News of the week:
Watch for scams! Financial fraud: Consob blacks out 4 more unauthorised websites
Contribution scheme for the 2024 financial year - Redefinition of supervisory contribution due from the entities carrying out securitisation transactions and the from crowdfunding service providers
Updated list of Italian financial conglomerates
Notice regarding EBA Guidelines on STS criteria for On-Balance Sheet Securitisations and for ABCP and Non-ABCP Securitisations
The Table for Sustainable Finance has developed a guide to support SMEs

Commission decisions

- NEWS OF THE WEEK -

Consob has ordered the black-out of 4 new websites that offer financial services illegally.

The commission availed itself of the new powers resulting from the "Decreto Crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article 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 authorisation.

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

- BvtBanco Limited (www.bvtbancolimited.com website);

- Incore Investment (website https://incore-investmentcfd.net and page https://client.incore-investmentcfd.net);

- WoodcCapital (website www.woodccapital.com and URL woodccapital.com and platform.woodcmarkets.com);

- Reloft Srl Sb (website www.reloft.it and URL reloft.it).

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 1188.

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, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products, that a prospectus 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.

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Following a consultation with the market on the proposals to redefine the supervisory contribution due from entities carrying out securitisation transactions and crowdfunding service providers, made necessary following the amendments to the relevant regulatory framework, Consob adopted resolutions no. 23292 and 23293 of 23 October 2024 (currently being published in the Official Gazette).

In particular, regarding securitisation transactions, the type of contribution has been redefined providing that the person designated pursuant to Article 7, paragraph 2 of Regulation (EU) 2017/2402 (SECR), which is responsible for fulfilling the information obligations referred to in paragraph 1, first subparagraph, letters a), b), d), e), f) and g) of said Regulation, is required to pay, and that the amount of the contribution, always calculated on a fixed basis, is diversified to take into account the different supervision carried out on the transactions under the responsibility of Consob pursuant to Articles 6 to 9 of the SECR (Article 4 septies.2, paragraph 6, letter b) of Legislative Decree no. 58/1998), with respect to STS securitisations (Article 4 septies.2, paragraph 6, letter c) of Legislative Decree no. 58/1998).

With regard to crowdfunding service providers, the subjective scope of application of the contribution pursuant to the new rules has been clearly defined. As regards the pricing criterion, in consideration of the start-up phase of the adoption of the new legislation, which does not currently allow quantitative data relating to the activity (such as revenues or turnover) to be available, the contribution has been measured in proportion to the number of crowdfunding services authorised, providing for an increase of the contribution by a further amount, if the supplier is also authorised to carry out the individual portfolio management of loans.

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Based on the provisions of the Coordination Agreement signed on 31 March 2006, Consob, Bank of Italy and IVASS updated the list of the Italian financial conglomerates, that is, those corporate groups that carry out significant activities both in the insurance sector and in the banking and/or investment services sector.

Supervision of financial conglomerates is carried out, pursuant to Italian Legislative Decree no. 142/2005 ("conglomerate decree"), with the additional supervisory instruments that are added to those used for sector supervision, in order to systematically monitor the capital adequacy and the riskiness of the group as a whole, taking into account the interrelation between the insurance and banking/financial activities carried out by its various components.

The list as at 31.12.2023 includes a financial conglomerate - predominantly an insurance conglomerate - that was subject to supplementary supervision as early as last year. IVASS maintains its role as coordinator of the conglomerate.

The list does not comprise financial conglomerates that include significant supervised entities, the identification of which is the responsibility of the European Central Bank within the framework of the Single Supervisory Mechanism.

The updated list of the conglomerates identified as at 31.12.2023 can be found on the Consob, Bank of Italy and IVASS websites.

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By notice of 20 November 2024, Consob informed the EBA, the European Banking Authority for supervision, that it complies with the Guidelines it issued on STS criteria for on-balance sheet securitisations and that it amends the guidelines EBA/GL/2018/08 and EBA/GL/2018/09 on STS criteria for ABCP and non-ABCP securitisations, as they are integrated into its supervisory practices.

On 9 October 2024, the EBA published on its website - in all the languages of the Union - the translations of the "Guidelines on the STS criteria for on-balance-sheet securitisation and amending Guidelines EBA/GL/2018/08 and EBA/GL/2018/09 on the STS criteria for ABCP and non-ABCP securitisation" (hereinafter, also referred to as the "Guidelines"), adopted by the European Authority, pursuant to Article 16 of Regulation no. 1095/2010/EU, on 27 May 2024.

The Guidelines are also available on Consob’s official website in the Italian version, along with the full text of the Final report, which facilitate the Guidelines’ correct application.

They specify how the requirements of simplicity, standardisation and transparency as well as the requirements concerning the credit protection agreement, the third-party verification agent and the synthetic excess spread, set out in Articles 26-ter to 26-sexies of said Regulation, apply to the on-balance sheet securitisation so that such securitisation is considered simple, transparent and standardised (STS).

