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
Advertising Material: the new advertising message transmission system will be up and running from 1 September 2025
Financial Education Month is back. Applications for financial, insurance, and pension education initiatives open 1 September
Michele Baccinelli is the new head of Consob's Press Office
Artificial intelligence and financial market supervision - The algorithm is fine, but as a "digital assistant" serving human assessment - Opportunities, limits and risks in a new FinTech Consob Notebook

Management 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

Pursuant to Article 101, paragraph 1 of the TUF, Consob has prepared the structured system for the acquisition of documentation relating to any type of advertising carried out in Italy concerning an offer (DePub). The system will run from 1 September 2025.

The manual and operating instructions for registration and access to the system will be available from that date.

Until 31 December 2025, during the transitional period, the use of the new system is recommended; in the event of difficulties in accessing and/or transmitting via the DePub system, and if any problems cannot be resolved with the assistance of the help desk, the supervised parties may send the documentation via their certified e-mail (PEC) address consob@pec.consob.it.

At the end of the transition period (i.e. from 1 January 2026), the advertising documentation will be transmitted exclusively through DePub.

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

Michele Baccinelli is the new Head of Consob's Press Office from the first of September.

A professional journalist with solid professional experience in the field of information and institutional communication, Baccinelli has worked in various newspapers, including MF-DowJones, DowJones International and Ansa. He was also head of the Press Office of the Ministry of Economy and Finance and of Cassa Depositi e Prestiti.

He succeeds Manlio Pisu, who since 1st October 2024 has been in charge of Consob's Communication Division; until 31 August he holds the functions of head of the Press Office on an interim basis.

back to index

Artificial intelligence can give a positive boost to supervisory activities in financial markets, ensuring faster and more efficient analyses. However, the use of AI systems must remain subject to human assessment, ensuring full traceability and explicability of decision-making processes and the results obtained in relation to people's fundamental rights, including non-discrimination, defence and access to documents.

In a nutshell, this is the conclusion reached in the latest FinTech Consob Notebook, Reflections on artificial intelligence and supervisory activities, published on the website www.consob.it.

In the study, the authors - Paola Deriu, head of Consob's Studies and Regulatory Strategies Division, and Stefania Racioppi, PhD student in Public Law at the Faculty of Law of La Sapienza University of Rome – highlight opportunities and risks of SupTech (Supervision&Technology), i.e. the use of artificial intelligence tools in financial supervision, in light of the experiences gained by Consob and other supervisory authorities abroad as well as the regulatory framework of reference in the national and European context.

The use of AI systems is recognised as a driver of supervision. At the same time, however, until now the scope of applications has been limited to the role of "digital assistant", in particular for the diagnosis and forecasting of market anomalies in support of the human analyst/decision-maker, who has the last word.

SupTech, the Notebook argues, brings with it not only technological innovation, but also a cultural transformation. The study highlights the need for new skills, new organisational structures and data governance to meet the challenges posed by the digital ecosystem. The work adopts a multidisciplinary approach, intertwining legal, economic, technical and scientific aspects, in the perspective of an increasingly data-driven and evidence-based supervision.

The publication offers food for thought for all public administrations interested in evaluating the adoption of artificial intelligence tools in their decision-making processes, with a critical and conscious approach.

back to index

The Head of Consob's Intermediary Supervision and Investor Protection Division has accepted the request for revocation by express waiver of Xconnect Trading Limited from the authorisation referred to in art. 28, paragraph 6, of Legislative Decree no. 58/1998 to carry out the investment service of execution of orders on behalf of customers and cancellation of the same company from the register of companies from third countries other than banks. The full text of management decision no. 143 of 21 August 2025 is available on the website www.consob.it.

back to index