Weekly newsletter year XXXI, No. 10, 17 March 2025 - CONSOB AND ITS ACTIVITIES
Asset Publisher
Newsletter
News of the week:
Voluntary takeover bid by Banco BPM Vita on Anima Holding shares: Consob approves the bid document
Watch for scams! Financial fraud: Consob blacks out 5 unauthorised websites
Consob adopts the amendments to the Issuers' Regulation on corporate sustainability reporting
Memorandum of Understanding in relation to the implementation of MiCAR
Total voluntary takeover bid by Gewiss Spa on Beghelli Spa shares: Consob approves the bid document
Watch for scams! Financial education at the theatre - Consob brings the "Ponzi scheme" to the stage Siena, Portoferraio and Pontedera: three events in Tuscany on 18 and 19 March and 2 April
IOSCO: investor protection and financial stability among 2025 priorities
N.B. measures adopted by Consob are published in the electronic Bulletin and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.
- NEWS OF THE WEEK -
The document relating to the voluntary takeover bid launched by Banco BPM Vita Spa, pursuant to Articles 102 et seq. of Legislative Decree no. 58 of 1998, on all the ordinary shares issued by Anima Holding Spa has been approved by Consob (resolution no 23474 of 13 March 2025). The bid is aimed at delisting the issuer and is functional to the integration, into the bancassurance group headed by BPM, of Anima, a parent company of certain asset management companies operating in the management of investment funds, with the prospect of creating an integrated product factory in the credit, insurance and portfolio management sectors.
The issuer, Anima Holding, is at the top of the largest independent asset management group in Italy, listed on Euronext Milan since 16 April 2014.
Anima controls 100% of Anima Sgr (manager of UCITS and individual portfolios), of Anima Alternative Sgr, (specialised in the management of securities AIFs and private debt), of Kairos Partners Sgr (manager of UCITS) and 80% of the capital of Castello Sgr (specialised in the management of real estate funds and so-called "distressed" funds). On the basis of the information contained in the document, the shareholders who directly or indirectly own a significant stake in the share capital of the issuer are: Banco BPM (21.97%); Ministry of the Economy and Finance through Poste Italiane S.p.A. (11.74%); FSI Sgr Spa, through FSI Holding 2 Srl (9.59%); Francesco Gaetano Caltagirone, via Gamma Srl (5.29%). Anima Holding does not hold treasury shares and no entity controls Anima Holding pursuant to Article 93 of the Consolidated Law on Finance (TUF).
The bidder, BBPM Vita, an insurance company at the top of the BBPM Vita insurance group, directly controlled pursuant to Articles 2359 of the Italian Civil Code and Article 93 of the Consolidated Law on Finance (TUF) by Banco BPM, the parent company of the banking group of the same name and listed on Euronext Milan. On the date of the Document, the bidder holds 100% of Vera Vita Spa (active in the life insurance sector) and, as part of the partnership with Crédit Agricole Assurances, 35% of Vera Assicurazioni Spa and Banco BPM Assicurazioni Spa (active in the non-life insurance sector).
BBPM Vita carries out its activity in the offer of products and services mainly in the field of savings, investment and protection of the person (i.e. multi-branch policies, revaluable policies and unit-linked policies). As a residual, it offers non-life products thanks to the partnership with Crédit Agricole Assurances through its stake in Vera Assicurazioni and BPM Assicurazioni.
The bid covers all the ordinary shares issued by Anima Holding Spa and, more precisely, a maximum number of 253,756,115 Anima shares, equal to 78.03% of the capital of Anima (the "bid"). As stated, Banco BPM already holds 21.97% of the share capital of Anima.
Poste Italiane, FSI Sgr and some managers of the Issuer have entered into subscription commitments with the bidder for the bid, the essential terms of which are set out in the document.
The bidder will pay the subscribers a cash consideration equal to 7 euros for each share subscribed (the "consideration"). The consideration is understood to be cum dividend; if the issuer were to pay a dividend to its shareholders, the consideration will be automatically reduced by an amount equal for each share to that of said dividend.
The subscription period for the bid begins on 17 March and will end on 4 April 2025 (inclusive), except for any extensions (the "subscription period").
The bid is subject, in application of the sector-specific legislation, to the prior authorisation of the Bank of Italy and the IVASS, issued on 4 and 11 March, respectively, as well as to certain conditions of effectiveness to which Banco BPM has the right to waive or modify.
