Warning notice to the potential risks associated with the activity of financial influencers (so-called finfluencers)

CONSOB (Commissione Nazionale per le Società e la Borsa) draws the attention of savers to the potential risks arising from the activity of online financial influencers (finfluencers), well-known or very popular persons on the web who spread content relating to possible investments and to the rules to which the dissemination of online financial content is subject.

Savers who access the content shared by finfluencers must avoid making investment decisions hastily, solely on the basis of what others are doing (‘herd effect’) or on the emotional pull of generic and unverified information about the type of investment and the person providing it. It is necessary to be wary of alleged investment opportunities that are presented as highly profitable and risk-free for limited outlays: it must always be remembered, in fact, that financial investments involve the assumption of a certain degree of risk. Particular attention must also be paid to possible conflicts of interest on the part of those who disseminate information with respect to the investments being assessed. Investment decisions must be made in an informed and conscious manner, paying the utmost attention.

Finfluencers must be aware that their operations may not be fully compliant with market regulations or unauthorized at all, as also recently highlighted by IOSCO. Savers must check the obligations and prohibitions in force, with particular reference to the rules on the correct presentation of information that may constitute investment recommendations, under market abuse rules, and the transparency of any situations of conflict of interest. These rules are very tight with relation to information disseminated by persons introducing themselves as "experts", for the application of which reference is also made to the ESMA communication: "Warning ESMA on Social Media and Investment Recommendations". The dissemination of false or misleading information may also lead to unlawful acts falling within the category of market manipulation provided for by the regulation on market abuse with reference to both financial instruments and crypto-assets.

The aspects outlined here do not exhaust the profiles worthy of attention in relation to the activities of finfluencers. CONSOB continues its daily supervision of compliance with the applicable regulations, also in the digital environment, to ensure the protection of savers and integrity of the markets.

6 June 2025