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  • Interinstitutional Observatory on women's participation in the administrative and control bodies of Italian companies - first survey analysis (Press Release of 8 March 2021)

    Published: 08/03/2021

    Subject: Interinstitutional Observatory on women's participation in the administrative and control bodies of Italian companies - first survey analysis.

    The results of the first survey on the presence of women in the administrative and control bodies of Italian companies and on the implementation of the Golfo-Mosca Law (Law no. 120 of 2011), carried out by a specific Interinstitutional Observatory, participated by Department for Equal Opportunities of the Presidency of the Council of Ministers, CONSOB and the Bank of Italy (https://www.CONSOB.it/documents/46180/46181/20210308_Ossevatorio.pdf/7f31b28d-b53b-4cdb-9309-d30a7ddb7bcc) have been published.

    The Observatory, established with the Memorandum of Understanding signed on 22 November 2018 by the three participating Institutions, was set up as a data collection and research centre to "jointly promote initiatives aimed at the concrete implementation of female participation in the boards, with the purpose to verify over time the effects of the application of the Law no. 120/2011, also on the basis of studies and analyses making it possible the identification of potential critical and attention profiles ".

    With the purpose to resolve the problem of under-representation of women in the top positions of companies in Italy, the Law n. 120 of 12 July 2011 (so-called Golfo Mosca Law) and the Decree of the President of the Republic (D.P.R.) no. 251 of 30 November 2012 introduced gender balance obligations in decision-making positions and in the administration and control bodies of companies controlled by public administrations and companies whose shares are listed on regulated markets. CONSOB and the Department for Equal Opportunities supervise the implementation of this legislation by, respectively, listed companies and companies controlled by public administrations. The issue of gender diversity is also the subject of specific interventions in the banking sector. At the end of 2020, the Bank of Italy put in consultation some changes to its supervisory provisions relating to organization and corporate governance to strengthen the current regulations, already requiring that all banks have to guarantee adequate diversification of the collegiate bodies in terms of skills, age, gender and geographical origin. Through the amendments submitted for consultation, the Bank of Italy proposes the introduction of a gender quota according to which, at least, one third of the members of the administration and control bodies of banks must belong to the less represented gender; further, non-binding indications are also proposed to encourage the presence of women even in the most important positions.

    Between 2011 and 2019, the report published today reads, the presence of women in the management bodies of listed companies and publicly controlled companies rose from 7% to 37% and from 11% to 25% respectively. In the banking sector, the share of women in administrative bodies is also generally growing. However, the presence of women varies from 37% for listed banks to 15% for unlisted ones. Conversely, in private companies, where the rules on "pink quotas" do not apply, the presence of women has grown over the same period of time at a much slower pace, from 22% to 24%. The most important positions remain the prevailing prerogative of men. In listed companies, only 2% of women in administrative bodies hold the role of CEO, this percentage drops to 1% in banks.

    As regards the control bodies of the companies, the trend observed is aligned with that one described in the case of the management bodies. The growth in the female presence is significant in companies for which gender quotas are envisaged: at the end of 2019 it was 39% (from 7% in 2011) in listed companies and 33% (from 17%) in companies controlled by the public. This presence remains, however, much more limited in private companies and banks (respectively 22% and 18%).

    It follows, therefore, that in the face of an undeniable progress compared to the situation prior to the entry into force of Law no. 120 of 2011, female participation in the administrative and control bodies and in the decision-making processes of companies remains heterogeneous, according to the existence and nature of the regulatory constraints on gender quotas.

    The Interinstitutional Observatory therefore hopes that the analysis carried out will be the starting point for a broader path, through which the issue of gender equality in corporate governance and control bodies can be further considered and investigated in order to find adequate solutions, also in coherence with the Goals of the European Commission's Strategy on Gender Equality (2020-2025).

     Press Release in .pdf

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 5 March 2021)

    Published: 05/03/2021

    Consob has ordered the blackout of 5 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - "FSCS.UK Limited" (website https://fscs.uk);

    - NewTraders Holding Ltd (website www.toltechfx.co);

    - Zurich Invests Ltd e ZH Companies BNK Ltd (website www.zurichinvests.com);

    - "TradeFCX" e "Fxstarpro" (website https://tradefcx.com);

    - "Fxstarpro"/Fxstarpro LTD (website https://fxstarpro.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 396.

    The measures adopted by Consob can be consulted on the website www.consob.it .

