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
Sustainable finance: Artificial Intelligence to combat greenwashing. Consob and the University of Trento develop a prototype to detect misleading messages about "green bonds". The project is outlined in the latest Fintech Research Paper
Investor protection communications
Watch for scams! Financial fraud: Consob blacks out 8 unauthorised websites
Consob publishes its 2025 regulatory activities plan
Definition of the disclosure obligations of crowdfunding service providers to Consob
Financial Education Month is back. Applications for financial, insurance, and pension education initiatives open 1 September

Commission decisions

- 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.

back to index

Artificial Intelligence vs. greenwashing: this is the project launched by Consob and the University of Trento, which have jointly developed a prototype for detecting misleading messages from green bond issuers. The goal is to develop new tools to be used in the future in financial market supervision activities to verify that the sustainability requirements claimed by corporate "green" bonds are actually met.

The project is described in the Consob Fintech Research Paper Greenwashing Alert System for EU Green Bonds: the Consob-University of Trento prototype, published today on the website www.consob.it, edited by Sandra Paterlini and Andrea Nicolodi (University of Trento) and Monica Gentile, Vincenzo Foglia Manzillo, Maria Raffaella Sancilio, and Paola Deriu (Consob).

The paper, which is in English, uses "green bonds" issued in European Union countries from 2013 to 2023 as its reference database. The prototype uses advanced technologies to disclose environmental claims within texts, analyze their tone (positive, neutral, or critical), and highlight any discrepancies between stated sustainability targets and actual performance.

The project is a major step forward in supporting supervisory activities to make document analysis faster and more effective, reducing the risk of errors or subjective interpretations. The study highlights considerable time savings: for example, compared to the approximately four hours required to analyze a sustainability report using traditional methods, the algorithm takes about ten minutes. While this prototype still needs further testing on a broader sample, it is a first step towards more transparent and responsible finance, where technology empowers sustainability.

Combating greenwashing aims to bolster investor confidence, market integrity, and support the transition to a sustainable economy. This is a key priority of Consob's Strategic Plan for 2025–2027. Within the EU, this view is fully shared by ESMA.

back to index

Consob blocks the "up to 300%" return scam - Consob takes action against the CapFirst and CapOne apps: Google and Apple are asked to remove the apps from their respective online stores - New warning to investors about the risks associated with investment proposals sent via WhatsApp

They promised returns of "up to 300%" via WhatsApp. Downloading the CapFirst app from Google Play or CapOne from the Apple Store to your smartphone, opening a trading account, and accessing the exciting world of easy triple-digit returns was all it took. But it was all a dream, or rather, a scam. To stop it, Consob intervened, ordering the cessation of unauthorised financial intermediation activities and asking Google and Apple to remove the apps used for the scam from their stores (resolution no. 23651 of 30 July 2025).

Consob has issued a new warning to investors regarding the risks of investment proposals circulating in WhatsApp groups and chats. It has also blocked abusive investment schemes promoted on WhatsApp by self-proclaimed financial experts, presumably operating under aliases, who falsely claimed to be authorised by Consob.

In this specific case, the scam involved promising sky-high returns, even triple-digit ones, that investors could supposedly achieve by following instructions given to them on WhatsApp by self-proclaimed experts and by trading on the financial markets through two apps available on Google Play and the Apple Store, namely CapFirst (for the Android) and CapOne (for iOS), which they could download to their smartphones.

Using the apps and after opening accounts supposedly for trading, the scam victims were tricked into fake trading and investment activities involving shares and stock indices. These activities turned out to be fraudulent, leading the unfortunate investors to lose everything they had invested.

Last November, Consob issued a warning about scams that used big names in global finance, like "Morgan Stanley" and "Blackrock", as bait. These scams promoted supposed investment opportunities via WhatsApp, which were actually traps designed to steal investors' money.

Following this latest incident, Consob again cautions retail investors to be extremely careful and make informed investment decisions using common sense, which is crucial to protecting their savings. This starts with checking that the operator they're using is authorised.

In this regard, Consob refers to the "Watch for scams!" section on its website (www.consob.it), which sets out the basic rules to help you avoid financial scams.

back to index

Consob has ordered the black-out of 8 new websites offering illegal services for crypto-assets.

The Authority used the powers introduced by the MiCAR regulation (Regulation (EU) 2023/1114 and Legislative Decree no. 129 of 5 September 2024) regarding the blackout of the websites through which crypto-asset services are provided to Italian savers without the prescribed authorisations.

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

- "YUI236" (website https://yui236.it);

- "DRST78" (website https://drst78.it);

- "GDY733" (website https://gdy733.it);

- "XUR652" (website https://xur652.it);

- "YZA335" (website https://yza335.it);

- "BHP536" (website https://bhp536.it);

- "MJU567" (website https://mju567.it);

- "TNT788" (website https://tnt788.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 1389.

The measures adopted by Consob can be consulted on its website at 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 and crypto-assets, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products and crypto-assets, that a prospectus or white paper has been published.

Please note, there is a section on the homepage of the website at www.consob.it, entitled "Watch for Scams!", which provides useful information warning investors about fraudulent financial schemes.

* * *

In addition, Consob has prohibited the offer to the public resident in Italy of the "Investment Plans" called "Piano di avviamento (Start-up Plan)", "Piano Amatoriale (Amateur Plan)", "Piano Professionale (Professional Plan)" and "Piano Definitivo (Final Plan)" carried out by the so-called "GenixLimited" including via the website https://genixlimited.com (resolution no. 23650 of 30 July 2025).

back to index

Consob has published its regulatory activities plan for 2025.

This document highlights Consob's key priorities, covering both regulatory development and the impact assessments of those regulations.