In particular, the effectiveness of the bid depends on the fulfilment or waiver of the following "conditions of effectiveness":
- to achieve a threshold of subscriptions to the bid equal to at least 66.67% of the share capital of the issuer; said threshold may be waived in the event that the bidder obtains, following the subscription and taking into account the shareholding of Banco BPM in Anima, a threshold equal to 45% + 1 share (the "threshold condition")
- to obtain, by Banco BPM, the positive feedback from the ECB on the fact that Banco BPM may: (i) continue to apply the so-called "Danish Compromise" referred to in Article 49 of the CRR Regulation to the shareholding in BBPM Vita also following the acquisition of control of Anima at the outcome of the bid; as well as (ii) not to deduct from its own funds, both individual and consolidated, the shareholding in Anima and/or in the asset management companies controlled by it, together with the related goodwill and other intangible assets generated by the acquisition of control of Anima at the outcome of the Bid (the "ECB condition");
- the circumstance that no competent authority issues resolutions or measures such as to preclude, limit or make more burdensome the possibility for the bidder and/or Banco BPM, to carry out the bid (the "impeding event condition");
- the circumstance that the issuer's corporate bodies do not carry out actions that may result in a significant change, even prospective, in the capital, equity, economic and financial situation and/or business of the Issuer as represented in the Issuer's consolidated interim financial statements as at 30 September 2024 or in the Annual Financial Report as at 31 December 2024 (the "management condition");
- the circumstance that the issuer and/or its companies do not decide and in any case do not carry out actions or transactions that could hinder the achievement of the objectives of the bid pursuant to Article 104 of the Consolidated Law on Finance (TUF) (the "defensive measures condition");
- the non-occurrence of any circumstances or events that result in or may result in significant negative changes with substantially detrimental effects on the bid and/or on the financial, equity, economic or income situation of the issuer as represented in the consolidated interim financial statements of the issuer as at 30 September 2024 or in the Annual Financial Report as at 31 December 2024 (the "Mac condition").
The effectiveness of the bid was also subject to approval by the European Commission of the acquisition of control of Anima, pursuant to Regulation (EU) 2022/2560 on foreign subsidies distorting the internal market (Foreign Subsidies Regulation – FSR, issued on 11 March), as well as to obtaining unconditional approval by IVASS, pursuant to Article 196 of the Code of Private Insurance and related implementing legislation in relation to the statutory changes inherent to the corporate purpose of BBPM Vita (obtained on 29 January 2025).
As mentioned, the bid is aimed at achieving delisting. Therefore, the bidder has already declared its intention not to restore a sufficient float to ensure the smooth trading of the issuer's shares.
In the absence of delisting, the bidder reserves the right to achieve this objective by considering the merger or other extraordinary transactions and/or corporate and company reorganisation that will be deemed appropriate.
The issuer's press release, containing all data useful for the assessment of the bid and the issuer's evaluation of the bid, approved by the Board of Directors of the issuer, is attached to the bid document.
Consob has ordered the black-out of 5 more websites through which financial services are offered illegally or advertising campaigns are carried out on platforms that offer financial services without authorisation. In particular, Consob has ordered the blackout of 4 abusive financial intermediation sites and 1 site through which an advertising campaign is carried out concerning an abusive intermediation platform.
The Authority availed itself of the powers deriving from the "Decreto Crescita" (Growth Decree, converted from Law no. 58 of 28 June 2019) regarding the blackout of the websites of abusive financial intermediaries as well as the powers introduced by "Legge Capitali" (Capital Law, Law no. 21 of 5 March 2024) regarding the blackout of websites through which advertising campaigns are carried out concerning abusive intermediation platforms.
Below are the sites 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 its page https://clientarea.w1e2b3tr4d3r.com);
"Aifactor Group" (website https://vipaifactorvip.com);
"Apollo Trade FX" - "Affidabiletop.com" (website https://apolloinvestfx.com and its page https://cfd.apolloinvestfx.com and advertising website https://affidabiletop.com).
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 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 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.
Consob reminds that there is a section on the homepage of the website www.consob.it, entitled "Watch for Scams!", which provides useful information warning investors about fraudulent financial schemes.