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it  there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    Press Release in .pdf

  • Sustainability‐related disclosures in the financial services sector: published Consob warning notice and Q&A of March 4th, 2021

    Published: 04/03/2021

     Consob warning notice of March 4, 2021 - Sustainability‐related disclosures in the financial services sector [English version will be available in the next days]

     Consob Q&A of March 4, 2021 - Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector  [English version will be available in the next days]

  • Consob supports FSB Task Force recommendations on communication of financial information on climate change (Press Release of 1st March 2021)

    Published: 01/03/2021

    PRESS RELEASE

    Consob supports the recommendations published in July 2017 by the Task Force on Climate-related Financial Disclosures (Tcfd), set up within the Financial Stability Board (Fsb), providing a useful framework to report information about the risks and opportunities stemming from climate change, (https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf).

    The initiative is part of the Institute's strategy aimed at contributing to the development of a more sustainable economy in line with the EU commitments. Consob encourages companies to voluntarily adopt the recommendations of the Tcfd and to draw up the Non-Financial Declaration to increase transparency in the financial markets on the risks and opportunities related to climate..

    The recommendations of the Tcfd are incorporated into the Guidelines on non-financial reporting of the European Commission, taken into account by Consob in the supervision of non-financial statements pursuant to Article no. 6 of the Consob Regulation implementing the Legislative Decree no. 254 of 2016 (https://eur-lex.europa.eu/legal-content/IT/TXT/PDF/?uri=CELEX:52019XC0620(01)&from=EN) (https://www.consob.it/web/consob-and-its-activities/laws-and-regulations/documenti/english/laws/reg20267e.html).

    The Guidelines of the European Commission incorporating the recommendations of the Tcfd were also considered by ESMA in setting out the European common enforcement priorities (Ecep) related to financial and non-financial reports by listed companies for 2020.

    The support for the recommendations of the Tcfd is meant, alongside other Consob initiatives, to raise the awareness of issuers on the need to provide clear, comparable and consistent information on their sustainability. "Providing good quality information on the effects of climate change in non-financial corporate reporting - notes Anna Genovese, Consob Commissioner - is an essential condition to channel the financial resources to the real economy and to protect investors in the context of the regulation of transparency on sustainable finance".

    Press release PDF version

  • Abusive financial services: Consob blacks out 6 abusive websites (Press Release of 26 February 2021)

    Published: 26/02/2021

    Consob has ordered the blackout of 6 new websites that offer financial services/financial products illegally: 5 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the blackout of the sites of abusive financial intermediaries, as well as of the power introduced by the Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis), with reference to the blackout of the site through which the abusive offer is carried out.

    Below are the sites Consob has ordered to be blacked out:

    - Nab Europe Limited (internet website www.nabconsulting.eu);

    - Swiss Management Corporation Ltd (internet website https://fx24.one);

    - "Expertsystemsfx" (internet website client.expertsystemsfx.com);

    - "FXOptexGroups" e "FxOptexGroup" (internet website https://fxoptexgroups.com and related page https://client.fxoptexgroups.com);

    - "Italiano Invest" (internet website www.italianoinvest.com);

    - QubitTech Corporation (internet website www.qubittech.dev).

    The total number of sites blacked out by Consob since July 2019, when the Authority got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 391.

    The measures adopted by Consob can be consulted on the website www.consob.it .

    The blackout activities of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blackout to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, in the case of websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, in the case of offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it  there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    -  Press Release in .pdf

  • PagoPA (Comunication of 26 February 2021)

    Published: 26/02/2021

    As of 1st March 2021, Consob adheres to the PagoPA System. From the mentioned date, payments to Consob must be made only using the PagoPA payment notices (26 February 2021).

  • Abusive financial services: Consob blacks out 4 abusive websites (Press Release of 19 February 2021)

    Published: 19/02/2021

    Consob has ordered the blackout of 4 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - Empirecfd Limited (website www.empirecfd.com and related page https://crm.empirecfd.com);

    - Empire Capital LLC (website https://27proquote.com)

    - Kiqiwk Holdings Intl Limited (website www.solutionsmarkets.io);

    - HB Enterprises OU and Fina Holding Incorporated (website www.forexone.co and related page https://client.forexone.co).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 385.

    The measures adopted by Consob can be consulted on the website www.consob.it .

