Press releases

Lastest Press releases

Asset Publisher

Bond issues: Starting tomorrow, shorter timeframe for Consob's green light for publication of prospectuses - Authorisation power passes from the Commission to the Head of the Issuers' Division - It will be easier for companies to seize the favourable moment for placing securities

Shorter timeframe for Consob's green light for the publication of bond issue prospectuses. Starting from tomorrow, Saturday 19 July, the power to authorise both prospectuses and prospectus supplements will normally pass from the Commission, Consob's top decision-making body, to the head of the Issuers' Division.

The innovation is aimed at facilitating companies' access to the capital market by shortening the authorisation process for corporate bond issues and thus making it easier for companies to seize the most favourable moment for placing securities on the market.

The rationale behind this innovation is a consultation with the market as a result of which Consob introduced the new Article 8-bis of the Issuers' Regulations, which precisely attributes the power to approve prospectuses of non-equity securities to the Divisional Manager responsible for the subject matter, who may also delegate the Deputy Divisional Manager in general. In certain cases, the Commission will retain the authority to approve such prospectuses (resolution no. 23574 of 28 May 2025).

The initiative follows a series of regulatory actions already taken by Consob in pursuit of the objectives set by the Ministry of Economy and Finance's Green Paper of March 2022, with a particular focus on the approval process of prospectuses and the need to accelerate the related procedural timeframes, in order to make the Italian capital market more attractive.

The attribution of the power to approve prospectuses for non-equity securities to the Divisional Head, instead of the Commission, is thus in addition to the changes introduced in February 2024 regarding the reduction of assessment time and costs, as well as the use of the English language also for approval applications, and meets market participants' expectations of a reduction in the time between the closing of the investigation (so-called 'no-further comments') and the approval of the prospectus.

The certificate of approval provided for the so-called “passport” will also be adopted for the prospectuses relating to the aforementioned securities by the Divisional Manager.

The application forms for the approval of these prospectuses have been updated to take into account the change introduced at the approval stage.

The regulatory amendment comes into force tomorrow, July 19, 2025, thirty days after the publication of the aforementioned Consob Resolution no. 23574 in the Official Journal, and will apply to applications for prospectus approval submitted after that date.

Press release PDF version

18 July 2025

Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites

Consob has ordered the black-out of 5 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 2 abusive financial intermediation websites and 3 websites through which crypto currency services are abusively provided.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorisations.

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

- "Geneve Capital Invest" (website https://geneveinvestcap.com and page https://webtrader.gencapwebtrader.com);

- "Finbridge International" (website https://finbridgeinternational.com and page https://webtrader.finbridgeinternational.trade);

- "Atomic Wallet" (website https://atomicwallet.io);

- "Cexrqw.com" (website https://cexrqw.com);

- "Interersos.it" (website https://interersos.it);

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 1381.

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 calls the attention of savers to the importance of using the utmost diligence in order to make investment choices in full awareness, adopting common sense behaviors, which are essential to safeguard one's savings: among them, the prior verification, for sites offering financial services and on crypto-assets, that the operator through which one invests is authorized and, for offers of financial products and crypto-assets, that the prospectus or white paper 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 unauthorized initiatives.

Press release PDF version

17 July 2025

Watch for Scams! Abusive financial services: Consob blacks out 7 abusive websites

Consob has ordered the black-out of 7 new websites through which services for crypto-activities are abusively provided.

The Authority made use of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers without the prescribed authorizations.

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

- "09pqws" (website https://09pqws.it);

- "DSS776" (website https://dss776.it);

- "ERY357" (website https://ery357.it);

- "TNT882" (website https://tnt882.it);

- "ZeroTrillionWorld" (website https://zerotrillionworld.it);

- "ZGV796" (website https://zgv796.it);

- "78DEF" (website https://78def.it).

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 1376.

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 blackout to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence 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 or the white paper 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 unauthorized initiatives.

Press release PDF version

Rome, 11 July 2025

Watch for Scams! Abusive financial services: Consob blacks out 3 abusive websites

Consob ordered the blackout of 3 new websites abusively offering financial services.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

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

- "Indexswiss" (website www.indexswiss.com and related page https://client.indexswiss.com);

- "Fusion4Markets" (website https://fusion4marketsltd.com and related page https://client.fusion4marketsltd.com);

- "MGLuxembourg" (website https://mgluxembourg.cm and pages https://client.mgluxembourg.cm and https://webtrader.mgluxembourg.cm).

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 1369.

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 blackout 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 unauthorized initiatives.

Press release PDF version

Rome, 4 July 2025

Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

Consob has ordered the black-out of 6 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 3 abusive financial intermediation websites and 3 websites through which crypto currency services are abusively provided.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorisations.

Below are the websites Consob has ordered to be blacked out:
- “The Toro Global” (website https://thetoroglobal.com and related page https://client.thetoroglobal.com);
- “Finbridge International” (website www.finbridgeinter.com and related page https://webtrader.finbridgeinter.tech);
- “INCORE-INVFX”- “IncoreInvestment” (website https://incore-invfx.com and related page https://client.incore-invfx.com);
- “Coingridr.top” (website https://coingridr.top);
- “Gigtaskr” (website https://gigtaskr.top);
- “Sxr922” (website https://sxr922.it).
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 1366.

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 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, 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 unauthorized initiatives.

Press release PDF version

Rome, 26 June 2025

Watch for Scams! Abusive financial services: Consob blacks out 7 abusive websites

Consob has ordered the black-out of 7 new websites through which financial services and products are abusively provided: 6 abusive financial intermediation websites and 1 website through which an offer of financial products is carried out 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 No. 36, paragraph 2-terdecies), regarding the blacking out of the websites of abusive financial intermediaries, as well as of the power introduced by Law No. 8 of 28 February 2020, Article No. 4, paragraph 3-bis, regarding the blacking out of the website by means of which the abusive offer is carried out.

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

- "EXT24" (website https://ext247.co e relativa pagina https://my.ext247.co);

- "Rgroupltd" (website https://rgroupltd.cm and pages https://client.rgroupltd.cm and https://webtrader.rgroupltd.cm);

- "Trevorex" (website https://trevorrex.com and related page https://app.trevorrex.com);

- "AHP" (website www.ahpcmg.com);

- "QW Limited" (website www.quantumwins.com and related pages https://webtrader.quantumwins.com and https://mobtrader.quantumwins.com);

- "Tradepower" (website https://tradepower.pro and pages https://client.trade-power.pro and https://bestrader.io);

- "Magnomic Yield Ltd" (website https://magnomicyieldltd.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 1360.

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 to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include prior verification, for websites offering financial services and on crypto assets, that the operator through whom one invests is licensed and, for financial product and crypto asset offerings, that the prospectus or white paper 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 unauthorized initiatives.

Press release PDF version

Rome, 20 June 2025

From Consob wake-up call on crypto currency investment proposals linked to fake online job offers - Four abusive websites blacked out

Consob has issued a Warning (available only in Italian) to savers about the growing spread of the phenomenon of fake online job offers by which the performance of generic activities (such as, for example, clicking links, subscribing to websites, putting likes on commercial products/services, writing reviews and the like), linked to the performance of transactions on crypto currencies from which an additional opportunity to earn money would arise (the so-called task scam). These proposals, conveyed mainly through social networks, induce users to operate through websites that can be traced back to abusive service providers on crypto currencies and take the form of deceptive initiatives aimed at acquiring the users' own money and personal data.

