News of the week:
Consob simplifies the process of listing investment funds in Italy
Crypto-assets: few safeguards and high risks. The three European financial supervisory authorities issue a warning to protect consumers. An information campaign is launched to promote informed investment choices
Watch for Scams! Abusive financial services: Consob blacks out 13 abusive websites
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 -

Improving the attractiveness and competitiveness of the Italian financial market and aligning national regulations with those of other European Union countries. This is the main objective of Resolution no. 23683 of 1 October 2025, with which Consob facilitates and simplifies the listing of investment funds in Italy.

Specifically, with reference to Exchange Traded Funds (ETFs), the Authority has removed the requirement to draft and publish the listing document for European undertakings for collective investment in transferable securities (UCITS) and reserved open-ended alternative investment funds (AIFs) managed by European companies in Italy.

The measure also introduced some changes to the appendix to the regulatory framework governing the information to be included in the prospectus in the event of admission to trading of Italian open-ended funds (OICRs, collective investment undertakings).

Consob's decision takes into account the results of the market consultation, which ended on 12 July 2025, in which the majority of participants responded favourably to the simplification proposals presented.

The resolution was published in the Official Gazette no. 235 of October 9, 2025, and came into force on the day following its publication. The amendments also apply to listing procedures in progress on that date.

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Buying crypto-assets, such as cryptocurrencies or stablecoins, exposes savers to high risks in a sector where legal protections, when they exist, are very limited. 

This is the main message that the European financial supervisory authorities - ESMA for stock exchanges and financial markets, EBA for banks and EIOPA for insurance and pension funds - wanted to reiterate, addressing savers in all EU countries.

To raise public awareness of these issues, the three authorities have launched an information campaign consisting of a warning, an 'information sheet', a podcast and a video. The aim is to promote informed investment choices and thus counteract the risk of falling into the trap of financial scams and losing money.

The Authorities recognise that financial innovation, including crypto-assets, can help improve the competitiveness, efficiency and resilience of financial markets. However, in light of the growing interest of the general public in the world of crypto-assets, driven in part by aggressive campaigns on social media, the Authorities point out that the purchase of crypto-assets is not suitable for everyone and therefore urge caution.

In particular, the joint warning, which Consob is relaunching as a member of ESMA, points out that only some of the crypto-assets in circulation on the market fall within the scope of the new European regulations on crypto-assets (Micar), in force since December 2024. The information made available to investors for this type of product may be sparse and insufficient. Furthermore, in the event of losses, EU legislation provides more limited protection for those who purchase crypto-assets than for traditional investments.

When a saver comes across an offer of crypto-assets, they must first understand what type of crypto-asset is being offered to ensure that the offer falls within the scope of MiCAR. In particular, the warning invites savers to ask themselves three questions: 1) whether they are aware of the risks they are exposed to and whether it is appropriate to take them in light of their financial situation; 2) whether the operators they come into contact with are authorised to provide crypto-asset services in EU countries; 3) whether the electronic devices used for purchasing, storing or transferring are secure.

Finally, the three authorities emphasise that protection for savers in the event of losses is not as extensive as that provided for traditional financial products, for example, there are no compensation schemes.

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Consob has ordered the blackout of 13 new websites that offer financial services/financial products illegally or through which illegal services are provided. In particular, Consob ordered the black out of 5 illegal financial intermediation websites and 8 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:

• “Stockwisse” (website https://stockwiseprofit.com and pages https://clientzone.stockwiseprofit.com and https://webtrader.stockwiseprofit.com);
• “Hyper Trades” (website https://hyper-trades.pro and related page https://trade.hyper-trades.pro);
• “Arti4Trades” (websites https://arti4trades.com and https://arti4trades.net and page https://client.arti4trades.com);
• “Lirunefx” (website https://lirunefx.com and page https://client.lirunefx.com);
• “Network Capital Ltd” (website https://network-capital-partners.com and page https://web.networkcapital-partnersltd.com);
• “Lucrumiagroup.co” (website https://lucrumiagroup.co);
• “Dobibo” (website https://dbbddrb.com);
• “Jzmor” (websites www.jzmor.com, www.jzmor-it57659.com, www.jzmor-it33583.com, www.jzmor-it99518.com and www.jzmor-it52337.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 1426.

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.

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 unauthorized initiatives.

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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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• The marketing in Italy of shares in the closed-end Italian alternative investment fund 'Clessidra Private Debt Fund II' has been authorized, pursuant to Article 43, paragraph 4, of Legislative Decree 58/98, managed by Clessidra Capital Credit Sgr spa.
• Authorization granted for the marketing in Italy of shares in the closed-end Italian alternative investment fund (FIA) "Amundi Crescita Italia," pursuant to Article 43, paragraph 4, of Legislative Decree 58/98, managed by Amundi Sgr spa.
• Approval of the base prospectus relating to Eni Spa's "20,000,000,000 Euro Medium Term Note Programme for the issuance of notes with a maturity of more than 12 months from the date of original issue" aimed at institutional investors.
• Approval of the fifth supplement to the registration document of Mediobanca - Banca di Credito Finanziario Spa dated November 20, 2024, and the fifth supplement to the base prospectus dated December 18, 2024.

Order, pursuant to Article 7-octies, letter b), of Legislative Decree no. 58 of February 24, 1998 (Consolidated Law on Finance - TUF), to put an end to the violation of Article 18 of the same TUF, carried out by:

• “Stockwisse” via the website https://stockwiseprofit.com and the pages https://clientzone.stockwiseprofit.com and https://webtrader.stockwiseprofit.com (resolution no. 23697 of October 9, 2025);
• “Hyper Trades” via the website https://hyper-trades.pro and the related page https://trade.hyper-trades.pro (resolution no. 23694 of October 9, 2025);
• “Arti4Trades” via the websites https://arti4trades.com and https://arti4trades.net and the page https://client.arti4trades.com (resolution no. 23696 of October 9, 2025);
• “Lirunefx” via the website https://lirunefx.com and the page https://client.lirunefx.com (resolution no. 23695 of October 9, 2025).

Order, pursuant to Article 94(1)(h) of Regulation (EU) 2023/1114 (“MiCAR”) and Article 4(1) of Italian Legislative Decree no. 129/2024 to cease the infringement of Article 59 of the MiCAR carried out by:

• "Network Capital Ltd" via the website https://network-capital-partners.com and the page https://web.networkcapital-partnersltd.com (resolution no. 23690 of October 9, 2025);
• "Lucrumiagroup.co" via the website https://lucrumiagroup.co (resolution no. 23691 of October 9, 2025);
• “Dobibo” via the website https://dbbddrb.com (resolution no. 23692 of October 9, 2025);
• “Jzmor” via the websites www.jzmor.com, www.jzmor-it57659.com, www.jzmor-it33583.com, www.jzmor-it99518.com, and www.jzmor-it52337.com (resolution no. 23693 of October 9, 2025).

• The Head of Consob's Intermediary Supervision and Investor Protection Division accepted the request for revocation due to the express waiver by PGIM Limited of the authorization to provide investment services without an irrevocable commitment to the issuer, as referred to in Article 1, paragraph 5, letter c-bis), of Legislative Decree no. 58 of February 24, 1998. PGIM Limited remains registered in the register referred to in Article 20, paragraph 1, of the aforementioned decree with regard to the authorization, pursuant to Article 28, paragraph 6, of the same decree, relating to the provision - without holding, even temporary, of cash and financial instruments belonging to customers and without the company assuming any risks - of investment services of placement without irrevocable commitment to customers and portfolio management. The full text of Management Decision no. 145 of October 7, 2025, is available on the website www.consob.it.

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