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it  there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    - Press Release

  • COVID 19 - Publication of two Consob Warnings on financial and non-financial information to be provided by the issuers and those responsible for preparing the offer documents and prospectuses, and on the impact of the Coronavirus emergency on the obligations of online portal managers (16 February 2021)

    Published: 16/02/2021

    Publication of the two following Warnings on the financial and non-financial information to be provided by the issuers and those responsible for preparing the offer documents and prospectuses, and on the impact of the Coronavirus emergency on the obligations of online portals managers.


    Warning notice no. 1/21 of 16 February 2021 [only Italian version]: COVID 19 - measures to support the economy - Warning notice about the information to be provided:

    • by the supervised issuers of the supervisory bodies and the independent auditors in relation to the 2020 financial statements prepared in accordance with the international accounting principles;
    • by the companies publishing the 2020 non-financial statements;
    • by issuers with listed shares and by supervisory bodies at meetings for resolutions on capital;
    • by those responsible for drafting the offer documents and prospectuses;
    • by the issuers subject to the rules of the MAR.

    Warning notice no. 2/21 of 16 February 2021 [only Italian version]: COVID-19 - Persistence of the impacts of the Coronavirus emergency on compliance of the online portals managers.

  • Press Release of 12 February 2021

    Published: 12/02/2021

    A webinar was held today between Consob and some major players in the financial market to probe the interest of issuers in conducting a securities token offerings test and developing the related regulatory framework. Consob, in coordination with the authorities, will inform the market of the advancements of this possibility.

    Press Release

  • Abusive financial services: Consob blacks out 7 websites (Press Release of 11 February 2021)

    Published: 11/02/2021

    Consob has ordered the blackout of 7 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - SPTrade24 Ltd (website www.sptrade24.com);

    - Directafx Ltd Group and Directafx Limited (website www.directafxs.com)

    - "GB Trade FX" (website https://gbtradefx.com);

    - "Globalcfd LTD" and "D&D Venture Project LTD" (website www.globalcfd.co);

    - "MarketsCFDs" (website https://client.marketcfx.com);

    - "Itradersfx Ltd" (website www.itradersfx.com);

    - Plus One Ltd (website www.marketcfd.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 381.

    The measures adopted by Consob can be consulted on the website www.consob.it .

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it  there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    - Press Release

  • Three-Year Plan for Corruption Prevention and Transparency: Consob launches a market consultation (5 February 2021)

    Published: 05/02/2021

    Consob has launched a public consultation on its 2021-2023 Three-year Plan for Corruption Prevention and Transparency (PTPCT).

    The consultation, lasting thirty days, is aimed at collecting any comments on the Plan by external stakeholders.

    Law no. 190/2012, together with the National Anti-corruption Plan and its updates over the years, requires that the anti-corruption activity planning document, namely, the Three-year Plan for Corruption Prevention and Transparency, be adopted each year by the institution's "political-administrative policy authority", on a proposal by the Manager for Corruption Prevention and Transparency.

    The law assigns the task of defining the strategic objectives on corruption prevention and transparency and the related strategic actions to achieve them to the Manager for Corruption Prevention and Transparency.

    In the context of the initiatives and activities carried out on the subject of transparency and the interventions for the prevention and fight against corruption, Consob must therefore, on the proposal of the Manager for Corruption Prevention and Transparency, approve the 2021-2023 Three-year Corruption Prevention Plan by 31/03/2021.

    The consultation document is the updated version of the Plan and contains a presentation of i) the results of the monitoring carried out on the implementation of the provisions of the previously published Plan; ii) the activities carried out in 2020; and iii) the initiatives planned for the next three years.

    Members of the public and all associations or other forms of organisations that represent collective interests are invited to submit proposals and/or comments aimed at better identifying measures to prevent corruption, which will be taken into account by Consob for the 2021-2023 Three-year Plan for Corruption Prevention and Transparency.

    Comments may be submitted, no later than 12.00 noon on 8 March 2021 using the following e-mail address rpct@consob.it.

     Public consultation on Consob Three-Year Plan for Corruption Prevention and Transparency 2021-2023 years [only Italian version]

     Annex 1 - Process mapping and risk assessment [only Italian version]

     Annex 2 - Mapping of processes, risky events and prevention measures [only Italian version]

     Annex 3 - List of publication obligations in force during the three-year period 2021-2023 [only Italian version]

  • Abusive financial services: Consob blacks out 6 abusive websites and warns against the recurrent advertising web initiatives which generically recommend fictitious investments and could be functional to the acquisition of sums of money or users' personal data (Press release of 5 February 2021)

    Published: 05/02/2021

    Consob warns savers, with a specific Warning, about the advertising campaigns carried out through internet which foreshadow the possibility of gaining significant (often unlikely) financial returns in exchange of the proposed purchase of shares of well-known international technological and commercial companies, of renowned football clubs and/or crypto-currencies. These initiatives could be aimed at the acquisition of sums of money or users' personal data.

