Skip to Content
What's new
  • Non-financial information as a driver of transformation. Evidence from Italy (Document Consob 23 March 2019)

    Published: 23/03/2019

    link to Document

  • Consob launches a public consultation on the institution of a stabilization fund for tax revenues in its financial report

    Published: 22/03/2019

    Consob launched a public consultation with its supervised subjects to know their opinion about the institution in its budget of the chapter "Stabilization fund for tax revenues", as to guarantee a systematic stabilization of its market financial revenues.

    Consob financing system, as it is known, is based on the article 40, paragraph 3, of law no. 724/1994, whose prescription is to estimate on a yearly base the amount of tax revenues linked to contributions, due by the supervised subjects to Consob. The institution of such a chapter in the budget aims at obtaining more balanced yearly forecasted programmed tax revenues, also through a higher stabilization of the contributions paid by the subjects to Consob.

    Answers to the consultation will have to be received by Consob before April 30 next.

  • ''Hard Brexit'': Consob setting up the conditions for operational continuity of the markets (Press release of March 22nd, 2019)

    Published: 22/03/2019

    Consob has adopted a set of measures with the target to ensure the operational continuity of the markets in a post-Brexit context.

    In particular, Consob gave its authorization for operating in the United Kingdom to:

    • the multilateral trading systems "BondVision Europe MTF", "MTS Cash Domestic" and "EBM", managed by MTS;
    • the regulated markets "MTA", "MIV", "MOT", "ETFplus", "IDEM-Equity" all along with the multilateral trading systems "AIM Italia", "ExtraMOT", "SeDex", "BIt Eq MTF", " ATFund "managed by Borsa Italiana.

    The decisions taken by Consob include, moreover, its authorization to EuroTLX to extend its operations in the United Kingdom and the recognition of the "ICE Futures Europe" market. Both decisions need the opinion and  validation of the competent authorities.

     Press release PDF

  • BREXIT - Esma statements on Mifir trading obligations for shares following a no-deal Brexit and on the publication of Esma's operational plan under a no-deal scenario

    Published: 20/03/2019

    On 19 March, ESMA, the European Securities and Markets Authority, published a statement on the impact of the MiFIR trading obligation for UK shares, to be applied only in the case of a no-deal Brexit on 29 March next, and in the absence of a UK equivalence decision by the European Commission.

    The publication of the statement itself meets the requests for additional disclosure on the regulation to be applied to the obligations for shares (Mo), made by many market operators.

    ESMA itself acknowledges that the followed approach could imply an overlapping of the obligations for shares and a fragmentation of the negotiations in the case of alike behavior by the United Kingdom, but the issued statement aims mostly to safeguard market operations and to guarantee both an adequate and consistent application of Article 23 MiFIR throughout the EU.


  • Professor Paolo Savona took today the office of the Chairman of Consob (Press release of March 20th, 2019)

    Published: 20/03/2019

    Professor Paolo Savona took today the office of the Chairman of Consob

    The handover between the deputy Chairman, Anna Genovese, and the newly appointed one took place during a meeting of the Commission, held this morning in Rome.

    The Commission is therefore in its full composition of five members: the new Chairman, Paolo Savona and, in addition, the Commissioners Anna Genovese, the member of the board with the greatest seniority in the Institute, who carried out the functions of deputy Chairman after September 14, Giuseppe Maria Berruti, Carmine Di Noia and Paolo Ciocca.

  • Consob Report on corporate governance of Italian listed companies 2018

    Published: 19/03/2019

    The annual Report on corporate governance of Italian listed companies includes data on ownership and control structure, corporate boards, annual general meetings and related party transactions of Italian listed companies

  • Initial offers and trade in cripto activities - Document for discussion (19 March 2019)

    Published: 19/03/2019

    The document for discussion here published is aimed at launching the debate on the issue of initial offers and crypto-activity exchanges, linking it to the current spreading of so-called Initial Coin Offerings (ICOs) involving crypto-assets investments, made by Italian investors.

    The document is summarizing the main items to be considered in developing a possible regulatory approach. During the consultation period, Consob intends to carry out a public hearing whose date will be soon announced.

    - Document for discussion

  • Procedure for processing complaints: CONSOB approves a new version

    Published: 18/03/2019

    On February 14 of this year, CONSOB approved the third version of procedure for processing complaints, one of its most significant sources of information that provides news of possible critical situations in the financial system and, consequently, enables the prompt activation of CONSOB's supervisory instruments...

