News of the week:
Finanza e cultura: President Savona speaks at the Catania Festival
Financial reports of listed companies and ESG reports - Consob will follow the supervisory priorities for 2025 set out by ESMA
"Cloned" politicians and illegal services on crypto-assets and financial instruments - Meloni, Salvini, Schlein, and Calenda: Consob blocks three websites promoting scam ads - Further 14 irregular web addresses also blocked

Consob's decisions of the week

- NEWS OF THE WEEK -

Today's financial system has become very complex and presents us with new challenges, including “changes in the international monetary system and the implications for geopolitical balances”. This was stated by Consob Chairman Paolo Savona, speaking at the Cultura Finanziaria Festival in Catania.

In a constantly changing environment, ‘the European Union is focusing on the digital euro and the regulation of crypto and tokenised assets. All countries are studying how to implement this transformation, but none are looking in depth at the consequences, especially of the multiplicity of international monetary and financial regimes’.

President Savona then reiterated one of the messages contained in his speech in June to the financial market, in which he called for a new financial supervisory framework that also takes into account the development of digital currency markets. ‘The regulatory treatment of finance should be unified,’ he stressed, ‘breaking with the current trend of creating one set of rules for financial instruments and another for virtual instruments.’

The full speech is available at the following link: https://www.consob.it/documents/d/asset-library-1912910/intervento_savona_20251017.

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Here are the key areas under scrutiny:

1. with regard to financial statements, geopolitical risks and uncertainties, and operating sectors;
2. with regard to sustainability reporting, “materiality” assessments, scope and structure;
3. the most common errors in financial statements prepared in electronic format (ESEF).

ESMA, the European Securities and Markets Authority, which regulates and supervises financial markets in EU countries, sets its supervisory priorities for company reporting each year.

In doing so, ESMA draws the attention of companies, internal control bodies and auditors to the need to maintain high standards of quality in corporate reporting, with particular reference to the areas identified as priorities, ensuring consistency, transparency and compliance with current regulations.

National authorities, in Italy's case Consob, should take this into account in their supervisory activities. Consob has indicated on its website that it will consider them in its activities.

In particular, companies should pay attention to representing:

• how geopolitical factors, such as wars, international tensions or energy crises, affect economic, financial and equity results
• the specific performance of the various sectors of activity
• the method used to identify the most significant ESG (Environmental, Social, Governance) issues and the related results for sustainability reporting
• the scope of reporting and the structure of sustainability information, also illustrating the connections with other parts of the financial statements.

In addition, ESMA recommended:

• ensuring consistency between financial reporting and sustainability reporting
• taking into account changes to international accounting standards that will become effective from 1 January 2026
• consistency over time in the definitions and calculation of alternative performance indicators.

Finally, ESMA also published a data collection exercise on the 2024 corporate sustainability reporting practices adopted by European issuers based on the first set of European Sustainability Reporting Standards (ESRS Set 1) (https://www.esma.europa.eu/document/2025-ecep-package).

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They "cloned" the faces and voices of well-known politicians to illegally offer services for crypto-assets and investments. Consob ordered the black out of three websites that used scam ads to promote the initiatives of entities not authorized to provide investment and crypto-asset services, leveraging the notoriety of leading figures in the Italian institutional world, such as Prime Minister Giorgia Meloni, Deputy Prime Minister Matteo Salvini, and Elly Schlein and Carlo Calenda, who were completely unconnected with the matter.

Specifically, following the measures already implemented, the Authority prohibited promotional activities on the websites https://it-more.culinaryjoy.sbs, https://ayquozeber.com, and https://cyberirfy.icu, which promoted online platforms through which crypto-asset or investment services were provided illegally.

