News of the week:
Consob warns investors: beware of fraud attempts via fake emails containing illegal references to the Authority - Ten abusive websites blocked and requested to remove a mobile app used to provide illegal financial services: one more case of misuse of Prime Minister’s Giorgia Meloni image
Sustainable finance, pay attention to overconfidence in one's own assessment abilities - Consob publishes a Research Paper on the behaviour of Italian retail investors and the role of financial advice on Esg issues
How is sustainable finance changing in Europe? How are Italy and France responding? Sustainable Finance Working Paper No. 6/2025 published
Update of the TIBER-IT National Guide
Updated list of Italian financial conglomerates as at 31 December 2024

Consob's decisions of the week

- NEWS OF THE WEEK -

Non-existent transfers of funds from foreign accounts or unfounded obligations arising from Brexit: beware of fraud attempts via fake emails with fictitious Consob addresses. The Authority has published a Warning to alert investors to fraudulent initiatives by subjects who, fraudulently posing themselves as Consob officials, send emails from email accounts in appearance linked to the Commission. Their aim is to induce investors to pay sums of money to benefit from alleged ‘debt recovery’ services or to ‘unblock’ phantom funds or crypto assets.

Furthermore, as part of its efforts to combat financial abuse, Consob has ordered the blocking of a total of 10 websites.

In particular, 6 websites that illegally provided investment services and activities on financial instruments were blacked out, as well as one website that promoted an unauthorized trading platform through the improper use of references and images of public figures known to the Italian public, specifically Prime Minister Giorgia Meloni and journalist Sigfrido Ranucci. Below is a list of the websites that have been ordered to be blacked out:

• “FXInvest” (website https://fxinvest.co and related page https://client.fxinvest.co);
• “ICCTRADES” (website https://icctrades.com and related page https://client.icctrades.com);
• “FortivestTrade” (website www.fortivesttrade.org);
• “Vorenixio” (website https://vorenixio.pro);
• “Eurotradecfd” (website https://eurotrade24-cfds.com and related page https://client.eurotrade24-cfds.com);
• Morgan Capital Ltd – “huriyettdaily.news” (website https://morgancapital.io and related page https://cfd.morgancapital.io and linked advertising website https://huriyettdaily.news).

In addition, Consob ordered the blocking of 3 websites through which crypto-asset services were being provided illegally:

• “Druvaxio” (website https://druvaxio-invest.com);
• “Lucrumiagroup” (websites https://www.lucrumiaofficial.co and https://www.lucrumiamode.co, with related pages https://wap.lucrumiaofficial.co and https://wap.lucrumiamode.co).

This brings the total number of websites blocked by Consob since July 2019, when the Authority was given the power to order the blocking of websites of abusive financial intermediaries, to 1.517.

Finally, Consob asked Apple to remove from its distribution platform in Italy the mobile app linked to ‘Eurotradecfd,’ named ‘DataShark GT’: an application through which financial services were offered illegally.

The Authority has exercised the powers deriving from the ‘Growth Decree’ to block the websites of abusive financial intermediaries, those introduced by the ‘Capital Law’ relating to the blocking of websites used to carry out advertising campaigns for abusive intermediation platforms, as well as the powers provided for by MiCAR (EU Regulation and Legislative Decree No. 129/2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without due authorization.

The measures adopted by Consob are available on the website www.consob.it. The blocking of websites by providers is currently underway.

It is important that savers exercise the utmost diligence in making fully informed investment choices, adopting 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 financial and crypto-asset product offerings, that the prospectus or white paper has been published.

Consob also draws attention to the evolution of deceptive practices that exploit the internet to steal users' money and personal data: there has been an increase in the use of new tools, such as email messages and ‘cloned’ websites, fake profiles of politicians and celebrities, and content generated using artificial intelligence systems - such as images, voices, or videos - with the aim of inducing savers to make harmful investment choices.

To this end, Consob reminds investors that its website features a section entitled “Watch for Scams!” which provides useful information to warn investors against abusive financial initiatives.

back to index

Information and expertise are key elements in encouraging investors to choose sustainable products and promoting the Esg (Environmental, Social, Governance) transition. However, overconfidence in one's own knowledge of sustainability can lead to uninformed investment choices by savers.

