic, listed shares companies or companies with widespread public shareholder base to a significant extent (subject to the Opc Regulation) may need to urgently carry out capital strengthening operations with the intervention of related parties.

Until 30 June 2021, the resolution therefore suspends the application of the provisions of the Opc Regulations requiring companies to provide in advance for the exemption in the case of urgent transactions both in the articles of company statutes and in the procedures for carrying out the Opc. This will make it possible to use the provisions of the Regulation expressly dictated for urgent cases also by companies that have not provided for this option in their procedures and/or in their articles of association.

The simplification intervention can affect more than 60% of the companies currently listed, which have not provided for the exemption in the case of urgency or have provided for it only partially (only for operations pertaining to the administrative or delegated body or only for those pertaining to shareholders).

Taking into account that in the event of operations falling within the competences of the shareholders' meeting, the implementation of the mentioned exemption is possible only in cases of urgency "connected to corporate crisis situations", Consob has also adopted a Communication (communication n. 6/2020 of 11 June 2020) with the specification that, until 30 June 2021, the need to deal with emergency cases related to the Covid-19 pandemic sets up an emergency case, related to corporate crises.

Press Release PDF version

Abusive financial services: Consob blacks out 5 websites (Press release of June 12th, 2020)

Consob has ordered the black-out of 5 new websites, which illegally offer financial services.

The Authority made use of the powers deriving from the "Growth Decree" (‘Decreto crescita', Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), according to which Consob can order Internet connectivity service providers to prohibit access from Italy to the websites through which financial services are offered without due authorization.

The websites for which Consob has ordered the blackout are listed below:

- "SMART FX" (website www.smartforex.site);

- Warp Enterprise Ltd (website www.firstfinancialbanc.com);

- "Pro Consulting Invest" (website www.proconsultinginvest.com);

- "Gntfin LTD" (website www.gntfin.com);

- "Global Finance FX" (website www.fxglobalfinance.com);

Thus, it has risen to 223 the total number of websites blacked out by Consob since July 2019, when the Authority got the power to order that the websites of fraudulent financial intermediaries be blacked out.

The measures adopted by Consob are available on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized and, in reference to offers of financial services, that a prospectus has been published.

To this end, Consob reminds you that there is a section on the homepage of its website www.consob.it entitled "Watch for scams!" providing useful information to warn investors against financially abusive initiatives.

Press Release PDF version

Month of Financial Education 2020: financial choices at the time of Covid-19 (Press release of "Committee for the planning and coordination of financial education activities" of June 9^th, 2020)

Applications are open for organizing conferences, webinars, cultural initiatives, information seminars, shows, game days and training on financial education that will take place throughout Italy next October.

The third edition of the Month of Financial Education, organized by the Committee for the planning and coordination of financial education activities, which will be held from October 1^st to 31^st, will focus on financial choices at the time of Covid 19.

The Committee invites associations, institutions, businesses, universities and research centers, schools, foundations, public administrations and any organization that wants to be engaged in the field of financial education by quality events, to submit its application through the specific online form that will be operating starting tomorrow, 10 June, on the portal quelcheconta.gov.it.

Which is the evolution of both personal and family financial choices with reference to the Coronavirus emergency? What opportunities does digital transformation of banking and financial services offer to families and businesses? These and many other themes for discussion will be addressed all through the Month, all along with a full calendar of online and face-to-face events: conferences, webinars, cultural initiatives, information seminars, shows, games and training days for adults, teenagers and children.

The events of the Month of Financial Education will be free and non-profit initiatives and they can be organized by a range of public and private bodies. In particular, from 26 to 31 October, it will take place the week of social security education. This initiative, in its first edition, has been planned with the purpose of increasing the social security culture of citizens, starting from the youngest, promoting a better understanding of the functioning of the Italian pension system, both compulsory and voluntary.

All initiatives aiming to increase basic knowledge on insurance, social security and management and planning of personal and family financial resources will be accepted, in accordance with the requirements set by the Guidelines which are available on the portal of the Committee.

Joining the initiatives will allow to make use of the official logo of the Month and to participate to its promotion on a national level, so as to guarantee the organizers of the individual initiatives greater visibility and to promote the effectiveness of the actions in coordination with the other participants.

For those who will contribute to the Month with their own initiatives interactive tools will be available to share information on events, to be aware of the resources available in Italy on this subject, and to make synergies.

"This is an important appointment that the Committee renews again this year. The goal is to make citizens aware of the need to increase their financial, insurance and social security skills - underlines Annamaria Lusardi, Director of the Edufin Committee -. These skills have a great impact on people's quality of life and they are fundamental to better face the current crisis and uncertainty situation, linked to the Covid-19 emergency. Many data reveal to us that the financial knowledge of Italians is still lacking and needs to be enhanced. The Committee is at the side of the citizens to give them an effective support in this challenge".

Press release PDF version

Guidelines for participation in the "Month of Financial Education" - October 2020 and procedures for granting the use of the official logo of the initiative [only Italian version]

Abusive financial services: Consob blacks out 7 abusive sites (Press release of May 29^th, 2020)

Consob has ordered the black-out of 7 new websites: 5 abusive financial intermediation websites and 2 websites through which the offer of financial products is carried out or advertised in the absence of a prospectus.

The Authority made use of the powers deriving from the ‘Growth Decree' (‘Decreto Crescita', Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), in relation to the blacking out of the websites of the abusive financial intermediaries, as well as of the new power introduced by the Law no. 8 of 28 February 2020 (art. 4, paragraph 3-bis), regarding the blacking out of the websites through which the illegal offer of financial products is carried out or advertised.

