Weekly newsletter year XXXI, No. 18, 19 May 2025 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
CONSOB's annual meeting with the financial market
Brescia, 23 May 2025 – The gamification of financial investments
Save the date: 3 July 2025 - Corporate governance in Italy. Analysis of the tools for enhancing voting rights
DORA Regulation: Consob transposes the joint guidelines of the European Supervisory Authorities (EBA, ESMA and EIOPA) on the estimation of aggregate annual costs and losses caused by major ICT-related incidents
Watch for scams! Financial fraud: Consob blacks out 6 unauthorised websites
Commission decisions
Management decisions
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 -
On Friday 20 June 2025, CONSOB's annual meeting with the financial market will be held. The meeting is at 11:00 in Milan in Piazza Affari at the headquarters of Borsa Italiana in Palazzo Mezzanotte. The meeting will bring the celebrations for the 50th Anniversary of the Authority to a close. The live stream will be provided.
The date is set on Friday 23 May 2025 in Brescia, from 10:00 until 13:00, at the Observatory on Banking and Financial Regulation (Osservatorio sulla regolamentazione bancaria e finanziaria), at Via San Faustino 74/B, for the event – organised by the University of Brescia in cooperation with Consob – on the topic of "The gamification of financial investments, upon issue of Consob's Legal Research Paper No. 32" (poster).
CONSOB, the Italian Committee for Corporate Governance and Assonime present the meeting on Corporate governance in Italy - Analysis of voting rights enhancement mechanisms, which will be held on 3 July from 10:00 am, at the CONSOB Auditorium, Via C. Monteverdi 35, Rome.
During the meeting, the following will be presented:
- the CONSOB Report on the corporate governance of Italian listed companies, which provides evidence on ownership structures, corporate boards, annual general meetings and related party transactions, based on data obtained from supervisory statistical reports and public information;
- the Report of the Italian Corporate Governance Committee, which assesses the state of implementation of the Corporate Governance Code and makes recommendations to companies for its more effective application;
- the Report of Assonime-Emittenti Titoli, which provides an in-depth analysis of the corporate governance of Italian listed companies in the light of the guidelines set out in the Corporate Governance Code.
The detailed programme of the event will be available soon.
In-person participation is free until the capacity of the room is reached. Please register your participation at: https://www.consob.it/web/consob-and-its-activities/enrollments.
The event will also be available for streaming at the following link: https://youtube.com/live/wjRNajIjOIM.
Consob has announced its adherence to the Joint Guidelines of the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority) on the estimation of aggregate annual costs and losses caused by major ICT-related incidents pursuant to Regulation (EU) 2022/2554 (Digital Operational Resilience Act, DORA) (Consob notice of 15 May 2025).
The Guidelines apply from 19 May 2025 and are also available on Consob's official website in Italian.
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.
- The registration document and the security note, which together constitute the base prospectus, relating to the offer of securities other than equity securities intended for retail investors (certificate issuance programme) issued by Societe Generale Sa or its subsidiary SG Issuer Sa and offered and guaranteed by Societe Generale itself, have been approved (decision of 15 May 2025).
- The second supplement to the registration document and the second supplement to the base prospectus of Mediobanca – Banca di Credito Finanziario Spa have been approved (decision of 15 May 2025).
-Janus Henderson Investors UK Limited, with registered office in the United Kingdom was authorised, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, to perform, under the freedom to provide services in Italy to professional customers as identified pursuant to Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a) of said Consolidated Law on Finance, the investment service of portfolio management, as referred to in Article 1, paragraph 5, letter d), of the Consolidated Law on Finance, in the following manner: without holding, even temporarily, customers' liquid assets and financial instruments. The company is registered in the third-country firms other than banks section of the register referred to in Article 20 of the Consolidated Law on Finance. Janus Henderson Investors UK Limited is authorised to operate in Italy in accordance with the provisions applicable to third-country investment firms pursuant to the Consolidated Law on Finance and is subject to the supervisory regime laid down therein (Resolution No. 23552 of 15 May 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:
- "Fibonachis" via the website https://fibonachis.com and its page https://webtrader.alynto.tech (resolution no. 23554 of 15 May 2025);
- "PrimeXMarkets Ltd" via the website https://primexmarkets.com and its page https://client.primexmarkets.com (resolution no. 23553 of 15 May 2025);
- "Blyx Ultra" via the website https://blyxultra.com and https://blyxultraltd.com and its page https://cfd.platformt121-3-3.com (resolution no. 23556 of 15 May 2025);
- State Street Markets Limited via the website www.streetstate.vip (resolution no. 23555 of 15 May 2025);
- "EXT24" via the website https://ext24.co and its page https://my.ext24.co (resolution no. 23557 of 15 May 2025).
The Head of the Issuers' Supervision Division of Consob has determined the minimum shareholding for the submission of slates of candidates for election of the board of directors and internal control bodies of the company Sesa Spa, whose financial year ended on 30 April 2025. Unless the company's by-laws prescribe a lower shareholding, the threshold has been set at 1%. The full text of management decision no. 131 of 7 May 2025 is available on the website www.consob.it, together with a table setting out the criteria used to determine the qualifying shareholdings.
The Head of the Intermediary Supervision and Investor Protection Division of Consob has accepted the request for forfeiture due to the express waiver by Tendercapital Limited of the authorisation to exercise the investment service of investment advice, referred to in Article 1, paragraph 5, letter f) of the Consolidated Law on Finance, with the subsequent cancellation of the company itself from the register of third-country companies other than banks referred to in Article 20, paragraph 1, of the Consolidated Law on Finance. The full text of management decision no. 132 of 12 May 2025 is available on the website www.consob.it.
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Antonella Nibaldi (coordinator), Claudia Amadio, Riccardo Carriero, Luca Cecchini, Laura Ferri, Chiara Tomaiuoli, Alfredo Gloria, Ilaria Fabbiani - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. 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.