Following a brief overview of European and national regulatory developments, the document sets out the planned regulatory actions, including:

- adapting certain provisions of Law no. 21 of 5 March 2024 (the so-called "Capitali Law") and revising related secondary legislation under the Government's remit, in connection with the Government exercising its delegated power to reform the Consolidated Law on Finance, as set out in the Capitali Law;

- adapting secondary legislation to the "Listing Act package", which modifies the regulations on prospectuses, markets and multiple voting rights. This aims, in part, to make it easier for SMEs to list;

- amending the Markets, Intermediaries and Issuers Regulations to implement the European pieces of legislation revising the rules on market infrastructures and UCITS, as well as Regulation (EU) 2022/2554 on digital operational resilience for the financial sector ("Dora");

- assessing the exercise of the additional regulatory delegations set out in decree law no. 25 of 17 March 2023, converted with amendments by Law no. 52 of 10 May 2023 ("FinTech Decree");

The plan – besides illustrating the regulatory impact assessments carried out on takeover bids, convertible bonds (POCs), sanctioning proceedings, and some analyses conducted as part of the Consolidated law on finance revision process – outlines the analytical activities aimed at identifying the impacts on national law stemming from the implementation of European regulations on sustainability and crypto-assets, and the monitoring activities of relevant legislation aimed at assessing its impact on key sectors for the protection of savings and market efficiency.

back to index

Following market consultation, Consob has defined the data and information reporting obligations, and the required submission of deeds and documents, for crowdfunding service providers (CSPs) (Resolution no. 23656 of 30 July 2025).

Specifically, information requirements have been established for these CSPs regarding the acquisition of:

1) structured data on published and concluded offers, relating to offers concluded in the reference calendar year. This data comprises information on the projects financed through the crowdfunding platform that CSPs must send to Consob under Article 16(1) of the European Crowdfunding Regulation. It is supplemented by further data and information on CSP operations, which, for efficiency, Consob will acquire simultaneously by exercising the investigative powers provided for in Article 30(1) of the same Regulation.

2) specific information on relevant changes to their authorisation conditions. European Crowdfunding Regulation, Article 15(3), requires CSPs to tell Consob about these changes, including when they should be reported.

3) some structured information found in the Key Investment Information Sheet (KIIS).

The report on the consultation's results and the feedback received are available on Consob's website, under Regulation/Concluded Consultations.

The resolution establishing data and information reporting obligations, and the transmission of records and documents by crowdfunding service providers, is being published in the Gazzetta Ufficiale della Repubblica Italiana and will come into force on 29 September 2025.

back to index

From 1 to 30 November 2025, the eighth edition of the initiative promoted by the Edufin Committee – the Committee for the planning and coordination of financial education activities – will take place, with events across Italy raising awareness of crucial issues such as savings, investments, pensions, and insurance. The Committee comprises the Ministry of Economy and Finance, the Ministry of Education, the Ministry of Economic Development, the Ministry of Labour, the Bank of Italy, Consob, Covip, Ivass, Ocf, and the National Council of Consumers and Users.

The initiative's slogan is "Financial education: today for your tomorrow", an invitation to invest time in personal finance education to make more informed decisions and be better prepared for the unexpected.

The programme includes seminars, webinars, educational workshops, games – both in person and online – and three key events: Financial Legality Day, promoted by the Edufin Committee and the Guardia di Finanza, under the patronage of the Ministry of Economy and Finance, specifically for schoolchildren, to be held on 5 November; Social Security Education Week, from 17 to 23 November; and Insurance Education Day, on 12 November.

From 1 September to 17 October 2025, associations, institutions, businesses, public administrations and other organisations can submit their financial, insurance and pension education initiatives. Submissions can be made via the online form found on comitatoeducazionefinanziaria.gov.it, in the section comitatoeducazionefinanziaria.gov.it/attivita/mese-delleducazione-finanziaria/.

This year's event will also maintain its connection with World Investor Week, promoted by Iosco (7–13 October). Initiatives meeting all the requirements will receive double recognition and will be included in both the World Investor Week and Financial Education Month calendars.

back to index

- Consob has set the consideration for the commitment to buy and the simultaneous exercise of purchase rights by Zenit Spa regarding Il Sole 24 Ore Spa shares (pursuant to Articles 108(1) and 111(1) of the Consolidated Law on Finance) at 1,100 euro per special share (Resolution no. 23649 of 30 July 2025).

- The prospectus for the initial public offering of ordinary shares of Banca Popolare Etica Scpa has been approved. The offer price per share is €63.00, comprising a nominal value of €52.50 plus a share premium of €10.50 (decision of 30 July 2025);

- The prospectus for the public offering and admission to trading on the Electronic Bond Market (MOT), organised and managed by Borsa Italiana Spa, of the "IPI Tasso Variabile 2025-2032" bond loan issued by IPI Spa (decision of 30 July 2025) has been approved;

- The registration document and information note relating to the scheme for the offer to the public of bonds issued by Cassa Di Risparmio Di Asti Spa have been approved (decision of 30 July 2025).

Equita Sim Spa has been authorised to provide services in Switzerland as specified in the table attached to resolution no. 23658 of 30 July 2025. This authorisation is under the freedom to provide services regime, pursuant to article 26, paragraph 6 of Legislative Decree no. 58/1998 (Consolidated Law on Finance) and article 21 of Consob Regulation no. 20307/2018;

Italfund Srl, based in Rovigo, 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 i) and sub ii), of Regulation (EU) 2020/1503 consisting, respectively, in the intermediation of the granting of loans and 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. 23657 of 30 July 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 through the websites: https://yui236.it; https://drst78.it; https://gdy733.it; https://xur652.it; https://yza335.it; https://bhp536.it; https://mju567.it; https://tnt788.it (resolution no. 23652 of 30 July 2025).

back to index