News of the week:
SMEs and the stock market: between opportunity and flight. The figures that Italy cannot ignore - The First Annual Report paints a picture of a scenario in which SMEs struggle to access the capital market, despite it being considered a powerful accelerator of growth and competitiveness
19 February 2026 - Conference "SMEs, competition and capital markets: an international comparison"
Watch for scams! Financial fraud: Consob blocks 8 new websites
Financial education: applications open for Global Money Week (16-22 March 2026)

Consob's decisions of the week

- NEWS OF THE WEEK -

Italian SMEs see access to the capital market as an opportunity to grow, innovate and thus be more competitive, but at the same time they find it difficult to make the leap, often due to cultural and size-related issues.

This is the message that emerges from the First Report of the 'SMEs and Capital Markets' Observatory, established by Consob and CeTIF – Università Cattolica, to analyse, for the first time in a systematic way, the conditions of access and permanence of Italian small and medium-sized enterprises in the capital markets. The report is the result of a year of research, with the contribution of the Scientific Committee and a Stakeholder Group bringing together associations, institutions, market operators and universities.

The mapping, consisting of a representative sample of approximately 120,000 Italian SMEs, paints a clear picture, characterised by a prevalence of small or very small companies:

· 88% of unlisted SMEs have fewer than 50 employees.

· Lombardy alone accounts for 22% of all SMEs.

· Manufacturing remains the most represented sector (33.6% among unlisted companies, 31.8% among listed companies).

The listed companies in the sample (equal to 0.14% of the total observed) are characterised by their larger size, their presence in the technological and scientific sectors and, consequently, a stronger focus on innovation, competitiveness and growth. The Observatory's activity focuses on the relationship between SMEs and the capital market, which reveals a complex picture with marked critical issues. In general, Italian mid-small caps are valued by the market at lower multiples than European benchmarks. This undervaluation has real effects, such as a reduced ability of SMEs to raise capital, difficulty in using securities as leverage for strategic operations, and an incentive to delist.

Between 2023 and the first half of 2025, 62 SMEs will have entered the stock market; in the same period, 86 will have left the stock market, with a total loss of over €44 billion in capitalisation. There are three main causes for delisting: low liquidity, valuations that are not in line with fundamentals, and the growing attractiveness of private equity, which offers significant premiums and greater management flexibility. The report also identifies some factors that could bring capital back to SMEs, such as the return of positive flows in Individual Savings Plans (PIRs), the launch of the Indirect National Strategic Fund (over £1 billion from 2026), lower interest rates and an expected improvement in profits during 2026.

The report examines the sector's propensity for innovation, highlighting both areas of delay, such as private spending on research and development, which remains below the European average, and areas of recovery, such as the growth of Italian venture capital, whose volume remains undersized compared to France and Germany. In essence, innovative SMEs perform better but encounter difficulties in accessing risk capital.

Consob and CeTIF researchers have collected first-hand accounts from many entrepreneurs involved in listings, translistings and delistings. The common thread running through the interviews is not surprising: the stock market is perceived as a powerful growth accelerator, but also as an environment that does not always succeed in harnessing the potential of SMEs. While entrepreneurs highlight benefits in terms of governance, access to credit and international credibility, they also express strong frustration at the undervaluation of their shares. There is also a deeply rooted cultural issue that makes it difficult for many SMEs to accept the opening up of their capital and the imposition of stricter transparency rules.

The Report proposes a number of areas for action, such as:

1. Increasing the presence of institutional investors, including pension funds and insurance companies.

2. Supporting and stabilising instruments such as PIRs and ELTIFs (European Long Term Investment Funds), which have already proven effective in channelling savings towards SMEs.

3. Encouraging the growth of businesses to increase their attractiveness on the markets.

4. Strengthening quality standards at entry to enhance the market's reputation.

5. Supporting the training of entrepreneurs, especially in the first few years after listing.

"The Observatory's first report confirms the strategic role of SMEs in the country's growth and, at the same time, the structural difficulties that still limit their access to capital markets. The collaboration between Consob and the academic world," says Luca Filippa, Director General of Consob, "has given rise to an open and inclusive observatory, capable of fostering a qualified dialogue between institutions, market operators, businesses and universities. In accordance with our supervisory mandate, we work to ensure transparent, liquid and accessible markets that combine investor protection with better financing of the real economy. Strengthening quality at entry, broadening the investor base and providing management support are decisive conditions for transforming the potential of SMEs into value for the country."

SMEs remain a fundamental asset of our economy, but they need to make a qualitative leap forward," said Federico Rajola, Director of Cetif and Full Professor at the Catholic University of the Sacred Heart. "This first part of the Observatory has provided a snapshot of the situation, highlighting the point of view of entrepreneurs. In the second part, we will also engage with European academics to understand how the issue has been addressed and, in some cases, overcome in other countries."

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The National Commission for Companies and the Stock Exchange, in collaboration with CETIF at the Catholic University of the Sacred Heart in Milan, is organising a conference entitled "SMEs, competition and capital markets: an international comparison", to be held on 19 February at 2 p.m. in the Diamante Hall of the Catholic University, Via Olona 2, Milan. Registration of participants will begin at 1:45 p.m.

The landscape of small and medium-sized enterprises (SMEs) is extremely complex and varied and can only be fully understood through a neutral and open approach, capable of gathering different contributions and points of view: from businesses, institutions, academia and civil society.

