Weekly newsletter year XXXI, No. 28, 28 July 2025 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Save the date: 2 October 2025, the seminar "Financial market contracts: cases, rules and safeguards" will take place at the Consob Auditorium in Rome
The Milan Stock Exchange saw a 13.6% rise in capitalisation in the first half of 2025. Stock trading volumes increased by 30.3%, and Italian government bond trading soared by 56.7%. The trend of companies delisting continues, with more companies now traded on the EGM than listed on the main market
Memorandums of Understanding for the Supervision of Post-Trading Infrastructures
Consultation launched on the tax treatment of entities operating in crypto-asset markets
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 seminar on "Financial market contracts: cases, rules and safeguards", which will be held on 2 October 2025, from 9:15 a.m., at the Consob Auditorium, in Via Claudio Monteverdi, 35 - Rome, will offer an important opportunity to discuss financial market law issues, including market regulation, contractual structures and investor protection.
There will be three sessions during which university lecturers who are experts on the subject and Consob specialists will alternate as Speakers.
A detailed programme of the event and information on how to participate will be communicated shortly.
These are the key findings from Consob's Statistical Bulletin for the first half of 2025.
At the end of the first half of 2025, the total market value of equities traded on Italian markets (949.7 billion euro) was up 13.6% compared to the end of the previous year (Italian companies recorded an increase of +18.8%). The data includes the main market (EXM, Euronext Milan), Euronext Growth Milan (EGM) – the multilateral trading platform for SMEs – and the Vorvel multilateral trading facility, where equities of some smaller banks are mainly traded.
Trading volumes saw a significant rise for both equities of Consob-regulated listed companies (440.4 billion euro, up from 338.1 billion euro in the first half of 2024) and Italian government bonds, which saw increases of 30.3% and 56.7%, respectively, year-on-year.
The value of government bonds traded on Italian platforms rose to 5,950.9 billion euro in the first half of 2025, up from 3,797.2 billion euro in the first half of 2024. Trading in bonds from Italian issuers, excluding government bonds, also rose (+6.9%), as did trading in ETFs and ETCs/ETNs (+55.2%).
In addition, companies continue to delist. As at 30 June 2025, the total number of companies listed (supervised) or traded on the EXM, EGM and Vorvel fell to 423. Of these, 408 are Italian companies (there were 419 at the end of 2024).
There are more companies trading on the EGM (204) than those listed on the EXM (202) and, therefore, supervised by Consob.
Specifically, Euronext Milan's main market saw a negative balance of -7, with zero new entries and seven delistings. For the first time since 2020, the number of companies listed on the EGM has fallen as well, with 11 companies leaving the market and only 6 joining, resulting in a net decrease of 5.
Consob and the Bank of Italy have signed two MoUs. These MoUs outline how they will cooperate in exercising the supervisory powers granted to them by the Consolidated Law on Finance over post-trading infrastructures, namely central counterparties and central securities depositories.
These protocols minimise the burden on operators and promote the cost-effectiveness of the Supervisory Authorities' actions. They are based on specific provisions in the Consolidated Law on Finance.
The two Authorities will cooperate on various matters, including administrative proceedings under their respective remits, managing supervisory committees established by EU legislation, exercising regulatory and investigation powers, and sharing information.
Both documents are available on the Consob and Banca d'Italia websites: www.consob.it and www.bancaditalia.it.
Consob is launching a consultation on proposals to define the supervisory fees owed by entities operating in crypto-asset markets.
Given the regulatory changes to supervisory activities following the implementation of Regulation (EU) 2023/1114 (MiCAR) and Legislative Decree no. 129/2024, it is necessary to update the supervisory fee system. These adjustments only affect the specified categories and do not represent a complete overhaul of the pricing structure. This consultation does not cover supervisory fee amounts.
Comments on the consultation paper must be sent by 22 August 2025, online, through the SIPE – Integrated System for External Users, or at the following address: Consob - Divisione Strategie Regolamentari - Via G. B. Martini, n. 3 - 00198 Rome.
- The third supplement to the registration document and the third supplement to the base prospectus of Mediobanca – Banca di Credito Finanziario Spa, prepared pursuant to Article 23 of Regulation (EU) 2017/1129 (the "Prospectus Regulation") (decision of 23 July 2025) has been approved;
- Iren Spa's Base Prospectus for its "€5,000,000,000 Euro Medium Term Note Programme" has been approved (decision of 23 July 2025).
- In accordance with Article 102, paragraph 6, letter b) of the Consolidated Law on Finance, the 30-day suspension of the total voluntary public exchange offer by UniCredit Spa for ordinary shares issued by Banco BPM Spa has been approved (resolution no. 23640 of 22 July 2025).
- Threadneedle Asset Management 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 the same Consolidated Law on Finance, the portfolio management investment service, as referred to in Article 1, paragraph 5, letter f), the TUF, in the following manner: without holding, even temporarily, customers' liquid assets and financial instruments. Threadneedle Asset Management Limited is registered in the section of third-country firms other than the banks of the register referred to in Article 20 of the Consolidated Law on Finance. The company 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. 23647 of 23 July 2025);
- ClubDeal Spa's registration in sections 3 and 4 of the registers for digital circulation managers, as per article 19 of the FinTech Decree and article 5 of the Regulation on issuing and circulating financial instruments in digital form (DLT Regulation) (resolution no. 23641 of 23 July 2025).
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.