News of the week:
On 13 July in Milan, Consob's annual meeting with the financial market
ESG bonds, lower financing costs for businesses - Issuers of sustainable bonds benefit from the 'greenium', a discount compared to traditional securities
Presentation of the 2025 Annual Report of the Financial Disputes Arbitrator in Rome on 25 June
Significant shareholdings: Consob simplifies reporting - A single form and a new digital portal are on the way
Watch for scams! Illegal financial activities: Consob blocks 5 websites

Consob's decisions of the week

- NEWS OF THE WEEK -

Consob's annual meeting with the financial market will take place on Monday 13 July 2026.

The event will take place in Milan at 11:00 am at Palazzo Mezzanotte, at the Borsa Italiana headquarters in Piazza Affari.

A live stream will be available at via this link .

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Sustainable bonds allow Italian businesses to secure financing at lower costs than traditional securities, particularly in the corporate sector. This is the finding of the new 'Sustainable Finance Report' published by Consob, which analyses the impact on financing costs for Italian businesses of the so-called 'greenium', the yield spread between ESG bonds and similar, but non-sustainable, instruments.

The study examines over 3,300 bonds outstanding as of June 2025, issued by Italian corporate and financial entities, and represents the first study focused on the domestic market. The results confirm the existence of a "sustainability premium", the greenium: investors are willing to accept lower yields in order to hold sustainable securities.

The study estimates that, at the time of issue, the average yield on sustainable securities is approximately one percentage point lower than that of traditional bonds, which stands at 4.1% , all other characteristics being equal. The sustainability premium – that is, the advantage in terms of lower financing costs for the issuer – is therefore approximately 23%.

However, a significant distinction emerges between the different market segments, with a more substantial premium in the corporate sector, where non-financial firms derive greater benefit from green issuances.

For bonds issued by financial intermediaries, on the other hand, the advantage appears less clear-cut, partly due to a less direct link between the use of funds and the issuer's activities. This finding is in line with key international trends.

Finally, the study highlights the role of the issuer's ESG rating. In addition to the characteristics of the individual bond, the market also considers the company's overall sustainability profile: a higher sustainability 'rating' can help reduce financing costs even for conventional issues.

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The presentation of the Report on the activities carried out by the Financial Disputes Arbitrator (ACF) in 2025 will take place on 25 June 2026 at 10:00 am at the Consob Auditorium in Rome, Via Claudio Monteverdi 35.

Marking the ACF's tenth year of operation, the presentation of the 2025 Annual Report, originally scheduled for 18 June, will provide an opportunity to take stock of the work carried out to date, with an eye to the future.

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Consob has updated the system for reporting significant shareholdings in listed companies, introducing a single notification form and a fully digitalised portal that enhance ease of use and the quality of information, bringing it into line with European best practices.

The amendment (Consob Resolution No. 23997 of 18 May 2026) will take effect from 15 June 2026 and introduces the new Form 120 (TR-1), which replaces and repeals the previous Forms 120/A and 120/B for the notification of shareholdings in shares, financial instruments and aggregates, and Form 120/D for the declaration of investment intentions.

The new form, available in Italian and English, combines all information relating to significant shareholdings into a single document, thereby simplifying the obligations set out in the Consolidated Law on Finance and the Issuers' Regulations and providing a clearer picture of the ownership structures of listed issuers.

In developing the template, Consob drew on the "Standard form for notification of major holdings" published by ESMA, the European Securities and Markets Authority, as is also the case in other EU Member States. The system is thus easier to use for market participants – particularly those operating across multiple jurisdictions – and promotes greater harmonisation of notification procedures at European level. The format for publishing notifications is also consistent with the European Single Access Point (ESAP) regulation, enabling data to be transmitted to national collection systems and subsequently made available at European level.

The electronic portal (SH.I.N.E, SHareholders Integrated Notification Environment) will enable guided completion and submission of notifications via a structured web interface featuring automatic consistency checks, autocomplete functions and other support tools. The new system also involves an improvement in the presentation of major shareholders of individual listed companies on the Consob website, which will be clearer and more user-friendly. The information will be presented in an integrated manner, showing holdings in shares and financial instruments alongside the overall position, as well as providing more immediate access to detailed notification data.