Consob, in countering this phenomenon, has also ordered, pursuant to the European discipline on crypto-assets (Mica Regulation) the blacking out of four websites through which services for crypto-assets were provided to Italian savers in the lack of the prescribed authorizations.

Below are the sites which Consob issued to blackout:
- https://hct685.it;
- https://sdh878.it;
- https://skillnexp.top;
- https://ymg686.it.
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 1353.

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 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, 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 unauthorized initiatives.

Press release PDF version

Rome, 13 June 2025

Sanctioning proceedings: green light from Consob to regulatory changes - Detailed rules for the alternative instrument of “commitments” defined - An innovation aimed at improving the attractiveness of the Italian financial market

Consob launches the regulatory changes (Resolution No. 23597 of 4 June 2025) on sanctioning proceedings.

At the end of a consultation with the financial market that began last January, Consob has defined the detailed rules governing the use of the instrument of “commitments”; an innovation introduced by Article No. 196-ter of the Consolidated Law on Finance (Tuf) as a result of the “Law on Capitals” of March 2024.

The provision of “commitments” makes it possible for the early termination of the sanctioning proceedings without the sanction. The prerequisite, however, is that the recipient of Consob's charges undertakes to the regulatory and supervisory authority and the market to take remedial measures.

This way, Italy is aligning itself with the more advanced practices of European countries, which already adopted alternative settlement mechanisms for sanction proceedings. The regulatory intervention is part of the broader effort to improve the attractiveness and competitiveness of the Italian financial center (piazza finanziaria) in the European and non-European context.

Specifically, the regulation provides, by the way, a 30-day peremptory deadline for the submission of the commitment proposal (with the possibility of supplementing the application in the following 30 days). Consob examines the proposal, decides whether to approve or reject it and, if it is approved, publishes the outcome on its website.

The new rules will come into effect the day after its publication in the Official Gazette.

Press release PDF version

Rome, 10 June 2025

Consob issues investor alert on finfluencers - Investors urged not to follow the "herd effect" - Clear rules on transparency and conflicts of interest must be respected

Consob has issued a public warning addressed to both retail investors and finfluencers.

In a dedicated notice released today, the financial markets regulator cautions retail investors who rely on finfluencers - individuals who offer stock market advice via social media and the internet - about the risks of making investment decisions that are rushed, superficial, or emotionally driven. These risks are heightened when investors follow herd behavior or mistakenly perceive finfluencers as providing services equivalent to those of authorised financial advisors.

Particular caution is urged when faced with offers that appear highly profitable and risk-free, or in the presence of potential conflicts of interest involving the finfluencers themselves. Consob reiterates one of the fundamental principles of investing: the risk-return tradeoff—higher returns are generally associated with higher risks.

At the same time, Consob reminds finfluencers that their activity must comply with the relevant European regulations, especially those related to investment recommendations and market abuse prevention. Finfluencers must respect rules on the accuracy of information and the transparency of any potential conflicts of interest.

Both IOSCO - the international body of securities regulators - and ESMA, the European Securities and Markets Authority, have already addressed this issue with dedicated guidance.

This warning is part of a broader international initiative, the Global Week of Action Against Unlawful Finfluencers, involving regulators from the United Kingdom, Canada, Australia, the United Arab Emirates, Hong Kong, and Consob.

The initiative aims to raise public awareness - among both investors and finfluencers - about the potential risks associated with this form of online financial activity.

As part of its contribution, Consob is also releasing a short video that, starting from the concept of Ponzi schemes, warns the public about financial scams spreading online and across social media platforms.

LinkedIn

Press release PDF version

Rome, 6 June 2025

Watch for Scams! Abusive financial services: Consob blacks out 13 abusive websites

Consob has ordered the black-out of 13 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided: 4 abusive financial intermediation websites, 1 website through which an offer of financial products is carried out in the absence of a prospectus and 8 sites through which crypto currency services are abusively provided.

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), regarding the blacking out of the websites of abusive financial intermediaries, as well as of the power introduced by Law No. 8 of 28 February 2020, Article No. 4, paragraph 3-bis, regarding the blacking out of the website by means of which the abusive offer is carried out and of the powers introduced by the MiCAR regulations (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blacking out of websites by means of which services for crypto-assets are provided to Italian savers in the absence of the prescribed authorizations.

Below are the websites Consob has ordered to be blacked out:
- “CaptinCapital” (website www.captincapital.org);
- “Mercato del Futuro” (website https://mercatodelfuturo.com and related pages https://clients.mercatodelfuturo.com and https://trading.mercatodelfuturo.com);
- “Sector-Fusion” (website www.sector-fusion.com and related page https://webtrader.w1e2b3tr4d3r.com);
- “3Afund” (website www.3-afund.com);
- “Cfw896” (website https://cfw896.it);
- “Lumex” (websites https://stratoslumex.com and https://stratoslumex.net);
- “Tmxa” (website https://60yg.com);
- “Uyr968” and “Fwq367” (websites https://uyr968.it and https://fwq367.it);
- “Syk755” (website www.syk755.it);
- “Pxm266” (website https://pxm266.it);
- “GenixLimited” (website https://genixlimited.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 1349.

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 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 unauthorized initiatives.

Press release PDF version

Rome, 5 June 2025

The Ponzi scheme: Consob’s video on the “mother of all financial scams” - Entertainment and education to help savers avoid falling into a trap and defend their wallets

It's a long-lasting financial scam. However, it is still claiming victims to this day. The core pattern is always the same. But it may vary from time to time. In times of social media it runs on the web and on smartphones.

We are talking about the Ponzi scheme, the “mother of all financial scams.” As of today, it is a Consob-made video (https://youtu.be/-D39jAGOrVI) to re-enact, in a couple of minutes, that fraudulent paradigm, warning about the risks and showing savers how not to fall into the trap.

Charles Ponzi, an Italian emigrate to the United States in the early XX century lured by the mirage of making his fortune, became rich indeed, but only for a few months. Then he ended up in jail. His trick essentially called back to life the chain letter and lasted the space of a morning, managing, however, to fool thousands of Americans.

In the present day, the Ponzi scheme lives again on social media and the web. Easy money without risk: this is the lure re-purposed in many different declinations.

Starting with Ponzi, Consob intended to alert the attention of savers with a video helping them not be lured by financial offers, most often without authorization and therefore abusive ones, which promise stratospheric gains in a short time and with zero risk.

Learn more in the “Watch for scams!” section on the homepage www.consob.it, the vademecum for protecting savers.

LinkedIn

Press release PDF version

Rome, 3 June 2025

Watch for Scams! Abusive financial services: Consob blacks out 8 abusive websites

Consob has ordered the black-out of 8 new websites promoting or providing financial services illegally.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

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

- Pim Mtf Markets Limited (websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd);

- "Peaktradeoption" (website https://peaktradeoption.com);

- "Stockwisse" (website www.stockwisse.co and related page https://clientzone.stockwisse.co);

- "Finanza Expert" (website https://finanzaexpert.io and related pages https://clients.finanzaexpert.io and https://trading.finanzaexpert.io) ;

- "SteTrading" (website https://www.stetrading.online).

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 1336.

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 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 unauthorized initiatives.

