News of the week:
Watch for scams! Abusive financial services: Consob blocks 18 new websites
The three-year plan for corruption prevention and transparency (2026–2028) has been approved
Bank of Italy, Consob and Ivass Coordination Table on the application of Ias/Ifrs: guidance on the treatment of stamp duty on life insurance policies
Resolution on the 2026 contribution regime published in the Official Gazette

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 18 websites.

In particular, Consob ordered the blocking of 5 websites that were illegally providing investment services and activities on financial instruments and 2 websites that were advertising unauthorized trading platforms, in one case through the improper use of references to and images of public figures known to the Italian public, specifically Senator Carlo Calenda and entrepreneur Piero Ferrari.

Below is a list of the websites ordered to be blocked:

• “Urus Developments” (website https://urusdev.limited and related page https://auth.ltdurus.com);
• “InvestiProItalia” (website https://investiproitalia.com and related page https://clients.investiproitalia.com);
• “Arche-FX Group” (website https://arche-fxgroup.com and related page https://client.arche-fxgroup.com);
• “Targon.ltd” - “Puntoborsaai.com” (website https://targon.ltd and related pages https://user.newclientpanel.com, https://wt.newclientpanel.com as well as the linked advertising website www.puntoborsaai.com);
• “Apollocse” - “Puntoborsaai.it” (website www.apollocse.com and related pages https://client.apollocse.com, https://client.apollosce.co, https://trading.investmentsoverview.com as well as the linked advertising website https://puntoborsaai.it).

In addition, Consob ordered the blocking of 11 websites through which crypto-asset services were being provided illegally:

• “GFF612” (website https://gff612.it);
• “ADAN82” (website https://adan82.it);
• “SDS031” (website https://sds031.it);
• “YUU369” (website https://yuu369.it);
• “TYU105” (website https://tyu105.it);
• “HGJ258” (website https://hgj258.it);
• “FHD016” (website https://fhd016.it);
• “TUU158” (website https://tuu158.it);
• “DFW222” (website https://dfw222.it);
• “BNG373” (website https://bng373.it);
• “ERE316” (website https://ere316.it).

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 1,555.

The Authority has exercised the powers deriving from the ‘Growth Decree’ (Decreto crescita) to block the websites of abusive financial intermediaries, those introduced by the ‘Capital Law’ (Legge Capitali) relating to the blocking of websites used to carry out advertising campaigns for abusive intermediation platforms, as well as the powers provided for by MiCAR (EU Regulation and Legislative Decree No. 129/2024) regarding the black-out of websites through which crypto-asset services are provided to Italian savers without authorization.

The measures adopted by Consob can be consulted on the website www.consob.it. Internet service 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 behaviors 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 authorized 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 email 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 reminds investors that its website features a section entitled “Watch for Scams!”, which provides useful information to warn investors against abusive financial initiatives.

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The Commission has approved the Three-Year Corruption Prevention and Transparency Plan (PTPCT) 2026-2028.

The document outlines the process through which corruption risk is managed within the Institute, describing the activities carried out and the initiatives planned for the next three years. It also highlights the distinctive features of Consob in terms of structure and functions, the process for adopting the Plan and the parties involved in this activity.

The PTPCT 2026-2028 and its annexes are available on the Consob website in the section 'Transparent Authority - Other content - Corruption'.

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The Coordination Table between the Bank of Italy, Consob and Ivass has published Document No. 10 on the application of Ias/Ifrs standards, dedicated to the accounting treatment of customer transactions, as a result of the advance payment of stamp duty on life insurance policies classified as financial liabilities.

The Document follows the changes introduced by the 2025 Budget Law, which requires insurance companies to pay stamp duty on life insurance policies annually, starting in 2025. For policies existing as of 1 January 2025, there is also a 4-year payment plan for tax accrued in previous years. The Law also specifies that companies may only recover the amounts paid from customers when the benefit is paid out (upon expiry or surrender of the policy). 

The document was produced as part of the accounting agreement between the Bank of Italy, Consob and Ivass with the aim of providing the necessary clarifications to overcome certain doubts regarding its application and to ensure uniformity of conduct on the part of operators.

Finally, the text draws attention to the need, where relevant, to provide adequate information in periodic financial statements on the effects of discounting assets to customers.

The full text of the document is available on the websites www.bancaditalia.it, www.consob.it and www.ivass.it.

