News of the week:
Consob Publishes Its 2026 Regulatory Activity Plan
Amendments to regulations on issuers, markets and related parties: Consob launches market consultation
'Financial education in schools', Consob at the opening conference of the Global Money Week
Watch for scams! Financial Fraud: Consob blocks 9 websites and orders the deactivation of a social media profile

Consob's decisions of the week

- NEWS OF THE WEEK -

Consob has published its 2026 Regulatory Activity Plan. The document is intended to inform stakeholders about the areas that will be the focus of the Authority's regulatory activities during the reference year, or on which Consob intends to conduct regulatory impact assessments.

Following a brief introduction on developments in the European and national regulatory framework, the document outlines the program of planned regulatory actions, including:

- the revision of secondary legislation within its jurisdiction related to the Government's exercise of the authority to reform the Consolidated Law on Finance (TUF) contained in the Capital Markets Act;

- the alignment of secondary legislation with the "Listing Act" package, which amends the rules on prospectuses, markets, and multiple voting rights, aimed, among other things, at facilitating the listing process for small and medium-sized enterprises;

- the amendment of the Market, Intermediary, and Issuer Regulations to implement European acts revising the rules concerning market infrastructures and UCITS, as well as Regulation (EU) 2022/2554 on digital operational resilience for the financial sector ("Dora");

- the update of the Regulation concerning the Financial Disputes Arbitrator (ACF) to take into account the activities carried out by new MiCAR entities operating in crypto-assets pursuant to Regulation (EU) 2023/1114.

With a view to strengthening dialogue with stakeholders and the Plan's programmatic capacity, the priority level of the planned work is also highlighted, and a rough timeline of the planned public consultations is provided.

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Consob has submitted a package of amendments to its regulations on issuers, markets and related-party transactions for market consultation. The initiatives launched in recent years and further strengthened by these proposals aim to eliminate unnecessary burdens on operators and issuers, whilst maintaining the protection of investors and market integrity at the centre.

Among the most significant measures, which form part of the process of modernising and streamlining the regulatory framework with the aim of promoting the growth of the Italian capital market, is the proposal to raise the threshold for internal dealing notifications from €20,000 to €50,000, in line with European developments: this measure will allow the market to focus on truly significant transactions, whilst reducing non-essential administrative burdens, without affecting the Authority's supervisory role.

At the same time, Consob is harmonising its regulations with the recent changes introduced by the Capital Markets Law, by repealing implementing rules for provisions of the Consolidated Law on Finance that are now obsolete.

Some measures concern the simplification of procedures relating to prospectuses and public offers, through the elimination of the requirement to file approved prospectuses for equity and non-equity securities and of the disclosure obligations incumbent on the placement manager upon the closure of the offer. The procedures for subscribing to the offer have also been simplified, removing the requirement for a specially signed ‘form'; the prospectus will specify the practical procedures for subscribing to the offer.

Finally, the regulatory amendments extend the option to use English, already introduced by Consob for the drafting of prospectuses, so that it may also be used for the documentation required by European legislation in public offers conducted without a prospectus.

The new consultation will close on 7 April 2026.

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"It is important to work together to understand how to make financial decisions. We must consider and understand the mechanisms underlying our choices in order to defuse those mechanisms that make us vulnerable to promises of easy money."

With these words, Nadia Linciano, Secretary General of Consob, highlighted the importance of financial education during her speech at the conference "Financial education and s in schools: students, teachers and institutions", marking the launch of Global Money Week, the annual event promoted by the OECD and, in Italy, by the Edufin Committee.

In her speech, she highlighted the key elements of Consob's educational programme: "training in decision-making mechanisms, experiential learning techniques, a multidisciplinary approach and assessment to identify areas for improvement in training activities". These training areas apply to both primary and secondary schools.

The conference was opened by a speech from the Minister of Economy and Finance, Giancarlo Giorgetti, followed by addresses from the President of IVASS, Luigi Federico Signorini, and the Director of the Edufin Committee, Donato Masciandaro.

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As part of its efforts to combat financial fraud, Consob has ordered the blocking of a total of 9 websites.

Specifically, orders were issued to close eight websites that were unlawfully providing investment services and activities relating to financial instruments, and one website that was advertising unauthorised trading platforms by improperly using the names and images of institutional figures known to the Italian public. Below is the list of websites ordered to be taken down:

- "GLQ-Investors" (website https://glq-investors.com);

- "Swiss-Pay" (website https://swiss-pay.io and related page https://client.swiss-pay.io);

- "Stone Vest" (website https://stone-vest-ltd.com and related page https://inv.stone-vest.com);

- "Apollo" (websites https://apolloxpro.com and https://apollox-pro.vip);

- "FTI Finance" (website https://ftifinancelimited.com and related page https://client.ftifinancelimited.com);

 "Renditix AI" - "Renditixpro.space" (websites https://renditix-ai.net and https://rrenditixai.it, as well as the associated advertising website https://renditixpro.space).