Press release PDF version

Rome, 30 May 2025

Watch for Scams! Abusive financial services: Consob blacks out 11 abusive websites

Consob has ordered the black-out of 11 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 7 abusive financial intermediation websites and 4 websites through which crypto currency services are abusively provided.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorizations.

Below are the websites Consob has ordered to be blacked out:
- “Lemintero” (website https://lemintero.co);
- “Geneve Capital Invest” (website https://genevcapinvest.com and related page https://webtrader.gencapwebtrade.com);
- VT Markets Limited (websites www.vtmarkets.com and www.vtmarkets.net and related pages https://myaccount.vtmarkets.net and https://social.vtacademy.net);
- “HotMarkets” (website https://hotmarketscfd.com);
- “Fusion4Markets” (website https://fusion4markets.cc and related page https://client.fusion4markets.cc);
- “Trustfxpro” (website www.trustfxpro.com);
- “Bvoxed” (website https://bvoxed.com);
- “BeratCoin” (website https://btc6688.com);
- “Interersos/Interesosf” (websites https://interersosf.org and https://interersos.org).
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 1328.

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 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 unauthorized initiatives.

Press release PDF version

Rome, 22 May 2025

Abusive financial services: Consob blacks out 6 abusive websites

Consob has ordered the blackout of 6 new websites promoting or providing financial services illegally.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

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

- "Fibonachis" (website https://fibonachis.com and related page https://webtrader.alynto.tech);

- "PrimeXMarkets Ltd" (website https://primexmarkets.com and related page https://client.primexmarkets.com);

- "Blyx Ultra" (websites https://blyxultra.com and https://blyxultraltd.com and related page https://cfd.platformt121-3-3.com);

- State Street Markets Limited (website www.streetstate.vip);

- "EXT24" (website https://ext24.co and related page https://my.ext24.co).

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 1317.

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 blackout to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence 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 unauthorized initiatives.

Press release PDF version

16 May 2025

Financial fraud: Consob blacks out a website that "was cloning" the Minister of the Economy Giancarlo Giorgetti

Consob has ordered the black out of the https://giorgetti-invest.com website, which "was cloning" the image of the Minister of the Economy, Giancarlo Giorgetti. Through fake interviews apparently given to leading television programmes, the Minister's "clone" advertised investment services provided via abusive trading platforms.

Consob's action - to protect retail investors and the Minister himself, who had absolutely nothing to do with the matter - was carried out, by exercising the powers deriving from the "Growth Decree" (converted by Law no. 58 of 28 June 2019) and the "Capital Law" (Law no. 21 of 5 March 2024).

In recent months, Consob has carried out similar actions on sites that illegally referred to the Prime Minister, Giorgia Meloni, and the President of the Republic, Sergio Mattarella (Consob press release of 12 December 2024).

At the same time, Consob has also blocked six other abusive financial intermediation sites.

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

· "Paragonix Trader AI" - "Telarax" - "Giorgetti-Invest.com" (https://paragonix-trader-ai.com, https://telarax.com websites and the https://webtrader.orestpa.tech page and https://giorgetti-invest.com advertising site).

· "Goldbysell" (https://gold-bysell.com website and its https://clientzone.gold-bysell.com and https://webtrader.gold-bysell.com pages);

· "Smart Solutions Bot" (https://smartsolutionsbot.com website and its https://my.smartsolutionsbot.com page);

· "Afex Markets" (website www.afexmarkets-it.com and its pages https://clientarea.alpha247-it.com and https://webtrader.alpha247-it.com);

· "Finco Trades" (https://fincotrades.org website and its https://web.fin-trades.org page);

The number of sites blacked out since July 2019, when Consob was given the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 1311.

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 one's savings: these include, for websites that offer financial services and crypto-assets, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products and crypto-assets, that a prospectus or white paper has been published.

Please note, there is a section on the homepage of the www.consob.it website, entitled "Watch for Scams!", which provides useful information warning investors about fraudulent financial schemes.

Press release PDF version

8 May 2025

Watch for Scams! Abusive financial services: Consob blacks out 4 abusive websites

Consob has ordered the black-out of 4 new websites through which services for crypto-activities are abusively provided.

The Authority made use of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers without the prescribed authorisations.

Below are the websites Consob has ordered to be blacked out:
- “Egplus.vip” (website https://egplus.vip);
- “Egalite.bond” (website https://egalite.bond);
- Arbismart UAB (website https://arbismart.com and related page https://dashboard.arbismart.com);
- “Blockbyteq” (website https://blockbyteq.top).
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 1304.

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 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, for offers of financial products, that a prospectus or the white paper 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 unauthorized initiatives.

Press release PDF version

Rome, 2 May 2025

Watch for Scams! Abusive financial services: Consob blacks out 9 abusive websites

Consob has ordered the black-out of 9 new websites that offer financial services/financial products illegally: 8 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as of the 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 website through which the illegal offer is carried out.

Below are the websites Consob has ordered to be blacked out:
- “Geneve Capital Invest” (website https://genevecapinvest.com and related pages https://webtrader.genevemarkets.com and https://webtrader.marketsgenevecapital.com);
- Investium Group (website www.investiumgroups.co and related page https://client.investiumgroups.co);
- “ITradingFX” (website https://itradingfx.net and pages https://account.itradingfx.net and https://tradingapi.chartstrading.io);
- “Ustrade24” (website https://ustrade24.com and related page https://my.ustrade24.com);
- “AlphaWealtExpertise” (websites www.alphawealtexpertise.com and www.alphawealth-expertise.com and their respective pages https://client.alphawealtexpertise.com and https://client.alphawealth-expertise.com);
- “NEX TRADE” (website www.nextradeltd.com);
- “XPTRADERS” (website https://xptraders.com and related page https://trading.xptraders.com);
- “FortiCard Limited” (website https://forti-card.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 1300.

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 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 unauthorized initiatives.

Press release PDF version

Rome, 17 April 2025

Watch for Scams! Abusive financial services: Consob blacks out 16 abusive websites

Consob has ordered the black-out of 16 new websites promoting or providing financial services illegally.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

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

- "Quantum AI App Trading" (websites https://quantumaiapp.it and https://quantum-ai.in);

- "Newgrtdeals" (website https://newgrtdeals.com);

- "Piattaformaditradingdielonmusk" (website https://piattaformaditradingdielonmusk.it);

- "Quantum AI Co" (website https://quantumai.co);

- "Quantum AI Piattaforma and Quantum AI Official" (websites https://quantumaipiattaforma.it and https://quantumaiofficial.com);

- "Quantum AI Platform" (website https://quantumaiplatform.com);

- "Orbimount" (website https://orbimount.io and page https://trade.plf-tchb.com);

- "Zeon Global Ltd (website https://zeon-lim.com and page https://my.zeon-lim.com);

- "Hyper-trades" (website https://hyper-trades.com and page https://trade.hyper-trades.com);

- "Vex-Group" (website https://vex-group.pro);

- PO Trade Ltd (website https://po.life);

- Asset Management International Ltd (website https://assetmanagementint.com and page https://clientzone.assetmanagementint.com);

- "FPQuantumAI" (website https://fpquantumai.net);

- "Quantumworld" (website https://quantumworld.it and page https://cfd.earnpro99.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 1291.

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 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 unauthorized initiatives.

Press release PDF version

10 April 2025

Watch for Scams! Abusive financial services: Consob blacks out 7 abusive websites

Consob has ordered the black-out of 7 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 4 abusive financial intermediation websites and 3 websites through which crypto currency services are abusively provided.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorizations.

