Weekly newsletter year XXXI, No. 40, 10 November 2025 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
New action by Consob against websites that improperly exploited the image and references to Prime Minister Giorgia Meloni and Minister of Economy Giancarlo Giorgetti to illegally offer and advertise investment services and activities - A total of 14 websites blacked-out
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, Rome
Save the date - 27 November 2025: Conference "From protection to enhancement of savings - Ideas, tools, and challenges for real change" - Consob Auditorium, Rome
Managed portfolios and deposits at their highest levels in mid-2025 - The latest Consob Bulletin provides a snapshot of the volume of financial instruments in the portfolios and deposits of supervised intermediaries
List of Board Members, Consob gives green light to regulatory changes
Consob's decisions of the week
N.B. measures adopted by Consob are published in the electronic Bulletin and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.
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- NEWS OF THE WEEK -
New intervention by Consob to black-out “clone sites” spreading counterfeit videos, apparently referring to Prime Minister Giorgia Meloni and Minister of Economy Giancarlo Giorgetti.
The blocking (resolutions no. 23739 of 5 November 2025) referred to the website https://avenixio-invest.com (in addition to the websites https://avenixio.com, https://avenixio.org, https://avenixio.it, https://avenixio.vip), which ‘cloned’ the image of Prime Minister Meloni, and the website https://tegsub.com, which replicated that of Minister Giorgetti to promote the ‘Avenixio’ online trading platforms.
In particular, by means of a modus operandi already disclosed in recent months (with the relevant measures adopted in May and October 2025), the ‘clone’ of the Minister publicized investment services provided through abusive trading platforms through fake interviews apparently given to leading television programs.
Consob's intervention - to protect investors and institutional figures who were unduly involved, despite being completely unrelated to the matter - was carried out by exercising the powers deriving from the “Growth Decree” (converted by Law No. 58 of 28 June, 2019) and the “Capital Law” (No. 21 of 5 March, 2024).
At the same time, Consob also blacked-out 8 other websites for illegal financial intermediation activities.
Below are the websites that Consob has ordered to be blacked-out:
- “D2XMarkets” (website https://d2xmarkets.com and related pages https://clientzone.d2xmarkets.com and https://wt.d2xmarkets.com);
- “Easy MarketsEU Limited” (website https://easymarketscfd.org and related pages https://panel.mxd23.com, https://trading.mxd23.com);
- VT Markets Limited (website www.vtmarkets-it.net and related page https://myaccount.vtmarkets-it.net);
- FPM Trading (website https://fpmtrading.com and related page https://portal.fpmtrading.com);
- “ITALGO.AI” (website https://italgo.ai and related page https://app.italgo.ai);
- “Comgestfx” (website https://comgestfx.com.com and related page https://my.plat4mxm.com);
- “Progestrade” (website https://progestrade.com and related page https://client.progestrade.com);
- “Renaitech AI” (website https://premiumrenaitech-ai.vip and related page https://app.premiumrenaitech-ai.vip).
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 1478.
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, 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 unauthorized initiatives.
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Consob also prohibited the advertising campaign conducted through the website https://tegsub.com and the social media page https://www.facebook.com/people/Alessandra-Sardoni/61572174448984 concerning the operation of the ‘Avenixio’ platform, in violation of Article 18 of the Consolidated Law on Finance (Resolution No. 23738 of 5 November 2025).
Consob has organised a seminar entitled 'Digitalisation, monetary system and financial stability', which will be held on 17 November 2025 from 4:00 p.m. to 6:00 p.m. 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.
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.
The Financial Disputes Arbitrator, in collaboration with Sapienza University of Rome, Faculty of Economics, and the National Association for the Study of Credit Problems (Anspc), has organized the meeting "From protection to enhancement of savings - Ideas, tools, and challenges for real change" to be held on November 27, 2025, starting at 2:30 p.m., at the Consob Auditorium, Via Claudio Monteverdi, 35, Rome.
The event is an important first opportunity to discuss issues related to channelling savings towards productive investments in order to promote economic growth, with particular reference, at European level, to the project to relaunch and develop the Union's financial structure - the Saving and Investment Union (SIU) - and, at national level, to the reform of the Consolidated Law on Finance currently being implemented.
The proceedings will be opened by the Chairman of Consob, Paolo Savona, and the Dean of the Faculty of Economics, Sapienza University of Rome, Giovanni Di Bartolomeo.
This will be followed by a round table discussion in which representatives from the institutional and academic worlds will exchange views on their experiences and prospects.
The event programme is available on the website at the following link: https://www.consob.it/documents/d/asset-library-1912910/convegno_20251127_acf-sapenza.
Attendance is free until the venue reaches capacity, subject to registration: https://www.consob.it/web/consob-and-its-activities/enrollments.
The volume of financial instruments in portfolios and deposits held by supervised intermediaries continues to grow. As at 30 June 2025, the total value reached a new peak of €4,220 billion, up 3.7% from €4,068 billion at the end of December 2024.
This is according to the latest Statistical Bulletin on Intermediaries, published by Consob. The mid-2025 figure is the highest since the Italian financial markets regulator began collecting data in 2010.
Growth is mainly driven by Italian equities (+6.2%), Italian government bonds (+3.2%) and investment funds (+3%).