The conference will open with institutional greetings from the Catholic University and the Director General of Consob, Dr. Luca Filippa, and with the presentation of the first year's work of the SME and Capital Markets Observatory, aimed at offering a comprehensive and detailed overview of the Italian SME ecosystem and its relationship with the capital markets. The proceedings will continue with two panel discussions. The first panel, Listing on the Italian market: the experiences of entrepreneurs, will feature the participation of several representatives from the world of SMEs and will be dedicated to sharing experiences, paths and reflections on growth processes accompanied by listing, translisting and delisting phases. The second panel, SMEs and the capital market: an international comparison, will offer a comparative perspective thanks to the contribution of international speakers, who will illustrate scenarios, approaches and key findings at an international level.

Here is the detailed programme of the event.

Attendance is free until the room capacity is reached. For organisational reasons, prior registration is required via the following link, specifying whether you intend to attend in person or online. If you are participating remotely, the link for the connection will be sent after registration.

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Consob has ordered the blocking of 8 new websites that offered investment services without authorisation.

Below are the websites that Consob has ordered to be blocked:

- 'Alantracfd' (website https://alantra-cfd.com and related pages https://web.alantra-cfd.com and https://client.alantra-cfd.com);

- "Investenix" (website https://investenix.com and related page https://dashboard.investenixpro.com);

- "Mrx Capital Trading" (website https://trading-area.mrxspectron-markets.com);

- "Euroamfin" (website https://euroamfin.com and related page https://client.euroamfin.com);

- VT Markets Limited (website www.vtmarkets-it.com and related page https://myaccount.vtmarkets-it.com);

- Amius Group Ltd (website https://amiusgroupltd.com and related page https://client.amiusgroupltd.com);

- "Naviark" (websites www.naviarkpmk.com and www.narvac.com);

This brings the total number of websites blocked by Consob since July 2019, when the Authority was given the power to order the blocking of websites of abusive financial intermediaries, to 1,570.

The Authority has exercised the powers conferred on it by the 'Growth Decree' (Law No 58 of 28 June 2019, Article 36, paragraph 2-terdecies) to block the websites of abusive financial intermediaries.

The measures adopted by Consob can be consulted on the website www.consob.it. Internet connectivity providers operating in Italy are currently working to block access to the websites. For technical reasons, it may take a few days for the block to take effect.

It is important that savers exercise the utmost diligence in making fully informed investment choices, adopting common sense behaviours that are essential for safeguarding their savings: these include checking in advance, for websites offering investment and crypto-asset services, that the operator through which you are 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 e-mail messages 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 savers to read the information sheet containing advice on how to protect themselves from financial fraud in the age of artificial intelligence and reminds them that its website has a section entitled 'Beware of scams!', which provides useful information to warn investors against abusive financial initiatives.

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Applications to propose events and initiatives for Global Money Week 2026, the international campaign to raise awareness of financial, insurance and pension education among young people, can be submitted until 25 February 2026.

Global Money Week is an annual initiative promoted by the OECD with the aim of raising awareness among the younger generation of the importance of sound financial skills for making responsible decisions. Since 2012, the event has involved over 70 million young people in 176 countries. In Italy, the organisation and coordination of activities is entrusted to the Committee for the Planning and Coordination of Financial Education Activities (Comitato Edufin).

The theme of this edition is 'Smart money talks'. Young people often find themselves faced with financial choices but are not always comfortable talking about money. Sharing experiences and asking the right people questions, together with a good understanding of finance, insurance and social security, can help them develop skills, avoid mistakes and build healthy habits to achieve financial well-being.

The Edufin Committee invites associations, institutions, schools, universities and research centres, businesses, foundations, public administrations and all interested organisations to propose initiatives to raise awareness of financial, insurance and social security issues aimed at young people and the world of education.

Applications can be submitted using the form available on the website http://www.comitatoeducazionefinanziaria.gov.it. All initiatives that meet the requirements set out in the Global Money Week 2026 Guidelines will be accepted. Approved events will be published in the official event calendar and schools will be notified.

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Order, pursuant to Article 7-octies, letter b), of Legislative Decree No. 58 of 24 February 1998 (Consolidated Law on Finance – TUF), to put an end to the violation of Article 18 of the same TUF, committed by:

- 'Alantracfd' through the website https://alantra-cfd.com and related pages https://web.alantra-cfd.com and https://client.alantra-cfd.com (resolution no. 23873 of 12 February 2026);

- "Investenix" through the website https://investenix.com and related page https://dashboard.investenixpro.com (resolution no. 23871 of 12 February 2026);

- "Mrx Capital Trading" via the website https://trading-area.mrxspectron-markets.com (resolution no. 23872 of 12 February 2026);

- "Euroamfin" via the website https://euroamfin.com and the related page https://client.euroamfin.com (resolution no. 23870 of 12 February 2026);

- Vt Markets Limited via the website www.vtmarkets-it.com and its page https://myaccount.vtmarkets-it.com (resolution no. 23874 of 12 February 2026);

- Amius Group Ltd via the website https://amiusgroupltd.com and its page https://client.amiusgroupltd.com (resolution no. 23869 of 12 February 2026);

- "Naviark" via the websites www.naviarkpmk.com and www.narvac.com (resolution no. 23868 of 12 February 2026).

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