News of the week:
Save the date - 17 November 2025: Digitalisation, monetary system and financial stability - Sapienza University of Rome
Save the date - 24 November 2025: Artificial intelligence and public administration - Consob Auditorium, Via Claudio Monteverdi, 35, Rome
Watch for Scams! Abusive financial services: Consob blacks out 17 abusive websites

Commission decisions

- NEWS OF THE WEEK -

Consob has organised a seminar entitled 'Digitalisation, monetary system and financial stability', which will be held on 17 November 2025 from 4pm to 6pm at Sapienza University of Rome - Faculty of Economics, Via del Castro Laurenziano, 9 - Rome.

The event will focus on issues related to the development of new digital technologies and their implications for the monetary system, the economy and financial markets.

Following the keynote speech by Consob Chairman Paolo Savona, dedicated to the topic of a possible international monetary duopoly and its implications for the economy and financial markets, the seminar will feature the presentation and discussion of two academic studies on competition between stablecoins and central bank digital currency and the evolution of cross-border finance.

The detailed programme of the event and how to participate will be announced shortly. The event will also be accessible remotely and the relevant link will be communicated together with the programme.

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On 24 November 2025, from 10:00 a.m., at the Auditorium in Via Claudio Monteverdi, 35 Rome, Consob will host the seminar 'Artificial Intelligence and Public Administration', organised by the Network of Data Protection Officers of Independent Administrative Authorities.

The event is an important opportunity to discuss the role of Artificial Intelligence within Public Administration, also in light of recent national legislation, and the need to identify shared strategies for the ethical and responsible development of related applications, in order to balance innovation and the protection of fundamental rights.

After institutional greetings from Paolo Savona, President of Consob, and an introduction by Paola Cardillo, coordinator of the network, the following speakers will take the floor: Pasquale Stanzione (President of the Italian Data Protection Authority); Mario Nobile (Director General of the Agency for Digital Italy – Agid); Bruno Frattasi (Prefect, Director General of the Agency for National Cybersecurity – Acn); Father Paolo Benanti (President of the Commission on AI for Information of the Presidency of the Council of Ministers, Member of the United Nations New Artificial Intelligence Advisory Board and Professor at the Pontifical Gregorian University); Corrado Giustozzi (Senior Cybersecurity Strategist, lecturer at the Campus Bio-Medico University, member of the Authority for Supervision and Guarantees in Public ICT Services) of the Republic of San Marino).

The floor will then be given to the discussants – Francesco Pizzetti (Professor of Constitutional Law at the University of Turin); Carlo Mochi Sismondi (President of FPA); Anna Cataleta (Senior Partner at P4I); Rocco Panetta (President of Panetta Consulting Group); Giuseppe Francesco Italiano (Professor of Computer Science at Luiss Guido Carli University) – for comments and questions to the speakers.

The event programme is available on the website at the following link: https://www.consob.it/documents/d/asset-library-1912910/20251124_networkrpd.

In-person participation is by invitation only.  The event will also be streamed at the following link: https://www.youtube.com/live/lw52nkzWRSQ.

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Consob has ordered the blackout of 17 new websites through which services relating to financial instruments are unlawfully offered or services relating to crypto-assets are unlawfully provided. In particular, Consob ordered the black out of 7 illegal financial intermediation websites and 10 websites through which illegal services for crypto assets are provided.

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019), relating to the black-out of websites 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:

• “Activ Markets” (websites https://activ-markets.com and https://activma.org and related pages https://client.activ-markets.com and https://webtrader.acmarkets-webtraderplatform.com);
• “Geneveinves” (website www.geneveinves.com);
• “NordaLeur” (website www.nordalueur.com and related page https://webtrader.tplatform-cengine.com);
• “Soria Limited” (website https://soria-limited-ltd.com and related page https://inv.sorialimited.com);
• “Mrx Capital Trading” (website www.mrxcapitaltrading.com and related page https://trading-area.mrxwebtrading.com);
• “Gradiopexo” (website https://gradiopexo.com and related page https://webtrader.expedit-snow.com);
• “Ryr888” (website https://ryr888.it);
• “Dfh258” (website https://dfh258.it);
• “Dxz175” (website https://dxz175.it);
• “Jmy999” (website https://jmy999.it);
• “Dsg158” (website https://dsg158.it);
• “Wes218” (website https://wes218.it);
• “Gjg258” (website https://gjg258.it);
• “Cfsd123” (website https://cfsd123.it);
• “R4Mox” (website https://r4mox.it);
• “Dfg789” (website https://dfg789.it).

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 1460.

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 behaviours, essential to safeguard their savings: these include prior verification, for websites offering financial services and crypto-assets, that the operator through which the investment is made is authorized and, for offers of financial products and crypto-assets, that 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 unauthorized initiatives.

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• Approval of the document referring to the mandatory public tender offer promoted, pursuant to Articles 102 et seq. of Legislative Decree No. 58 of 1998, by Icop Spa Società Benefit on a maximum of 2,706,060 ordinary shares of Palingeo, equal to all outstanding shares, minus the 4,275,000 shares held by Icop, at a price of €6.00 per share (resolution no. 23714 of 22 October 2025).

• Approved the second supplement to the Iccrea Banca Spa registration document relating to the offer of securities other than equity securities to retail investors, dated 5 December 2024.
• Approval of the information note relating to the programme for the offering and/or listing of structured bonds with digital options and structured bonds with European call options, issued by Mediobanca – Banca di Credito Finanziario Spa.
• Approval of the Supplement to the Prospectus for the public offering and admission to trading of the 'IPI Variable Rate 2025-2032' bond on the Mercato Telematico delle Obbligazioni (MOT), organised and managed by Borsa Italiana Spa.
• Authorisation granted for the marketing in Italy of units in the non-reserved closed-end feeder alternative investment fund (FIA) “Eurizon FIA Futuro Italia”, pursuant to Article 44 of Legislative Decree 58/1998, managed by Eurizon Capital Sgr Spa.

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

• 'Activ Markets' through the websites https://activ-markets.com and https://activma.org and related pages https://client.activ-markets.com and https://webtrader.acmarkets-webtraderplatform.com (Resolution No. 23719 of 22 October 2025);
• "Geneveinves" through the website www.geneveinves.com (resolution no. 23718 of 22 October 2025);
• “NordaLeur” (website www.nordalueur.com and related page https://webtrader.tplatform-cengine.com (resolution no. 23720 of 22 October 2025);
• “Soria Limited” (website https://soria-limited-ltd.com and related page https://inv.sorialimited.com (resolution no. 23722 of 22 October 2025);
• “Mrx Capital Trading” (website www.mrxcapitaltrading.com and related page https://trading-area.mrxwebtrading.com (resolution no. 23721 of 22 October 2025);
• “Gradiopexo” (website https://gradiopexo.com and related page https://webtrader.expedit-snow.com (resolution no. 23723 of 22 October 2025).

• Order, pursuant to Article 94(1)(h) of Regulation (EU) 2023/1114 ("MiCAR") and Article 4(1) of Legislative Decree No. 129/2024, to put an end to the violation of Article 59 of MiCAR committed by: "Ryr888" (website https://ryr888.it); "Dfh258" (website https://dfh258.it); "Dxz175" (website https://dxz175.it); “Jmy999” (website https://jmy999.it); “Dsg158” (website https://dsg158.it); “Wes218” (website https://wes218.it); “Gjg258” (website https://gjg258.it); “Cfsd123” (website https://cfsd123.it); “R4mox” (website https://r4mox.it); “Dfg789” (website https://dfg789.it (resolution no. 23724 of 22 October 2025).

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