News of the week:
2 October 2025, the seminar "Financial market contracts: cases, rules and safeguards" will take place at the Consob Auditorium in Rome
Watch for Scams! Abusive financial services: Consob blacks out 9 unauthorised websites
Advertising Material: the new advertising message transmission system is up and running from 1 September 2025
Financial Education Month is back - Until 17 October, it is possible to submit applications for financial, insurance, and social security education initiatives

Consob's decisions of the week

- 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.

Live streaming will be provided at the following link: https://www.youtube.com/live/6pLqRcqCpzs.

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Consob has ordered the blackout of 9 new websites that offer financial services/financial products illegally or through which illegal services are provided: 6 illegal financial intermediation websites, 1 website through which an offer of financial products is carried out in the absence of a prospectus and 2 websites through which illegal services for crypto assets are provided.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.

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

• "Spreadmarkets" (website https://spread-markets.com and related page https://client.spread-markets.com);
• "BitVex" (website https://bit-vex.com);
• "Financexlimited" (website https://finance-xlimited.com and related page https://client.finance-xlimited.com);
• "Finco Trades" (website https://finco-trades.org and related page https://web.webfin-trades.org);
• "Geneve Capital Invest" (website https://geneveinvesting.com and related page https://webtrader.geneveinvestingmarkets.com);
• "Afex Markets" (website https://afex-markets.com and related page https://web-traderx.com);
• "Spazio Finanziario" (website www.spaziofinanziario.pro and related page https://clients.spaziofinanziario.pro);
• "Ynln.com" (website www.ynln.com);
• Bit Vanetta Limited (website https://thebitvanettatrade.com).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 1048.

The measures adopted by Consob can be consulted on the website 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 blackout 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 behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products and crypto assets, whether the prospectus or white paper has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

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Consob has also suspended for a period of 90 days, pursuant to Article 99, paragraph 1, letter b), of the Consolidated Law on Finance, the offering to the public resident in Italy concerning the "Piani" called "Antipasto", "Argento", "Platino", "Diamante" and "Illimitato" promoted by Bit Vanetta Limited also through the website ttps://thebitvanettatrade.com (resolution no. 23680 of 24 September 2025).

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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.

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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.

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Order, pursuant to Article 7-octies, letter b) of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) to cease infringement of Article 18 of said Consolidated Law on Finance, put in place by:

• “Spreadmarkets” via the https://spread-markets.com website and its page https://client.spread-markets.com (resolution no. 23679 of 24 September 2025);
• “BitVex” via the https://bit-vex.com website (resolution no. 23675 of 24 September 2025);
• “Financexlimited” via the https://finance-xlimited.com website and its page https://client.finance-xlimited.com (resolution no. 23676 of 24 September 2025);
• “Finco Trades” via the https://finco-trades.org website and its page https://web.webfin-trades.org (resolution no. 23677 of 24 September 2025);
• “Geneve Capital Invest” via the https://geneveinvesting.com website and its page https://webtrader.geneveinvestingmarkets.com (resolution no. 23678 of 24 September 2025);
• “Afex Markets” via the https://afex-markets.com website and its page https://web-traderx.com (resolution no. 23674 of 24 September 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:

• “Spazio Finanziario” via the www.spaziofinanziario.pro website and its page https://clients.spaziofinanziario.pro (resolution no. 23681 of 24 September 2025);
• “Ynln.com” via the www.ynln.com website (resolution no. 23682 of 24 September 2025).

• WIIT Spa's prospectus relating to the offer and admission to trading on the Mercato Telematico delle Obbligazioni (Mot), organized and managed by Borsa Italiana Spa, of the bond issue “€ 150.000,000 Senior Unsecured Fixed Rate Notes” has been approved.
• Approval of the fourth supplement to the registration document of Mediobanca - Banca di Credito Finanziario Spa, and the fourth supplement to the base prospectus dated 18 December 2024.
• Approval of the first supplement to the base prospectus of Cassa Depositi e Prestiti Spa relating to the “Euro 15,000,000,000 Debt Issuance Programme” dated 7 May 2025.
• Approval of the second supplement to the base prospectus of A2A Spa relating to the admission to trading of a Euro Medium Term Notes program for a total of €7 billion reserved for wholesale investors.

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