Weekly newsletter year XXXII, No. 22, 8 June 2026 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Beware of fraudulent advertisements misusing the name of Consob
Prospectuses for equity and non-equity securities: the new Pr.I.M.E. IT system launches on 15 June 2026
Consob's Annual Meeting with the Financial Market on 13 July in Milan
Presentation of the 2025 Annual Report of the Financial Disputes Arbitrator in Rome on 25 June
Watch for scams! Illegal financial activities: Consob blocks 6 websites
Consob's decisions of the week
N.B. measures adopted by Consob are published in the electronic Bulletin and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.
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- NEWS OF THE WEEK -
Consob draws attention to advertising content disseminated via websites and social media that improperly uses the Authority's name and image to promote so-called free investment courses.
These communications are not associated with Consob.
The Authority does not provide training courses on how to invest, recommend financial products or contact the public to propose investment opportunities.
You are therefore advised to verify the source of any information you receive and refer exclusively to Consob's official channels.
Consob's official social media profiles are marked with a blue tick to certify their authenticity. For further information, please consult the posts published on Consob's official Instagram and Facebook accounts.
The new Pr.I.M.E. (Prospectus Integrated Management Environment) prospectus IT system will be launched on 15 June 2026. This is the single platform for managing the preliminary examination of prospectuses and supplements for equity and non-equity securities and for their submission to ESMA. It will replace the current Siproem and Deproem systems, which will therefore no longer be active.
The Pr.I.M.E. system will be accessible using new login credentials, which can be requested by following the instructions on the dedicated page. Applications currently under review will be automatically migrated to the new system.
To facilitate this migration, on Friday 12 June 2026 the old systems will be unavailable and any urgent communications may be sent via certified email to mailto: consob@pec.consob.it.
From 15 June 2026, the new provision of Article 9(1) of the Issuers' Regulations will also come into force, repealing the obligation to file approved prospectuses and supplements for equity and non-equity securities with Consob (Consob Resolution No. 23979 of 14 May 2026).
With the repeal of the filing requirement, the latest version of the prospectus or supplement submitted to Consob via the Pr.I.M.E. system for approval will be the one that, once approved, Consob will forward to ESMA.
This latest version of the prospectus or supplement must be complete:
- the date of approval, as indicated by the competent office
- all the required metadata necessary for transmission to ESMA
The filing obligation remains in place for prospectuses and supplements of closed-end UCITS (Undertakings for Collective Investment in Transferable Securities): following Consob's approval, they will continue to be filed via the Deprof system (the single system for the acquisition of offering documentation for mutual funds), which also serves as the basis for fulfilling notification obligations to ESMA.
Furthermore, from 15 June, the exemption documents listed on the dedicated page may also be submitted to Consob via the Pr.I.M.E. system.
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.
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.
As part of its efforts to combat financial fraud, Consob has ordered the blocking of six websites.
Specifically, an order was issued to close one website (https://nibble.finance) through which financial products were being offered to the public without a prospectus, and five websites through which investment services and activities relating to financial instruments were being carried out unlawfully.
Below is the list of websites ordered to be taken down:
- "ArizonaTrade" (website https://arizona-trade.com and related pages https://client.arizona-trade.com and https://web.arizona-trade.com);
- "Afex Markets" (websites https://afexmel.it and https://afexmarketsltd.it and related page https://client.afexmarketsltd.it);
- "Lgquantichft" (website https://lgquantichft.com and related page https://app.lgquantichft.com);
- "Trading Europe BV" (website https://www.tradingeuropebv.com);
- OÜ NIBBLE ITSF (Nibble Finance) (website https://nibble.finance).
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 1,729. Of these, 204 relate to crypto-asset-related activities.
The measures adopted by Consob can be consulted on the website www.consob.it. Internet service providers operating in Italy are currently in the process of blocking the websites. 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 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 by 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 out for scams!' section, where useful information is available to warn investors against abusive financial schemes.
- The Prospectus relating to the offer and admission to trading on Euronext Milan, organised and managed by Borsa Italiana Spa, of the ordinary shares of Trevi - Finanziaria Industriale Spa, arising from the capital increase, in one or more tranches, for a period of 18 months and for a maximum total amount of €100,000,000, to be offered as an option to those entitled pursuant to Article 2441, paragraph 1, of the Italian Civil Code, in exercise of the powers delegated to the Board of Directors by the Shareholders' Meeting of 13 May 2026.
- The first supplement to the base prospectus relating to the admission to trading of a Euro Medium Term Notes programme for a total of €7 billion reserved for wholesale investors issued by DD_A2A Spa has been approved.
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:
- "ArizonaTrade" (website https://arizona-trade.com and related pages https://client.arizona-trade.com and https://web.arizona-trade.com (Resolution No. 24025 of 4 June 2026);
- "Afex Markets" (websites https://afexmel.it and https://afexmarketsltd.it and related page https://client.afexmarketsltd.it (Resolution No. 24024 of 4 June 2026);
- "Lgquantichft" (website https://lgquantichft.com and related page https://app.lgquantichft.com (Resolution No. 24026 of 4 June 2026);
- "Trading Europe BV" (website https://www.tradingeuropebv.com (Resolution no. 24027 of 4 June 2026).
Consob has suspended, as a precautionary measure, for a period of 90 days, the public offering of investment contracts to residents in Italy carried out by Oü Nibble Itsf, including via the website https://nibble.finance (Resolution No. 24023 of 4 June 2026).
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Ilaria Fabbiani, Michele Baccinelli (coordinators), Pasquale Munafò, Laura Ferri, Claudia Amadio, Alfredo Gloria, Luca Cecchini, Chiara De Felice - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.