The websites for which Consob has ordered the blackout are listed below:

- CobraCFD Ltd (website www.cobra-cfd.biz);

- White Rock Partners Ltd (website https://mycapital.io);

- Vaneda Partners LTD and Zeus Partnership OÜ (website www.dax100fx.com);

- Kleinman Enterprise Ltd (website https://thecapitalstocks.com);

- Global Top Marketing LTD and GPS Marketing Ltd (website https://profit-trade.net);

- UMO Finance Ltd (website www.umo-finance.com);

- Alberto Simoni (website www.umoperte.dazeroamarketer.com).

The total number of sites blacked out by Consob since July 2019, when the Authority got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 218.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that there is a section on the homepage of its website www.consob.it entitled "Watch for scams!", providing useful information to warn investors against financially abusive initiatives.

Press Release PDF version

Financial abusive services: Consob obscures 7 websites (Press release of May 22^nd, 2020)

Consob ordered the blackout of 7 new websites, offering abusive financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Here below the names of said companies and websites:
- "CruxINV" (websites https://cruxinv.com and https://client.crux24.com)
- Digital Exchange Limited and Securex Plus Solutions EOOD (website www.dgxltd.com)
- Maginito Services Ltd (website www.profitsystemfx.com)
- Kleinman Enterprise LTD and Kleinman Services OU (website https://wisefunds.co)
- FXLinked Ltd, FXLinked (SV) LTD, FXLinked (Europe) Ltd and FXLinked (Seychelles) (websites www.fxlinked.com and www.forexlinked.com)
Accordingly, it has risen to 211 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it, it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

CONSOB suspends the ban on the creation or increase of net short positions (Press release of May 18^th, 2020)

In consideration of the progressive normalisation of the Italian market's risk indicators, CONSOB has decided to suspend the exceptional measure imposing a ban on the creation of net short positions and on the increase of existing net short positions. CONSOB will closely monitor the overall situation in financial markets.

Considering that the Coronavirus outbreak and the uncertainties surrounding its impact on the economy constituted a serious threat to market confidence, on 17 March CONSOB announced its decision to ban any creation of a net short position and any increase in an existing net short position for a period of three months.

In a uniformly declining market, with considerable uncertainties about the future extent of the decline, an increase in net short positions could have had a procyclical influence that CONSOB wanted to avoid by implementing this exceptional measure.

Since the implementation of the ban, the Authority has observed a progressive normalisation in financial market conditions together with a decrease in market liquidity.

Under these circumstances, CONSOB, in consultation with ESMA and the Austrian, Belgian, Greek, French and Spanish authorities which have taken similar action, has decided the early termination of the ban on net short positions, which will expire on 18 May at 23:59 pm (Consob Resolution no. 21367 of 15 May 2020). CONSOB continues to carefully monitor the situation in financial markets and remains in close contact with other authorities. Should the markets' situation require it, the Authority calls for coordinated European action. As a reminder, ESMA's decision requiring net short positions holders to report new positions of 0.1% of the issued shares capital is still in force.

Press Release PDF version

Financial abusive services - Consob obscures 5 illegal websites and warns against the initiatives related to the misuse of well-known public figures image to promote financial investments (Press Release May 15^th, 2020)

Consob is alerting savers, through a specific Warning Notice, of the practice adopted by the abusive financial operators making an improper use of the name and of the image as well of well-known public figures to induce savers to the signing up of investment proposals supported by the promise of easy earnings.

Consob also ordered the blackout of 5 new websites, offering abusive financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Here below the names of said companies and websites:
- Uptos Ltd (website www.uptos.com)
- Swissgems Ltd and Media Solutions Ltd (website www.marketscfd.net)
- Zurichbanc Ltd (website www.zurichbanc.co)
- Platinumpro Investment Ltd (website https://platinumproinvestment.com)
- Bitcoin-Trader (website https://bitcointrader.software).
Accordingly, it has risen to 204 the overall number of websites which have been obscured by Consob starting from July 2019, since the Authority was empowered to order the blackout of abusive financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all savers about the value of making use of their utmost diligence in order to make their investment choices in full awareness, by the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites offering financial services, that the subject through which the investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors with relation to abusive financial initiatives.

Press Release PDF version

Gender quotas: Consob modifies the Issuers Regulation - The rounding up criterion confirmed as a general rule - Rounding down to be applied only in case of boards made up of three components - The new regulations will be in force for six consecutive terms since 2020 (Press release of May 15th, 2020)

Consob today approved the amendments to adapt the Issuers Regulation (Resolution no. 21359 of 13 May 2020 - only in Italian) to the provisions introduced by the Budget Law for 2020, concerning the issue of gender balance in the corporate bodies of listed companies.

The Law No. 160 of 27 December 2019 raises from, at least, one third (33%) to, at least, two fifths (40%) the share of reserved seats, in the management and control bodies, for the less represented gender and extends from three to six consecutive terms period during which the said standard will be in force.

The regulatory changes, adopted at the end of the consultation launched with the financial market, confirm the approach set by Consob in the Communication of last 30 January (only in Italian), which became necessary with an emergency procedure to clarify the interpretation of the application of the new rules in the perspective of the pending session for the renewal of the listed corporate bodies.