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

- "Finanza Expert" (website https://finanzaexpert.com and related pages https://clients.finanzaexpert.com and https://trading.finanzaexpert.com);

- "Cmswiss" (website https://cmswiss.com and related page https://webtrader.cmswiss.com);

- "Aspect-Markets" (website https://aspect-markets.cc and related pages https://aspect-markets.online and https://web.aspect-markets.trade);

- "UCapital Trading" (website https://ucapitaltrading.com and related page https://clients.ucapitaltrading.com);

- "Caa871" (website https://caa871.it);

- "Sdf837" (website https://sdf837.it);

- "SYBZ" (website https://sybzgroup.co).

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 1275.

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 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 unauthorized initiatives.

Press release PDF version

27 March 2025

Memorandum of understanding between CONSOB and Banca d’Italia on the product intervention power provided for by the Markets in Financial Instruments Regulation (MiFIR)

Banca d’Italia and the Italian Companies and Stock Exchange Commission (CONSOB) have signed a memorandum of understanding (MoU) governing the procedures for coordinating their action and exchanging information regarding the exercise of their product intervention power on financial instruments, structured deposits and financial activities and practices in Italy, in accordance with the division of powers laid down in the Consolidated Law on Finance (Testo unico della finanza, TUF).

The memorandum of understanding:
- governs the exchange of information between Banca d’Italia and CONSOB concerning financial instruments circulating in Italy, including information that may emerge from periodic analyses or from participation in the work of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA);
- defines the procedures and time frame for issuing the opinions provided for by the TUF, in the event of the exercise of the product intervention power by either authority;
- provides that Banca d’Italia and CONSOB recognize each other as ‘point of contact’ for communications with the EBA and ESMA, respectively.
The product intervention power introduced by the EU’s Markets in Financial Instruments Regulation (MiFIR) consist of the possibility of banning or restricting:
- the marketing, distribution or sale of financial instruments and structured deposits (i.e. deposits whose return is linked to indicators such as indices, financial instruments, commodities or foreign exchange rates);
- certain related financial activities and practices (e.g. how the placement is made, distribution strategies, and incentive mechanisms relating to the distribution of financial products).
The TUF grants the product intervention power to Banca d’Italia with regard to safeguarding the stability of the national financial system and to CONSOB with regard to ensuring investor protection and the smooth functioning and integrity of financial and commodity markets. The intervention power can be exercised by activating temporary or permanent measures directed at banks, investment firms or market operators.

The memorandum of understanding is available at www.bancaditalia.it and www.consob.it.

Press release PDF version

Rome, 27 March 2025

Watch for Scams! Abusive financial services: Consob blacks out 8 abusive websites

Consob has ordered the black-out of 8 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 4 abusive financial intermediation websites and 4 websites through which crypto currency services are abusively provided.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorizations.

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

- "Investing Banks" (website https://investing-banks.com and related page https://online-sys-inv.com);

- Pim Mtf Markets Limited (website www.pimmtf.com);

- "Trade Republica" (website https://tradingrepublicaltd.com and related page https://cfd.tradingrepublica.com);

- Top Markets Ltd (website https://tender-capitalcfd.com and related page https://wt.tender-capitalcfd.com);

- Deroka UAB (websites https://dtcoin.tech, https://dtwallet.io and https://forcedmarketcap.tech);

- DTSocialize Holding PLC (website https://dtsmoney.com and related page https://portal.dtsmoney.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 1268.

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 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 unauthorized initiatives.

Press release PDF version

27 March 2025

Sustainable finance: ESG objectives still poorly integrated into business plans - The Consob study "The integration of ESG factors in corporate strategy: an analysis of corporate disclosure. First insights for reflection" was published

For the first time, Consob has analysed the information on Environmental, Social and Governance ("ESG") objectives in the industrial plans of a sample of Italian companies. In particular, in addition to the business plans and the related press releases, the information provided in the prospectuses, annual financial reports and non-financial statements of 52 companies (including unlisted companies) that between 2020 and 2021 published a prospectus for the purpose of offering/admission to trading in equity or debt securities on the Italian regulated markets were also considered.

The photograph taken by Consob, relating to 2021 and 2022 data, shows a general progressive increase in ESG reporting in the broad sense, including the related risks, as part of planning (from 19% of the issuers analysed in 2021 to 29% in 2022).

However, with specific reference to the information on ESG objectives in the business plans, the number of issuers appears: a) still limited, although increasing (from 15% of the sample in 2021 to 27% in 2022); b) positively related to corporate size; c) mainly attributable to the financial sector.

In addition, the representation of ESG objectives in plans is often not accompanied by quantitative (therefore measurable) metrics, while mixed (qualitative-quantitative) and/or generic objectives are preferred. The quantitative metric most frequently used for ESG objectives in business plans concerns the reduction of emissions harmful to the environment.

In the other documents examined, the information on the ESG objectives of the business plans often appears to be more formal than concrete, focusing more on the description of the risks of non-application of environmental legislation or governance principles, rather than on the representation of ESG objectives that can be measured concretely.

The data of the study show, therefore, that in the period analysed, the companies included in the sample have not yet reached a high level of maturity on ESG issues. This conclusion must be framed in the light of the short period of time that has elapsed since the introduction of the ESG legislation and the evolution of the current regulatory framework.

The study was edited by M.C. Lena (coordinator), F. Fancello (data analysis coordinator), M.G. Altamura, V. Anzellotti, C. Bisogno, S. Cocci, G. Di Stefano, R. Ertman, I. Fabbiani, M. Mencarelli, L.E. Olita, M. Tartaglione.

Press release PDF version

24 March 2025

Watch for Scams! Abusive financial services: Consob blacks out 8 abusive websites

Consob has ordered the black-out of 8 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 3 abusive financial intermediation websites and 5 websites through which crypto currency services are abusively provided.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorisations.

Below are the websites Consob has ordered to be blacked out:
- “Monetizeer”, website www.monetizeer.top (resolution no. 23476 of 19 March 2025);
- “Liberty Invested Limited”, website https://libertyinvestedlimitedltd.com and related page https://cfd.libertyinvestedlimitedltd.com (resolution no. 23475 of 19 March 2025);
- “AlfacapitalCFD”, website https://alfacapital-cfd24.com and related page https://client.alfacapital-cfd24.com (resolution no. 23477 of 19 March 2025);
- “AKQ”, websites https://akqa715.it and https://AKQ1181.it (resolution no. 23480 of 19 March 2025);
- “Fameexn”, websites https://fameexe.top and https://fameexj.top (resolution no. 23479 of 19 March 2025;
- “ArgonInternational”, website https://argonintgroup.com and related page https://cfd.argonintgroup.com (resolution no. 23478 of 19 March 2025).
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 1260.

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 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, 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 unauthorized initiatives.

Press release PDF version

20 March 2025

Consob, 50 years between present and future - A conference at Bocconi to take stock of the new challenges of regulation and supervision.

Fifty years spent in the midst of market turbulence, financial innovation and evolution of the regulatory framework in the current perspective of the challenges posed by new elements of change, such as digital finance, crypto activity, competition between different jurisdictions and European and global integration: these issues were discussed at the conference ‘The fiftieth anniversary of Consob: between present and future. Reflections in Bocconi’, held today in Milan at the initiative of Consob and Bocconi University on the occasion of the 50th anniversary of the birth, in 1974, of the Authority for the regulation and supervision of financial markets in Italy.