    Consob has also ordered the blackout of 6 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - 4ex7 Ltd (website www.4ex7.live);

    - "Octaviotradefx" and "Galore Pro" (website https://octaviotradefx.com);

    - Itm Solutions LLC (website https://galore.pro and related page https://trading.galore.pro);

    - "Finanza-Invest" (website www.finanza-invest.com);

    - "Billion Forex Ltd" (website https://billionforex.com);

    - HBCMarket Ltd and Zentrale Zahlstelle Ltd (website www.hbc-marketsfx.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 374.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    Press release

  • Abusive financial services: Consob blacks out 5 websites (Press Release of 29 January 2021)

    Published: 29/01/2021

    Consob has ordered the blackout of 5 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - "RevolutionFX" (Internet websites https://revolution-fx.io and https://revolution-fx.cc);

    - "DMA Direct AB" (Internet website https://dmadirectab.com and related page https://client.dmadirectab.com);

    - "Capitalcom Investment" (Internet website www.capitalcominvestment.com);

    - Broker Major Ltd (Internet website www.brokermajor24.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 368.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    Press release

  • Issued the Discussion Paper "Le Opa in Italia dal 2007 al 2019: evidenze empiriche e spunti di discussione" (21 January 2021)

    Published: 21/01/2021

    Issued the Discussion Paper "Le Opa in Italia dal 2007 al 2019: evidenze empiriche e spunti di discussione" which offer a photograph of the impact of the Takeover bids Directive on the Italian capital market by presenting an analysis of the takeover and exchange bids launched in Italy in the period between 2007 and 2019.


    After a brief historical excursus on the genesis and evolution of the European and Italian Takeover bids regulation, the study focuses its recognition on the characteristics of the subjects participating in the bids and the consultants who assist them; on the purposes for which takeover bids are launched in Italy, with particular attention to the phenomenon of delisting; on the premiums of the bids, the acceptance rates and the market performance of the target companies.

    The survey, based on a proprietary database of more than 20,000 data, while covering all the bids launched during the period, focuses particularly on share bids. In this regard, it emerges that less than half of the bids on shares are related to changes in control and that only a narrow minority are classifiable as hostile takeovers. In most cases, the bids provided for a delisting program, both as its own purpose (voluntary bids to withdraw from listings promoted by the controlling shareholder) and as an objective "associated" with the change of control. The data show a recent growth trend in the incidence of delisting, which has increased from 50% to 90% over the last 5 years of analysis. These figures seem interesting not only in terms of absolute value but also in view, on the one hand, of the increased average size of the companies revoked, and, on the other, of the fact that this propensity to delist occurred in a non-bearish market phase. The average premium paid to shareholders is approximately 13%, with higher values in the bids aimed at a business combination and voluntary bids. The returns, both absolute and relative to the index, of the shares offered show negative values on average. In particular, the excess return is -5.9% in the following 12 months and -6.9% after 3 years. By differentiating the results according to the voluntary/mandatory nature of the bids, it should be noted that all ex-post return configurations are significantly lower in the case of mandatory bids.

    Without claiming to draw policy considerations or prospects for reform of the current regulation, the study proposes an analytical and objective framework that leaves available to scholars, regulators, market operators, evidence potentially suitable for generating future research contributions.

     Discussion Paper (only Italian version at the moment)  

  • Abusive financial services: Consob blacks out 3 websites (Press Release of 21 January 2021)

    Published: 21/01/2021

    Consob has ordered the blackout of 3 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    - "Emperiumfx LTD" (Internet website www.emperiumfx.com);

    - "360 Trading Networks Sdn Bhd" (Internet website www.thebestrader.com);

    - "Team North Partners Ltd" e "Colespite Partners Ltd" (Internet website https://splittrades.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 363.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

    Press Release in pdf

  • OECD Recommendation on Financial Literacy (18 January 2021)

    Published: 19/01/2021

    The Recommendation on Financial Literacy was adopted by the OECD Council at ministerial level on 29 October 2020. The Recommendation offers a comprehensive tool on financial literacy to assist governments, public authorities and other entities in designing, implementing and evaluating financial literacy.