By the aforementioned resolution, Consob emphasizes that the criterion to be adopted for calculating the places to be reserved in the corporate bodies for the less represented gender is - as a general rule and in continuity with the previous regulation - that of rounding up. The criterion of rounding down is foreseen, instead, only in the case of corporate bodies of three members, due to the arithmetic impossibility of guaranteeing the gender balance based on rounding up criterion.

At the same time Consob made it clear, through these regulatory changes, that the strengthening of the safety measures, made by the Legislator for the protection of the less represented gender, will have to be applied to six consecutive mandates starting from the first renewal of the corporate bodies after the entry into force of the Budget Law, that is from the first of January 2020.

The explanatory report (only in Italian) and the contributions received in response to the consultation (only in Italian) are available at: http://www.consob.it/web/area-pubblica/consultazioni?viewId=consultazioni_concluse.

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Abusive Financial Services: Consob obscure 5 websites (Press Release of May 7^th 2020)

Consob has ordered the blackout of 5 new websites, offering abusive financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (‘Decreto Crescita', Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies) on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Here below the names of the said websites and companies:
- CNBSFIN Ltd (www.cnbsfin.com website);
- "BitFxMarkets" (www.bitfxmarkets.com website);
- STSRoyal Ltd e Capital Letter GMBH (www.stsroyal.com website);
- Game Capital ADS (www.24proinvestors.com website);
- One Thousand One Ltd (www.daxcfd.com website).
Accordingly, it has risen to 199 the overall number of websites obscured by Consob starting from July 2019, since the Authority was empowered as to order the blackout of the unauthorized financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all investors about the value of making use of their utmost diligence in order to make their investment choices in full awareness, with the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites which offer financial services, that the subject through which their investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , the section "Watch out for scams!" is available, where useful information have been published for the purpose of warning investors about the abusive financial initiatives.

Press Release PDF version

Abusive financial services: Consob oscures 5 websites (Press Release April 30^th, 2020)

Consob has ordered the blackout of 5 new websites, offering abusive financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (‘Decreto Crescita', Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies) on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Here below the names of the said websites and companies:
- Sigma Consulting Limited and Solt Corp. Ltd (www.firstcapital.fm website);
- Itistocks Brokers (https://itistocksbrokers.com website);
- GAM Group Ltd (www.marketsfx.org website);
- Elit Property Vision Ltd (https://global-banco.com website)
- Platin-fx Ltd (www.platin-fx.com website)
Accordingly, it has risen to 194 the overall number of websites obscured by Consob starting from July 2019, since the Authority was empowered as to order the blackout of the unauthorized financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all investors about the value of making use of their utmost diligence in order to make their investment choices in full awareness, with the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites which offer financial services, that the subject through which their investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it , the section "Watch out for scams!" is available, where useful information have been published for the purpose of warning investors about the abusive financial initiatives.

Press Release PDF version

Abusive financial services: Consob obscures 5 websites (Press Release of April 24^th, 2020)

Consob has ordered the blackout of 5 new websites, offering abusive financial services.

The Authority availed itself of the powers resulting from the "Growth Decree" (‘Decreto Crescita', Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies) on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

Here below the names of the said websites and companies:
- Finance Activity Group (www.capo-invest.com website);
- FXTrading Corp (https://fxtradingcorp.trade website);
- Tradefxzone Ltd and SolutionsCM Ltd (https://tradefxzone.com website);
- ForTradersFx Ltd (www.fortraders-fx.com website);
- OGAM Ltd (www.ogamfx.com website).
Accordingly, it has risen to 189 the overall number of websites obscured by Consob starting from July 2019, since the Authority was empowered as to order the blackout of the unauthorized financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all investors about the value of making use of their utmost diligence in order to make their investment choices in full awareness, with the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites which offer financial services, that the subject through which their investment is made is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds to investors that on the homepage of its website www.consob.it, the section "Watch out for scams!" is available, where useful information have been published for the purpose of warning investors about the abusive financial initiatives.

Press Release PDF version

Coordination table between Consob, the Bank of Italy and Ivass regarding the application of IAS/IFRS: treatment of unlikely to pay ("UTP") non-recourse sales transactions in the financial statements, in exchange for investment fund shares (Join press release Consob, Bank of Italy and Ivass of April 14t^h, 2020)

The "Coordination table between Consob, the Bank of Italy and Ivass regarding the application of the IAS/IFRS" has prepared a document, addressed to the entities supervised by the Authorities, concerning the treatment in the financial statements of multi-originator transfer transactions before impaired credit portfolios other than bad debts (so-called "unlikely to pay" - UTP), which provide that UTPs are sold to mutual investment funds in exchange for units issued by the same funds.

The document is addressed to all issuers required to apply international accounting standards, regardless of the operating sector (industrial, banking and others) of the company itself. However, it is of specific interest to banks and other financial intermediaries.

The document was produced under the accounting agreement between Consob, the Bank of Italy and Ivass with the aim of providing the necessary clarifications to overcome some application doubts and ensure homogeneity of behavior by operators.

The full text of the document is available on the websites www.consob.it, www.bancaditalia.it and www.ivass.it.

Press Release in PDF

Covid-19 Emergency: from Consob the operational indications to the market on how the meetings must be held and about financial information, prospectuses and auditing (Press Release April 10^th, 2020)

Consob has provided the market today - through two measures, a Communication (Communication n. 3/2020 of 10 April 2020 only Italian version) and a Warning Notice (Warning notice no. 6/20 of 9 April 2020 only Italian version) - operational indications with relation to the managing of the next ordinary and extraordinary meetings, to the disclosure of financial information in the recurring reporting documents and in the prospectuses, as well as to auditing activities.

