Weekly newsletter year XXXII, No. 23, 15 June 2026 - CONSOB AND ITS ACTIVITIES
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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.
Consob's new institutional website is now live. It has been completely redesigned to provide users with easier access to information, making the browsing experience and the search for documents, regulations, and publications simpler and more intuitive.
The new website is not merely a graphical update but represents a comprehensive overhaul of the entire content architecture and the way in which users, investors, market participants, and the general public can access the vast wealth of information available on the Consob website.
The site features reorganized content, dedicated pathways for different user types, and a new search engine designed to optimize the retrieval of documents and information. The goal is to improve accessibility to various content, optimize the visibility of different pages, enhance the clarity of language, and increase the usability of content on mobile devices, such as smartphones and tablets.
The new website represents a further step in the digital evolution process launched by Consob in 2025, which led to the creation of various social media profiles (LinkedIn, Instagram, and Facebook) and will continue in the coming months through further updates, new services, and progressive improvements, including greater integration with social networks.
The new Pr.I.M.E. prospectus IT system, the Prospectus Integrated Management Environment, will go live on 15 June 2026. Pr.I.M.E. is the single platform for managing the review procedures for prospectuses and supplements relating to equity and non-equity securities and for transmitting them to the European Securities and Markets Authority. It will replace the current Siproem and Deproem systems, which will therefore no longer be operational.
Pr.I.M.E. will be accessible with new credentials, which may be requested by following the instructions available on the dedicated page. Ongoing review procedures will be automatically migrated to the new system.
To allow this migration, the old systems will not be available on Friday, 12 June 2026. Any communications that cannot be postponed may be sent by certified email to consob@pec.consob.it.
As of 15 June 2026, the new provision of Article 9, paragraph 1, of the Issuers' Regulation will also enter into force. This provision abolishes the requirement to file with Consob approved prospectuses and supplements relating to equity and non-equity securities, pursuant to Consob Resolution No. 23979 of 14 May 2026.
Following the abolition of the filing requirement, the latest version of the prospectus or supplement submitted to Consob through the Pr.I.M.E. system for approval purposes will be the version that, once approved, Consob will transmit to the European Securities and Markets Authority.
This latest version of the prospectus or supplement must include:
- the approval date, as indicated by the competent Office
- all the required metadata needed for transmission to the European Securities and Markets Authority
The filing requirement remains in place for prospectuses and supplements relating to closed-end collective investment undertakings. Following approval by Consob, these documents will continue to be filed through the Deprof system, the single system for acquiring offering documentation for investment funds, which also serves as the basis for fulfilling notification obligations to the European Securities and Markets Authority.
As of 15 June 2026, the exemption documents indicated on the dedicated page may also be submitted to Consob through 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 7 websites that were unlawfully providing investment services and activities relating to financial instruments. Below is the list of websites ordered to be blocked:
. "Orvelin-invest.org" (website https://orvelin-invest.org);
- "Credessa" (website https://credessa-it.net);
- "Kcapital" (website https://kcapital.net and related page https://my.kcapital.net);
- "Web-tradereurope.com" (website https://webtrader.web-tradereurope.com);
- "Zelvaris Group Ltd" (website https://zelvarisgroup.ltd and related page https://inv.zelvarisgroup.ltd);
- "capital-liquidity.com" (website https://capital-liquidity.com);
- "Wealth Trade Capital" (website https://wealth-trade.capital and related page https://trade.wealth-trade.capital).
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 1,736. 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 viewed on the website www.consob.it. Internet service providers operating in Italy are currently in the process of blocking access to these websites. For technical reasons, it may take a few days for the block to take effect.
It is important that savers exercise the utmost care when 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 the investment is made 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 out for scams!", where useful information is available to warn investors against abusive financial schemes.
Riv-Digital Srl, headquartered in Schio (VI), has been authorized pursuant to Article 16, paragraph 1 of Legislative Decree No. 129/2024 and Article 63 of Regulation (EU) 2023/1114, as a crypto-asset service provider to carry out crypto-asset exchange services -assets for funds, the exchange of crypto-assets for other crypto-assets, and the placement of crypto-assets, as referred to in Article 3, paragraph 1, number 16, letters c), d), and f) of Regulation (EU) 2023/1114 (Resolution No. 24030 of June 10, 2026).
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The supplement to the registration document of Banca Popolare dell'Alto Adige Spa, dated September 19, 2025, has been approved;
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Approved the registration document and prospectuses relating to the public offering and/or listing of securities other than equity securities intended for retail investors (specifically: plain vanilla bonds, structured bonds, certificates), issued by Banco Bpm Spa;
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The information memorandum relating to the offering program for certificates named "Cash Collect certificates with partially protected or conditionally protected principal, "Twin Win certificates with conditionally protected principal", issued by Banca Sella Holding Spa;
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Approved the information memorandum regarding the program for conditionally protected capital certificates and partially or fully protected capital certificates for the offering of certificates named: Equity Premium certificates, Reverse Equity Premium certificates, Bonus certificates, Reverse Bonus certificates, Twin Win certificates, Equity Protection certificates, Digital Protection certificates, Butterfly Protection certificates, Equity Protection Alpha certificates issued by Banco Bpm Spa;
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Approved the base prospectus relating to the "€6,000,000,000 Euro Medium Term Note Programme" issued by Rete Elettrica Nazionale Spa;
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Approved the registration document of Banco Bpm Spa relating to non-equity securities intended for retail investors;
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Approved the information memorandum relating to the offering and/or listing program for structured bonds with a digital option, structured bonds with a performance option, potentially in the form of green bonds, social bonds, or sustainability bonds issued by Banco Bpm Spa;
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Approved the information memorandum regarding the offering and/or listing program for zero-coupon bonds, fixed-rate bonds, floating-rate bonds, floating-rate bonds with a minimum rate (floor) and/or maximum rate (cap), step-up/step-down fixed-rate bonds, and potentially in the form of green bonds, social bonds, or sustainability bonds issued by Banco Bpm Spa;
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Approved the supplement to the registration document and the prospectus of Cassa Centrale Banca - Credito Cooperativo Italiano Spa.
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:
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"Orvelin-invest.org" via the website https://orvelin-invest.org (Resolution No. 24032 of June 10, 2026);
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"Credessa" via the website https://credessa-it.net (Resolution No. 24031 of June 10, 2026);
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"Kcapital" via the website https://kcapital.net and the related page https://my.kcapital.net (Resolution No. 24037 of June 10, 2026);
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"Web-tradereurope.com" via the website https://webtrader.web-tradereurope.com (Resolution No. 24034 of June 10, 2026);
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"Zelvaris Group Ltd" via the website https://zelvarisgroup.ltd and the related page https://inv.zelvarisgroup.ltd (Resolution No. 24033 of June 10, 2026);
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"capital-liquidity.com" via the website https://capital-liquidity.com (Resolution No. 24036 of June 10, 2026);
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"Wealth Trade Capital" via the website https://wealth-trade.capital and the related page https://trade.wealth-trade.capital (Resolution No. 24035 of June 10, 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.