After a public consultation with the market, Consob adopted by resolution no. 23463 of 12 March 2025 the amendments to Regulation no. 11971/1999 ("Issuers' Regulation"), in implementation of the regulatory powers contained in Legislative Decree no. 125 of 6 September 2024, with which the Government has implemented into national law Directive (EU) 2022/2464 (so-called "CSRD") on corporate sustainability reporting.
The amendments to the Issuers' Regulations concern, first of all, the introduction of the new Article 89-quinquies, in order to regulate the methods and terms of Consob's control over the sustainability reporting included in its supervisory scope, as they are published by listed issuers having Italy as their home Member State, in implementation of the regulatory mandate contained in Article 118-bis of the Consolidated Law on Finance (TUF).
Secondly, Article 81-ter, paragraph 1, of the Issuers' Regulation – which already governed the certification relating to the financial statements, the consolidated financial statements and the abbreviated half-yearly financial statements provided for in Article 154-bis, paragraph 5, of the Consolidated Law on Finance (TUF) – has been integrated in order to clarify that the certification of sustainability reporting must be provided by the manager according to the specific model no. 3, added to Annex 3C-ter of the Issuers' Regulation (in implementation of the regulatory mandate contained in the new paragraph 5-ter of Article 154-bis of the Consolidated Law on Finance, TUF). This amendment is aimed at providing practical indications on the model that the manager in charge of drafting the corporate accounting documents, or any other manager appointed by the company, must use to provide certification of the conformity of the sustainability reporting, within the terms strictly provided for by the primary legislation.
The resolution amending the Issuers' Regulation confirms the structure of the proposals presented to the market during the public consultation, albeit with some significant changes and simplifications that take into account, on the one hand, the comments made by the participants in the consultation and, on the other, the proportionality requirements underlying the main proposals for amending the European regulatory framework on sustainability reporting referred to in the so-called Omnibus regulatory package published by the European Commission on 26 February 2025.
The decision to amend the Issuers' Regulation, the report presenting the results of the consultation and the contributions received are published on the Consob website, in the Regulation/Concluded Consultations section.
MEMORANDUM OF UNDERSTANDING IN RELATION TO THE IMPLEMENTATION OF MICAR
Consob and the Bank of Italy have signed a memorandum of understanding aimed at defining the areas of cooperation between the two Authorities in the light of Regulation (EU) 2023/1114 (MiCAR), relating to crypto-assets markets, which introduces a harmonised regulation at European level for the issuance, offer to the public and provision of services relating to crypto-assets.
The regulatory framework on MiCAR was completed by Legislative Decree No. 129/2024, which granted Consob and the Bank of Italy regulatory, information, inspection and sanctioning powers over entities that offer, issue crypto-assets or provide services for crypto-assets, distributed according to the criteria of supervision by purpose.
In this area, the Protocol:
- regulates the manner in which the two authorities exercise their regulatory powers in cases where opinions or agreements are to be issued;
- it defines the exchange of information acquired in the course of inspections within their respective competences and in the cooperation with other European Authorities, as well as the terms of cooperation in inspections;
- it lays down provisions for the coordination of procedures for the issuance of authorisation and revocation measures for which opinions and agreements are to be issued between the two authorities;
- it contains provisions to ensure coordination in the event of the assessment of irregularities and the adoption of measures in connection with the exercise of supervision powers.
The document can be viewed at www.consob.it. and www.bancaditalia.it.
Consob and the Bank of Italy have signed a memorandum of understanding aimed at defining the areas of cooperation between the two Authorities in the light of Regulation (EU) 2023/1114 (MiCAR), relating to crypto-assets markets, which introduces a harmonised regulation at European level for the issuance, offer to the public and provision of services relating to crypto-assets.
The regulatory framework on MiCAR was completed by Legislative Decree No. 129/2024, which granted Consob and the Bank of Italy regulatory, information, inspection and sanctioning powers over entities that offer, issue crypto-assets or provide services for crypto-assets, distributed according to the criteria of supervision by purpose.
In this area, the Protocol:
- regulates the manner in which the two authorities exercise their regulatory powers in cases where opinions or agreements are to be issued;
- it defines the exchange of information acquired in the course of inspections within their respective competences and in the cooperation with other European Authorities, as well as the terms of cooperation in inspections;
- it lays down provisions for the coordination of procedures for the issuance of authorisation and revocation measures for which opinions and agreements are to be issued between the two authorities;
- it contains provisions to ensure coordination in the event of the assessment of irregularities and the adoption of measures in connection with the exercise of supervision powers.
