News of the week:
Financial fraud: Consob blocks 10 websites - Unauthorised investment services, advertising of unauthorised platforms and a crypto offering have been blocked. The removal of an app has also been requested
Consob checks on the financial and sustainability information of listed companies: risk parameters for the accuracy and completeness of data set for 2026
Financial education: Global Money Week will be held from 16 to 22 March 2026

Consob's decisions of the week

- NEWS OF THE WEEK -

As part of its efforts to combat financial fraud, Consob has ordered the blocking of a total of 10 websites.

Specifically, seven websites offering unauthorised investment services and activities on financial instruments and two websites advertising unauthorised trading platforms have been blocked.

Below is a list of these sites:

- 'Keyline FX' (website https://keylinefx.com and related page https://client.keylinefx.com);

- 'Auralyex' - 'Prisma-luxerise.com' (website www.auralyex.com and related page https://webtrader.sprawlyx-manilas.com as well as linked advertising website https://prisma-luxerise.com);

- "Po Trade Ltd" - "Prismaluxerise.it" (website https://p.finance and related pages https://v1.lands-po.com, https://m.p.finance as well as the linked advertising website https://prismaluxerise.it);

- "Campo Borsante" (websites www.campo-borsante.com, www.campo-borsante.org www.campoborsante.com, www.campo-borsante.net and related pages https://client.7cmanagement.cm and https://live.bitfoxytrade.com).

As part of efforts to combat illegal activities, the offering of crypto-assets by Solaxy Tech Ltd, carried out via the website https://solaxy.io, has also been blocked. The offering is unauthorised because the information document (white paper) required by EU Regulation 2023/1114 on crypto-assets (Micar) was not notified to Consob (resolution no. 23891 of 25 February 2026).

The websites blocked this week bring the number of similar interventions since July 2019 to 1,585, i.e. since the Authority was granted the power to order the blocking of websites of abusive financial intermediaries by the 'Growth Decree'. Of these, 136 relate to phenomena linked to crypto-assets.

Consob has also asked Google to remove from its distribution platform in the Italian market the mobile application 'Pocket Option' (for Android operating systems), linked to 'Po Trade Ltd', through which financial services are offered illegally.

The measures adopted by Consob are available on the website http://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 blocking 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 financial services and crypto-assets, that the operator through which you are investing is authorised and, for financial and crypto-asset product offerings, that the prospectus or white paper has been published.

Consob 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 specific 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.

back to index

Consob has determined the criteria set out in Articles 89-quater and 89-quinquies of the Issuers' Regulations (11971/1999 and subsequent amendments) for the purpose of identifying the group of listed issuers whose financial and sustainability reports will be subject to control (resolution no. 23883 of 19 February 2026).

In particular, Consob, taking into account the parameters indicated in Article 89-quater, paragraph 3, and Article 89-quinquies, paragraph 3, has determined that the parameters for selecting listed issuers to be subject to control for 2026 are as follows:

1. for the economic, equity and financial data of the companies concerned, the following elements:

(i) the financial leverage ratio;

(ii) operating profitability;

(iii) changes in the main economic, equity and financial results;

(iv) revenues from foreign countries;

(v) the composition of balance sheet assets

2. for reports received from the issuer's control body and auditor, as well as for the sustainability auditor's statements, the following indicators:

- communications sent to Consob by the supervisory body regarding irregularities found in its supervisory activities pursuant to Article 149, paragraph 3, of the Consolidated Law on Finance;

- reports by the auditor of reprehensible facts pursuant to Article 155, paragraph 2, of the Consolidated Law on Finance;

- judgements with findings and negative opinions, and statements of the auditor's inability to express an opinion, contained in the reports of the auditing firm drawn up pursuant to Articles 14 of Legislative Decree No. 39 of 2010 and 10 of Regulation (EU) No. 537 of 16 April 2014;

- reports relating to the functioning of the internal control system and other aspects of an accounting or sustainability nature deemed relevant;

- the certification of the issuer's sustainability reporting with 'findings', 'negative' or 'statement of inability to express a certification' by the sustainability auditor or statutory audit firm appointed pursuant to Article 8 of Legislative Decree No. 125 of 6 September 2024;

3. for securities activities, the following elements:

- share price performance;

- net short positions in relation to capital;

- other relevant information obtained from financial analysts;

4. for significant information received from other administrations or interested parties, the following indicators:

i) information received from public administrations as defined in Article 1, paragraph 2 of Legislative Decree No. 165 of 2001, from the Bank of Italy, from national and foreign administrative authorities and from judicial authorities;

ii) significant information provided by interested parties;

5. for environmental, social and governance factors, including respect for human rights and issues relating to the fight against active and passive corruption, relating to the companies concerned:

- the risk of climate impact of the relevant industrial sector;

- the carbon intensity rate;

- elements relevant to the risk of greenwashing, in light of the importance of ESG factors in capital raising and remuneration policies;

- objectives relating to climate transition initiatives.

