News of the week:
Sustainability reporting by listed Italian companies - Consob conference in Rome, 20 April 2026
Changes to reduce the impact of reporting burdens on securitisations under market consultation
Consob and the Bank of Italy update supervisory guidelines on SIS
Watch for scams! Illegal financial activities: Consob blocks 12 websites

Consob's decisions of the week

- NEWS OF THE WEEK -

On 20 April, at Consob’s Rome headquarters, the conference ‘Sustainability reporting by Italian listed companies. Regulatory developments and future challenges’ will be held, during which the new Consob Report on sustainability reporting by Italian listed companies will be presented.

The event also aims to facilitate a dialogue between companies, investors and data providers on the main operational challenges and the evolution of ESG (Environmental, Social and Governance) reporting. Sustainability reporting is, in fact, undergoing a significant overhaul of the European regulatory framework, with major implications for business processes and the information needs of investors and data providers.

CONSOB Commissioner Gabriella Alemanno will open the proceedings. This will be followed by a keynote speech by Father Enzo Fortunato. The event will feature three panels focusing 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 specialist operators. The event will conclude with a speech by Guglielmina Onofri, Consob’s General Manager for Sustainable Finance.

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

The conference will take place on 20 April from 9.30 am at the Consob Auditorium, Via C. Monteverdi 35, Rome. Attendance in person is free of charge subject to room capacity , subject to prior registration: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

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Consob has submitted for market consultation a number of amendments to its provisions on securitisation, issued in implementation of the Consolidated Law on Finance (Article 4-septies.2'

In light of the evidence gathered following an initial period of application of the Consob Provisions, amendments are proposed that are essentially aimed at reducing the burdens on operators, particularly in cases where they are required to provide information on securitisation transactions not only to Consob but also to the prudential authorities.

Among the most significant changes:

- the extension of the deadline for notifying securitisation transactions to one month from the date of issue, compared with the current 5 and 15 days respectively for simple, transparent and standardised (‘STS’) securitisations and for non-standardised securitisations. This proposal aligns the notification deadlines to Consob with those set by the prudential authorities, facilitating a unified management of the notification obligations incumbent on banks involved in STS securitisation transactions;

- the introduction, for significant banks, of the possibility to submit certificates of compliance with the Securitisation Regulation signed by persons delegated by the management body.

Other proposed amendments aim to refine the content of the Consob Provisions, in line with current provisions in the FAQs, for example with regard to the possibility of delegating the task of transmitting information to Consob to the servicer of the securitisation transaction.

Comments on the consultation document must be submitted by 27 April 2026 online via the SIPE – Integrated External System.

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Consob and the Bank of Italy have updated the supervisory guidelines on simple investment companies (Sis) to take account of the sixth update to the Regulation on collective asset management, which took effect by order of 23 March 2026 and was published in the Official Gazette on 7 April.

Among the changes is the increase in the maximum net asset threshold from €25 million to €50 million for a manager to be considered a SIS, in line with the current provisions of the Consolidated Law on Finance.

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As part of its efforts to combat financial fraud, Consob has ordered the takedown of 12 websites.

In particular, an order was issued to close a website (www.elite-flows.com) through which financial products were being offered to the public without a prospectus. In addition, orders were issued to take down 10 websites that were unlawfully providing investment services and activities relating to financial instruments, and one website that was advertising an unauthorised trading platform.

Below is the list of websites ordered to be taken down:

- "GoMarketsLtd" (website https://go-market-ltd.net and related page https://client.go-market-ltd.net);

- "Dryden Partners" (website https://drydenpartners.com);

- "Atf GlobalX" (website https://atfglobalx.co and associated page https://client.atfglobalx.co);

- "LSEGCapital Limited" (website www.lsegcapital.com and related pages https://client.lsegcapital.com, https://webtrader.lsegcapital.com);

- "Roccanazionale IA" - "Zenterovlima.pro" (websites https://roccanazionale.com, https://roccanazionaleia.it, https://roccanazionale-ia.org and https://roccanazionale-it.com, as well as the associated advertising site https://zenterovlima.pro);

- "PFT Certx International Ltd and Zeus Global Asset Management FZCO" (websites www.pftcertx.com and www.pftcertx.it);

- "Elite-Flows Limited" and "Green Wealth Limited" (website www.elite-flows.com'

A total of twelve websites have been blocked this week. This brings the total number of websites blocked by Consob since July 2019 to 1,666, when the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries.

The Authority has exercised the powers deriving from the "Growth Decree" to block the websites of unauthorised financial intermediaries, those introduced by the "Capital Act" regarding the blocking of websites used to run advertising campaigns for unauthorised brokerage platforms, as well as the power introduced by Law No. 8 of 28 February 2020, Article 4, paragraph 3-bis, regarding the blocking of websites through which the unauthorised offer is made.

The measures adopted by Consob can be consulted on the website www.consob.it. Internet service providers operating in Italy are currently taking steps to block these websites. For technical reasons, the actual blocking may take a few days.

It is important that investors exercise the utmost diligence in making fully informed investment decisions, adopting common-sense practices that are essential for safeguarding their savings: among these, checking in advance, for websites offering financial services and crypto-assets, that the operator through which one is investing is authorised and, for online 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 choices.

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 a section entitled ‘Watch for scams!’, where useful information is available to warn investors against abusive financial schemes.

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The public offering in Italy of the "Investment Plans" known as "Plan 1", "Plan 2", "Plan 3", "Plan 4" and "Plan 5" promoted by the entities known as "Elite-Flows Limited" and "Green Wealth Limited", including via the website https://elite-flows.com (Resolution No. 23940 of 8 April 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:

- "GoMarketsLtd" via the website https://go-market-ltd.net and the related page https://client.go-market-ltd.net (Resolution No. 23943 of 8 April 2026);

- "Dryden Partners" via the website https://drydenpartners.com (Resolution No. 23946 of 8 April 2026);

- "Atf GlobalX" via the website https://atfglobalx.co and the related page https://client.atfglobalx.co (Resolution No. 23944 of 8 April 2026);

- "LsegCapital Limited" via the website www.lsegcapital.com and the related pages https://client.lsegcapital.com, https://webtrader.lsegcapital.com (Resolution No. 23845 of 8 April 2026);

- "Roccanazionale IA" - "Zenterovlima.pro" via the websites https://roccanazionale.com, https://roccanazionaleia.it, https://roccanazionale-ia.org and https://roccanazionale-it.com as well as the associated advertising site https://zenterovlima.pro (Resolutions Nos. 239941 and 23942 of 8 April 2026);

- "Pft Certx International Ltd and Zeus Global Asset Management Fzco" via the websites www.pftcertx.com and www.pftcertx.it (Resolution No. 23947 of 8 April 2026).

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