A call to monitor the new world of crypto assets and crypto currencies with particular attention came from Consob Chairman Paolo Savona. Rather than ‘incorporating data science or, if you prefer, artificial intelligence and decentralised accounting into the old regulatory framework’, it would be necessary to ‘do the opposite’, i.e. ‘incorporate the old system into data science’. The impact of crypto currencies, he stressed, goes beyond the monetary sphere and has additional implications for financial markets.

Today's event brought together some of the sector's leading experts, market operators and regulators at the Milanese athenaeum for a focused discussion on future developments in the near future. Last October, on the other hand, a seminar at Rome's La Sapienza University retraced and deepened half a century of Consob's activities, inextricably linked to the life and history of our country.

The 50^th anniversary celebrations will bring to a close on 20 June next at the Milan Stock Exchange, where Consob's usual Annual Meeting with the Financial Market will be held.

Press release PDF version

14 March 2025

Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites

Consob has ordered the black-out of 5 new websites through which financial services are abusively offered or advertising campaigns are carried out targeting platforms that offer financial services without authorization. In details, Consob ordered the blackout of 4 illegal financial intermediation websites and 1 website through which an advertising campaign is carried out targeting an abusive brokerage platform.

The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries as well as of the powers introduced by the "Legge capitali" ("Capital Act", Law No. 21 of 5 March 2024) regarding the black-out of websites through which advertising campaigns are carried out targeting abusive brokerage platforms.

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

- "Guru4Invest" (website www.guru4invest.com and page https://platform.pltf-tchg.io);

- "Sectorcapitals.com" (website https://www.sectorcapitals.com and related page https://clientarea.w1e2b3tr4d3r.com);

- "Aifactor Group" (website https://vipaifactorvip.com);

- "Apollo Trade FX" – "Affidabiletop.com" (website https://apolloinvestfx.com and related page https://cfd.apolloinvestfx.com and advertising website https://affidabiletop.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 1252.

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 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 unauthorized initiatives.

Press release PDF version

13 March 2025

Watch for Scams! Financial education on stage - Consob brings to the theatre the "Ponzi scheme" - In Salento two appointments on 10 and 11 March.

The "Ponzi scheme," the most widespread financial scam model, devised a century ago by Charles Ponzi, the Italian adventurer who emigrated to the United States, is on stage in Salento.

Consob invites on stage for a financial education evening with the show "Watch for Scams!" from the cycle about Finance on Stage.

The first appointment is Monday, 10 March at 8.00 p.m. at the Novoli Theater, which will host the theater pièce inspired by the autobiography written in prison by Ponzi himself. After the play, Alessandro Prontera, Deputy Prosecutor at the Public Prosecutor's Office of Lecce, and Paola Soccorso, head of Consob's Financial Education Office, will talk with the audience to describe the most widespread and recurring abusive practices.

The second event is the next day, Tuesday, 11 March, in Caprarica di Lecce at the Centro Polivalente "Sindaco E. Greco," at 7 p.m.

This will be the opportunity to make the acquaintance of the swindler Charles Ponzi, whose name is intimately associated with the "mother of all financial frauds." In the early 20^th century, some 40,000 Boston savers fell into his net, lured by the prospect of sky-high but wholly unrealistic returns. After a brief moment of glory and ephemeral wealth, when he was no longer able to deliver on the promises of returns built on deception, Ponzi was swept into the rubble of his own house of cards and the gates of prison opened for him. From that story Nadia Linciano, Consob’s Secretary General, and Massimo Giordano, an actor from Salento, drew the script for a show synthesizing entertainment and education.

A century later, the "Ponzi scheme" is still relevant today. Most financial frauds are, in fact, based on that same model. The news continually re-proposes similar scams that claim victims, preying on the lack of preparation and impulsiveness of savers and promising dazzling investment opportunities that are nothing more than a re-edition of the "Ponzi scheme."

To avoid falling into the financial scams trap, you may log into the "Watch for scams!" section on Consob's website homepage (https://www.consob.it/web/consob-and-its-activities/watch-for-scams), and find basic rules for saver protection.

Press release PDF version

7 March 2025

Crypto-assets: Joint Consob and Bank of Italy communication on accounting in the financial statements, disclosures to the market and statutory auditing

Consob and the Bank of Italy have adopted a joint Communication on the accounting of crypto-assets in financial statements, on the relative transparency towards the financial market and on the audits by the auditors.

The Communication is addressed to companies with shares listed on the Stock Exchange or traded on multilateral trading platforms (issuers), audit firms and statutory auditors.

Without introducing new obligations, Consob and the Bank of Italy highlight to issuers the importance of providing useful disclosures to the market in their financial statements to understand the effects of crypto-assets on financial performance and financial position, in light of the exposure and risk associated with positions held directly or indirectly.

It is also stressed that, in line with the indications provided by the International Financial Reporting Standard Interpretations Committee (IFRS IC), crypto-currencies must be represented in the financial statements by applying accounting standard IAS 38 relating to intangible assets or, where they are held for sale in the ordinary course of the issuer's business, IAS 2 relating to inventories.

In the case of other types of crypto-assets, issuers are required to evaluate their specific characteristics in order to identify the most appropriate accounting treatment and provide a complete representation in the financial statements of the nature and risks associated with them, giving timely and adequate information to the public, as required by the regulations on combating market abuse.

Lastly, the Communication informs audit firms and statutory auditors of the specific characteristics and risks inherent in carrying out audits on companies that hold crypto-assets, in light of their extreme volatility and complexity and the evolution of the regulatory environment. The auditors must also pay particular attention to the relevant aspects from the perspective of anti-money laundering legislation.

Press release PDF version

Rome, 6 March 2025

Abusive offering of memecoin $CORONA blocked. Consob crackdown on abusive crypto traders continues. Eleven sites blacked out.

Consob's interventions in the crypto-assets sector continue due the powers granted by the European sector regulation (Micar).

Consob has ordered the termination of the abusive offer of crypto-assets called "memecoin $CORONA," at the Italian public, which was also promoted through the website www.getcoronamemes.com, lacking previous notification to Consob of the disclosure document (white-paper) required by Micar.

Six websites through which cryptocurrency services were provided without the required authorizations from Micar were, in addition, blocked:

- "Spazio Finanziario" (website www.spaziofinanziario.it and related pages www.clients.spaziofinanziario.com and www.trading.spaziofinanziario.com);

- "HTXcoin-az" (website https://m.htxcoin-az.com);

- "Stock Credit Wallet" (website https://stockcreditwallet.com);

- "Paycraftv.top"/"Paycraftn.top" (websites https://paycraftv.top and https://paycraftn.top);

- "CoinBank Exchange" (website https://coinbankexchange.icu).

Further interventions against financial abuse also continues. Consob has blacked out the following four unauthorized financial intermediation sites:

- "Capitalgates" (website https://capitalgates.io);

- "Tux" (websites https://tuxitu.com and https://tuxamity.com);

- "AquillaFX" (website https://aquillafx.net and related page https://client.aquillafx.net).

In aggregate, eleven sites have been blacked out this week. This brings the total number of sites blocked by Consob, since the Authority was given the power in July 2019 to order the blocking of websites of abusive financial intermediaries, to 1247.

