News of the week:
5 December 2025 - Conference on “Schools, teachers and economic and financial education: a field analysis” - Consob Auditorium, Rome
Consob invites Italian operators to participate in the European survey in view of the halving of financial transaction settlement times
Auditors' checklist on the annual financial reports of listed companies updated: information on crypto-assets added
Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

CONSOB'S decisions of the week

- NEWS OF THE WEEK -

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 No. 21/2024 and will provide an important opportunity to discuss the strategic importance of financial literacy for the country's growth.

After the opening remarks by Consob Chairman Paolo Savona and the opening of the proceedings by Edufin Committee Director Donato Masciandaro, two sessions are scheduled:

• Financial education, school, economic and civil rights, with speeches by Minister of Economy and Finance Giancarlo Giorgetti and Minister of Education and Merit Giuseppe Valditara (to be confirmed);
• Guidelines for financial education in schools, with contributions from Magda Bianco, Head of Department at the Bank of Italy, Mariacristina Rossi, Commissioner at Covip,Ida Mercanti, Secretary General at Ivass and Stefano Lombardi, Head of Economic and Financial Protection Command, Italian Financial Police.

The proceedings will be concluded by Consob Secretary General Nadia Linciano.

The event programme is available on the website at the following link: https://www.consob.it/documents/d/asset-library-1912910/convegno_rapporto_edufin_20251205.

Attendance is free of charge until the venue reaches capacity, subject to registration: https://www.consob.it/web/consob-and-its-activities/enrollments. The event will also be streamed live at the following link: https://youtube.com/live/RVPml2rrKYo.

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Consob calls on Italian financial market operators to participate in a European survey and express their views on the halving of financial transaction times across the EU.

From 11 October 2027, the time required for the settlement of these transactions will be reduced from the current T+2 regime (i.e. the exchange of money and securities relating to a financial transaction must take place within two working days after the trading date) to T+1 (the exchange must be completed within one working day). This change represents a radical shift in market infrastructure and post-trading and will require significant operational, technological and legal changes, including for intermediaries and asset managers.

Consob invites market participants, including smaller companies, to take part in the survey promoted by the Industry Committee (a committee composed of representatives of the various stakeholders concerned) in order to monitor operators' knowledge of the transition to T+1.

Wide participation in the survey is essential, not only to gain an adequate understanding of the industry's level of preparedness for the migration, but also to identify any areas that need to be focused on in the coming months.

The responses to the survey will be shared by the Industry Committee in an aggregated and anonymised form with the relevant European (ESMA and ECB) and national authorities, including Consob.

Operating instructions for participating in the survey by 19 December 2025 are available at the following link: https://survey.thevalueexchange.co/s3/25EUICT1-PwC.

Below is also a link to the Industry Committee website, where further information on T+1 is available: https://eu-t1.eu/.

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Crypto-assets are now included in the checklist that auditors must complete regarding the annual financial reports of companies with shares listed on regulated markets subject to statutory audit. Consob requires auditing firms to submit a checklist summarising the main data and information acquired during the statutory audit of the accounts, consisting of two documents: a general section and a summary table (communication no. 95002349 of 22 March 1995 and subsequent amendments and additions).

The control sheet has been updated in the section entitled “Other information” of the summary table. More specifically, a new sub-section on “Crypto-assets” has been introduced, in which the auditor is required to indicate whether the audited issuer holds positions in crypto-assets, such as cryptocurrencies, electronic money tokens and asset-linked tokens as defined by Regulation (EU) 2023/1114 (the so-called MiCAR Regulation), as well as other types of crypto-assets, even if they do not fall within the scope of that Regulation.

If the answer is affirmative, the auditor is required to indicate: 1) the percentage of the total book value of the crypto-assets held in relation to total assets; 2) the type and regulatory scope (Micar or non-Micar) of the crypto-assets held; 3) the methods of recognition and measurement of the crypto-assets held in the financial statements; 4) the presence of any information in the financial statements regarding the nature and risks associated with the positions held in crypto-assets.

The new version is already available on the Consob website, in the section “Services for operators/Interactive services/Compliance/Audit firms”.

The signatory of the audit report must submit the above form to Consob within 20 days of the date of issue of the report on the financial statements and consolidated financial statements (communication no. 12019297 of 15 March 2012).

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Consob ordered the blocking of six websites that illegally offered financial services or promoted advertising campaigns for unauthorized trading platforms.

Among the blocked sites, https://paladinoselegancia.com, through which an advertising campaign was carried out concerning an abusive brokerage platform, including through the improper reference to public figures, such as journalist Sigfrido Ranucci, host of Report on RaiTre. The other five blocked sites on which the Authority intervened were illegally offering financial intermediation services.