  • Solaredge Investment takeover bid on SMRE Spa shares: CONSOB approves the bid document

    Published: 18/03/2019

    CONSOB has approved the document relating to the full takeover bid promoted by SolarEdge Investment Srl, pursuant to and in accordance with articles 102 and 106, paragraph 4 of Italian Legislative Decree no. 58 1998,, on ordinary shares issued by SMRE Spa (Resolution no. 20852 of Marche 14, 2018)...

  • Banks: Consob clarifies with two communications the information to be delivered to the public about the Srep (Press release of 15th March 2019

    Published: 15/03/2019

    The banks which are subject to the periodic assessment of their capital adequacy (Srep, Supervisory Review and Evaluation Process), by the Authorities for prudential supervision must disclose in their statements the information related to Srep with reference to "binding prudential quantitative requirements" (Pillar2 Requirements), that is the minimum mandatory capital ratios. The same information must be delivered through the periodic financial reporting documents, too.

    This is what Consob clarifies in a Communication (Comunicazione n. 5 del 15 marzo 2019) published today.

    As regards, instead, the additional consequences resulting from the Srep, such as "binding quality requirements" or "capital recommendations" (Pillar2 Guidance), the Communication clarifies that the banks themselves are responsible for making an appraisal of the publication of the information in the statements and in the accounting reporting documents. In particular, in the event of non-compliance with the capital rules, Consob specifies that, in its opinion, the data is relevant for the purposes of the information to be disclosed in the statements.

    The banks must also be assessing the possible nature of "privileged information" of the Srep results. The objective is to guarantee the compliance with the IT obligations set by the European Market Abuse Regulation (Mar).

    Such is the warning contained in a further Communication (Comunicazione n. 6 del 15 marzo 2019) of Consob, published today.

    It is the responsibility of the banks themselves, Consob states, to choose if making use of the delay in the communication to the public in relation to privileged information, contained in the Srep Letter.

  • Brexit: Consob monitoring of OTC derivative contracts will facilitate continuity The Authority is assessing the authorization requests of the trading venues (Press release 14th March 2019)

    Published: 14/03/2019

    Due to the uncertainties which are characterizing the ongoing negotiations in the approaching of the expected date of withdrawal (i.e. Brexit), lacking both an agreement and a national transitional regime, Consob deems it is essential, for managing the negotiations as much as possible in an ordered way and for investors' protection, to provide operators with a special reference disclosure to deal with the necessary actions to be taken given this scenario.

    Following the previously accomplished publication of the Warning n. 3 of 12 March 2019, Consob disclosed today a Communication regarding both the servicing of Over the Counter (OTC) derivative contracts not offset by a central counterparty and settled with UK counterparties, and the operations of the trading venues, including those trading venues managing trading systems for negotiating government bonds [Communication no. 4 of 14 March 2019].

    With reference to the OTC derivative contracts which are not offset by a central counterparty, it has been recalled that yesterday, March 13, two delegated regulations of the European Commission were published in the Official Journal of the EU. These regulations establish that the contracts today in force with UK counterparties may be transferred to a European Union counterparty (maintaining the current exemptions from the clearing obligations as well from the margin requirements set by the EMIR Regulation), provided that the transfers be finalized within the twelve months following the date of the Brexit.

    During the twelve months period fixed by the delegated regulations for the ensuing transfer, Consob will exercise its supervision powers, with a proportionate approach, to the servicing of OTC derivative contracts concluded with UK counterparties, even with the purpose of facilitating the continuity of the contracts themselves.

    In the meantime, Consob is carrying out its preliminary inquiries on the requests for authorization and acknowledgment by the British trading venues aiming to perform their activities in Italy and vice-versa. These inquiries will be settled as quickly as possible with the aim of ensuring, in compliance with the relevant provisions on the subject, the continuity of the operations of the UK and Italian operators, respectively, on the Italian and UK trading venues.

  • CONSOB updates the record sheet of auditing firms on the annual financial reports

    Published: 11/03/2019

    CONSOB asks auditing firms to send a record sheet summarising the main data and information acquired during statutory auditing, composed of two documents: a general section and an overview (Communication 95002349 of March 22, 1995 and subsequent amendments and additions)....