This brings the total number of websites blocked by Consob since July 2019 – that is, since the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries – to 1,608. Of these, 136 relate to crypto-asset-related activities.

Furthermore, Consob has asked the Meta platform to deactivate the social media profile https://www.facebook.com/people/Rapporto-Italia/61588197126954, used to disseminate the unauthorised promotional campaign relating to the 'Renditix AI' platform, which was also advertised via the website https://renditixpro.space.

The Authority has exercised the powers conferred by the "Growth Decree" to block the websites of abusive financial intermediaries. The measures adopted can be viewed on the website www.consob.it. Internet service providers operating in Italy are currently in the process of blocking access to these websites. For technical reasons, it may take a few days for the block to take effect.

It is important that savers exercise the utmost care when making fully informed investment decisions, adopting common-sense practices that are essential for safeguarding their savings: among these, checking in advance, for websites offering investment services and crypto-assets, that the operator through which one is investing is authorised and, for offers of financial products and crypto-assets, 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 emails 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 investors to make harmful investment decisions.

To this end, Consob invites investors to consult the dedicated information sheet containing advice on how to protect themselves from financial fraud in the age of artificial intelligence and reminds them that its website features the 'Watch for scams!' section, where useful information is available to warn investors against abusive financial schemes.

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Abrdn Investments Limited, already authorised to carry out in Italy, under the freedom to provide services, the investment services and activities and ancillary services referred to in Resolution No 21631 of 10 December 2020, is also authorised to carry out, under the freedom to provide services to professional clients, as defined in accordance with Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a), of Legislative Decree No. 58/1998, the investment advisory service, without holding the financial instruments and cash assets belonging to clients. From the date on which the resolution takes effect, Abrdn Investments Limited shall be subject to the supervisory regime provided for by the TUF, including in relation to the provision in Italy, under the freedom to provide services, of investment advisory services. (Resolution No. 23918 of 18 March 2026).

Heritage Sim Spa, with its registered office in Milan, has been entered in the register referred to in Article 20(1) of Legislative Decree No. 58 of 24 February 1998. The Company is authorised to provide investment services comprising placement without an irrevocable commitment to the issuer, portfolio management and investment advice, as referred to in Article 1(5)(c-bis), (d) and (f) of Legislative Decree No 58 of 24 February 1998. Authorisation to provide the aforementioned investment services is granted subject to the following operating conditions: "without holding, even temporarily, cash and financial instruments belonging to clients and without the Company assuming any risks" (Resolution No. 23917 of 18 March 2026).

Order, pursuant to Article 7-octies(b) of Legislative Decree No. 58 of 24 February 1998 (Consolidated Law on Finance – TUF), to put an end to the breach of Article 18 of the same TUF, committed by:

- "Glg-Investors" via the website https://glq-investors.com (Resolution No. 23924 of 18 March 2026);

- "Swiss-Pay" via the website https://swiss-pay.io and the relevant page https://client.swiss-pay.io (Resolution No. 23925 of 18 March 2026);

- "Stone Vest" via the website https://stone-vest-ltd.com and the relevant page https://inv.stone-vest.com (Resolution No. 23920 of 18 March 2026);

- "Apollo" via the websites https://apolloxpro.com and https://apollox-pro.vip (Resolution No. 23921 of 18 March 2026);

- "FTI Finance" via the website https://ftifinancelimited.com and the related page https://client.ftifinancelimited.com (Resolution No. 23923 of 18 March 2026);

- "Renditix AI" - "Renditixpro.space" via the websites https://renditix-ai.net and https://rrenditixai.it as well as the associated advertising website https://renditixpro.space (Resolutions Nos. 23922 and 23919 of 18 March 2026).

The Head of Consob's Division for the Supervision of Intermediaries and Investor Protection has accepted the application for revocation following the express renunciation by Novate Global Markets Limited of the authorisation to provide investment and ancillary services referred to in Article 1, paragraph 5, letters a), b), c), (cbis), (e) and (f) and Annex 1, Section B, points 1 and 6, of Legislative Decree No. 58 of 24 February 1998, with the consequent removal of the said company from the Register of other than banks referred to in Article 20(1) of the same decree. The full text of Executive Decision No. 160 of 17 March 2026 is available on the website www.consob.it.

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