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 or the white paper 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 unauthorized initiatives.

Press release PDF version

6 March 2025

Watch for Scams! Abusive financial services: Consob blacks out 4 abusive websites

Consob has ordered the black-out of 4 new websites that offer financial services/financial products illegally: 3 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as of the 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 website through which the illegal offer is carried out.

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

- "Flowtradey" (website https://flowtradey.nl);

- State Street Markets Limited (website www.streetstate-vip.com);

- "AlfacapitalCFD" (website https://alfacapital-cfd.com and related page https://client.alfacapital-cfd.com);

- "Peoplelife-Datexit Limited" (website https://peoplelife-datexit.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 1236.

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

Rome, 28 February 2025

Board list: contributions to the second consultation published - Further insights from Consob

Consob published today on its website the contributions to the second consultation with the financial market, which ended on 31 January 2025, on the implementing provisions of article 147-ter.1 of the Legislative Decree No. 58/1998 regarding the Board List.

Most of the contributions received expressed appreciation for the regulatory solutions proposed by Consob.

However, although in the first consultation with the market a unanimous consensus emerged regarding the possibility and opportunity of clarifying the most controversial application aspects of the new regulation on the Board List, some participants in the second consultation questioned the compatibility of the implementing provisions proposed by Consob with the provisions of article 147-ter.1 of the above-mentioned Legislative Decree No. 58/1998, introduced by the Law No. 21 of 5 March 2024 (Capital Law).

It was therefore decided to initiate further legal checks before issuing the regulatory provisions on the Board List in order to confirm, to protect the operators who will make use of the new regulatory discipline, that the proposals subjected to market consultation are fully compliant with the regulatory delegation that the Legislative Decree No. 58/1998 reform has conferred on Consob.

Press release PDF version

Rome, 27 February 2025

New Consob intervention vs. cryptocurrency traders - Blocked the offering of a token - Beware of “squared scams”: Consob warns against the risks of fake debt collection to those who have already been scammed - Six websites blacked out

New Consob intervention related to cryptocurrencies to protect savers. For the first time, the Authority, exercising its new powers under European industry regulations (MICAR), has blocked (Resolution No. 23433 of 19 February 2025) a website (www.intelligenza-ai.com) offering a token to the public for which the information document (the so-called white paper) had not been duly notified. Last week, Consob had intervened (Resolutions Nos. 23422 and 23423 of 12 February 2025), on the other hand, to block, under MICAR, some operators who were providing services on crypto assets without the proper authorizations.

Furthermore, Consob has issued a Warning on “scams squared”, frauds that present themselves as offering debt recovery to subjects who have already been victims of a financial scam. The target is to warn savers about the phenomenon of so-called fake debt collection in which individuals who present themselves as self-styled lawyers appointed by Consob make an offer to investors - including the unauthorized use of the logo or other distinguishing marks of Consob or other Authorities - to obtain, for a fee, the refund of sums of money lost in previous investments, but then fail to provide any service.

Meanwhile, enforcement actions against financial abuse continue. Consob has blacked out the following 5 websites offering financial services without the proper authorization:
- “Revolutfx” (website www.revolutfx.net and related page https://client.revolutfx.net) (Resolution No. 23438 of 20 February 2025);
- “Macan Holdings Ltd” (website www.macanlimited-holdingsltd.com and related page https://trd.macanlimited-holdingsltd.com) (Resolution No. 23436 of 20 February 2025);
- “Emeraltrade” (website www.emeraltrade.com and related page https://trade.emeraltrade.com) (Resolution No. 23435 of 20 February 2025);
- “ITradinFX” (website www.itradingfx.com and related pages https://account.itradingfx.com and https://tradingapi.tradingchart.io) (Resolution No. 23437 of 20 February 2025);
- “TSAFGroup” (website www.tsafgroup.com and related page https://client.tsafgroup.com) (Resolution No. 23434 of 20 February 2025).
A total of 6 websites have been blacked out this week. 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 1232.

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 or the white paper 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 unauthorized initiatives.

Press release PDF version

Rome, 21 February 2025

Abusive crypto traders in the sights of Consob - First application of the new European sector regulation (MiCAR) Blocked on the web advertising improperly leveraging the notoriety of companies and prominent figures in the Italian business world - Ten sites blacked out

Abusive crypto-asset operators end up in Consob's crosshairs. For the first time, the supervisory authority has exercised its powers under the new European regulation on crypto-assets (Micar), blocking (resolution nn. 23422 and 23423 of 12 February 2025) two unauthorised operators: ‘Dobibo' (websites https://dobibo.com, https://dobibo1.com, https://dobibo2.com) and ‘Fameexn' (websites https://fameexn.top, https://fameexn.com)

At the same time, interventions are continuing to counter financial abuse that exploits the well-known names of prominent figures in the institutional or business world. Consob has blacked out the ‘Fininvestonline.com' website (https://fininvestonline.com), which was advertising abusive financial services on the web, improperly referring to the Fininvest/Mediaset brands and some members of the Berlusconi family. Last November, a similar intervention had concerned websites referring to well-known figures in politics and institutions (resolution no. 23425 of 12 February 2025).

Among the latest provisions issued by Consob is the blacking out of the following four unauthorized financial intermediation sites:

- ‘TORO500' by website https://toro500.com and related page https://client.toro500.com (resolution no. 23428 of 12 February 2025);

- ‘Trading42 Ltd - Trading42 Financial' by website https://trading42.co.com and related page https://panel.trading42.co.com (resolution no. 23427 of 12 February 2025);

- ‘Fpmarketseu' by website www.fpmarketseu.net (resolution no. 23426 of 12 February 2025);

- ‘AllFinanz Plus'by website https://allfinanzplus.com and related page https://client.allfinanzplus.com (resolution n. 23424 of 12 February 2025).

A total of 10 websites were blacked out this week. The number of websites blocked by Consob since July 2019, when the Authority got the power to order the blacking out of websites of fraudulent financial intermediaries, has thus risen to 1226.

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 investor's attention to the importance of adopting the greatest diligence in order to make fully informed investment choices, adopting common sense behaviour, which is essential in order to safeguard one's savings: these include the prior verification, for sites offering financial services and crypto-assets, that the operator through which one invests is authorised and, for offers of financial products and crypto-assets, that the prospectus or white paper 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 unauthorized initiatives.

Press Release PDF version

13 February 2025

Memorandum of Understanding (MoU) between CONSOB, the Bank of Italy and IVASS on the identification and supplementary supervision of financial conglomerates

CONSOB, the Bank of Italy and IVASS have signed a Memorandum of Understanding (MoU) on the identification and supplementary supervision of financial conglomerates.

The Memorandum replaces the Coordination Agreement dated 31 March 2006 to take account of the changes that have occurred in the meantime in the institutional structure of supervision with the establishment of the Single Supervisory Mechanism (SSM) and the evolution of the reference standards.

The Memorandum defines the modalities for cooperation and the exchange of information between the Authorities, for the exercise of supplementary supervision of financial conglomerates, and, in its configuration as a ‘framework agreement’, provides for the possibility for the signatory Authorities to define further specific coordination arrangements for individual conglomerates. Given the assignment to the SSM of the tasks of prudential supervision of ‘significant’ banks, the Memorandum is at the present limited to financial conglomerates that include ‘less significant’ credit institutions; it also specifies the operational procedures that the authorities responsible for exercising supplementary supervision over the latter intend to follow in calculating the quantitative thresholds for measuring the significance of the insurance and banking/investment services sectors in relation to the total group, in relation to the nature of the participative ties being.

