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

    Published: 22/10/2020

    PRESS RELEASE

    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

  • Published the new Consob Legal Research Paper entitled "The Prospectus Regulation. The long and winding road" (October 20, 2020)

    Published: 20/10/2020

    The Prospectus Regulation. The long and winding road

    S. Alvaro, R. Lener, P. Lucantoni; in collaboration with V. Adriani, F. Ciotti, A. Parziale; introduced by Carsten Gerner-Beuerle
    No. 22 (October 2020)
    Legal researce Paper [PDF]

  • Financial abuse: Consob obscures 6 websites (Press release of 16 October 2020)

    Published: 16/10/2020

    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:

    • 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

  • Amendments to the Consob Market Regulation relating to shareholders of regulated market managers (Resolution no. 21536 of 15 October 2020)

    Published: 16/10/2020

    Consob, with Resolution no. 21536 of 15 October 2020 [only Italian version], currently being published in the Gazzetta Ufficiale, made some amendments to the Market Regulation (adopted by Consob with Resolution no. 20249 of 28 December 2017) on the subject of shareholders of regulated markets managers.

    The amendments were required as a consequence of the changes made by the Law Decree no. 104, of 14 August 2020, containing "Urgent provisions for economic support and recovery", to the Article 64-bis of the Legislative Decree no. 58/1998 (Consolidated Law on Finance - TUF). The Law Decree n. 104 actually modified the rules governing the ownership structure of market operators to ensure that purchases of significant shareholdings or changes in control do not jeopardize the sound and prudent management by such managers. The recent legislative intervention, moreover, confirmed the regulatory powers provided for by paragraph 6, letter b), of the aforementioned article of the Consolidated Law on Finance - TUF, with regard to the content, terms and methods of the communications required to the subject involved in the acquisition of a relevant stake in a market manager or in the control of the same.

    Attachment n. 1 [only Italian version]

    Illustrative report of the consequences on regulation, on the activity of companies and operators and on the interests of investors and savers of the amendments to Article no. 5 of the Market Regulation [only Italian 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 9 October 2020)

    Published: 09/10/2020

    PRESS RELEASE

    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 8 October 2020)

    Published: 08/10/2020

    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

  • IOSCO Launches its fourth World Investor Week to enhance investor education and protection (IOSCO Media Release of 5 October 2020)

    Published: 05/10/2020

    The International Organization of Securities Commissions (IOSCO) today launched its fourth annual World Investor Week (WIW) with more organizations participating in the event than ever before.

    Go to IOSCO Media Release of 5 October 2020

  • Financial abuse: Consob obscures 5 websites (Press release of 1 October 2020)

    Published: 01/10/2020

    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

  • Resignation of the Director General Manager (1^ October 2020)

    Published: 01/10/2020

    The Director General of Consob, Mauro Nori, has resigned with effect from 1 October 2020.
    From the same date, the functions of Director General are carried out by the current Deputy Director General, Tiziana Togna.
    The Commission thanked the outgoing Director General and expressed deep appreciation for the specific professional contribution he brought to the Institute.

     

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

    Published: 24/09/2020

    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 24 September 2020)

    Published: 24/09/2020

    PRESS RELEASE

    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.

  • Amendments to the Issuers Regulation regarding the admission to trading of open-ended reserved AIFs, marketing of AIFs and advertising activities - Results of the public consultation of 9 December 2019 (23 September 2020)

    Published: 23/09/2020

    Consob, with Resolution no. 21508 of 22 September 2020 [only Italian version], following the consultation with the financial market, made some changes to Consob Regulation no. 11971/1999 (Issuers Regulation) on the admission to trading of reserved open-ended AIFs (Alternative Investment Funds), as well as further interventions on the marketing of AIFs and advertising activities.

    The amendments are mainly aimed at better defining the regulatory framework applicable in the admission to trading on a regulated market of reserved open-ended AIFs:

    (i) establishing when it is required the listing prospectus, drawn up according to the scheme provided for in the specific annex of the Issuers Regulation and when, instead, Consob may recognize a prospectus drawn up according to the provisions of another Member State by requesting, in addition, the publication a listing document;

    (ii) coordinating the regulation of the prospectus with that of the marketing, on a domestic and cross-border basis, provided for by the AIFMD (Alternative Investment Fund Managers Directive) and by the related implementation provisions with a particular reference to cases in which the marketing and admission to trading are contextual;

    (iii) reviewing the contents of the prospectus and listing document layout in order to make them expressly applicable also to open-ended reserved AIFs;

    (iv) updating the provisions on the information that open-end collective investment schemes (UCIs) admitted to trading on a regulated market are required to make available through publication on the fund manager's website and on the market manager's website.

    Alongside these changes, further regulatory interventions have been made regarding the marketing of AIFs and advertising activities relating to financial products other than securities. In particular, having regard to this last aspect, the Article no. 34-novies, paragraph 1, letter c), in order to clarify that the advertising report with the indication of the returns achieved by the proposed investment, makes a comparison with the reference parameter or with the return target, where these are identified in the prospectus. In this way it is clarified that the comparison can take place not only with a benchmark consisting of an index, but also with a return target, where this is indicated in the prospectus. This intervention ensures consistency between the provisions of the Issuers Regulation and the indications formulated by ESMA in the context of the Q&A on the application of the UCITS directive (relating to collective investment schemes in transferable securities).