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The 2026 contribution scheme, approved by Resolution No. 23799 of 17 December 2025, 'Determination of the contribution due for the 2026 financial year, pursuant to Article 40 of Law 724/1994', was published in Official Gazette no. 21 of 27 January 2026 with an incorrect title; with a Correction Notice published in Official Gazette no. 22 of 28 January 2026, the above subject was correctly reported.

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• The Head of the Issuers Supervision Division, on the basis of the provisions of Article 147-ter of Legislative Decree No. 58/1998 and Articles 144-ter et seq. of the Issuers' Regulations, has determined the minimum participation quota for the submission of lists of candidates for the election of the administrative and control bodies of listed companies that closed their financial year on 31 December 2025. The full text of Executive Decision No. 155 of 27 January 2026 is available on the website www.consob.it, accompanied by a table indicating the criteria used to determine the shareholding threshold.

• The Head of the Issuers Supervision Division has determined the list as at 31 December 2025 of companies issuing listed SME (small and medium-sized enterprise) shares pursuant to Article 1, paragraph 1, letter w-quater.1) of Legislative Decree No. 58/1998 and the Issuers' Regulations, based on market capitalisation values in 2023, 2024 and 2025. The full text of Executive Decision No. 156 of 28 January 2026 is available on the website www.consob.it, accompanied by the list of SMEs.

• The information note relating to the programme for the offer of Investment Certificates with conditional capital protection and capital protection or partial capital protection issued by Mediobanca – Banca di Credito Finanziario Spa has been approved.
• Approval of the second supplement to the base prospectus relating to the "Euro 15,000,000,000 Debt Issuance Programme" issued by Cassa Depositi e Prestiti Spa and approved by the latter on 7 May 2025.
• Approval of the second supplement to the base prospectus issued by Terna – Rete Elettrica Nazionale Spa and approved by the same on 25 June 2025.
• Approval of the registration document and information note relating to the public offering programme for bonds issued by Banco di Desio e della Brianza Spa.

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:

• 'Urus Developments' through the website https://urusdev.limited and the related page https://auth.ltdurus.com (resolution no. 23847 of 28 January 2026);
• "InvestiProItalia" through the website https://investiproitalia.com and its page https://clients.investiproitalia.com (resolution no. 23844 of 28 January 2026);
• “Arche-FX Group” via the website https://arche-fxgroup.com and its page https://client.arche-fxgroup.com (resolution no. 23841 of 28 January 2026);
• “Targon.ltd” - “Puntoborsaai.com” via the website https://targon.ltd and related pages https://user.newclientpanel.com, https://wt.newclientpanel.com as well as the linked advertising website www.puntoborsaai.com (resolution no. 23846 of 28 January 2026);
• “Apollocse” - “Puntoborsaai.it” via the website www.apollocse.com and related pages https://client.apollocse.com, https://client.apollosce.co, https://trading.investmentsoverview.com and the linked advertising website https://puntoborsaai.it (resolution no. 23845 of 28 January 2026).

• Order, pursuant to Article 94(1)(h) of Regulation (EU) 2023/1114 ("MiCAR") and Article 4(1) of Legislative Decree No. 129/2024, to put an end to the violation of Article 59 of MiCAR committed by: "Gff612" via the website https://gff612.it; "Adan82" via the website https://adan82.it; "Sds031" via the website https://sds031.it; "Yuu369" via the website https://yuu369.it; “Tyu105” via the website https://tyu105.it; “Hgj258” via the website https://hgj258.it; “Fhd016” via the website https://fhd016.it; “Tuu158” via the website https://tuu158.it; “Dfw222” via the website https://dfw222.it; “Bng373” via the website https://bng373.it; “Ere316” via the website https://ere316.it (resolution no. 23840 of 28 January 2026).

• The advertising campaign conducted via the website www.puntoborsaai.com, concerning the operation of the website https://targon.ltd and the related pages https://user.newclientpanel.com, https://wt.newclientpanel.com, in violation of Article 18 of Legislative Decree no. 58/1998 (Resolution no. 23843 of 28 January 2026).
• The advertising campaign conducted through the website https://puntoborsaai.it, concerning the operation of the website www.apollocse.com and related pages https://client.apollocse.com, https://client.apollosce.co, https://trading.investmentsoverview.com, in violation of Article 18 of Legislative Decree No. 58/1998 (Resolution No. 23842 of 28 January 2026).

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