News of the week:
Save the date: 3 July 2025 - Corporate governance in Italy. Analysis of the tools for enhancing voting rights
Consob launches a consultation with the financial market to simplify the process of listing investment funds in Italy
Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

Commission decisions

- NEWS OF THE WEEK -

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 9:30 am to 12:45 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 program of the event is reported in the poster.

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.

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Facilitate and simplify the listing of investment funds on the Italian financial market and align national regulations with those of other European Union countries, thereby improving the attractiveness and competitiveness of the Italian financial market.

These are the objectives of a consultation initiated by Consob to remove the obligation to draw up and publish the document for the listing in Italy of European undertakings for collective investment in transferable securities (UCITS) and reserved open-end alternative investment funds (AIFs) managed by European companies.

In the consultation, Consob also proposes some amendments to the appendix to the regulatory framework governing the information to be included in the prospectus in the event of admission to trading of Italian open-end funds (UCIs, undertakings for collective investment).

The consultation phase is brief, closing on 12 July 2025.

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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.

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- A response to queries relating to a potential further operating model for the marketing of ETFs in Italy has been provided (communication no. 0063776 of 25 June 2025).

- The Terna - Rete Elettrica Nazionale Spa Base Prospectus relating to the "EUR 4,000,000,000 Euro Medium Term Note Programme" has been approved (decision of 25 June 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:

- "The Toro Global" via the website https://thetoroglobal.com and its page https://client.thetoroglobal.com (resolution no. 23616 of 25 June 2025);

- "Finbridge International" via the website www.finbridgeinter.com and its page https://webtrader.finbridgeinter.tech (resolution no. 23618 of 25 June 2025);

- "Incore-Invfx" - "IncoreInvestment" via the website https://incore-invfx.com and its page https://client.incore-invfx.com (resolution no. 23617 of 25 June 2025).

- Order, pursuant to Article 94, paragraph 1, letter h) of Regulation (EU) 2023/1114 ("MiCAR") and Article 4, paragraph 1 of Italian Legislative Decree no. 129/2024 to cease the infringement of Article 59 of the MiCAR carried out by "Coingridr.top" via the website https://coingridr.top; "Gigtaskr" via the website https://gigtaskr.top; "Sxr922" via the website https://sxr922.it (resolution no. 23615 of 25 June 2025).

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