In the first half of 2025, investment services also increased. In particular, compared to the first half of 2024, proprietary trading (+24.8%), the placement of financial instruments (+11.8%) and order execution (+6.8%) all rose. Gross premiums for insurance products with financial content grew strongly (+24.2%), driven by unit-linked policies (+26.1%). On the other hand, the receipt and transmission of orders declined slightly (-3%).
The positive trend also affected assets under management by supervised intermediaries, which rose to €1,641 billion at the end of June 2025 (+1.2% compared to the end of 2024). Growth was sustained by individual asset management (+1.4%) and Italian open-ended funds (+1.7%), which recorded total inflows of €8.6 billion in the first half of the year. The boost came in particular from bond funds (+€10.6 billion) and money market funds (+€1.9 billion), which more than offset outflows from equity, flexible and speculative funds.
Despite a general increase in the volume of activities related to financial intermediation services, profits for asset management companies (SGRs) and investment firms (SIMs) declined. SGRs closed the first half of 2025 at 823 million, down 31 million compared to the same period last year. The increase in net commissions (85 million) did not offset the growth in operating costs (41.1 million) and taxes (9.3 million). The situation was the same for SIMs: net profits of 54.4 million were down by approximately 7 million, again due to the increase in operating costs (+19.3 million) and the reduction in net commissions (-1.6 million). For asset management companies, the overall picture remains solid, despite a slight decline in profits, while for SIMs, the balance sheet indicators point to a more variable and less favourable efficiency and profitability profile.
Consob gives green light to amendments to the Issuers' Regulations (Resolution No. 23725 of 29 October 2025 - Explanatory report on the results of the second consultation) concerning the submission of lists by outgoing boards of directors, in implementation of the provisions of the Consolidated Law on Finance (TUF) introduced by the Capital Law.
The regulatory changes were adopted at the end of a decision-making process that went through two stages of consultation with the market. The second consultation, like the first, attracted considerable interest from operators. In light of the need that emerged to clarify the scope and extent of the regulatory powers delegated by the TUF to the Authority only in general terms, Consob obtained an interpretative opinion from the Council of State.
Following the above process, the Issuers' Regulation intervenes, in particular, on the second vote on individual candidates required if the list of the Board of Directors obtained the highest number of votes in the first vote, as well as on the allocation of seats on the board to minority shareholders in the case provided for in Article 147-ter.1, paragraph 3, letter b) of the TUF.
The new provisions will enter into force on the day following their publication in the Official Gazette of the Italian Republic.
- Gcm Investments Uk Llp, based in the United Kingdom, is authorised, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, to provide, under the freedom to provide services in Italy, to professional clients, as identified pursuant to Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a), of the same Consolidated Law on Finance, the investment service of portfolio management, referred to in Article 1, paragraph 5, letter d), of the TUF, with the following operating procedures: without holding, even temporarily, the cash and financial instruments of clients. Gcm Investments Uk Llp is registered in the section for third-country firms other than banks in the Register referred to in Article 20 of the TUF and is authorised to operate in Italy in accordance with the provisions applicable to third-country investment firms pursuant to the TUF and is subject to the supervisory regime provided for therein for such operations (Resolution No. 23737 of 5 November 2025).
- Ggc Securities Ltd, based in the United Kingdom, is authorised, pursuant to Article 28, paragraph 6, of the TUF, to carry out, under the freedom to provide services in Italy, in relation to professional clients and qualified counterparties, as identified pursuant to Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a), of the same TUF, investment services of placement without irrevocable commitment to the issuer, reception and transmission of orders and investment advice, as referred to in Article 1, paragraph 5, letters c-bis), e) and f), of the same decree, with the following operating methods: without holding, even temporarily, the cash and financial instruments of clients. Ggc Securities Ltd is registered in the section for third-country firms other than banks in the Register referred to in Article 20 of the TUF and is authorised to operate in Italy in accordance with the provisions applicable to third-country investment firms under the TUF and is subject to the supervisory regime provided for therein (Resolution No. 23736 of 5 November 2025).
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:
- “D2XMarkets” through the website https://d2xmarkets.com and related pages https://clientzone.d2xmarkets.com and https://wt.d2xmarkets.com (Resolution No. 23741 of 5 November 2025);
- “Easy MarketsEU Limited” through the website https://easymarketscfd.org and related pages https://panel.mxd23.com, https://trading.mxd23.com (resolution no. 23747 of 5 November 2025);
- Vt Markets Limited via the website www.vtmarkets-it.net and related page https://myaccount.vtmarkets-it.net (resolution no. 23746 of 5 November 2025);
- Fpm Trading via the website https://fpmtrading.com and the related page https://portal.fpmtrading.com (resolution no. 23745 of 5 November 2025);
- “Italgo.Ai” via the website https://italgo.ai and the related page https://app.italgo.ai (resolution no. 23744 of 5 November 2025);
- “Comgestfx” via the website https://comgestfx.com.com and its page https://my.plat4mxm.com (resolution no. 23743 of 5 November 2025);
- “Progestrade” via the website https://progestrade.com and its page https://client.progestrade.com (resolution no. 23742 of 5 November 2025);
- ‘Renaitech Ai’ via the website https://premiumrenaitech-ai.vip and the related page https://app.premiumrenaitech-ai.vip (resolution no. 23740 of 5 November 2025).
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Ilaria Fabbiani, Michele Baccinelli (coordinators), Pasquale Munafò, Laura Ferri, Claudia Amadio, Alfredo Gloria, Luca Cecchini, Chiara De Felice - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.