The Communication on Shareholders' Meetings became necessary with reference to the ongoing health emergency due to the coronavirus epidemic (Covid-19) and with reference to the provisions of the "Care Italy" ("Cura Italia") Law Decree of 17 March 2020, which introduced, between the other, temporary provisions, aimed at reconciling the priority objective of contrasting the spread of the epidemic with the needs of the business dynamics of listed companies.

In particular, as regards both ordinary and extraordinary shareholders' meetings, the Consob Communication calls on listed companies to ensure that all shareholders are guaranteed the conditions for participation and for the exercise of remote voting, making use of at least one of the various tools indicated in article 106 of the "Care Italy" Decree, including electronic or mail voting, remote intervention via IT connection, recourse to the designated representative. The Communication highlights the applicable provisions, due to the purpose of balancing the special rules dictated about the matter of meetings by the "Care Italy" Decree with the general rules governing the rights of members in the assembly.

As regards, however, the financial information to be delivered in the accounting reports and in the prospectuses, the Warning notice urges companies to highlight with the greatest possible transparency - as required by international accounting standards - the possible effects had by the coronavirus health emergency on company activities, with reference both to the financial statements at 31 December 2019 in approval and to subsequent reports.

A similar warning is also addressed to the auditors, in particular as regards the evaluation of the information provided in the financial statements on the effects of the epidemic.

Finally, the said warning recommends to pay the same attention to the control bodies of listed companies, also in their role of audit committee, about the need to strengthen the debate with the administrative bodies and the exchange of information with the auditors during this period.

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Consob establishes new rules for the enhancement of transparency related to change of significant equity investments and to declaration of intentions - Lowering of the thresholds regarding 104 shareholder companies - Application of the powers provided by the "Business Decree" (Press Release April 10^th, 2020)

Consob has adopted two measures (Resolutions n. 21326 of 9 April 2020 and n. 21327 of 9 April 2020 only in Italian) which, in the context of the new powers given to the Authority by the "Business Decree", provide for a regime of enhanced transparency as regards both the obligation to disclose significant shareholdings in specific Italian companies listed on the Stock Exchange and the "declaration of intentions" in the event of the acquisition of investments in listed companies, as required by the so-called "anti-invasion rule".

Consob thereby applied the powers introduced by Article 17 of the "Business Decree" (Law Decree No 23 of 8 April 2020).

Both the aforementioned measures will be in force for three months (unless early revocation) starting tomorrow, 11 April, until next 11 July, to 104 companies listed in Italy (the lists are attached to the said resolutions), which have been identified by the criterion of shareholder diffusion.

Listed companies under legal control, that is those companies where a shareholder holding 50% of the capital plus at least one share is present, remain outside the range of the aforementioned provision.

In particular, as regards the changes in the significant shareholdings, Consob has lowered, for the said 104 companies, the thresholds triggering the disclosure obligation to Consob by investors, bringing them, correspondingly, from 3% to 1% for "non-SMEs" business subjects and from 5% to 3% for SMEs, as identified in section A and section B of the list.

By the same provisions, it was repealed the previous Resolution of 17 March (Resolution n. 21304, only in italian) which had introduced a similar obligation in relation to 48 listed companies, which had been identified according to the double criterion set by the Consolidated Law on Finance - "TUF" (Article No 120, paragraph 2-bis) before the "Business Decree "; that is to say: a)" the high market value" and b) the "widespread shareholder base".

As a result of the "Business Decree" - which had recognized instead the "widespread shareholder base" as the only criterion, by ruling out the "high market value" one - the range of application of the new obligation has been, therefore, expanded.

As regards, moreover, the enhanced transparency requirements regarding the "declarations of intentions", that is the obligation on investors to disclose, upon exceeding a specific threshold, their investment objectives with relation to the period of the following six months, Consob made use of the option, provided by the "Business Decree", of lowering the threshold from 10% to 5%. This provision also applies to the 104 aforementioned companies. Further thresholds of 10%, 20% and 25% remain unchanged.

Consob also launched the modifications set to its Issuers Regulation (Article No 122-ter) with reference to the exemption from the obligation to communicate the "declaration of intentions" (Resolution n. 21320 of 7 April 2020 only in Italian).

The exemption clauses provided for by the regulatory changes, which derive from the provisions of the law introduced in the Consolidated Law on Finance – "TUF" in 2017 (the so-called "anti-invasion rules"), also remain in force with relation to the new threshold, reduced to 5%.

Press release PDF version

Abusive financial services: Consob obscures 6 websites (Press release of March 27^th, 2020)

Consob has ordered the blackout of 6 new websites, offering abusive financial services / financial products: 4 websites related to abusive financial intermediation and 2 websites offering financial products in the absence of a prospectus.

The Authority availed itself, in relation to the blackout of the abusive financial intermediaries websites, of the powers resulting from the "Growth Decree" (‘Decreto Crescita', Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies) as well as of the new power established by Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis), concerning the blackout of the website through which the unauthorized offer has been made effective.

