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 Italian, French and Austrian markets authorities call for a stronger European framework for crypto-asset markets
Investor protection communication
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

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.

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.

back to index

Leveraging on the experience of the first few months of implementing the Mica Regulation, three major European market authorities, the Italian Commissione Nazionale per le Società e la Borsa (Consob), the French Autorité des Marchés Financiers (Amf), the Austrian Finanzmarktaufsichtsbehörde (Fma), are putting forward proposals aimed at ensuring a more effective supervision of crypto-asset markets, strengthening the competitiveness of European market participants and providing better investor protection.

In application since 30 December 2024, the European Mica Regulation represents a major step forward in the regulation of the crypto-assets market in Europe, placing it at the forefront of the supervision of this new asset class. It imposes a clear framework and requires market participants wishing to offer crypto-asset related services in Europe to obtain prior authorisation for this.

However, despite the coordination efforts of the European Securities and Markets Authority (Esma), the first few months of application of the Regulation have revealed major differences in how crypto-markets are being supervised by national authorities. These differences highlight the need to quickly strengthen the supervisory architecture to ensure the proper functioning of the European internal market. In the absence of such a revision, national authorities hosting market participants authorised by another authority could be forced to resort to the precautionary measures provided for by the Regulation in order to prevent any risk for national investors. In addition, certain provisions do not provide sufficient protection against the risks specific to the sector, such as for example the access by European intermediaries to platforms situated outside the European Union without the protection offered by Mica. These risks undermine investor protection and by this way also jeopardise the competitiveness of European market participants.

To ensure consistent and effective application of the Mica Regulation, Consob, Amf and Fma are calling for a number of targeted changes, not least with a view to further closely align with recommendations made in the field by the Financial Stability Board (Fsb) and the International Organization of Securities Commissions (Iosco) in July and November 2023.

Consob, Amf and Fma have put forward four proposals for improvements. These proposals, which are not exhaustive in terms of the issues raised by the application of the current Mica Regulation, for instance with regard to so-called “stablecoins”, include:

• direct supervision by Esma of the major crypto-asset service providers to ensure uniform application of the rules to the benefit of more effective oversight. This would be the only way to avoid opportunistic choices between countries for authorisation and may also lead to reduced supervision costs;
• strengthening of rules for platforms operating outside the European Union but targeting European investors: today, Consob Amf, Fma and note that some platforms established outside the European Union reach European clients through intermediaries that have a crypto-asset service provider status. The three authorities therefore propose that any intermediary that executes orders on crypto-assets should do so on a platform that complies with Mica or equivalent regulations;
• better supervision of platforms to tackle cyber risk: given the very high level of cyber risk today, Consob, Amf and Fma stress the importance for market participants to undergo an independent cyber security audit prior to the granting of a Mica authorisation, as well as its periodic renewal. This audit would encompass asset protection, resilience to cyber-attacks and incident management. This measure would ensure greater security for crypto-asset markets and boost investor confidence;
• clarification of the scrutiny process on white papers and the possible creation of a single access point for the filing and management of token offerings (excluding stablecoins): this proposal aims at adding legal certainty to the phase of analysis of white papers while promoting additional centralisation of filings in connection with the pan-European reach of most offerings.

link to position paper

back to index

Pursuant to Article 99, paragraph 1, letter c) of the Consolidated Law on Finance, Consob has prohibited the offering to the public residing in Italy of the “Plans” called “Starter”, “Advanced” and “Professional” promoted by the so-called “Magnomic Yield Ltd” including via the https://magnomicyieldltd.com website in breach of Article 94-bis of the Consolidated Law on Finance (resolution no. 23667 of 10 September 2025).

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 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.

back to index

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.

back to index

• Wealthness Sim Spa, with its registered office in Milan, has been included in the register referred to in Article 20, paragraph 1 of Legislative Decree no. 58 of 24 February 1998. The company is authorised to carry out the investment service referred to in Article 1, paragraph 5, letter f), of the aforementioned legislative decree. Authorisation to provide the above investment service is granted with the following operating procedures: “without holding, even temporarily, financial instruments and cash belonging to customers and without assumption of risks by the Company” (Resolution no. 23666 of 10 September 2025).

back to index