In addition, the aforementioned Guidelines amend the Guidelines EBA/GL/2018/08 and EBA/GL/2018/09 on STS criteria for ABCP and non-ABCP securitisations, issued pursuant to Articles 19 and 23 of Regulation (EU) 2017/2402, published in 2018 and applicable from 15 May 2019.

The Guidelines apply from 9 December 2024.

The Guidelines are addressed to originators, original lenders, securitisation special purpose entities (SSPEs), investors, competent authorities and third party verification agents verifying STS compliance pursuant to Article 28 of Regulation (EU) 2017/2402 throughout the EU.

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The Table for Sustainable Finance, launched and chaired by the Ministry of Economy and Finance (MEF), and composed of the Ministry of the Environment and Energy Security, the Ministry of Enterprises and Made in Italy, Consob, the Bank of Italy, IVASS and COVIP, has made available on the website of the Department of the Treasury the Document for the Sustainability Dialogue between SMEs and Banks.

The Document, which takes shape at the end of a highly participatory public consultation process, aims to support Small and Medium Enterprises in the collection and production of information related to environmental, social and governance (ESG) impact, to facilitate dialogue with banks on sustainability issues.

The European regulatory environment, thoroughly modernised in the last decade, requires that larger listed companies, and financial institutions, have clear and reliable information on environmental, social and governance (ESG) aspects. Unlisted SMEs are not subject to these disclosure obligations, yet they are already facing requests for information on sustainability issues, coming both from large client companies and from banks and financial intermediaries.

The Document aims to offer this category of enterprises, which are usually less prepared and organised for the collection of information on ESG factors, concrete support to improve their competitive positioning, better assess risks, plan investments, increase resilience to energy and climate shocks, and thus more easily access private financing and public funds and guarantees.

The available version of the Document for the Sustainability Dialogue between SMEs and Banks is the result of an intense and extensive discussion between the Table for Sustainable Finance, experts in the sector, consultants appointed under the Technical Support Instrument programme, funded by the European Commission, and the 61 stakeholders who participated in the public consultation on an initial document published last June.

The text incorporates the observations received, becoming more streamlined and clearer. In particular, the results of the consultation led to a reduction of the indicators from 45 to 40, the reorganisation of the main sections and the simplification of the more complex information. Specifically, the possibility for an enterprise to provide qualitative estimates was provided for, such as for information relating to Taxonomy, and the calculation procedures, for certain information, were entrusted to the bank, as in the case of indicators relating to greenhouse gas emissions. Again with a view to simplification, information on annual turnover from sectors with a high climate impact has been eliminated and some information considered too complex for an SME has been removed, for example information on the risk of transition, or that which is not completely necessary for the interaction with the bank, as in the case of operating expenses aligned with the EU Taxonomy.

Finally, the Document better enhances the aspects of governance, those related to environmental certifications and the policies that the company implements for the benefit of workers and the territory in which it operates and facilitates the standardisation of requests by banks.

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• Redefinition of the supervisory contribution due for the year 2024 from entities carrying out securitisation transactions and from crowdfunding service providers (resolutions no. 23292 and no. 23293 of 23 October 2024).

• The registration document of Iccrea Banca Spa - Istituto Centrale del Credito Cooperativo relating to the offer of non-equity securities to retail investors has been approved (decision of 5 December 2024). 

• The information note relating to the programme for the offering to the public of certificates referred to as "Equity Protection Certificates" issued by Iccrea Banca Spa - Istituto Centrale del Credito Cooperativo has been approved (decision of 5 December 2024). 

• The registration document of Cassa di Risparmio di Asti Spa relating to the offer of non-equity securities to retail investors has been approved (decision of 5 December 2024). 

• The information note relating to the programme for the public offering of bonds issued by Cassa di Risparmio di Asti Spa has been approved (decision of 5 December 2024).

• Profit Farm Srl, based in Milan, is authorised pursuant to Article 4-sexies.1 of Legislative Decree no. 58/1998 and Article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in Article 2, paragraph 1, letter a, sub i), of Regulation (EU) 2020/1503, consisting in intermediation in the granting of loans (resolution no. 23339 of 5 December 2024).

• Order, pursuant to Article 7-octies, letter b) of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) to cease infringement of Article 18 of said Consolidated Law on Finance, put in place by:
  • BvtBanco Limited via the website www.bvtbancolimited.com (resolution no. 23347 of 5 December 2024); 
  • Incore Investment via the website https://incore-investmentcfd.net and page https://client.incore-investmentcfd.net (resolution no. 23345 of 5 December 2024);
  • WoodcCapital via the website www.woodccapital.com and URL woodccapital.com and platform.woodcmarkets.com (resolution no. 23346 of 5 December 2024);
  • Reloft Srl Sb via the website www.reloft.it and URL reloft.it (resolution no. 23344 of 5 December 2024).

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