Below are the websites in relation to which Consob has ordered the blackout:
- Dubai FXM Ltd (www.dubaifxm.co and URL dubaifxm.co websites);
- "DAX1001" (internetdax1001.com website);
- Global Pegasus Ltd (internetwww.fx4lux.com website);
- "AirBit Club" (https://airbitclub.com and www.bitbackoffice.com websites ).
Accordingly, it has risen to 180 the overall number of websites obscured by Consob starting from July 2019, since the Authority was empowered as to order the blackout of the unauthorized financial intermediaries websites.

The measures adopted by Consob are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all investors about the value of making use of their utmost diligence in order to make their investment choices in full awareness, with the adoption of behaviors based on common sense, which are essential to safeguard their savings: among these, a preventive verification, with respect to websites which offer financial services, that the operator through which they make their investment is an authorized entity and, in relation to financial products offers, that the prospectus has been published.

To this end, Consob reminds that on the homepage of its website www.consob.it is available the section "Watch out for scams!", where useful information have been published for the purpose of warning investors about the abusive financial initiatives.

Press release PDF version

Brexit: Consob warns operators about the measures to be taken by 2020 (Press release of March 17^th, 2020)

Consob today published three Warning notices (n. 3/20, n. 4/20 and n. 5/20) that specify the measures to be adopted by the operators within the deadline of 2020 following the approval of the withdrawal agreement of the United Kingdom from the European Union (EU).

British operators providing investment services in Italy have been warned about the need to adopt all the measures to guarantee business continuity in Italy or to carry out, if necessary, an orderly exit from the domestic market. Operators will also have to provide Italian customers with updated information about the consequences of the changed operating conditions deriving from Brexit, also with specific reference to the implications for existing OTC derivative contracts.

The Warning (n. 3/20) was made necessary due to the overcoming of the transitory discipline dictated by Law Decree no. 22 of 25 March 2019 to the Brexit no-deal case. The related Communications by Consob, as well as the notifications sent by operators to Consob pursuant to the Decree, are therefore no longer valid. The measures adopted by Consob in 2019 to ensure the operational continuity of the Italian and British trading venues are no longer effective, too.

In fact, a new "transition period" has begun, lasting until 31 December 2020 (except for any extension), in which European legislation will continue to apply as if the United Kingdom were still a member of the European Union. Consequently, the rules provided for non-EU subjects will also apply to British entities operating in Italy, as well as to Italian entities operating in the United Kingdom.

For the trading venues, the office managers have been similarly warned (Warnings n. 4/20 and n. 5/20) about the fact that, if they intend to operate after the end of the transition period, they must promptly submit to Consob a specific request based on the regulatory regime applicable to them. Furthermore, the office managers having already obtained from Consob in 2019 (or, in any case, having filed for this purpose) the clearance, the authorization or the recognition with relation to a no-deal scenario, have been invited to communicate if they are still interested, or not, in obtaining the provision for the extension of their operations as well as to report any changes that have occurred to the information already communicated at the first instance.

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Consob/Bank of Italy Memorandum of Understanding (MoU) for the purpose of regulating mutual cooperation activities between the Financial Banking Arbitrator (ABF) and the Arbiter for Financial Disputes (ACF) (Joint Press release of March 19^th, 2020)

The National Commission for Companies and the Stock Exchange (Consob) and the Bank of Italy have today signed a Memorandum of Understanding (MoU) for the purpose of regulating mutual cooperation activities between the Financial Banking Arbitrator (ABF) and the Arbiter for Financial Disputes (ACF), the alternative dispute resolution systems between customers and banking and financial intermediaries, with respective competences on the subjects of banking and financial transactions and services and of investment services and activities.

The Protocol, set for the purpose of guaranteeing a higher and more effective degree of customer protection, promotes the institution of coordination and information exchange mechanisms between the ABF and ACF systems, with regard to the respective autonomy of the Boards on common interest issues as well as on public disclosure and financial education initiatives.

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Consob prohibits short selling on the entire Stock Exchange list. An enhanced transparency regime adopted on investments in listed companies. The measures will be in force for three months, starting tomorrow (Press release of March 17^th, 2020)

Consob has adopted today two measures aimed, on the one hand, to contain the volatility of the financial markets and, on the other hand, to strengthen the transparency of the holdings in the Italian companies listed on the Stock Exchange.

These measures were made necessary by the strong turbulences triggered in the last days by the Covid-19 pandemic.

Starting from tomorrow's session of 18 March, Consob introduced a prohibition of net short positions (short selling and other bearish operations) (Resolution n. 21303 of March 17, 2020) pursuant to Article 20 of Regulation (UE) 236/2012, accordingly to the positive opinion of ESMA.

For the first time the ban applies to all the traded shares on the Italian regulated market.

Accordingly to the ban, which follows other measures already adopted for the Stock Exchange sessions of 13 and 17 March, any form of bearish speculative operation is prohibited, even if carried out through derivatives or other financial instruments. Bearish intraday trades are also prohibited.

The ban will apply for three months.

The decision to apply restrictive measures on the whole share price list was taken with the aim of restoring market integrity, also being complementary to the extraordinary measures on short selling which were adopted in the last days by ESMA and by the Supervisory Authorities of Spain, France and Belgium.

Consob also decided to introduce a temporary regime of enhanced transparency on the shares held by investors in the Italian companies of largest capitalization and widespread shareholding, listed in the Stock Exchange Market.

The provision (Resolution n. 21304 of March 17, 2020), adopted pursuant to article 120 paragraph 2-bis of the Consolidated Law on Finance (TUF), lowers - without prejudice to the thresholds already provided for by current legislation - the minimum thresholds beyond which it is required to communicate the participation in a listed company.