6. for additional parameters not expressly identified in Articles 89-quater and 89-quinquies, the following indicators:

i) Consob inspections or investigations that have led to the exercise of powers of appeal or reports to the judicial authorities for criminally relevant aspects, or for which Consob has reported or identified critical issues regarding the completeness or accuracy of information;

ii) the results of Consob's supervisory activities on certain companies, particularly in cases where there is a need to continue supervisory investigations into specific h l aspects of the issuer's disclosures;

iii) information obtained from the media, which is specific in nature and may have a significant impact on the issuer's compliance with the regulatory framework governing financial or sustainability reporting;

iv) useful information obtained from external sources that: (i) estimates the probability of default of issuers implied by stock market trends, and (ii) summarises the degree of sustainability of the company in the three dimensions of environmental, social and governance;

v) the length of time each company has been analysed in previous selections, and the potential impact on the market of non-compliance with the information provided.

Consob has also determined the criteria for the random selection of issuers to be subject to control, taking into account the aim of promoting a rotation of issuers.

back to index

Global Money Week 2026, an international campaign to raise awareness of financial, insurance and pension education among young people, will kick off on 16 March.

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 facing 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 first event Consob will attend is scheduled for 17 March in Novara, where a conference-show on sustainability will be held at Uni Piemonte Orientale (Novara): 'A few words on sustainability'. Consob and the scientific dissemination company Taxi 1729 will talk about sustainability and offer investors a basic glossary to help them navigate the world of sustainable finance.

back to index

Pursuant to Article 102, paragraph 4, of the Consolidated Law on Finance, the document concerning the voluntary partial takeover bid launched by Azúr as, involving a maximum of 52,132,861 shares of Ferretti Spa, representing 15.4% of the Issuer's share capital at a unit price of €3.50, has been approved. The shares have been listed on the HK Stock Exchange since 31 March 2022 and on Euronext Milan since 27 June 2023. The offer will commence on 16 March, subject to publication of the Offeror/Offeree Circular approved by the SFC, and will end on 13 April inclusive (resolution no. 23893 of 25 February 2026). The document cannot be published before its English version has been approved by the Hong Kong Securities and Futures Commission ("SFC") scheduled for 27 February 2026 or in any case in time for the launch of the Offer, and not before the documentation concerning the establishment of the guarantee of exact fulfilment of the payment obligations of the Offer consideration has been sent to Consob.

MGA (Milano Global Advisors Srl) has been removed from sections 3 and 4 of the list of digital circulation register managers pursuant to Article 21, paragraph 1, letters a) and f) of the FinTech Decree and Article 11 of the Dlt Regulation (resolution no. 23892 of 25 February 2026).

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:

- "Keyline FX" through the website https://keylinefx.com and the related page https://client.keylinefx.com (resolution no. 23885 of 25 February 2026).

- "Auralyex" - "Prisma-luxerise.com" through the website www.auralyex.com and related page https://webtrader.sprawlyx-manilas.com as well as the linked advertising website https://prisma-luxerise.com (resolutions no. 23888 of 25 February 2026).

- "Po Trade Ltd" - "Prismaluxerise.it" via the website https://p.finance and related pages https://v1.lands-po.com, https://m.p.finance as well as the linked advertising website https://prismaluxerise.it (resolution no. 23887 of 25 February 2026);

- "Campo Borsante" (through the websites www.campo-borsante.com, www.campo-borsante.org www.campoborsante.com, www.campo-borsante.net and related pages https://client.7cmanagement.cm and https://live.bitfoxytrade.com (resolution no. 23890 of 25 February 2026).

Prohibition, pursuant to Article 7-octies, paragraph 1-bis of Legislative Decree No. 58/1998 ("Tuf"), of conducting the advertising campaign carried out through the website https://prismaluxerise.it in relation to the abusive operation of the website https://p.finance, the related pages https://v1.landspo.com, https://m.p.finance and the related mobile application 'Pocket Option' (resolution no. 23886 of 25 February 2026).

Prohibition, pursuant to Article 7-octies, paragraph 1-bis of Legislative Decree No. 58/1998 ("Tuf"), of carrying out advertising campaign conducted via the website https://prisma-luxerise.com in relation to the abusive operation of the website www.auralyex.com and the related page https://webtrader.sprawlyx-manilas.com (resolution no. 23889 of 25 February 2026).

The Head of the Issuers Supervision Division, on the basis of the provisions of Article 147-ter of the Consolidated Law on Finance and Articles 144-ter et seq. of the Issuers' Regulations, has determined, without prejudice to any lower quota provided for in the articles of association, that the minimum shareholding required for the submission of lists of candidates for the election of the administrative and control bodies of the listed company OVS Spa is 1%. The full text of executive decision no. 157 of 18 February 2026, accompanied by a table indicating the criteria used to determine the shareholding threshold, is available on the website www.consob.it.

back to index