To facilitate the transition, following the entry into force of the new regime, it will still be possible to submit the new form by email until 30 September 2026, in accordance with the procedures set out in the Issuers' Regulations (new Annex 4) and on the Consob website. From 1 October 2026, however, only notifications of significant shareholdings completed online via the SH.I.N.E. portal will be accepted.

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As part of its efforts to combat financial fraud, Consob has ordered the blocking of 5 websites that were unlawfully providing investment services and activities relating to financial instruments. Below is the list of websites ordered to be blocked:

- "mibinvestcfd.com" (website https://mibinvestcfd.com and page https://client.mibinvestcfd.com);

- "Omenyxgroup.com" (website https://omenyxgroup.com and associated page https://inv.omenyxgroup.com);

- "Nexus Ai Group Limited" (website https://nexusaigrouplimited.io and associated page https://cfd.nexusaigrouplimited.io);

- "Pendoxa" (website https://pendoxa.com and related page https://webtrader.pendoxa.com);

- "Novate-cfd" (website https://novate-cfd.com and related page https://wt.novate-cfd.com).

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 1,723. Of these, 204 relate to crypto-asset-related activities.

The Authority has exercised the powers deriving from the "Growth Decree" to block the websites of unauthorised financial intermediaries. The measures adopted by Consob can be consulted on the website www.consob.it. Internet service providers operating in Italy are currently carrying out the blocking of these sites. For technical reasons, the actual blocking may take a few days.

It is important that savers exercise the utmost diligence in making fully informed investment choices, adopting common-sense behaviour, which is essential for safeguarding their savings: among these, prior verification, 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 savers 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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• The document concerning the voluntary full takeover bid jointly launched by Arum Spa and Dompé Holdings Srl has been approved, pursuant to Articles 102 and 106(4) of Legislative Decree No. 58 of 1998, as amended, for a maximum of 133,231,095 shares of BF Spa, listed on the Euronext Milan market organised and managed by Borsa Italiana Spa, representing 50.855% of the Issuer's share capital and 48.068% of the related voting rights, for a unit price of €5.00. The offer will commence on 8 June 2026 and end on 3 July 2026, inclusive (the "Acceptance Period"), with the possibility of an extension of the deadline, subject to the relevant conditions being met, on 13, 14, 15, 16 and 17 July 2026 (Resolution No. 24005 of 28 May 2026).

• The document concerning the voluntary partial takeover bid launched by GVS SpA for a maximum of 23,255,813 shares issued by GVS SpA itself, representing 12.29% of the Issuer's share capital, at a price of €4.30 per share, has been approved. The offer will commence on 8 June 2026 and will end on 10 July 2026 inclusive (Resolution No. 24006 of 28 May 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:

• "mibinvestcfd.com" via the website https://mibinvestcfd.com and the page https://client.mibinvestcfd.com (Resolution No. 24013 of 28 May 2026); 

• "Omenyxgroup.com" via the website https://omenyxgroup.com and the related page https://inv.omenyxgroup.com (Resolution No. 24014 of 28 May 2026);

• "Nexus Ai Group Limited" via the website https://nexusaigrouplimited.io and the related page https://cfd.nexusaigrouplimited.io (Resolution No. 24010 of 28 May 2026); 
   
•  "Pendoxa" via the website https://pendoxa.com and the relevant page https://webtrader.pendoxa.com (Resolution No. 24012 of 28 May 2026);

• "Novate-cfd" via the website https://novate-cfd.com and the relevant page https://wt.novate-cfd.com (Resolution No. 24011 of 28 May 2026).

The Head of the Audit Firms Supervision Division has updated the list of auditors and audit firms that received less than 15% of their total audit fees from public-interest entities during the 2025 calendar year. The full text of Executive Decision No. 169 of 21 May 2026 is available on the website www.consob.it

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