The resolution affects the 48 companies listed on the electronic stock market of Borsa Italiana, indicated in the list attached to the Consob provision and identified according to a grid of criteria that refers to a capitalization of more than 500 million Euros and to the ownership structures (companies that are controlled by law are excluded).

The new threshold is set at 1% for non-SME companies and 3% for SMEs.

This measure will entry into force tomorrow and will be valid, unless revoked, for three months.

Press release PDF version

Consob prohibits short selling on the entire Stock Exchange list. An enhanced transparency regime adopted on investments in listed companies. The measures will be in force for three months, starting tomorrow (Press release of March 17^th, 2020)

Consob has adopted today two measures aimed, on the one hand, to contain the volatility of the financial markets and, on the other hand, to strengthen the transparency of the holdings in the Italian companies listed on the Stock Exchange.

These measures were made necessary by the strong turbulences triggered in the last days by the Covid-19 pandemic.

Starting from tomorrow's session of 18 March, Consob introduced a prohibition of net short positions (short selling and other bearish operations) (Resolution n. 21303 of March 17, 2020) pursuant to Article 20 of Regulation (UE) 236/2012, accordingly to the positive opinion of ESMA.

For the first time the ban applies to all the traded shares on the Italian regulated market.

Accordingly to the ban, which follows other measures already adopted for the Stock Exchange sessions of 13 and 17 March, any form of bearish speculative operation is prohibited, even if carried out through derivatives or other financial instruments. Bearish intraday trades are also prohibited.

The ban will apply for three months.

The decision to apply restrictive measures on the whole share price list was taken with the aim of restoring market integrity, also being complementary to the extraordinary measures on short selling which were adopted in the last days by ESMA and by the Supervisory Authorities of Spain, France and Belgium.

Consob also decided to introduce a temporary regime of enhanced transparency on the shares held by investors in the Italian companies of largest capitalization and widespread shareholding, listed in the Stock Exchange Market.

The provision (Resolution n. 21304 of March 17, 2020 only Italian version), adopted pursuant to article 120 paragraph 2-bis of the Consolidated Law on Finance (TUF), lowers - without prejudice to the thresholds already provided for by current legislation - the minimum thresholds beyond which it is required to communicate the participation in a listed company.

The resolution affects the 48 companies listed on the electronic stock market of Borsa Italiana, indicated in the list attached to the Consob provision and identified according to a grid of criteria that refers to a capitalization of more than 500 million Euros and to the ownership structures (companies that are controlled by law are excluded).

The new threshold is set at 1% for non-SME companies and 3% for SMEs.

This measure will entry into force tomorrow and will be valid, unless revoked, for three months.

Press release PDF version

Press release of March 16^th, 2020

Consob has decided to renew the prohibition of short selling in 20 Italian shares (see Attachment) pursuant to Article 23 of Regulation (UE) no. 236/2012.

The restriction will apply for the entire trading day of 17 March 2020.

Moreover, Consob has decided to start the procedure for the adoption of further restrictive measures pursuant to Article 20 of the abovementioned Regulation.

This initiative is complementary to the Decision adopted by ESMA, pursuant to Article 28 of the same Regulation, which has lowered the minimum thresholds for reporting of net short positions to national authorities from 0.2% to 0.1% of the share capital.

These actions are aimed at restoring a trading context with a higher degree of transparency and stability.

Press release PDF version

Abusive financial services: Consob obscures 6 new websites (Press Release of March 12^th, 2020)

Consob has ordered the blackout of 6 new websites, which illegally offer financial services.

The Authority 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:
- Novatrades Ltd (website www.novatrades.com);
- Game Capital ADS Limited (website https://btcglobefx.com);
- "WORLDFXM.COM" (website https://worldfxm.com);
- "GoldFxTrading" (GFT) (website web.goldfxtrading.com);
- "Alphacapital" (website https://alphacapital.fm);
- Swiss Capital Ltd (website https://capitalswissfx.com).
It rises, therefore, to 174 the overall amount of websites which have been blocked by Consob since July 2019, when the Authority was given the power to order the blackout of the websites.

The measures through which the aforementioned companies were ordered to stop their abusive activities (measures adopted prior to the entry into force of the aforementioned "Growth Decree") are available on the website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all the investors on the value of making use of the utmost diligence, making their investment choices in full awareness, adopting common sense behaviors, basically to protect their own savings: among these, first of all¸ Consob recommends a preventive verification of the authorizations had by the websites with which the investment is made. To this end, Consob reminds that on its website homepage www.consob.it it is available the section "Watch out for scams!", where useful information have been made published for warning investors against abusive financial initiatives.

Press release PDF version

Consob adopts a temporary ban on short selling on many Italian shares - The ban shall apply on Friday 13^th March 2020 (Press Release of March 12^th, 2020)

Consob decided to temporary prohibit short sales in 85 Italian shares (see Attachment) with resolution no. 21301 of 12 March 2020.

The prohibition was adopted pursuant to Article 23 of regulation (UE) n. 236/2012 on short selling, considering the price change recorded by the shares on 12^th March 2020.

The ban will apply for the entire trading session of tomorrow, Friday 13^th March 2020, on the MTA market of Borsa Italiana.

The prohibition applies to short sales backed by stock lending. This extended the scope of the prohibition of naked short selling, already in force for all shares from 1^st November 2012 by virtue of the regulation (UE) n. 236/2012 on short selling.