The Research Paper ‘Retail investors and sustainable finance’, published by Consob, shows that greater access to information on sustainable finance increases both knowledge of sustainable products and the risk of overconfidence in investors' perception of their expertise.

For this reason, the authors - Francesco Corielli and Francesco Saita of Bocconi University, Daniela Costa and Monica Gentile of Consob's Research and Regulation Division - have highlighted the need for a regulatory and information framework that not only improve  investors' knowledge but also considers the possible bias associated with overconfidence.

Finally, according to the study, which is based on data collected by Consob for the “Report on the investment choices of Italian households”, financial advice can have a positive impact on Esg investment choices. Indeed, the propensity to invest in sustainable assets is strongly correlated with whether the advisor proactively asks about sustainability preferences or provides information on sustainable products, particularly when this is done on the advisor’s own initiative.

back to index

The new Consob Sustainable Finance Working Paper, ‘Legal systems in comparison’, is now online. It analyses the impact of the main European regulations on sustainability, corporate governance and the duties of directors in the two legal systems.

The study examines:

• the evolution of the European framework for sustainability reporting, value chain due diligence, classification of eco-sustainable activities and green bonds;
• how these measures affect corporate organisation, ESG risk management and directors' responsibilities;
• the increasingly central role of supervisory authorities, such as Consob and the French AMF, in ensuring transparency, comparability and quality of governance data;
• a comparison between Italian and French practices in implementing European regulations.

Two key elements emerge:

• European sustainability objectives remain unchanged, even as steps are taken to simplify the obligations placed on companies;
• the sustainable transition requires the joint contribution of companies, investors, operators and civil society.

back to index

The financial sector is a prime target for cyber threats due to the intense digitalization of business models and services, as well as to its wide-ranging and increasing interconnections. Among the tools adopted by the authorities and market participants to strengthen defence capabilities, advanced cybersecurity tests - known as Threat-Led Penetration Testing (TLPT) - play a crucial role for individual financial entities and the financial system as a whole.

Banca d'Italia, CONSOB and IVASS have been promoting these tests on a voluntary basis since 2022 and have jointly adopted the TIBER-IT National Guide, in line with the ECB's harmonized TIBER-EU framework.

As of January 2025, Regulation (EU) 2022/2554 (DORA) is applicable, requiring certain financial entities - identified by the authorities based on their importance for the financial sector - to carry out TLPT regularly. These provisions are further detailed in Commission Delegated Regulation (EU) 2025/1190 of 13 February 2025 (RTS on TLPT). The European TIBER-EU framework was also updated in January 2025 to reflect these changes.

In this context, Banca d'Italia, CONSOB and IVASS have updated the TIBER-IT National Guide to align it with DORA, the Regulatory Technical Standards (RTS) on TLPT, and the revised TIBER-EU framework. The Guide now serves as the reference framework for both mandatory tests under DORA and voluntary tests. To conduct these tests, entities should refer to DORA, the RTS on TLPT, TIBER-EU, and the related supporting documents, which are all referenced in the Guide (see Joint Communication by Banca d'Italia, CONSOB and IVASS on the update of the TIBER-IT National Guidance (dated December 2025).

The Guide is addressed primarily to financial entities within the scope of DORA, as implemented in Italy by Legislative Decree 23/2025.

back to index

Based on the provisions of the Memorandum of understanding entered into on 10 February 2025, , Consob, the Bank of Italy and IVASS have updated the list of Italian financial conglomerates i.e. groups of companies under common control whose exclusive or predominant activities consist of providing significant services in at least two different financial sectors (banking, investment services, insurance).

The supervision of financial conglomerates is carried out pursuant to Legislative Decree 142/2005. This provides for supplementary supervisory instruments in addition to those used for sectoral supervision, with a view to systematically monitoring the capital adequacy and riskiness of each conglomerate as a whole, while taking account of the interconnections between the insurance and banking/financial activities of its members.

The list at 31 December 2024 includes one insurance-led financial conglomerate already subject to supplementary supervision last year. IVASS maintains its role as coordinator of the conglomerate.     

The list omits financial conglomerates comprising significant supervised institutions, whose identification is assigned to the European Central Bank in the context of the Single Supervisory Mechanism. 