Press release PDF version

Rome, 10 February 2025

Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites

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

The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

Below are the websites Consob has ordered to be blacked out:
- “IFM24” (website https://ifm247.co and related page https://account.ifm247.co);
- “MarexCFD” (website www.marexcfd.com and related page https://wt.marexcfd.com);
- Fusions NTrade PTY LTD (website https://fusions-ntrade.com and related page https://client.fusions-ntrade.com);
- “Flowtradey” (website https://flowtradey.pro);
- “Zodiac Speck” (website www.zodiacspeck.net and related page https://mobtrader.zodiacspeck.net)
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 1216.

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 unauthorized initiatives.

Press release PDF version

Rome, 7 February 2025

Applications are now open for Global Money Week which will take place from 17 to 23 March 2025

Rome, 3 February 2025 - Applications are now open for financial, insurance and pensions education and awareness initiatives of the Global Money Week 2025.

Global Money Week is the annual event promoted by the OECD with the goal of raising awareness among young people about the importance of acquiring the knowledge, skills and behaviors needed to make informed financial decisions. Since its launch in 2012, the event has involved more than 60 million young people in 176 countries.

The campaign is coordinated in Italy by the Committee for the planning and coordination of financial education activities (Edufin Committee).

This year the core of the event is “Think Before You Follow, Wise Money Tomorrow.” The goal is to raise awareness among young people from preschool age on the importance of acquiring sound financial skills and developing a critical approach to information sources.

Developments in digital finance and changes in the way consumers interact with financial services online - from the emergence of financial influencers (so-called finfluencers) to the increasing use of artificial intelligence - are making it difficult for everyone, but particularly young people, to distinguish between reliable and unreliable information and advice. In addition, peer pressure and the influence of social media can lead boys and girls to make rash and poor decisions.

The Edufin Committee invites associations, institutions, businesses, universities and research centers, schools, foundations, public administrations, and any other organization that wants to engage in the field of financial education, to participate in the event with training and awareness-raising initiatives aimed at young people and the world of education.

Applications can be submitted at www.quellocheconta.gov.it. Initiatives in line with the Global Money Week Guidelines, available on the Committee's website, will be published in an official calendar of the event and schools will be notified.

The deadline for proposing initiatives is 27 February 2025.

The Committee for the Planning and Coordination of Financial Education Activities aims to promote and coordinate useful initiatives to raise financial, insurance and social security knowledge and skills among the population and improve for all the ability to make choices consistent with their goals and conditions.

The Committee, headed by Prof. Donato Masciandaro, is composed of the Ministry of Economy and Finance, Ministry of Education and Merit, Ministry of Business and Made in Italy, Ministry of Labor and Social Policy, Bank of Italy, Consob, Covip, IVASS, Ocf, National Council of Consumers and Users.

Press release PDF version

Rome, 5 February 2025

Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

Consob has ordered the black-out of 6 new websites that offer financial services illegally.

The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

Below are the websites Consob has ordered to be blacked out:
- “Fusionlots” (website https://fusionlots.io and related page https://platform.fusionlots-techf.com);
- “Tux/Tuxai” (websites https://tuxtop.com, https://tux8.com, https://tuxail.com and https://tuxai.com);
- Chiron Group Limited (website https://chiron-group.limited and pages https://cfd.chiron-group.limited and https://cfd.chirongroup.proxy84.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 1211.

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 unauthorized initiatives.

Press release PDF version

Rome, 30 January 2025

Equity Markets 2024: Mixed Growth amid geopolitical uncertainties and economic weakness in the Euro zone - Consob Report on Trends and Challenges for the Italian Financial Sector published

The year 2024 marked a generally positive trend for European and US equity markets, but with a marked heterogeneity, influenced by factors such as rising geopolitical challenges and weak economic growth, especially in the Euro zone. In evidence was the S&P500, which rose by around 23%. In Europe, on the other hand, the EuroStoxx50 showed a more modest 8% increase, highlighting a complex and diversified outlook among the various countries. Among the European protagonists, Germany dominated the scene with the Dax40 up 19%, followed by Spain, where the Ibex35 gained 15%, and Italy, with the FtseMib up 13%. The situation in France was different: the Cac40 closed the year with a 2% drop, the only negative sign among the main indices. A mix of results reflecting the challenges and opportunities of a complex but lively year in the financial markets.

These are some of the contents of the Report ‘Trends and Challenges for the Italian Financial Sector’, published today by Consob.

The study shows that in the portfolios of households in the US the ratio of cash to market instruments was 17% in 2024, indicating that savings are approaching a virtuous circle and go to finance businesses and the real economy. In the Euro zone, on the other hand, the ratio is at 60%, a figure that highlights the need to make financial markets more effective to ensure that they fully perform their function as drivers of growth, offering savers the opportunity for profitable and diversified investments. Italy, with its 48%, is, however, in a better position than the Euro zone average. Six thousand five hundred billion euro is the amount esteemed to flow into the capital markets of the Euro zone, to bring the twenty countries of the area aligned with the United States in the ratio of available liquidity in cash and bank accounts to total financial instruments, such as shares, bonds, mutual fund shares, insurance and pension products.

Other features highlighted in the study include the growing correlation, particularly in the United States, between the performance of stock markets and the performance of Bitcoin prices. In fact, over the course of 2024, the prices of the main crypto currency have tended to increasingly align with those of stock market indices.

The Report also confirms that the delisting phenomenon continues to affect Euro zone markets and, in particular, Italy, and that the participation of institutional investors should also be encouraged in order to foster greater market development. On the Italian Euro next Milan stock market, the average share of capitalisation related to institutional investors is over 30% for the largest companies, but falls to around 11% for listed SMEs.

To facilitate corporate access to capital markets and allow more financial resources to flow into public markets, it is important to continue simplifying the regulatory framework and to intensify financial education activities for households and businesses, especially SMEs, with the perspective of facilitating the transition from the Capital Markets Union to the more ambitious and inclusive Savings and Investment Union.

The Report, coordinated by Paola Deriu and Valeria Caivano, was edited by Francesco Fancello, Monica Gentile, Alberto Noè, Lucia Pierantoni and Greta Quaresima.

Press release PDF version

Rome, 28 January 2025

Consob: new procedures related to sanctions - Consultation with the market on the alternative instrument of ‘commitments’ launched - Capital law changes to bring Italy closer to EU practices

News coming with respect to Consob sanctions. Today, the Authority launched the consultation with the financial market on the proposed amendments to the Regulation on the sanctioning procedure, aimed at implementing the discipline of commitments, provided for in Article no. 196-ter of Legislative Decree no. 58/1998, following the changes introduced by the ‘Capital Law’ (Law no. 21 of 5 March 2024).

With the provision of commitments, which makes it possible to extinguish the sanctioning proceedings in advance without the imposition of sanctions, Italy has taken another important step in moving closer to European countries that already provided for alternative settlement mechanisms for sanctioning proceedings. Similar instruments are already in use by other national authorities.