Consob draws investors' attention to the evolution of fraudulent practices that exploit the internet and social media to steal users' money and personal data. Today, fraudulent operators use sophisticated tools, such as cloned messages and websites, fake profiles of famous people, and content generated by artificial intelligence systems - such as images, voices, or videos - with the aim of luring investors into a trap.

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

• “Mrx Capital Trading” (website https://mrxcapitaltrading.co and related page https://trading-area.mrxwebtrading.co);
• “FtseWebTrader” (website www.ftsetradeai.com and related pages https://client.ftsetradeai.com and https://webtrader.ftsetradeai.com);
• “Aurora Trade Limited” (website https://aurora-trade.io and related page https://cfd.aurora-trade.io);
• “Horizon Options247” (website https://horizonoption247.com);
• “Aitrade24” (website https://aitrade24.net and related page https://webtrader.aitrade24.net);
• “https://paladinoselegancia.com - Bitplex”.

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 1496.

Consob reiterates the importance of exercising the utmost diligence in order to make fully informed investment choices, calling on investors to adopt common sense behaviors that are essential for safeguarding their savings: these include checking in advance, for websites offering financial services and crypto-assets, 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. The website www.consob.it has a section on its homepage entitled “Watch for Scams!”, which provides useful information to warn investors against abusive financial initiatives.

Consob 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 the  “Legge Capitali” (“Capital Law”, Law No. 21 of March 5, 2024) regarding the blocking of websites used to carry out advertising campaigns for illegal brokerage platforms. The measures adopted by Consob can be consulted on the website www.consob.it.

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

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Consob also prohibited the advertising campaign conducted through the website https://paladinoselegancia.com concerning the operation of the ‘Bitplex’ platform, which was set up in violation of Article 18 of the Consolidated Law on Finance (Resolution No. 23769 of 26 November 2025).

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• Authorisation granted for the document relating to the mandatory public purchase offer, promoted pursuant to Article 13 of the Articles of Association of Ala Spa and Articles 102 et seq. of Legislative Decree No. 58 of 1998, by Wing BidCo Spa, on 912,030 Ala Spa shares, representing 10.10% of the Issuer's share capital, at a unit price of €36.08 ex-dividend, aimed at obtaining the delisting of Ala Spa shares from Euronext Growth Milan (resolution no. 23767 of 26 November 2025).
• Authorised the document relating to the voluntary public tender offer promoted, pursuant to Articles 102 and 106, paragraph 4, of Legislative Decree no. 58 of 1998, as well as Article 12 of the Articles of Association of Eles Semiconductor Equipment Spa, by Mare Engineering Group Spa on a maximum of 14,120,629 Eles Semiconductor Equipment Spa shares, representing 68.16% of the share capital, at a unit price of €2.61. The Offer is aimed at acquiring the entire share capital of the Issuer and, if the conditions are met, at achieving the delisting of the ordinary shares from Euronext Grow Milan (resolution no. 23766 of 26 November 2025).

• Insight Investment Management (Global) Limited, based in the United Kingdom, is authorised to operate in Italy under the freedom to provide services, pursuant to Article 28, paragraph 6, of Legislative Decree No. 58 of 1998, of the investment service of portfolio management and registration of the same Company in the Register referred to in Article 20 of the same legislative decree (resolution no. 23768 of 26 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:

• Mrx Capital Trading via the internet site https://mrxcapitaltrading.co and the related page https://trading-area.mrxwebtrading.co (resolution no. 23771 of 26 November 2025).
• “FtseWebTrader” via the website www.ftsetradeai.com and related pages https://client.ftsetradeai.com and https://webtrader.ftsetradeai.com (resolution no. 23770 of 26 November 2025).
• ‘Aurora Trade Limited’ via the website https://aurora-trade.io and related page https://cfd.aurora-trade.io (resolution no. 23773 of 26 November 2025).
• ‘Horizon Options247’ via the website https://horizonoption247.com (resolution no. 23774 of 26 November 2025).
• ‘Aitrade24’ via the website https://aitrade24.net and its page https://webtrader.aitrade24.net (resolution no. 23772 of 26 November 2025).

• The Head of Consob's Issuers Supervision Division, on the basis of the provisions of Article 147-ter of Legislative Decree No. 58/1998 and Articles 144-ter et seq. of the Issuers' Regulations, 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 I Grandi Viaggi Spa, which closed its financial year on 31 October 2025 (threshold set at 2.5%). Executive decision no. 147 of 14 November 2025 is available on the website www.consob.it, accompanied by a table indicating the criteria used to determine the shareholding threshold.

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