The document can be viewed at www.consob.it. and www.bancaditalia.it.
The document relating to the total mandatory takeover bid launched, in accordance with Articles 102 and 106, paragraph 1, of Legislative Decree no. 58 of 1998 (Consolidated Law on Finance, TUF), by Gewiss Spa on a maximum number of shares of 31.678.839 issued by Beghelli Spa (resolution no. 23462 of 12 March 2025) has been approved by Consob.
The bid is aimed at delisting Beghelli shares from Euronext Milan, a regulated market managed by Borsa Italiana Spa.
The obligation to proceed with the bid follows the completion, on the date of execution (13 February), of the purchase and sale of a total of 150,086,181 Beghelli shares, equal to 75.04% of the share capital of the issuer (the "Initial Shareholding"), which, on the date of execution, Gewiss purchased from the "Selling Shareholders" (jointly, Graziano Beghelli, Gian Pietro Beghelli, Luca Beghelli and Maurizio Beghelli) pursuant to the purchase and sale agreement entered into on 10 December 2024.
The bidder is Gewiss Spa, a company under Italian law established on 5 March 1964. The Gewiss Group operates in the electrotechnical sector and in particular in the market for manufacturing solutions and services for home & building automation, energy protection and distribution systems, smart lighting and e-mobility. The bidder's share capital is wholly owned by Polifin Spa, a joint stock company under Italian law. The social capital of Polifin Spa is held by: (i) Fabio Livio Bosatelli holding 30%; (ii) Giovanna Terzi who holding 30%; (iii) Matteo Bosatelli holding 20%; (iv) Luca Bosatelli holding 20%. At the date of the bid document, the bidder, therefore, is controlled, pursuant to Article 93 of the Consolidated Law on Finance (TUF), by Polifin and no entity individually exercises control over Polifin pursuant to the same article.
The issuer Beghelli is a company under Italian law whose shares are traded on the Euronext Milan market and is classified as an "SME" pursuant to Article 1, paragraph 1, letter wquater.1) of the Consolidated Law on Finance (TUF) and Article 2-ter, paragraph 1 of the Issuers' Regulation. The Beghelli Group operates in the electrotechnical and electronics sectors and is particularly active in the industrial lighting and emergency lighting segments that represent the Group's core business.
As at the date of the bid document, the bidder is the only relevant shareholder of the issuer with a shareholding of 167,534,961 Beghelli shares, equal to 83.767% of the share capital of Beghelli (the "Total Shareholding"), given by the sum of the Initial Shareholding of 75.04% acquired on 13 February 2025 and the subsequent purchases of 17,448,780 Beghelli shares, equal to 8.724% of the share capital. Therefore, at the date of the bid document, the issuer is indirectly controlled, pursuant to Article 93 of the Consolidated Law on Finance (TUF), by Polifin Spa.
The bid covers a maximum of 31,678,839 Beghelli shares, representing 15.840% of the share capital, that is, all of the Beghelli shares, minus (i) the 167,534,961 Beghelli shares (equal to 83.767% of the share capital) already owned by the bidder at the date of the bid document and (ii) the 786,200 treasury shares (equal to 0.39% of the share capital).
The bidder will pay each shareholder participating in the bid a consideration equal to 0.3375 euros, cum dividend, for each Beghelli share subscribed (the "Consideration"). Given the mandatory nature of the bid, the consideration has been determined in accordance with Article 106, paragraph 2, of the Consolidated Law on Finance (TUF), according to which the bid must be launched at a price not lower than the highest price paid by the bidder and the persons acting in concert in the twelve months prior to the
Press release no. 102. The consideration therefore coincides with the price paid by the bidder for the purchase of the Initial Shareholding, that is, 0.3375 euros. In the event of full acceptance of the bid by all the shareholders, the total consideration of the bid will be equal to 10,691,608.16 euros ("Overall Maximum Disbursement").
The subscription period for the bid runs from 17 March to 4 April 2025 (inclusive), subject to any extensions (the "Subscription Period"); any reopening will take place on 10 April, 11 April, 14 April, 15 April and 16 April 2025 (the "Reopening of Terms").