The text of the resolution is available on the website www.consob.it and is attached to this press release.

Rome, 12 March 2020

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Press Release of March 9^th, 2020

Consob has no evidence that the performance of the Italian Stock Exchange is a reflection of speculative attacks, unless it is intended to attribute to this term the reaction of operators to the uncertainties about the future, generated by the effects of Coronavirus on the economy. These effects cannot be corrected with restrictive decisions regarding the stock market, especially if taking place independently of the member countries of the European Union which are affected by the same problems affecting Italy. Consob believes that the temporary trading halt of single shares, intended as a pause for imposed reflection, already operating when the fall in prices is close to the parameters expected for by the trading halt, parameters introduced for the trading venues by Mifid II, is working well, even within the limits of effectiveness of the mechanism and taking into account the unfavorable market context in terms of stock market performance worldwide. In any case, the adoption of the unilateral short selling ban is assessed, according to the European Regulation (UE) 236/2012, if the drop in prices exceeds 10% on average and in the presence of the other conditions. The trading halt of all stock market negotiations, on the other hand, would be a decision that would switch off the price indicator without removing the causes, generating market problems that are not easy to solve in the immediate future.

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Unauthorised financial initiatives: Consob blocks 7 websites - First application of the new supervisory powers obtained in March (Press Release of March 6^th, 2020)

For the first time Consob has taken advantage of the new power to order Internet connectivity service providers to inhibit the access from Italy to websites through which, without prospectus, financial products are offered to the public or financial product offers are promoted, in violation of the specific regulations contained in the Consolidated Law on Finance (article 94 and following articles).

The new power, introduced by Law no. 8 of 28 February 2020 (article 4, paragraph 3-bis), adds to the one already provided for in the "Growth Decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) with reference to the order of blackout concerning websites of abusive financial intermediaries.

The "toolbox" available to Consob has been so expanded, strengthening the powers of the Authority in the containment of online financial abuses.

The websites for which Consob has ordered the blackout are listed below:
- Ankor Group Investment Ltd e IFXBanc Ltd (website www.ifxbanc.com);
- Redal LTD e Elit Property Vision Ltd (website https://financepro24.com);
- "Terra Finance" (website https://terra-finance.co);
- Platiniumfx Ltd (website www.platinium-fx.com);
- Elit Property Vision Ltd e FxRoyal Ltd (websites https://richmondfx.co and https://royal-fx.com);
- Blue Stone Invest Gmbh (website www.bluestoneinvest.at).
It rises, therefore, to 168 the overall amount of websites which have been blocked by Consob since July 2019, when the Authority was given the power to order the blackout of the websites of abusive financial intermediaries.

The measures adopted by Consob are available on its website www.consob.it.

The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress. For technical reasons it can take a few days for making them effective.

Consob warns all the investors on the value of making use of the utmost diligence, making their investment choices in full awareness, adopting common sense behaviours, basically to protect their own savings; among these Consob recommends a preventive verification of the websites offering financial services, with relation to the authorizations got by the operator by which the investment is made; in the case of financial products offers, Consob also recommends to verify that the prospectus has been published.

Consob reminds to all investors that on its website homepage www.consob.it it is available the section "Watch out for scams!", where useful information have been made published for warning investors against abusive financial initiatives.

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Abusive financial services: Consob obscures 7 new websites (Press Release of February 27^th, 2020)

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:
- Prime-Investfx Ltd (web site www.prime-investx.com);
- "4FX Royal" (web site https://4fxroyal.com);
- GlobalFx Ltd (web site https://globalfxs.org);
- Light Media Ltd (web site www.wincapitalpro.com);
- "AJ Asset" (web sites https://aj-asset.com and https://platform.aj-asset.com);
- "VirtualStocks" (web site https://virtualstocks.io).
The total amount of websites which have been blocked by Consob since last July has so risen to 161 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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Mifid2: Consob launches a consultation with the market on the transparency of the costs of investment services (Press Release of February 21^st, 2020)

Consob has today launched a consultation with the financial market [only Italian version] on a "Recommendation on the reporting methods ex post of the costs and charges which are associated with the provision of investment and accessory services".

The regulatory framework of disclosure to customers of both costs and charges associated with the provision of investment and accessory services is one area of utmost innovation and operational impact of Mifid2, the second release of the European directive on the provision of investment services.

The consultation has the target of ensuring that investors are aware of all the costs and charges for evaluating investments, in a comparative perspective of services and financial instruments, too.

In order to align the intermediaries' compliance with the relevant provisions and to protect, in this way, the right of investors to obtain clear, appropriate and not misleading information from service providers, it has been necessary to make recommendations related to the required reporting ex post about the costs and charges payed by customers.

The indications of Consob, that must be considered as starting from the preparation of the next reports relating to the year 2019, involve the structure and content of the aggregated information, the relationship between aggregate and analytical information and the timing of sending the reporting.

The text of the consultation above mentioned is available on the Consob website [only Italian version]; its deadline is March 7, 2020.