The Commission also ordered the black out of a further 14 websites that were illegally offering the same services. Specifically, the blocked sites are as follows:

• "InvestiumGroups" (website https://investiumgroupsltd.com and pages https://client.investiumgroupsltd.com);
• "Protradealliance" (website https://protradealliance.com);
• "Aureo Flowdex" (website https://aureo-flowdex.com);
• "Servelius" (website https://servelius.com and page https://webtrader.glarings-armorier.com);
• "BrokerageAI" – "it-more.culinaryjoy.sbs" (website https://brokerageai.org, related pages https://client.brokerageai.org and https://webtrader.brokerageai.org, and promotional website https://it-more.culinaryjoy.sbs);
• "ZZCoin" (website https://zzcoingy.com);
• "Ofuyc" (websites www.ofuyc.com, www.ofuyc-32516it.com, www.ofuyc-55337it.com, www.ofuyc-23166it.com, www.ofuyc-33111it.com, and www.ofuyc-83255it.com);
• "Veltrixmax-invest.com" – "Ayquozeber.com" (website https://veltrixmax-invest.com and promotional website https://ayquozeber.com);
• "Orolonix-invest.com" – "Cyberirfy.icu" (website https://orolonix-invest.com and promotional website https://cyberirfy.icu).

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 1443.

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.

The measures adopted by Consob can be consulted on the website www.consob.it .

Internet connectivity providers operating in Italy are currently working to block access to the websites. For technical reasons, it may take a few days for the block to take effect.

Consob draws investors' attention to the importance of exercising the utmost diligence in order to make fully informed investment choices, adopting common sense behaviours that are essential for safeguarding their savings: among these, for websites offering investment and crypto-asset services, prior verification that the operator through which you are investing is authorized and, for offers of financial products and crypto-assets, that the prospectus or white paper has been published.

To this end, Consob reminds investors that the homepage of the website www.consob.it features a section entitled "Watch for Scams!" which provides useful information to warn investors against abusive financial initiatives.

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• The registration document and information note relating to the offer programme for Cash Collect, Equity Protection and Twin Win certificates issued by Banca Sella Holding Spa have been approved.
• Approved the fifth supplement to the registration document of Mediobanca – Banca di Credito Finanziario Spa, dated 20 November 2024, and the fifth supplement to the base prospectus, dated 18 December 2024.

Pursuant to Article 70, paragraph 2, of Legislative Decree No. 58/1998 (‘Tuf’), authorisation has been granted for the extension of the operations in Switzerland of the markets managed by Borsa Italiana Spa, with the clarification that this authorisation is granted for access by banks (other than ‘private bankers’ as defined in Article 1 of the Swiss Banking Act of 1934), investment firms (within the limits of the authorisation to provide trading services/activities, on their own behalf or on behalf of Swiss clients), and collective asset managers.

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:

• "InvestiumGroups" website https://investiumgroupsltd.com and pages https://client.investiumgroupsltd.com (resolution no. 23707 of October 15, 2025);
• "Protradealliance" website https://protradealliance.com (resolution no. 23709 of October 15, 2025);
• "Aureo Flowdex" website https://aureo-flowdex.com (resolution no. 23711 of October 15, 2025);
• "Servelius" website https://servelius.com and page https://webtrader.glarings-armorier.com (resolution no. 23712 of October 15, 2025);
• "BrokerageAI" – "it-more.culinaryjoy.sbs" website https://brokerageai.org, related pages https://client.brokerageai.org and https://webtrader.brokerageai.org and promotional website https://it-more.culinaryjoy.sbs - (resolutions nn. 23710 and 23708 of October 15, 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:

• "ZZCoin" website https://zzcoingy.com (resolution no. 23704 of October 15, 2025);
• "Ofuyc" websites www.ofuyc.com, www.ofuyc-32516it.com, www.ofuyc-55337it.com, www.ofuyc-23166it.com, www.ofuyc-33111it.com, and www.ofuyc-83255it.com (resolution no. 23701 of October 15, 2025);
• "Veltrixmax-invest.com" – "Ayquozeber.com" website https://veltrixmax-invest.com and promotional website https://ayquozeber.com (resolutions nn. 23710 and 23705 of October 15, 2025);
• "Orolonix-invest.com" – "Cyberirfy.icu" website https://orolonix-invest.com and promotional website https://cyberirfy.icu (resolutions nn. 23702 and 23706 of October 15, 2025);

The Head of Consob's Issuers Supervision Division, on the basis of the provisions of Article 147-ter of the Consolidated Law on Finance and Articles 144-ter et seq. of Regulation No. 11971/1999 and subsequent amendments and additions" (Issuers Regulation), has determined the minimum shareholding required for the submission of lists of candidates for the election of the administrative and control bodies of the company Abitare In Spa, equal to 4.5%. The full text of executive decision no. 146 of 13 October 2025 is available on the website www.consob.it.

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