  • Plan of CONSOB regulatory activities for 2019

    Published: 11/03/2019

    CONSOB has published a Plan of activities for the adoption of acts of general regulation and for the periodic review of the regulations and other general regulatory documents relating to 2019 and the Report of Regulatory Activity for 2018....


  • "Be aware of fraud!"- Fighting the offer of unauthorized financial services - From January to February 2019 Consob carried out twenty two supervisory measures - Pacific Ocean/Caribbean Islands are the locations chosen by the unauthorized companies (Press release 11 March 2019)

    Published: 11/03/2019

    The Marshall Islands atolls in the Pacific Ocean, as well as Saint Vincent and the Grenadines in the Caribbean, and the British Virgin Islands are the locations chosen by the companies which, in January-February of this year, were subject to the measures issued by Consob in its prevention effort of financial frauds carried out on the web.

    In the first two months of 2019 Consob adopted 22 bans against 34 websites and 3 Facebook pages. The banned companies, in fact, abusively promoted through these websites - without the necessary authorization - offers of financial products or the provision of investment services. In most of these cases, the companies subject to Consob measures had their legal offices in tax havens with exotic locations, like the Pacific or the Caribbean.

    The enforcement actions are meant to fight the financial frauds suffered by investors, some of whom received proposals of expected yearly earnings up to 120 per cent.

    A synoptic table of the actions carried out in the considered period is enclosed below.

    Consob invites investors to carry out a continuous, attentive and preemptive check of the authorized companies on its website Investors are also encouraged to be fully aware if the offers are authorized by Consob, or not.

    Just click on the "Be aware of fraud!" link on Consob website to make a simple and quick check of the information needed. Investors should be aware that unauthorized offers often hide a fraud.

    Publications of January and February 2019

    Publication date Decision n° Website Abusive case Company Location
    14/01/2019 20773 of 9/01/19 e pagina facebook "Bv1 Club" Offer of financial products BV1 Club Business Development SAS Colombia
    21/01/2019 20779 of 16/01/19 Provision of investment services Nordic Pearl Ltd e Grande Service Ltd Bulgaria  and

    Marshall Islands

    28/01/2019 20783 of 22/01/19 Offer of financial products Amicopolis Limited United Kingdom
    28/01/2019 20784 of 22/01/19 Provision of investment services Smart Choice Zone LP United Kingdom
    28/01/2019 20785 of 22/01/19 Provision of investment services "FX Breeze"  
    28/01/2019 20786 of 22/01/19 Offer of financial products Togacoin Ltd United Kingdom
    4/02/2019 20799 of 31/01/19

    Provision of investment services Glencoe Partners Ltd


    Marshall Islands
    4/02/2019 20798 of 31/01/19 Provision of investment services Velmon Enterprise Ltd Marshall Islands
    11/02/2019 20806 of 6/02/19 Provision of investment services Game Capital Ltd Saint Vincent and the Grenadines
    11/02/2019 20807 of 7/02/19 Provision of investment services Opzione Finanza di Antonio Vaccaro Motecchio Maggiore (VI)
    11/02/2019 20805 of 6/02/19

    Facebook page "rivoluzionalatuavita"

    Provision of investment services Progetcom srl Catania


    18/02/2019 20816 of 14/02/19 Provision of investment services GoldmanCFD Ltd Marshall Islands


    18/02/2019 20817 of 14/02/19 Provision of investment services Orion Service EOOD e TLC Consulting Ltd Bulgaria

    Marshall Islands

    18/02/2019 20818 of 14/02/19 Provision of investment services First Global (UK) Ltd United Kingdom
    18/02/2019 20819 of 14/02/19 Provision of investment services Light Media Ltd Marshall Islands

    United Kingdom

    18/02/2019 20812 of 14/02/19

    Offerta di strumenti finanziari Sky Way Capital Inc British Virgin Islands
    18/02/2019 20813 of 14/02/19 Offer of financial products Eagle Bit Trade  
    18/02/2019 20814 of 14/02/19 www.crypt Offer of financial products Crypt oforce Ltd Belize
    18/02/2019 20815 of 14/02/19 Facebook profile of Alessandro Brizzi Offer of financial products Alessandro Brizzi Bovalino (RC)
    25/02/2019 20825 of 20/02/19 Provision of investment services FSM Smart Ltd Marshall Islands
    25/02/2019 20826 of 20/02/19 Provision of investment services One Thousand One Ltd Marshall Islands
    25/02/2019 20827 of 20/02/19 Provision of investment services Capital Com Investment Ltd Saint Vincent and The Grenadines