     Relazione illustrativa (23 settembre 2020) [only Italian version]

     Delibera n. 21508 del 22 settembre 2020 [only Italian version]

     Osservazioni al documento di consultazione del 9 dicembre 2019 (23 settembre 2020) [only Italian version]

     Documento di consultazione del 9 dicembre 2019 [only Italian version]

  • Published the new FinTech Paper "Trust in robo advice: evidence from an experimental study" (21 September 2020)

    Published: 21/09/2020

    The seventh FinTech Paper is part of a broader survey on the FinTech phenomenon that Consob launched in 2016, in collaboration with several Italian universities, with the aim of exploring opportunities and risks arising from the application of technological innovation to the offer of financial services.

    In particular, the study integrates the research strand dedicated to robo advice with an original contribution on the behaviour of a specific group of potential robo advisor clients, i.e. the so-called millennials and post-millenials, who, according to an evidence-based approach, could be taken into account in specific initiatives to protect investors. In particular, the research aims to verify whether an individual's propensity to follow an investment recommendation changes according to whether the advice is given by a human adviser or a robo advisor.

    To this end, the document uses data and evidence collected as part of a laboratory experiment, designed and organised in line with the indications of the experimental economy. The results of the experiment, which involved about 180 university students at Luiss, show that the probability that an individual will follow an investment recommendation does not depend on the nature of the advisor (i.e. it does not depend on whether the advisor is physical or digital), but on the gap between the choice made independently before receiving the advice and the choice recommended by the advisor.

    In detail, the probability that the investor is willing to follow the advice of the advisor (human or robo) increases if the recommended portfolio coincides with the one previously chosen independently. This evidence could be explained, among other things, by a propensity to the so-called 'confirmation bias' (i.e. the attitude to consider among the available information especially those that confirm pre-existing hypotheses and opinions).

    In cases where the autonomous choice differs from the recommendation received, participants seem more inclined to follow the advice of the human advisor and less inclined to follow the advice given by an algorithm. Finally, the results show that the female students participating in the experiment tend to follow the advice received by the physical advisor more frequently if the advisor is a woman than if the recommendation was made by a man.

  • Financial illegal services: Consob blacks out 5 websites (Press Release of 18 September 2020)

    Published: 18/09/2020

    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.

     Press release PDF version

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

    Published: 14/09/2020

    PRESS RELEASE

    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.

    Press release PDF version

  • 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 11 September 2020)

    Published: 11/09/2020

    PRESS RELEASE

    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 8 September 2020)

    Published: 08/09/2020

    PRESS RELEASE

    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.

    Press release PDF version

  • Consob publishes the Operational Guide on transaction reporting (7 September 2020)

    Published: 06/09/2020

    Consob has published the Operating Guide on transaction reporting (only in the Italian language) whose content was shared in a consultation with market operators and trade associations.

    The document applies to investment firms, to trading venue managers and to Authorized Reporting Mechanisms (ARMs), as defined by the MiFID II directive.

    The Operating Guide intends to provide operators with support and guidance in the reconstruction of the various applicable regulations, as well as with instructions on the exact fulfillment of transaction reporting obligations. The Operating Guide provides, due also to the requests received from operators, additional detailed operational indications, which are useful for a better implementation of the European regulations, having regard to the specific features of the national framework, both at the institutional and at the operational level.

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

    Published: 04/09/2020

    PRESS RELEASE

    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

  • Voluntary regime for the publication of the Non-Financial Declaration (NFD) - Call for evidence of 1 September 2020

    Published: 01/09/2020

    Consob published a Call for evidence [only Italian version] in order to acquire useful elements from market operators for the evaluation of the voluntary adhesion regime to non-financial reporting.
    In the current context, the request for greater transparency in the non-financial information of European companies by the investor community is becoming increasingly insistent, due to the increasingly frequent use of ESG elements as part of its investment selection process and due to the evolution of the European regulatory framework on sustainable finance, including Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector (Disclosure Regulation) and the Regulation on the classification system of sustainable economic activities (Taxonomy Regulations), which require that ever greater and more reliable non-financial information on the companies being invested be made available to financial market operators.
    The current regulations, outlined by the Legislative Decree no. 254/2016 which transposed into our legal system the Directive 2014/95/EU (disclosure of non financial and diversity information), introduced for public interest entities (listed companies, banks and insurance companies) exceeding specific dimensional requirements (PIEs) the obligation to publish a non-financial statement (NFD) which must include, in addition to a description of the business model of management and company organization, information regarding the main risks deriving from the business and its products and services as well as the policies practiced and the results achieved by the company itself with reference to environmental, social, personnel issues, respect for human rights, the fight against active and passive corruption.
    The aforementioned Decree provides that even subjects other than PIEs may, on a voluntary basis, publish a declaration of a non-financial nature ("NFD").
    The provision of a voluntary regime of adherence to non-financial reporting has the advantage of not imposing on a generalized basis the costs associated with the preparation and publication of the information, while at the same time allowing concerned companies to register and inform about their own risks and sustainability features through a standardized report recognized both by national and EU law. Nonetheless, the amount of issuers that have joined the voluntary NFD publication regime is still small.
    While the revision process of the Directive 2014/95 / EU on non-financial reporting is currently underway at European level, the call for evidence, through a series of questions addressed to market operators, therefore aims to find information about the reasons for the non-disclosure of non-financial reporting on a voluntary basis.
    The questionnaire focuses in particular on the analysis of the costs and benefits associated with the publication of the NFD by companies currently not subject to this obligation, in order to acquire useful elements for elaborating suggestions for amendments to the national regulations on the subject.
    The consultation will end on 30 November 2020.

    Call for evidence [only Italian version]
     

Warnings

Communications for investor protection
Published: October 26, 2020

 

Consob Newsletter