News of the week:
Today, 24 November 2025: Artificial intelligence and public administration - Consob Auditorium, Rome
27 November 2025: Conference "From protection to enhancement of savings - Ideas, tools, and challenges for real change" - Consob Auditorium, Rome
5 December 2025 - Conference on “Schools, teachers and economic and financial education: a field analysis” - Consob Auditorium, Rome
Watch for Scams! Abusive financial services: Consob blocks 8 websites offering illegal financial services

Consob's decisions of the week

- NEWS OF THE WEEK -

Today, 24 November 2025, starting at 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 the 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 the institutional greetings from Paolo Savona, Chairman of Consob, and the 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, 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 Supervisory Authority 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, 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.

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

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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 organised the meeting 'From protection to enhancement of savings - Ideas, tools and challenges for real change", to be held on 27 November 2025, starting at 2.30 p.m., at the Consob Auditorium, Via Claudio Monteverdi, 35, Rome.

The event offers an initial 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 Finance Act 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 discuss their experiences and perspectives.

The event programme is available on the website at the following link: https://www.consob.it/documents/d/asset-library-1912910/20251127_convegno_acf_sapienza.

Attendance is free until the venue reaches capacity, subject to registration: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

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Consob, in collaboration with Edufin Committee (the Committee for the Planning and Coordination of Financial Education Activities), has organised a conference entitled ‘Schools, teachers and economic and financial education: a field analysis’, to be held on 5 December in Rome, from 10 a.m. to 12.30 p.m., at the Consob Auditorium in Via Claudio Monteverdi, 35 - Rome.

The event will present the results of the first ‘Report on financial education in Italian schools’ in accordance with Law 21/2024 and will provide an important opportunity to discuss the strategic importance of financial literacy for the country's growth.

After an opening address by Consob Chairman Paolo Savona, the Director of the Edufin Committee, Donato Masciandaro, will introduce the proceedings. The event will be divided into two sessions, during which senior representatives of state institutions and market supervisory authorities will take turns as speakers. The morning will conclude with a speech by Consob Secretary General Nadia Linciano.

The detailed programme of the event will be announced shortly. Attendance is free of charge until the venue reaches capacity, subject to registration: http://www.consob.it/web/area-pubblica/iscrizione-seminari. The event will also be streamed live at the following link: https://youtube.com/live/RVPml2rrKYo.

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Consob has ordered the blackout of 8 new websites that offer financial services/financial products illegally or through which services are unlawfully provided for crypto-assets: 3 illegal financial intermediation websites, 1 website through which an offer of financial products is carried out in the absence of a prospectus and 4 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:

• "Forex Elite Academy Limited - Trade and Merchant Trust Limited" (website https://eliteforex.co and related page https://my.eliteforex.co);
• "Nexus500" (website www.nexus500.net);
• "Aventus Consultancy Ltd" (website https://avenconsultancy.com);
• "Venture Capital Funds Limited" (website www.venture-funds.ltd);
• "Niufo" (website www.niufo.co);
• "AlphaCapital" (websites https://alpha-capital.finance and related page https://cfd.alpha-capital.finance);
• "Cryptoin24" (websites https://cryptoin24.io, https://cryptoin24.com and related pages https://clients.cryptoin24.com and https://trading.cryptoin24.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 1490.

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, 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 abusive initiatives.

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Consob has also suspended for a period of 90 days, pursuant to Article 99, paragraph 1, letter b) of the Consolidated Law on Finance, the offer to the public residing in Italy concerning the ‘Plans’ named ‘Novice’, ‘Amatoriale’, ‘Promo’, ‘Premium’ and ‘Ultimo’ promoted by Venture Capital Funds Limited, including through the website www.venture-funds.ltd, in violation of Article 94-bis of the (Resolution No. 23758 of 20 November 2025).

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• Approval of the base prospectus of Snam Spa relating to the admission to trading of a Euro Medium Term Notes programme for a total of €15 billion reserved for wholesale investors.
• Approval of the supplement to the registration document of Banca Sella Holding Spa relating to securities other than equity securities intended for retail investors.
• Approval of the base prospectus relating to a programme for the listing of retained covered bonds issued by Iccrea Banca Spa and guaranteed by Iccrea Covered Bond 2 Srl.

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, carried out by:

• “Forex Elite Academy Limited - Trade and Merchant Trust Limited” through the website https://eliteforex.co and the related page https://my.eliteforex.co (Resolution no. 23760 of 20 November 2025);
• ‘Nexus500’ through the website internet www.nexus500.net (resolution no. 23761 of 20 November 2025);
• ‘Aventus Consultancy Ltd’ through the website internet https://avenconsultancy.com (resolution no. 23759 of 20 November 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 carried out by:

• ‘Niufo’ through the website www.niufo.co (Resolution no. 23764 of 20 November 2025);
• ‘AlphaCapital’ through the websites https://alpha-capital.finance and the related page https://cfd.alpha-capital.finance (Resolution no. 23763 of 20 November 2025);
• ‘Cryptoin24’ through the websites https://cryptoin24.io, https://cryptoin24.com and related pages https://clients.cryptoin24.com and https://trading.cryptoin24.com (resolution no. 23762 of 20 November 2025).

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