  • Hearing of Consob General Director Giuseppe D'Agostino - March 6, 2019: Legislative Decree proposal for the implementation of Directive (EU) 2017/828 amending Directive 2007/36/EC related to encouraging long-term shareholder commitment

    Published: 06/03/2019

     Hearing of March 6, 2019

  • Consob Referee for Financial Disputes (ACF): on Thursday 28th March the 2018 Annual Report in the Consob auditorium in Rome and in video conference in Milan

    Published: 04/03/2019

    The second Annual Report of the Referee for Financial Disputes (Arbitro per le Controversie Finanziarie - ACF), the organization for the out-of-court settlement of disputes between intermediaries and savers, set up at Consob and operational for two years, will be held on Thursday 28th March.

    The event is scheduled at 10:00 a.m. in the Consob auditorium in Rome (Via Claudio Monteverdi 35 - Piazza Verdi).

    A video link will be operating with the Consob headquarters in Milan, Via Broletto 7.

    The meeting will be opened by Paolo Ciocca, Commissioner of Consob. It will be followed by the report held by the AFC President, Gianpaolo Barbuzzi.

    Here is attached the poster of the event. Admission is from 09:00 a.m.. Welcome Coffee is at 09:30 a.m..

    The event provides credits for professional training at the Bar Association of Rome.

    - Programme

  • Esma to recognize UK Central security depository in the event of no-deal Brexit (Esma Press Release 1st March 2019)

    Published: 01/03/2019

    The European Securities and Markets Authority (Esma) announced on March 1 that, in the event of no deal Brexit, it will recognize - the day after Brexit - the Central Securities Depository (Csd) established in the UK (Euroclear UK and Ireland limited) as a third country allowed to provide its services in the European Union. Csd will be therefore allowed to exchange Irish securities, without a negative effect for financial markets. Esma considered that, even in the case of a no deal Brexit, this approach would be compliant with the rules of the Central Securities Depositories Regulation (Csdr) of the European Parliament (article 25) on the activities of the central depositaries of the member states of the European Union.

     Download Esma Press Release 1st March 2019

  • Warning on cost information in the provision of investment services - Press release of 1st March 2019

    Published: 01/03/2019

    Consob warns the intermediaries to be compliant with the new MiFID II rules on transparency of costs.

    Mifid2 requires a transparency degree (disclosure) - both ex ante and ex post - higher than in the previous legislation (Mifid1). Its target is to guarantee the awareness of all the investors of the whole amount of costs and burdens for the evaluation of investments, allowing them to compare both services and financial instruments at once.

    The relevant provisions apply in a unconditional, clear and explicit way, as from the entry into force of the Mifid2.

    Consob has the supervision on the right application of these rules.

    All the intermediaries, in their periodic communications, must notify to Consob the procedures they have adopted to be compliant with both the regulations and the results of the controls they have implemented through the process of compliance.

    Make reference to the warning for any detail.

  • Warning concerning non-financial declarations (Nfd) - Press release of 28th February 2019

    Published: 28/02/2019

    With reference to the amendments made by the Italian Budget Law for 2019 to the legislative decree on the discipline of non-financial declaration (Nfd), Consob has requested to all the recipients of Nfd regulation to provide, in all the declarations published after the 1st of January 2019, additional information about the "management methods" of the main risks mapped in the non-financial declaration.

    For more details, please make reference to the full text of the warning.

  • Consob appoints the Chairman and the thirty Members of the Italian Committee of Market Operators and Investors (Comi)

    Published: 21/02/2019

    Consob, the Italian public authority responsible for regulating the financial markets has appointed (delibera n. 20824 del 20 febbraio 2019) the thirty members of its Committee of Market Operators and Investors (Comi) and Gian Maria Gros-Pietro as chairman.

    The Italian Committee of Market Operators and Investors is the advisory body established by Consob as a forum for both dialogue and permanent debate among Italian financial market actors and the Academy.

    The Committee will meet at Consob offices in Milan at least every three months. It will be called upon to express opinions on regulatory subjects within the competence of Consob as well as on strategic issues. Its thirty components were chosen through a public selection notice between professionals and experts qualified by specific and recognized skills, ensuring a balanced composition between roles and competences.

    Their mandate is two-years lasting and it can be renewed only once. The participation to the Committee is honorary and free.


Communications for investor protection
Published: March 18, 2019