With the proposed amendments to the Regulation on sanction proceedings, Consob intended, in particular, to provide a ‘guide for use’ of the new instrument, defining:

(i) the deadlines and modalities to be followed to submit a proposal of commitments, after receiving a letter of objections;

(ii) the admissibility and acceptability examination of the proposal;

(iii) the decisional phase in which Consob is called upon to assess the commitment proposal, being able alternatively to order its approval, which makes the commitments mandatory and closes the sanctioning procedure, or its rejection with the consequent restart of the sanctioning procedure

(iv) the discipline of cases of non-compliance with the commitments made binding

(v) the reopening of the sanctioning procedure, in addition to the rejection referred to above, if (a) there is a material change in the factual situation with respect to an element on which the decision was based; (b) the parties concerned breach the commitments; (c) the decision was based on incomplete, incorrect or misleading information (submitted by the parties).

Given these circumstances, moreover, Consob proposed further amendments to the Regulation under review, aimed at providing clarifications, carrying out some coordination of the text, as well as improvements in terms of efficiency, effectiveness and timeliness of the administrative action as a whole. Further margins for improvement have been identified in relation to the protection of the personal data of sanctioned persons in connection with the publication of the sanctioning measure.

The consultation will end on 26 February 2025.

Press release PDF version

Rome, 27 January 2025

Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites

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

The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 authorization.

Below are the websites Consob has ordered to be blacked out:
- “IsecTrade” (website https://isectrade.net and related page https://panel.isectrade.net);
- “Morgantrust”/Morgantrust Markets Limited (websites https://web.morgantrust.ai and www.morgantrust.ai);
- “Onlinecfdsim” website www.onlinecfdsim.com and related page https://platform.onlinecfdsim.com);
- “CMC Finance Group” (website https://cmcfinanceltd.com and related page https://client.cmcfinanceltd.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 1205.

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 unauthorized initiatives.

Press release PDF version

Rome, 24 January 2025

Gamification: financial investment is not a ‘videogame’ - Information transparency is an essential prerequisite to deal with potential conflicts of interest - Consob's latest Legal Research Paper published

The use of smart phones and the spread of social media have greatly changed the milieu of work, information, commerce and, inevitably, investments too. So that, as Consob observes in its latest “Quaderno Giuridico” (Legal Research Paper) on the ‘Gamification of financial investments’, the decision to invest is ever more in danger of being taken with the same approximation as taking part in a video game, perhaps out of imitation of an influencer and misbelieving the service is free (but, as they say, ‘if you find something for free on the internet, very often the product is you’).

These are the reasons why Consob is tackling the growing phenomenon of gamification, highlighting how greater information transparency to protect savers can be the antidote against the risk of conflicts of interest.

The analysis starts from the assumption that investor protection should not and cannot be achieved through paternalistic prohibitions to limit market operators activities; rather, it must leverage awareness of the risks associated with financial ludicisation practices, which tend to create the illusion of a mere game where real money is actually being moved. Hence the need for greater information transparency.

Taking their cue from the GameStop case, which has dominated the financial news in recent years and brought the phenomenon of social network platforms and Finfluencers to the attention of regulators, the authors of the study - Concetta Brescia Morra, Dario Colonnello, Matteo Gargantini, Giulio Sandrelli and Gianfranco Trovatore - focus among other things, the phenomenon of copy trading, i.e. the practice of replicating the trading strategies of others, putting oneself in the wake via social media of a finfluencer, most often a non-professional trader who may be pursuing personal profit goals as a priority, in contrast to the interest of his or her followers. Another aspect focused on in the study is the apparent gratuitousness of trading, which often covers, instead, a hidden cost (Payment for Order Flow) at the expense of savers, linked to the trading volumes generated by the leader on the different platforms.

Press release PDF version

Rome, 20 January 2025

Piazza Affari, +4% capitalization in 2024 - Strong growth in equity trading (+17%) and in Italian government bonds (+77%) - Trend toward exiting the stock market continues - Companies traded on EGM catch up in number with those listed on the main list

The total market value of shares in Piazza Affari at the end of 2024 (836 billion euros) is up 4 percent from the end of the previous year (+12 percent increase recorded by Italian listed companies). Strong jump in volumes traded for both equities and Italian government bonds, which registered year-on-year increases of 17 percent and 77 percent, respectively. The trend of companies exiting the list continues. The number of companies traded on Euronext Growth Milan (EGM) reaches the number of listed companies supervised by Consob on the main list (EXM, Euronext Milan).

These are some of the key figures contained in the Statistical Bulletin for the second half of 2024, published today by Consob.

The figure for capitalization at the end of 2024, at 836 billion euros, also includes data from EGM, the multilateral trading platform set up as an unregulated market for small and medium-sized companies, as well as those from the Vorvel multilateral trading facility, on which the securities of some smaller banks, including popular banks and savings banks, are mainly traded. As of 31 December 2024, the capitalization-to-GDP ratio (based on GDP data available at the end of September) grew to 38.1 percent from 37.5 percent at the end of 2023.

Up 17 percent (656 billion euros from 562 billion euros in 2023) is the equivalent value of trading in shares of listed companies supervised by Consob on domestic platforms. Up (+77 percent) the volume of trading in Italian government bonds. The countervalue of government bonds which changed hands on Italian platforms rose during the year to 8.007 billion euros from 4.512 billion euros a year earlier. Trading in bonds of Italian issuers other than government bonds (up 5 percent) and trading in securitized derivatives (up 44 percent) also increased.

Net short positions (NPCs), the indicator that tracks the performance of short sales on Italian listed shares, rose slightly to 1.2 percent of total capitalization at the end of December (from 0.8 percent a year earlier). For companies in the financial sector, the figure is confirmed at 0.8 percent.

The trend of companies exiting the stock market continues in 2024, a phenomenon that characterizes not only the domestic list, but all mature financial markets in Europe and North America. In particular, the balance between entries and exits on the main list, Euronext Milan, is negative (-15). Seventeen delistings are recorded against two new entries, including two foreign companies.

On the other hand, the number of companies with securities traded on the EGM rises to 209, with a positive balance between entries and exits (+7): thus, the number of supervised listed companies on the EXM is reached for the first time.

Overall, the total number of companies listed (supervised) or traded on EXM, EGM and Vorvel, as of 31 December, falls to 434. Of these, 419 are Italian companies (there were 428 at the end of 2023).

Press release PDF version

Rome, 16 January 2025

Board of Directors' list: Consob extends by two weeks, from 15 to 31 January the deadline for closing the consultation with the market

Consob extends by two weeks, from 15 to 31 January, the closing date of the second consultation with the financial market, launched on 19 December last on the regulatory changes for the implementation of Article 147-ter.1 of the Consolidated Law on Finance, pursuant to Legislative Decree no. 58 of 24 February 1998, on the Board of Directors' list.

The postponement was appropriate in order to allow for the widest participation of the interested parties, considering the relevance and complexity of the subject matter.

Press release PDF version

Rome, 8 January 2025

Press releases - CONSOB AND ITS ACTIVITIES

Menu Display

Communication

Press releases

Asset Publisher

HISTORICAL COLLECTION OF PRESS RELEASES

HISTORICAL COLLECTION OF PRESS RELEASES - list

Breadcrumb

Press releases - CONSOB AND ITS ACTIVITIES

Menu Display

Communication

Press releases

Asset Publisher

HISTORICAL COLLECTION OF PRESS RELEASES

HISTORICAL COLLECTION OF PRESS RELEASES - list