    Recommendation PDF version

     

  • Abusive financial services: Consob blacks out 6 websites (Press release of 15 January 2021)

    Published: 15/01/2021

    PRESS RELEASE

    Consob has ordered the blackout of 6 new websites that abusively offer financial services.

    The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.

    Below are the websites Consob has ordered to be blacked out:

    •  "Axedo" (Internet website www.axedo.co);
    • "Fxfinancepro" e "Globalinvestfx" (Internet website https://fxfinancepro.com and related page https://client.fxfinancepro.com);
    • Think Market 247 Ltd (Internet website www.thinkmarket247.com and related page https://trade.thinkmarket247.com);
    • Donnybrook Consulting Ltd (Internet websites https://energy-markets.io, https://energy-markets.cc and related page webtrader.energy-markets.cc);
    • Universe Citizen Limited (Internet website www.fxcitizen.com).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 360.

    The measures adopted by Consob can be consulted on the website www.consob.it.

    The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

    Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.

    To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

     Press release PDF version

  • Consob further extends for a three-months period the obligations for enhanced transparency on changes in significant shareholdings and declaration of investment objectives - The validity of the provisions has been extended from 14 January 2021 to 13 April 2021 (Press release of 14 January 2021)

    Published: 13/01/2021

    PRESS RELEASE

    Consob has further extended for a three-months period, from 14 January 2021 to 13 April 2021, the transitional regime of enhanced transparency regarding changes in significant shareholdings and communication of investment objectives for companies with a shareholder base particularly widespread (as defined by Article no. 120 of the Consolidated Law on Finance - Tuf).

    The resolution (resolution no. 21672 of 13 January 2021) extends, unless revoked early, the similar provisions already temporarily issued in April 2020 (resolutions no. 21326 and no. 21327 of 9 April 2020) and then renewed for further three months, first in July 2020 until 12 October 2020 (resolution no. 21434 of 8 July 2020) and then in October 2020 until January 2021 (resolution no. 21525 of 7 October 2020).

    The further extension became necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 epidemic.

    In particular, as specified more in details in the press release of 10 April 2020, the transitional regime of enhanced transparency provides for:

    a) the addition of a threshold of 1%, compared to the pre-existing one of 3%, as the minimum threshold upon exceeding which the obligation to communicate to the market, through Consob, of the investments acquired in large-capitalized listed ("non-SMEs") companies is triggered; for SMEs, on the other hand, the threshold of 3% is added before the threshold of 5%;

    b) the addition of a threshold of 5%, compared to that of 10%, as the first threshold upon exceeding which the obligation to communicate to the market, through Consob, the "declaration of intentions" is triggered for the acquisition of shareholdings, that is, investment objectives for the subsequent six months.

    The list of companies to which the enhanced transparency regime referred to in point a) is applied is the one most recently updated on 9 October 2020 (executive resolution no. 40/2020, only Italian version). However, it remains unchanged the list of companies to which the enhanced transparency regime referred to in point b) is applied.

     Press release PDF version

  • ACF: increased compensations to savers and appeals accepted - "Plus" sign in the activity budget in 2020 (Press release of 11 January 2021)

    Published: 11/01/2021

    PRESS RELEASE

    Decisions in favour of savers are increasing, the volume of compensation almost doubled, the number of appeals is increasing: these are some of the main data of the activity of the Alternative Financial Dispute Resolution Scheme (ACF) in 2020, the year of the health emergency from Covid, which saw a further consolidation of the role of ACF, the out-of-court resolution body for disputes between small investors and intermediaries, operating at Consob since 2017.

    1,772 appeals received by the ACF last year (+5.6% compared to 1,678 in 2019). This brings the total number of appeals transmitted by savers in the first four years of activity to 7,113 (2017/2020).

    The South was also confirmed in 2020 as the area of origin of the highest number of appeals (42.8%), followed by the Centre (32.4%) and the North (24.8%) of the country.

    More than 100 million euro, the total value of the compensation claimed in 2020, ranging from a minimum of 94.66 to a maximum of 500,000 euro, corresponding to the limit of competence for the value of the ACF. The average value of individual disputes was just under 60,000 euro, in line with what was recorded in previous years. At the end of 2020, the total value of the compensation claimed in the four-year period exceeded the threshold of 400 million euro.