As stated, the bid is aimed at purchasing all the shares involved in the bid and achieving the delisting. Therefore - upon the occurrence of the conditions set forth in Article 108, paragraph 2, of the Consolidated Law on Finance (TUF) - the bidder will not restore a float sufficient to ensure the orderly trading of the shares.
If the delisting of the issuer is not achieved as a result of the bid, not fulfilling the conditions for the commitment to buy pursuant to Article 108, paragraph 2, of the Consolidated Law on Finance (TUF) or for the commitment to buy pursuant to Article 108, paragraph 1, of the Consolidated Law on Finance (TUF) and the right to buy, the bidder, in line with the reasons and objectives of the bid, reserves the right to achieve the delisting through a merger by incorporation of the issuer into the bidder or into a vehicle company wholly owned by the Bidder ("merger for delisting"). In this regard, as at the date of the bid document, no formal decisions have been taken by the competent corporate bodies.
The issuer's press release, containing all data useful for the assessment of the bid and the issuer's evaluation of the bid, approved by the Board of Directors of the issuer, is attached to the bid document, which is also accompanied by the opinion of the independent Directors and by the opinion on the appropriateness of the expert's fee.
The "Ponzi scheme" arrives on the scene in Tuscany. It is the most widespread model of financial fraud, conceived a century ago by Charles Ponzi, the Italian adventurer who emigrated to the United States.
Consob invites secondary school students to the theatre for a morning dedicated to financial education with the show "Watch for Scams!" of the Finance on the Stage series.
Three events are scheduled for Tuscan educational institutions.
The Liceo Economico-Sociale E.S. Piccolomini/S. Caterina da Siena will host the first, on 18 March at 11:00. The next event – in cooperation with the Foundation for Financial and Savings Education (FEduF) and the Acqua dell 'Elba Foundation and sponsorship by the Municipality of Portoferraio - will take place on 19 March at 10:00 at the De Laugier Cultural Centre in Portoferraio (Livorno). The last of the three events will be held together with FEduF and Banca Popolare di Lajatico on 2 April at 09:30, at the Piaggio Museum in Pontedera (Pisa). As usual, after the play inspired by the autobiography written in prison by Ponzi himself, Consob will dialogue with the public to explain the most widespread and recurrent fraudulent practices.
It will be an opportunity to get to know the fraudster Charles Ponzi, whose name is inextricably linked with the "mother of all financial frauds". At the beginning of the twentieth century, about 40,000 Boston investors fell into its net, attracted by the prospect of very high but completely unrealistic returns. After a brief moment of glory and ephemeral wealth, when he was no longer able to keep the promises of returns built on deception, Ponzi was overwhelmed by the rubble of his own house of cards and the prison doors opened up for him. From that story, Nadia Linciano, Secretary General of Consob, and Massimo Giordano, an actor from Salento, have created the script for a show that combines entertainment and education.
A century later, the "Ponzi scheme" is still a very current topic today. The majority of financial scams are, in fact, based on that same model. The news constantly report of similar scams that claim victims, relying on the unpreparedness and impulsiveness of investors and proposing wonderful investment opportunities that are nothing more than a reissue of the "Ponzi scheme".
To avoid falling into the trap of financial scams, just access the "Watch for scams!" section on the homepage of the Consob website (https://www.consob.it/web/area-pubblica/occhio-alle-truffe), which provides the basic rules to protect investors.
On 12 March, IOSCO, a supranational body that includes the supervisory authorities of global financial markets, presented its Work Programme for 2025, in which it outlines the main priorities for improving financial resilience, market effectiveness and investor protection in global markets.
With regard to financial resilience, IOSCO intends to maintain a priority focus on issues related to market-based finance (Non-Bank Financial Intermediation - NBFI), in close collaboration with the Financial Stability Board (FSB), working jointly on leverage in NBFIs and for the resolution of issues related to the availability, use and quality of non-bank data. In addition, the revision of the IOSCO Recommendations - and the Implementation Guide - on open-ended funds liquidity management will be completed, which must reflect the evolving market dynamics and contribute to the resilience of the asset management sector.
