Weekly newsletter year XXXII, No. 20, 25 May 2026 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Consob’s Annual Meeting with the Financial Market to be held in Milan on 13 July
Major shareholdings: Consob simplifies reporting - A single form and a new digital portal are on the way
Presentation of the 2025 Annual Report of the Financial Disputes Arbitrator in Rome on 18 June
Launch of the sceglilalternativa.it campaign to promote conciliation, mediation and arbitration
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’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 here.
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 (Resolution Consob 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, integrates 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 making the representation of the ownership structures of listed issuers clearer.
In developing the form, Consob has based its work 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 regulations on the European Single Access Point (ESAP), enabling the transmission of data to national collection systems and the subsequent availability of information at European level.
The electronic portal (SH.I.N.E, SHareholders Integrated Notification Environment) will enable guided completion and submission of notifications via a web interface featuring automatic consistency checks, autocomplete functions and other support tools. The new system also improves the presentation of significant shareholders of individual listed companies on the Consob website, making it clearer and more user-friendly. The information will be presented in an integrated manner, showing both shareholdings and holdings in 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.NE portal will be accepted.
The presentation of the Report on the activities carried out by the Financial Disputes Arbitrator (ACF) in 2025 will take place on 18 June 2026 at 10:00 am at Consob’s Rome Auditorium, Via Claudio Monteverdi 35.
Marking the ACF’s tenth year of operation, the presentation of the 2025 Annual Report will provide an opportunity to take stock of the work carried out to date, whilst looking to the future.
The first national information campaign, sceglilalternativa.it, dedicated to promoting alternative dispute resolution procedures to protect consumers and professionals, launched on 18 May. Conciliation, mediation and arbitration, referred to at EU level as Alternative Dispute Resolution (ADR), enable disputes to be resolved effectively, swiftly and sustainably, contributing on the one hand to the spread of a culture of dialogue and amicable conflict resolution and, on the other, to easing the burden on the ordinary courts.
The campaign is promoted and funded by the Ministry of Enterprise and Made in Italy, in coordination with the Ministry of Justice, the Communications Regulatory Authority (AGCOM), the Regulatory Authority for Energy, Networks and the Environment (ARERA), the Transport Regulatory Authority (ART), the Bank of Italy, the National Commission for Companies and the Stock Exchange (CONSOB), the Insurance Supervisory Authority (IVASS) and, in collaboration with Unioncamere for the creative implementation.
This initiative forms part of consumer protection activities aimed at raising public awareness of the ADR mechanisms available to them for resolving disputes quickly and sustainably, with consequent benefits for the businesses involved as well. These tools – such as, for example, conciliation procedures initiated through independent authorities, arbitrators for the financial and insurance sectors, joint negotiations initiated through consumer associations, and mediation on consumer issues – are mostly free of charge, or involve low costs, and guarantee impartiality with a high level of technical expertise .
The communication campaign, which will be rolled out via TV and radio adverts, press advertisements and multimedia content for digital and social media channels, recounts consumers’ small daily battles in an ironic and surreal tone. Complaints, refund requests, bills and problematic purchases are transformed into epic duels inspired by cinematic imagery. 'Everyday heroes' who face customer service teams, couriers, companies and suppliers as if they were adversaries from an action film, only to discover the existence of a simpler, faster and more accessible way to protect their rights.
Details on the tools available and how to access them can be found on the Mimit website (www.sceglilalternativa.it) and, with specific focus, on the websites of the Ministry of Justice, Agcom, Arera, Art, the Bank of Italy, Consob and Ivass.
As part of its efforts to combat financial fraud, Consob has ordered the blocking of six websites that were unlawfully providing investment services and activities relating to financial instruments. Below is the list of websites ordered to be blocked:
- “Orbisolyx” (website www.orbisolyx.com and page https://webtrader.grumblinion-radiex.com);
- “FXC Capital” (website https://fxc-capitals.com and associated page https://client.fxc-capitals.com);
- “OasisBF” (website https://oasisbf.com and associated page https://trader.oasisbf.com);
- “IMGPartners.cm” (website https://imgpartners.cm and related pages https://client.imgpartners.cm and https://webtrader.imgpartners.cm);
- “Auralyex” (website www.auralyex.co and related page https://webtrader.possares-renoyx.com);
- “Wexdor” (website https://wexdor.com and related page https://webtrader.wexdor.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 1,718. 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 taking steps to block these 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 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 a section entitled ‘Watch for scams!’, where useful information is available to warn investors against abusive financial schemes.
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:
- “Orbisolyx” via the website www.orbisolyx.com and the page https://webtrader.grumblinion-radiex.com (Resolution No. 24002 of 18 May 2026);
- “FXC Capital” via the website https://fxc-capitals.com and the related page https://client.fxc-capitals.com (Resolution No. 23998 of 18 May 2026);
- “OasisBF” via the website https://oasisbf.com and the related page https://trader.oasisbf.com (Resolution No. 24001 of 18 May 2026);
- “IMGPartners.cm” via the website https://imgpartners.cm and the relevant pages https://client.imgpartners.cm and https://webtrader.imgpartners.cm (Resolution No. 24000 of 18 May 2026);
- “Auralyex” via the website www.auralyex.co and the relevant page https://webtrader.possares-renoyx.com (Resolution No. 23999 of 19 May 2026);
- “Wexdor” via the website https://wexdor.com and the relevant page https://webtrader.wexdor.com (Resolution No. 24003 of 18 May 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.