News of the week:
The Financial Disputes Arbitrator (ACF) at the 2026 Savings Fair - On 7 May, a conference on the role of financial arbitrators (Consob, Bank of Italy and Ivass)
Watch for scams! Financial fraud: Consob blocks 10 websites offering crypto-asset services

Consob's decisions of the week

- NEWS OF THE WEEK -

The Financial Disputes Arbitrator, the body established by Consob to resolve disputes between investors and intermediaries out of court, will once again be present this year with its own stand at the Salone del Risparmio.

Throughout the event, from Tuesday 5 to Thursday 7 May, the ACF will have a dedicated exhibition space located on Level 1, South Wing, of the Allianz Mico in Milan.

Of particular importance is the third and final day of the event, 7 May, when the Salone opens its doors not only to professionals in the asset management industry but also to the general public.

For those wishing to explore the topic of financial arbitrators in greater depth, the event takes place on Thursday 7 May at 11.00 am in Room Amber 7, where the conference "Investor protection, trust and growth: the role of arbitrators in the financial system" will be held, with a focus on protection mechanisms for the swift and effective resolution of disputes that encourage the flow of savings into investments.

Representatives from the Bank of Italy, Consob, Ivass and the three Arbitration Bodies (ABF, ACG and AAS) operating in the banking, financial and insurance sectors will discuss these issues with representatives of savers' associations and intermediaries. The event will also be streamed live. The conference will be opened by Consob's Acting Chair, Professor Maria Chiara Mosca.

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As part of its efforts to combat financial fraud, Consob has ordered the blocking of a total of 10 websites that were illegally providing services relating to crypto-assets. Below is the list of websites ordered to be blocked:

- "Erw326" (website https://erw326.it);

- "EwdS66" (website https://ewds66.it);

- "Hjk172" (website https://hjk172.it);

- "Sdd316" (website https://sdd316.it);

- "Yue157" (website https://yue157.it);

- "Yyt369" (website https://yyt369.it);

- "Asd967" (website https://asd967.it);

- "Etww78" (website https://etww78.it);

- "Zzx726" (website https://zzx726.it);

- "Rtut62" (website https://rtut62.it).

This brings the total number of websites blocked by Consob since July 2019 to 1,681, since the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries. Of these, 178 relate to crypto-related activities

The Authority has made use of the powers deriving from the "Growth Decree" to block the websites of unauthorised financial intermediaries, and of the powers provided for under MiCAR (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 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 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 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 the 'Watch for scams!' section, where useful information is available to warn investors against abusive financial schemes.

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Consob has approved, pursuant to Article 102(4) of the Consolidated Law on Finance (TUF), the document concerning the mandatory full public takeover and exchange offer launched by Banca CF+ Credito Fondiario Spa for a maximum of 15,480,195 shares issued by Banca Sistema Spa, representing 19.249% of the Issuer's share capital. The consideration offered is €1.89 for each share tendered in acceptance of the offer, comprising: (a) €1.432 in cash; and (b) €0.458 for each share tendered in acceptance of the offer, to be paid through the allocation of a maximum of 23 Kruso Kapital Spa shares (a subsidiary of Banca Sistema) following a share split. The offer acceptance period will commence on 11 May 2026 and end on 12 June 2026 inclusive; any reopening of the period, should the conditions be met, will take place on 23, 24, 25, 26 and 29 June 2026 (Resolution no. 23970 of 30 April 2026).

Consob has prohibited the public offering in Italy of "investment plans" named "Equities", "Gold", "Bonds", "Property" and "Oil and Gas", carried out by the entity known as "Savitpay", including via the website https://savitpay.com (Resolution No. 23971 of 30 April 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 put an end to the breach of Article 59 of MiCAR committed by: "Erw326" (website https://erw326.it); "EwdS66" (website https://ewds66.it); "Hjk172" (website https://hjk172.it); "Sdd316" (website https://sdd316.it); "Yue157" (website https://yue157.it); "Yyt369" (website https://yyt369.it); "Asd967" (website https://asd967.it); "Etww78" (website https://etww78.it); "Zzx726" (website https://zzx726.it); "Rtut62" (website https://rtut62.it) (Resolution No. 23972 of 30April 2026).

The Head of Consob's Intermediaries Supervision and Investor Protection Division has confirmed the registration, in the register referred to in Article 20(1) of Legislative Decree No. 58 of 24 February 1998, of Hamilton Court Fx Sim Spa under the new company name of Marex Sim Spa. The full text of Executive Decision No. 166 of 29 April 2026 is available on the website www.consob.it.

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