News of the week:
Today, November 17, 2025: Digitalization, monetary system, and financial stability - Sapienza University of Rome
November 24, 2025: Artificial intelligence and public administration - Consob Auditorium, Rome
November 27, 2025 - conference "From protection to enhancement of savings - ideas, tools, and challenges for real change"
Watch for Scams! Abusive financial services: Consob blocks four websites offering illegal financial services

Consob's decisions of the week

- NEWS OF THE WEEK -

The National Commission for Companies and the Stock Exchange has organized the seminar "Digitization, monetary system, and financial stability," which will be held today, November 17, 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 on 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 program of the event is available at the link: https://www.consob.it/documents/d/asset-library-1912910/20251127_convegno_acf_sapienza.

Attendance is free, subject to the number of seats available in the hall. The event will also be accessible remotely at the following link: https://uniroma1.zoom.us/j/84576043897.

back to index

On November 24, 2025, starting at 10:00 a.m., at the Auditorium in Via Claudio Monteverdi, 35 Rome, the National Commission for Companies and the Stock Exchange will host the seminar "Artificial Intelligence and Public Administration," organized by the Network of Data Protection Officers of Independent Administrative Authorities.

The event is an important opportunity to discuss the role of Artificial Intelligence withi s of 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).

Next, the floor will be given to the discussants: Francesco Pizzetti (Professor of Constitutional Law, University of Turin); Carlo Mochi Sismondi (President of FPA); Anna Cataleta (Senior Partner, 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 program 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.

back to index

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 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.

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.

The event program is available on the website at the folloqing link: https://www.consob.it/documents/d/asset-library-1912910/convegno_20251127_acf-sapenza.

back to index

Consob has ordered the blackout of four new websites promoting or providing financial services illegally.

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), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.

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

• "EFT24" (website https://eft24.co and related pages https://my.eft24.co and https://tradingapi.chartingio.tech);
• "Nova Trade Core" (website www.novatradecore.com and related page https://platform.novatradecore.com);
• "Argusstockbrokers.com" (website https://argusstockbrokers.com and related page https://client.argusstockbrokers.com);
• "Gf-limited" (website https://gf-limited.com and related page https://user.gf-limited.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 1482.

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.

back to index

• Pursuant to Article 102, paragraph 4, of the Consolidated Law on Finance, the document concerning the voluntary public purchase offer promoted by Almaviva Spa on a maximum of 6,312,522 ordinary shares issued by Almawave Spa, representing 21.05% of the Issuer's share capital, corresponding to all outstanding shares, less the 23,670,022 shares, equal to 78.95% of the Issuer's share capital, held by the Offeror, at a price per share of €4.30 cum dividend (resolution no. 23753 of 12 November 2025).
• The period for acceptance of the total takeover bid launched by I.CO.P. Società Benefit Spa on ordinary shares issued by Palingeo Spa has been extended until 17 December 2025 (resolution no. 23748 of 12 November 2025).

• Approved the third supplement to the base prospectus of DD_A2A Spa relating to the admission to trading of a Euro Medium Term Notes programme for a total of €7 billion reserved for wholesale investors.
• Approved the registration document of Mediobanca - Banca di Credito Finanziario Spa relating to securities other than equity securities intended for retail investors.
• Approval of the sixth supplement to the base prospectus of Mediobanca - Banca di Credito Finanziario Spa dated 18 December 2024.

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:

• "EFT24" website https://eft24.co and related pages https://my.eft24.co and https://tradingapi.chartingio.tech (resolution no. 23750 of November 12, 2025);
• "Nova Trade Core" website www.novatradecore.com and related page https://platform.novatradecore.com (resolution no. 23751 of November 12, 2025);
• "Argusstockbrokers.com" website https://argusstockbrokers.com and related page https://client.argusstockbrokers.com (resolution no. 23752 of November 13, 2025);
• "Gf-limited" website https://gf-limited.com and related page https://user.gf-limited.com (resolution no. 23749 of November 12, 2025).

back to index