The updated list of conglomerates identified at 31 December 2024 is available on the websites of Consob, the Bank of Italy and IVASS.

LIST OF ITALIAN FINANCIAL CONGLOMERATES WITH REFERENCE TO DATA AS AT 31 DECEMBER 2024

Based on the latest financial statements and information available as at 31 December 2024, Consob, the Bank of Italy and IVASS have identified the following financial conglomerates:

Conglomerate	Main sector	Coordinating Authority	Relevant competent authorities other than the coordinator
Generali	Assicurativo	IVASS	Finanzmarktaufsichtsbehörde (Austria) Czech National Bank (Czech Republic) Autorité de Contrôle Prudentiel et de Résolution (France) Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) Magyar Nemzeti Bank (Hungary) Banca d'Italia (Italy) Dirección General de Seguros y Fondos de Pensiones (Spain)

back to index

• Pursuant to Article 102, paragraph 4, of the Consolidated Law on Finance, the document concerning the totalitarian voluntary takeover bid promoted by EBidCo Srl on a maximum of 12,868,053 ordinary shares issued by Eles Semiconductor Equipment Spa, at a price per share of €2.65, has been approved. The offer is aimed at acquiring all the shares and achieving their delisting (the ‘delisting’). The offer, pursuant to Articles 103, paragraph 4, letter d) of the Consolidated Law on Finance and 44 of Consob Regulation No. 11971/1999, qualifies as a competing offer with respect to that announced by Mare Engineering Group Spa on 6 October 2025 (resolution No. 23788 of 12 December 2025).
• Approved, pursuant to Article 102, paragraph 4, of the TUF, the document concerning the takeover bid promoted by BackSpin Spa, mandatory pursuant to Article 12 of the Spindox Articles of Association, on a maximum of 1,144,146 ordinary shares issued by Spindox Spa, representing 19.07% of the Issuer's share capital, at a price per share of €13.00 cum dividend (resolution no. 23782 of 11 December 2025).

• Authorised, pursuant to and for the purposes of Article 19 of Regulation (EU) No. 909/2014 (CSDR), the company Monte Titoli to outsource to the new suppliers indicated in the authorisation application the ICT activities relating to the use of cloud services and ICT messaging services, falling within the T2S Recovery project (resolution no. 23756 of 12 November 2025).

• Daxton Capital Limited, based in the United Kingdom, is authorised, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, to provide, under the cross-border provision of services in Italy, 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 Consolidated Law on Finance, investment services of order execution, order reception and transmission, and investment advice, as referred to in Article 1, paragraph 5, letters b), e) and f), of the Consolidated Law on Finance, with the following operating methods: without holding, not even temporarily, client liquid assets and financial instruments. Daxton Capital Limited is registered in the section for third-country firms other than banks in the Register referred to in Article 20 of the Consolidated Law on Finance, is authorised to operate in Italy in accordance with the provisions applicable to third-country investment firms under the Consolidated Law on Finance and is subject to the supervisory regime provided for therein for such operations (Resolution No. 23789 of 12 December 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:

• FXInvest via the website https://fxinvest.co and the related page https://client.fxinvest.co (resolution no. 23794 of 12 December 2025);
• Icctrades via the website https://icctrades.com and the related page https://client.icctrades (resolution no. 23795 of 12 December 2025);
• FortivestTrade via the website www.fortivesttrade.org (resolution no. 23797 of 12 December 2025);
• Eurotradecfd via the website https://eurotrade24-cfds.com, the related page https://client.eurotrade24-cfds.com and the associated mobile application called ‘DataShark GTX’ (for IOS operating systems) (resolution no. 23792 of 12 December 2025);
• Morgan Capital Ltd via the website https://morgancapital.io and the related page https://cfd.morgancapital.io (resolution no. 23793 of 12 December 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:

• Druvaxio via the website https://druvaxio-invest.com (resolution no. 23791 of 12 December 2025);
• Lucrumiagroup via the websites https://www.lucrumiaofficial.co and https://www.lucrumiamode.co and the related pages https://wap.lucrumiaofficial.co and https://wap.lucrumiamode.co (resolution no. 23790 of 12 December 2025).

back to index