Regarding the effectiveness of the market, IOSCO will investigate the risks associated with the pre-hedging practices used by market intermediaries, to identify potential vulnerabilities and ensure fair market practices. The Principles for the Evaluation of Collective Investment Schemes will thus be revised, given the growing importance of private assets in the asset management sector.
With regard to investor protection, once the Roadmap to Retail Investor Online Safety is published, IOSCO will initiate actions aimed at the risks posed by imitative and copy trading, poor digital engagement practices, potential conflicts of interest by neo-brokers and finfluencer activities. IOSCO and its members will work together with social media companies and search engines to combat financial harm suffered online by retail investors, including through the launch of a new Investor Alerts Portal, called I-SCAN.
Regarding the risks in sustainable finance and Fintech, IOSCO will launch a pilot Crypto and Digital Assets (CDA) Implementation Monitoring Initiative, in close cooperation with the Financial Stability Board. The roadmap on the use of Artificial Intelligence (AI) in financial markets will be implemented, along with monitoring the evolution of asset tokenization in securities markets. With the Committee on Payments and Market Infrastructures (CPMI), IOSCO will be committed to strengthening the operational resilience of Financial Market Infrastructures (FMI). Together with the World Bank, IOSCO will work to support jurisdictions interested in developing carbon markets. In addition, IOSCO will further develop the analysis of sustainable bond markets and ESG indices and conduct an assessment of the implementation of its sustainability recommendations related to asset allocation.
In order to promote regulatory cooperation and effectiveness, IOSCO will continue to carry out awareness-raising and technical support activities towards the various jurisdictions, to help them meet the requirements of the IOSCO Multilateral Memorandum of Understanding (MMoU) and will expand its NEXTGEN (Nurturing Excellence Through Growth, Education, and Networking) programme with the launch of more than 40 capacity-building initiatives in 2025.
Finally, IOSCO will continue to monitor the implementation of the International Sustainability Standards Board (ISSB) standards and support the capacity building of jurisdictions that intend to adopt, apply, or otherwise use such standards, supporting the jurisdictions of the Growth and Emerging Markets (GEM) in adopting ISSB sustainability standards, through its Network for ISSB Standards Adoption or other uses of ISSB standards.
Details on all the body's various initiatives for 2025 are contained in the aforementioned IOSCO Work Programme.
- Amendments to the Issuers' Regulation on corporate sustainability reporting (resolution no. 23463 of 12 March 2025).
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The document relating to the total mandatory takeover bid launched, in accordance with Articles 102 and 106, paragraph 1, of Legislative Decree no. 58 of 1998 (Consolidated Law on Finance, TUF), by Gewiss Spa on shares issued by Beghelli Spa (resolution no. 23462 of 12 March 2025) has been approved.
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The document relating to the voluntary takeover bid launched by Banco BPM Vita Spa, pursuant to articles 102 et seq. of Legislative Decree no. 58 of 1998, on all the ordinary shares issued by Anima Holding Spa has been approved by Consob (resolution no 23474 of 13 March 2025).
- Italia Capitalis Srl, based in Milan (MI), has been 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 ii), of Regulation (EU) 2020/1503 consisting in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 23468 of 12 March 2025).
- Prohibition, pursuant to Article 7-octies, paragraph 1-bis of the Consolidated Law on Finance (TUF), of advertising activities carried out by persons not authorised pursuant to Article 18 of the Consolidated Law on Finance (TUF), and carried out via the website https://affidabiletop.com (Resolution no. 23471 of 12 March 2025).
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:
- Prohibition, pursuant to Article 7-octies, paragraph 1-bis of the Consolidated Law on
"Guru4Invest" via the website www.guru4invest.com and page https://platform.pltf-tchg.io (resolution no. 23472 of 12 March 2025);
"Sectorcapitals.com" via the website https://www.sectorcapitals.com and its page https://clientarea.w1e2b3tr4d3r.com (resolution no. 23469 of 12 March 2025);
"Aifactor Group" via the https://vipaifactorvip.com website (resolution no. 23473 of 12 March 2025);
"Apollo Trade FX" via the website https://apolloinvestfx.com and its page https://cfd.apolloinvestfx.com (resolution no. 23470 of 12 March 2025).
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Ilaria Fabbiani (coordinatrice), Pasquale Munafò, Laura Ferri, Claudia Amadio, Alfredo Gloria, Riccardo Carriero, Luca Cecchini - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.