1) Always check that the intermediary is authorised

Remember that anyone offering investment services in Italy on financial instruments, such as shares and bonds, or on crypto-assets must be authorised. This applies to all offer channels: telephone, e-mail, internet, messaging systems such as WhatsApp and Telegram, social networks or any other channel. 

Any initiatives of this kind that are not authorised are abusive and, in the vast majority of cases, conceal financial scams.

In Italy, authorisation is granted by CONSOB or by the Bank of Italy or, for independent financial advisers who are natural persons or companies, by a specific body, the OCF. Authorisation may also be granted by the national supervisory authorities of other European Union countries. 

2) Always check the official lists

Before making any investment decision, it is good practice to check whether the company contacting you is included in the official lists of authorised operators.

Beware of fake lists!

Consult only the official lists available on the following websites:

• CONSOB
• Bank of Italy 
• ESMA, the European Authority
• the national financial market supervisory authorities of the various European countries

On the dedicated page, you can consult the full list of national authorities and access the relevant registers of authorised intermediaries directly

If the company does not appear in the official lists, stop!

3) Pay particular attention to companies authorised abroad

Some intermediaries authorised in other European Union countries may also offer services in Italy.

In these cases, authorisation is granted by the national supervisory authority of the country of origin. Supervision, with regard to activities carried out without a branch, remains the responsibility of that same authority, including in relation to Italian clients.

For this reason, it is always advisable to check the information on the website of the national supervisory authority of the country of origin that granted the authorisation (consult the dedicated page).

The check also concerns crowdfunding services, online fundraising activities used to finance individual business projects. Once you open the link, select “European crowdfunding service provider” as the entity type in the left-hand sidebar to carry out the search.

4) Be wary of offers without a prospectus

Offers of financial products are accompanied by the publication of a prospectus which, in the case of crypto-asset offers, may take the form of a short and simplified document, the so-called white paper.

Prospectuses and white papers are available on the ESMA website.

If you cannot find the prospectus or the white paper, stop!

5) Always check names and authorisation and registration numbers

Bear in mind that fraudsters often use the “clone website” trick: counterfeit websites that reproduce the original websites almost identically. This device is designed to mislead users.

Always remember, therefore, to check the exact match between the name and internet address (URL) of the company offering you investment services and those of the authorised company listed in the official registers. Sometimes a simple hyphen ( - ) instead of a dot ( . ) makes the difference between a legitimate activity and an abusive one.

Also check that the authorisation and/or registration number shown on the website offering you investment services is identical to the one appearing in the official lists.