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Abusive financial services: Consob obscures 7 new websites (Press Release of February 20^th, 2020)

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:
- Kronosinvestit Ltd (internet website www.kronosinvestit.co);
- "Tfx25" (internet website https://tfx25.com);
- Marketsbull Ltd (internet website www.marketsbull.com);
- "Royalbanc" (internet website https://royalbanc.io);
- "Pro Star" (internet websites https://finantik.com e https://client.trading-dashboard.com);
- EasyTrade55 Ltd (internet website https://easytrade55.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 154 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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Abusive financial services: Consob obscures 8 new websites (Press Release of February 14^th, 2020)

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:
- Bauman Ltd and Pacific Consulting Co Ltd (internet website https://avainvestmentsgroup.com);
- FM Solutions Group Limited (internet websites wissfxuk.com);
- Fintrade Limited (internet website https://plus500cy.com);
- Premium Solutions Ltd (internet websites thepremiumbrokers.net and https://trader.secure.thepremiumbrokers.net);
- "VetoroBanc" and "Vetoro, Inc." (internet websites https://vetoro.io and https://vetoro.cc);
- Global Top Marketing LTD and GPS Marketing Ltd (internet website https://profit-trade.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 147 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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Abusive financial services: Consob obscures 8 new websites (Press Release of February 7^th, 2020)

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:
- Trade Com Limited (internet website https://fxonspot.com);
- "cryptobase" (internet websites https://cryptobase.ltd e https://cryptobase.life);
- "GotechFX" (internet website https://gotechfx.com);
- Waltika Partners LTD (internet websites https://alliance-capital.io e https://alliance-capital.cc);
- GAM Group Ltd - "MarketsFX" (internet website https://www.marketsfx.it);
- Honest Capital Ltd (internet website www.profx247.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 139 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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Abusive financial services: Consob obscures 7 new websites (Press Release of January 30^th, 2020)

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:
- ForTradersFX Ltd (www.fortradersfx.com);
- Gembell Limited Services – PO TRADE LTD – Tifiya Group s.r.o. (www.pocketoption.com);
- FAH Investment LTD (www.web.cryptozone24.com);
- Muller Enterprise Ltd (www.aurumpro.co, https://aurumprofin.cc e https://aurum-pro-finance.cc);
- FSM Smart Ltd (www.fsmsmarts.com).
The total amount of websites which have been blocked by Consob since last July has so risen to 131 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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Gender quotas: publication of the Consob communication providing interpretative clarifications on the application of the new discipline to the corporate bodies composed of three members - Launching of a consultation on the amendments to apply to the Issuer Regulations (Press Release of January 30^th, 2020)

Consob today published a Communication [only in Italian] providing interpretative clarifications to the financial market on the application to the corporate bodies composed of three members of the new discipline on gender quotas, introduced by the Budget Law for 2020 by the amendments to articles 147-ter and 148 of the Consolidated text of finance (Tuf),

The objective of the Communication - after a brief consultation with the market [only in Italian], which ended on 28 January - is to provide a clear regulatory framework for companies listed on the Stock Exchange, in the perspective of the corporate bodies renewal in the next Shareholders' Meeting season.

The new regulation on gender quotas, which came into force on 1 January 2020, provides that the management and control bodies of listed companies have to reserve the least represented gender for "at least two fifths" of the components and no longer one-third of the components, as set by the previous legislation.

Since in the case of three-member colleges, the two-fifths reserve cannot be applied due to arithmetic impossibility, Consob clarified that the rounding rule has to be applied by default rather than, as currently provided for by the Issuers Regulation, by excess.

The scope of the interpretative clarification is only limited to the three-member bodies. In relation to bodies with different composition, the criterion of rounding up to the upper unit is kept unchanged.

In the meantime, Consob started a new consultation with the market with the perspective of the necessary changes to be applied to the Issuers Regulation, due to the new regulation on gender quotas. The consultation ends on March 16.

The explanatory report and the contributions received in response to the consultation of 23 January 2020 [only in Italian] are available on the web page: http://www.consob.it/web/area-pubblica/consultazioni?viewId=consultazioni_concluse.

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Consob orders to internet providers to block the access to 7 unauthorized websites offering financial services

Consob has ordered the black-out of 7 websites that offer financial services illegally (Press Release of January 24, 2020).

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:

- Ace Capital Ltd (www.ftefxpro.com);

- Ks-securities (www.ks-securities.com);

- "Local Trader" (www.localtrader.app/?lp=10, www.libramarkets.com);

- RMT 500 Ltd ( www.rtm500.com);

- Tradepoint Systems Ltd (www.atlantika.io);

- RL Ltd (www.royaltd24.com).

The total amount of websites which have been blocked by Consob since last July has so risen to 124 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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Gender quotas: Consob launches a brief consultation with the market on the application methods of the new regulation (Press Release of January 23^th, 2020)

Consob today launched a brief consultation with the financial market on a communication proposal aimed at clarifying the methods of application of the new rules on gender quotas, contained in the Budget Law for 2020, which modified the Consolidated Law on Finance (articles 147ter and 148).

Taking into account the urgency due to the entry into force of the regulations from the first renewals of the corporate bodies after January 1, 2020, to the imminence of the next Shareholders' Meeting season as well, and to the imminent start, at the beginning of the year, of the activities for the definition of candidate lists, the aforementioned consultation will end on Tuesday 28 January next.

The new regulation introduced by the Budget Law for 2020 provides that the management and control bodies of companies, listed on the Stock Exchange, reserve the least represented gender "at least two fifths" of the components.

Since in the case of three-member bodies, the two-fifths reserve cannot be applied due to arithmetic reasons, the proposal led to consultation by Consob specifies that the rounding rule should be followed by default instead of excess, as currently provided for by the Issuers Regulation. This communication will be followed by a consultation with the market for the adaptation of the Issuers Regulation to the new regulation.

The consultation document is available on the website www.consob.it.

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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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Communications