News of the week:
"Sustainability reporting by Italian listed companies, regulatory developments and future challenges": a Consob event
Watch for scams! Financial fraud: Consob blocks 14 websites
Adoption of ESMA Guidelines on criteria for assessing knowledge and competence under the MiCA Regulation
Amendments to regulations on issuers, markets and related parties: Consob launches market consultation

Consob's decisions of the week

- NEWS OF THE WEEK -

Consob's conference 'Sustainability Reporting by Italian Listed Companies. Regulatory Developments and Future Challenges', will take place on April 20 at 9.30 a.m. at the Consob Auditorium, Via C. Monteverdi 35, Rome. Registration for in-person participants will open at 9.15 a.m.

Sustainability reporting is undergoing a significant overhaul of the European regulatory framework, with major impacts on corporate processes and the information needs of investors and data providers. The conference aims to present the findings of the new Consob Report on Sustainability Reporting by Italian Listed Companies and to facilitate a dialogue among companies, investors, and data providers on the main operational challenges and the evolution of ESG reporting.

The conference will be opened by Consob Commissioner Gabriella Alemanno, followed by a keynote speech by Father Enzo Fortunato. The programme includes three panel discussions on corporate reporting, the use of ESG information in investment processes, and the quality and comparability of ESG data and ratings, with contributions from representatives of listed companies, institutional investors, and specialized operators. Guglielmina Onofri, Consob's General Officer for Sustainable Finance, will deliver the closing remarks.

The program of the event is available at the link: https://www.consob.it/documents/d/asset-library-1912910/20260219_consob-cetif-cattolica.

In-person attendance is free, subject to registration: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

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As part of its efforts to combat financial fraud, Consob has ordered the blocking of a total of 14 websites.

Specifically, orders were issued to shut down 4 websites that were unlawfully providing investment services and activities relating to financial instruments, and 10 websites that were providing services for crypto-assets without authorisation. Below is the list of websites ordered to be taken down:

- Taidy Trade SA - "SteTrading" (website https://stetradingonline.com);

- "Fino Glob" (website https://finoglob.com and related page https://my.finoglob.com);

- "ValorixAI" (websites https://valorixai.it and https://valorixai-it.fyi);

- "Rer221" (website https://rer221.it);

- "Cdx818" (website https://cdx818.it);

- "78Yzb" (website https://78yzb.it);

- "Uiu258" (website https://uiu258.it);

- "M1gqv" (website https://m1gqv.it);

- "Dfh226" (website https://dfh226.it);

- "Yuy257" (website https://yuy257.it);

- "Fgd326" (website https://fgd326.it);

- "AsdD952" (website https://asd952.it);

- "Aes332" (website https://aes332.it).

This brings the total number of websites blocked by Consob since July 2019 to 1,622, since the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries. Of these, 146 relate to crypto-asset-related activities

The Authority has exercised the powers conferred by the "Growth Decree" to block the websites of unauthorised financial intermediaries, as well as the powers provided for under the MiCAR framework (EU Regulation and Legislative Decree No 129/2024) regarding the blocking of websites through which crypto-asset services are provided to Italian investors without authorisation.

The measures adopted by Consob 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 the investment is made 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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Consob has adopted the ESMA Guidelines on criteria for assessing knowledge and competence pursuant to the Regulation on Markets in Crypto-Assets (MiCA), incorporating them into its supervisory practices (Notice of 24 March 2026).

The ESMA Guidelines provide operators with guidance aimed at ensuring uniform criteria for assessing the knowledge and competence of staff involved in crypto-asset services, defining certain general aspects: in particular, criteria are defined for staff providing information on crypto-assets or crypto-asset services, as well as for those providing advice on crypto-assets or crypto-asset services; furthermore, organisational requirements for the assessment, maintenance and updating of knowledge and competence are specified.

Crypto-asset service providers subject to Consob supervision will therefore be required to comply with ESMA's implementing guidelines, which will come into force six months after the date of publication by the European Authority, which took place on 28 January 2026.

On that date, ESMA published on its website the "Guidelines for the criteria on the assessment of knowledge and competence under MiCA", adopted by the European Authority pursuant to Article 16 of Regulation No 1095/2010/EU (the so-called "ESMA Regulation"), together with the full text of the "Final report" (containing a summary of the responses to the consultation and ESMA's subsequent comments), which is useful for ensuring the correct application of the Guidelines themselves.

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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 keeping investor protection and market integrity at the forefront.

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 developments in Europe: this measure will enable the market to focus its attention 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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The document relating to the voluntary full takeover bid launched by Banco di Desio e della Brianza Spa for a maximum of 2,234,264 ordinary shares, corresponding to all outstanding shares, issued by Solutions Capital Management Sim Spa, an asset management company traded on Euronext Growth Milan, has been approved. The consideration offered is €4.61 s per share, payable in cash. The acceptance period will begin on 30 March 2026 and end on 24 April 2026. There is provision for a possible reopening of the offer period for five trading days, from 4 to 8 May 2026, should Banco Desio waive the condition regarding the minimum acceptance threshold set out in the offer (Resolution No. 23929 of 23 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:

- Taidy Trade SA - "SteTrading" via the website https://stetradingonline.com (Resolution No. 23933 of 24 March 2026);

- "Fino Glob" via the website https://finoglob.com and the related page https://my.finoglob.com (Resolution No. 23932 of 24 March 2026):

- "ValorixAI" via the websites https://valorixai.it and https://valorixai-it.fyi (Resolution No. 23931 of 24 March 2026).

Order, pursuant to Article 94(1)(h) of Regulation (EU) 2023/1114 ("MiCAR") and Article 4(1) of Legislative Decree No 129/2024, to bring to an end the breach of Article 59 of MiCAR committed by:Rer221" (website https://rer221.it); "Cdx818" (website https://cdx818.it); "78Yzb" (website https://78yzb.it); "Uiu258" (website https://uiu258.it); "M1gqv" (website https://m1gqv.it); "Dfh226" (website https://dfh226.it); "Yuy257" (website https://yuy257.it); "Fgd326" (website https://fgd326.it); "AsdD952" (website https://asd952.it); "Aes332" (website https://aes332.it) (Resolution No. 23930 of 24 March 2026).

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