Weekly newsletter year XXXI, No. 31, 8 September 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
Tokenization of traditional assets – speech by Commissioner Carlo Comporti at the conference “Capital Markets in the Digital Age”
Advertising Material: the new advertising message transmission system is up and running from 1 September 2025
Financial Education Month is back. From 1 September to 17 October, you can submit applications for financial, insurance, and social security education initiatives
Notice: Consob adheres to ESMA’s Guidelines on supervisory practices for competent authorities to prevent and detect market abuse under the Markets in Crypto Assets Regulation (MiCA)
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.
The detailed program for the event is available.
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.
Dr. Carlo Comporti, Commissioner of Consob, spoke on the “Tokenization of traditional assets” at the conference “Capital Markets in the Digital Age,” organized by Hanfa, the Croatian Financial Services Supervisory Agency, on 1-2 September 2025, in Dubrovnik. The event fostered a debate among experts on the future of capital markets in the digital age, addressing the challenges and opportunities linked to regulatory frameworks, tokenization, and the evolving role of Artificial Intelligence (AI) in financial markets.
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 DePub system is operational from 1 September 2025.
The manual and operating instructions for registration and access to the system are 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.
Applications for participation in Financial Education Month 2025 open on 1 September. Proposals must be submitted to the Committee for the Planning and Coordination of Financial Education Activities (Edufin Committee) by 17 October.
To propose an initiative aimed at promoting the development and learning of financial, insurance, and pension knowledge and skills, please complete the online form on the Committee's website (https://www.comitatoeducazionefinanziaria.gov.it/home/index.html).
Associations, institutions, businesses, universities and research centers, schools, foundations, public administrations, and any organization wishing to engage in financial education with quality events that meet the participation criteria established by the Edufin Committee Guidelines may submit applications.
Once approved by the Committee, the event will be published in the "Financial Education Month 2025" calendar on the Committee's website.
The eighth edition of the initiative will take place from November 1st to 30th, 2025, with events throughout Italy to raise awareness on crucial issues such as savings, investments, pension planning, 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.
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.
Consob has informed the European Securities and Markets Authority (ESMA) of its intention to comply with the Guidelines on supervisory practices for competent authorities to prevent and detect market abuse under the Markets in Crypto Asset Regulation (Mica), published by the European Authority on its website on 9 July 2025, also translated into Italian (Consob Notice of 4 September 2025).
The ESMA Guidelines in question are also available on the Consob website, together with the full text of the Final Report published by ESMA on 29 April 2025, useful to enable their correct application. They will apply from 9 October 2025.
The Guidelines aim to identify appropriate supervisory practices for the prevention and detection of market abuse and to ensure consistency among the supervisory practices of competent authorities, as well as the uniform and consistent application of Title VI of the MiCa Regulation.
The Guidelines establish general principles to ensure effective and high-quality supervision of market abuse related to crypto-assets, through the adoption of a risk-based approach and the principle of proportionality. They also set the objective for competent authorities to build a common supervisory culture specific to crypto-assets through open dialogue with the sector and interactions between the competent authorities. Conversely, a certain flexibility is guaranteed to the individual authorities in view of the relevance of crypto-asset trading in the different jurisdictions and the process of developing supervision over the markets currently underway.
- Appointment of Mr Nicola De Caro, Head of the IT and Artificial Intelligence Division, as Head of Digital Transition of Consob (resolution no. 23660 of 4 September 2025).
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Ilaria Fabbiani (coordinator), Pasquale Munafò, Laura Ferri, Claudia Amadio, Alfredo Gloria, Riccardo Carriero, Luca Cecchini - 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.