Consob continues its work to simplify the rules. In line with initiatives already taken in recent years, the Authority has approved a new package of regulatory amendments (Resolution No. 23979 of 14 May 2026) aimed at eliminating certain burdens and obligations for operators and issuers, whilst maintaining the protection of investors and market integrity as central priorities.

The amendments, adopted following a market consultation that began on 16 March, concerned, in particular, the Issuers' Regulations.

Among the most significant measures, which form part of the process of modernising and streamlining the regulatory framework with the aim of promoting the competitiveness and growth of the Italian capital market, is the raising of the threshold for internal dealing notifications from €20,000 to €50,000, in line with European developments: an innovation that will enable the market to focus on truly significant transactions, whilst reducing non-essential administrative burdens, without affecting the Authority's supervisory role.

Other measures concern the simplification of procedures relating to prospectuses and public offers. The obligation to file equity and non-equity prospectuses with Consob following the Commission's approval has been removed. Furthermore, the disclosure obligations incumbent on the placement agent upon the closure of the offer have been eliminated. The procedures for subscribing to the offer have also been simplified, removing the obligation to prepare a specific form.

The regulatory amendments also extend the option to use English, already introduced by Consob for the drafting of prospectuses: from now on, English may also be used for the documentation required by European legislation in public offers conducted without a prospectus.

Finally, the package also concerns the Markets Regulation and the Regulation on Related-Party Transactions. Both have been harmonised with the recent changes introduced by the Capital Markets Act, through the repeal of implementing rules for provisions of the Consolidated Law on Finance that are now obsolete.

Explanatory report on the results of the consultation regarding the impact on regulation, on the activities of companies and operators, and on the interests of investors and savers.

Two European surveys dedicated to the transition to the new T+1 settlement cycle for securities transactions concluded on trading venues will begin on 12 May. The new rules, introduced by EU Regulation 2025/2075 of 8 October 2025, will apply from 11 October 2027 and require transactions to be settled by the first working day following the trade (T+1) rather than by the second, as under the current T+2 settlement cycle.

To support the market in this transition, a dedicated governance structure has been established at European level comprising an Industry Committee, representing the industry, and a Coordination Committee, chaired by ESMA and also comprising the European Commission and the ECB. At national level, preparatory work is coordinated by Consob and the Bank of Italy.

In particular, the following have been launched since 12 May:

· the second edition of the Industry Committee (IC) survey on the state of preparedness for the transition to the T+1 cycle (the results of the first survey can be consulted on the Committee's website).

· a complementary survey promoted by the relevant national authorities, coordinated by ESMA, on the draft legislative measures submitted to the European Commission on 13 October 2025 and expected to be approved by summer 2026.

Widespread participation by market participants in the surveys is essential to help the authorities understand the market's level of preparedness and identify any critical issues in good time.

For further information on T+1, please consult the dedicated section of the Consob website.

As part of its efforts to combat financial fraud, Consob has ordered the blocking of a total of 8 websites.

Specifically, orders were issued to close 5 websites that were unlawfully providing investment services and activities relating to financial instruments, and 3 websites that were unlawfully providing services for crypto-assets. Below is the list of websites ordered to be taken down:

- Ucapitalinvest (website https://ucapitalinvest.com and associated page https://client.ucapitalinvest.com);

- Algo Quant Hft (website https://algo-quant-hft.ai and related page https://app.trade-algoquanthft.com);

- Lotment Capital (website https://trading-area.lotmentcapital-v3.com);

- golwire-limited.com (website https://goldwire-limited.com and associated page https://cfd.goldwire-limited.com);

- anima-capitalpartners.com (website https://anima-capitalpartners.com and related page https://cab.anima-partnerscapital.com);

- "Jgcmgs" (website https://jgcmgs.co);

- "Forte Valbit" (website https://fortevalbit.it);

- "BitGptApp" (website https://lagrovine.com).

This brings the total number of websites blocked by Consob since July 2019 to 1,712, since the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries. Of these, 204 relate to crypto-asset-related activities.

The Authority has exercised the powers conferred by the "Growth Decree" to block the websites of unauthorised financial intermediaries, as well as the powers provided for under the MiCAR framework (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 by 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 a section entitled "Watch for scams!", where useful information is available to warn investors against abusive financial schemes.