    In 2020, 1,514 proceedings were concluded, an increase of 13.2% compared to 1,337 in 2019; on the other hand, 5,267 rulings in the four-year period 2017/2020.

    The Board held 53 meetings (46 in 2019), making 1,060 decisions (853 in 2019), 65% of which were granted appeals, a 10% jump compared to the 2019 figure, when 55% of the appeals examined had been granted. The total value of the compensation awarded to savers almost doubled (+81.5%): 28.5 million euro in 2020 compared to 15.7 million euro recorded in 2019. This brings the total amount of compensation awarded from 2017 to date to 84.4 million, with an average per capita of about 40,000 euro.

    There were 212 measures to settle disputes taken by the President in 2020 following a settlement agreement concluded directly between the parties. The figure, up 9.2% compared to 194 extinctions in 2019, confirms that the ACF is progressively establishing itself also as a reference point in the relations between savers and intermediaries, such as to favour the spontaneous resolution of disputes even before the Ombudsman decides. The four-year total of appeals terminated early thus rises to 676.

    Cases of unacceptability/inadmissibility of appeals for detected and non-remediable irregularities are declining positively: 242 were the measures taken by the President in the last year (-16.5% from 290 in 2019), for a total of 1,298 in the four-year period. The progressive decrease in the situations of ascertained irregularities is a sign of a better knowledge of the ACF instrument by savers and its more suitable use.

    At the same time, the number of savers who prefer to be assisted by a lawyer continues to grow (over 73% of the total in 2020, compared to 69% in 2019), despite the possibility of submitting the appeal to the ACF directly, without assistance and free of charge. The economic significance of financial disputes and the difficulties many savers still face in personally protecting their rights are contributing factors to this trend.

    The intermediaries involved in the proceedings initiated before the Consob Ombudsman in 2020 were 89 (93 in 2019); 183 in total were the intermediaries receiving at least one appeal from January 2017 to date, compared to the approximately 1,100 intermediaries authorised to provide investment services currently participating in the ACF system.

    The most critical areas found in the relations between savers and intermediaries proved to be, even in the year just ended, those relating to the information made available to clients at the time of the investment and to the illiquidity situations of securities widely placed in recent years among retail investors, which have made it impossible for many savers to dispose of the investments held, also often characterized by a significant decrease in value compared to the initial investment.

    More than 3,200 decisions so far published and freely available on the institutional website (www.acf.consob.it), of which 1,200 published in 2020 alone, provide a varied and detailed picture of the most critical aspects that have emerged.

    In this regard, it is desirable to align intermediaries' operating practices more closely with the ACF guidelines, as this, in addition to allowing the appropriate treatment of client's complaints, can nullify situations of potential conflict at birth, thus helping to strengthen the relationship of trust between the parties, an essential prerequisite to foster increasingly efficient and protected processes for the use of private savings.

     Press release PDF version

  • Coordination table between Consob, the Bank of Italy and Ivass regarding the application of IAS/IFRS: Accounting treatment of tax credits purchased pursuant to the Law Decrees "Cura Italia" and "Rilancio" (Join press release Consob, Bank of Italy and Ivass of 5 January 2021)

    Published: 05/01/2021

    PRESS RELEASE

    The Law Decrees no. 18/2020, so-called "Cura Italia", and no. 34/2020, so-called "Rilancio", have introduced tax incentives connected both with investment expenditures, i.e. "eco-" and "sisma-bonus", and with current expenditures, i.e. rents for non-residential use, which are given out to families and businesses in the form of tax credits. Most of these tax credits can be transferred to third parties by the beneficiaries.

    In relation to this assignment, the "Coordination table between the Bank of Italy, Consob and Ivass on the application of IAS/IFRS" publishes a document by which clarifications are provided regarding the accounting treatment and the representation in the financial statements of these credits by the acquiring entity.

    The document is therefore aimed at entities supervised by the three Authorities, given that the purchase of these loans may be of interest to banks, insurance companies and other financial intermediaries, and to all issuers required to the application of international accounting standards, regardless of the business operations compartment (industrial, banking and others).

    The document aims to clarify some application doubts and ensure homogeneous behaviors by the operators.

    The full text of the document is available on the websites www.consob.it, www.bancaditalia.it and www.ivass.it (only Italian version).

    Press release PDF version

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Latest update: March 8, 2021

 

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