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  • Work-Related Learning Experience (PCTO 2021-22) in CONSOB: awards to the best student works (20 May 2022)

    Published: 20/05/2022

    The work related learning experience - PCTO program (formerly School-Work Alternation) organized by Consob for the School Year 2021-2022 ended on 17 May following the participation of over 1000 students from 26 high schools from all over Italy. The best six digital systems projects designed by students to protect investors and the market from scams and financial risks were presented by the students themselves to a jury of Consob representatives. Our congratulations go to the winner students of the 4th class, section A, of the Higher Education Institute of Pontecorvo (Frosinone) with their video, and also to the students of the 3rd class LA of the Bernocchi Institute of Legnano (Mi) who ranked second, as well as to the 5th class SIA of the "Piero della Francesca" State Higher Institute of San Donato Milanese (Mi).​

  • Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites - Passed the threshold of 700 blackouts (Press Release of 19 March 2022)

    Published: 19/05/2022

    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:

    - "MBInvest" (website www.invmb.eu);

    - "Saxo-FX24" (website https://saxo-fx24.com and related pages https://my.saxo-fx24.com and https://webtrader.saxo-fx24.com);

    - Fundiza Ltd (website https://fundiza.site);

    - Extraprime Ltd (website https://idealinvestfx.com and related page https://accounts.idealinvestfx.com);

    - "EuropeanStock" (website https://europeanstock.eu and related page and related page https://client.europeanstock.eu)

    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 703.

    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

  • Exposure of mutual funds to financial instruments impacted by the war in Ukraine (Press Release of 19 May 2022)

    Published: 19/05/2022

    CONSOB and the Bank of Italy monitor the consequences of the ongoing conflict on investment funds having exposures to Russian, Belarusian and Ukrainian assets, considering the significant uncertainties both in the evaluation of assets and in their liquidity.

    In this regard, CONSOB and the Bank of Italy call attention to the statement of the European Securities and Markets Authority (ESMA) of 16 May 2022, which contains recommendations aimed at promoting, within the Union, a convergent approach to the evaluation of assets and the use of Liquidity Management Tools by the investment funds which are exposed to Russian, Belarusian and Ukrainian assets.

    It remains the responsibility of the fund manager to carry out a thorough analysis to ascertain which measures and tools can be activated at national level and under what conditions, carefully weighing both the advantages and disadvantages for investors wishing to subscribe, redeem or continue investing in the fund.

    CONSOB and the Bank of Italy will continue to monitor the impacts of the conflict and provide information on issues arising from the war in Ukraine.

    It is recalled that with the Press Release dated last 7th March, CONSOB, the Bank of Italy, IVASS and UIF have pointed out to the supervised entities the need of a full compliance with the restrictive measures decided by the European Union in response to the situation in Ukraine.

      Press release PDF version

  • Conflict in Ukraine: Consob calls for attention to supervised entities on financial reporting and on the obligations related to compliance with the restrictive measures adopted by the European Union against Russia, as well as on the obligations of on-line portals managers (19 May 2022)

    Published: 19/05/2022

    On 18 March 2022, Consob called the attention of supervised entities to the impact of the war in Ukraine with relation to privileged information and financial reporting (https://www.consob.it/web/consob-and-its-activities/news-in-detail/-/asset_publisher/kcxlUuOyjO9x/content/consob-draws-the-attention-of-supervised-issuers-to-the-impact-of-the-war-in-ukraine-18-march-2022-/718268).

    On 13 May 2022, ESMA, the Financial Markets Supervisory Authority, published the Public Statement "Implications of Russia's invasion of Ukraine on half-yearly financial reports" (https://www.esma.europa.eu/sites/default/files/library/esma32-63-1277_public_statement_on_half-yearly_financial_reports_in_relation_to_russias_invasion_of_ukraine.pdf) relating to the effects of the invasion of Ukraine by Russia on the 2022 half-yearly financial reports, drawn up according to IAS 34 "Interim financial reports".

    In this regard, the Commission draws the attention (Call for attention no. 3/22 of 19 May 2022) of the administrative and control bodies, also in their capacity as audit committee, and of the independent auditors, involved in the process for the production of the financial information published by the supervised entities, i.e. the listed issuers with Italy as the home Member State pursuant to article no. 1.w-quater of the Legislative Decree no. 58/98 (Consolidated Law on Financial Intermediation "TUF"), the issuers of financial instruments widely disseminated among the public, pursuant to Article no. 116 of the "TUF", the issuers of financial instruments traded on multilateral trading facilities ("MTF") and on organized trading systems ("OTF") subject to EU Regulation no. 596/2014 ("MAR"), on the recommendations provided by ESMA in the aforementioned Public Statement, which is intended to be fully referred to by the Commission. The contents of the ESMA Public Statement are intended to be referred to, where compatible, also for companies that use national accounting standards.

    With regard to the public offer /admission to trading of financial instruments prospectuses as well as the related supplements and the public purchase offer documents and the issuer's press releases, attention is drawn to the need to report the qualitative and quantitative information on the impacts of the conflict. The directors will have to re-evaluate the information regarding the business plans and the forecasts or estimates of the results previously disclosed to the market.

    Furthermore, in view of the prolongation of the conflict in Ukraine, Consob also drew the attention (Call for attention no. 2/22 of 19 May 2022) of the on-line portals managers who are registered in the register provided for by Article no. 50-quinquies , paragraph 2, of the "TUF", on the need to represent in a detailed and complete manner the possible effects of the conflict in question in the context of the on-line raising of capital for Small and Medium-sized Enterprises (SMEs).

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 11 May 2022)

    Published: 11/05/2022

    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:

    -  "Trade GB 24" (website https://gbtrade24.co.uk and related page https://gbtrade24.net );

    - Clandestiny Group LLC (website https://dakkengroup.com and related page https://webtrader.dakkengroup.cc);

    - Lilac Group LLC (website https://coinevo.co);

    - Broker Capitals Limited and (website https://finexstock.com and related page https://platform.finexstock.com);

    - Magna Markets Limited (website https://saxo-stock.com and related pages https://my.saxo-stock.com and https://webtrader.saxo-stock.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 698.

    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

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 5 May 2022)

    Published: 05/05/2022

    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:

    - GrouPolo LTD (website www.4capital.io);

    - "Globalinvestous" (website https://global-investousfx.com and related page https://client.global-investousfx.com);

    - Ingenue Consulting LLC (website https://tradon.pro and related page https://webtrader.tradon.cc);

    - Bodacious Consulting LLC (website https://unionsmarket.group);

    - "Tradebaionics" (website www.tradebaionics.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 693.

    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

  • Technological developments in Company Law: new Consob Legal Notebook published (2 May 2022)

    Published: 02/05/2022

    The new Consob Legal Notebook entitled "The technological developments of Company Law" by M. Bianchini (Assonime, Director of the Area of Corporate Law and Deputy Director General), G. Gasparri (Consob, Studies Division of the Office of Legal Studies), G. Resta (Università degli Studi Roma Tre, Professor of Comparative Private Law) G. Trovatore (Consob, Studies Division Head of the Office of Legal Studies), A. Zoppini (Università degli Studi Roma Tre, Professor of Private Law) has been published.

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 28 April 2022)

    Published: 28/04/2022

    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:

    - "Infinity4X" (website www.infinity4x.io);

    - Vigo and Co LLC (website www.galantrade.com);

    - "Globecfds" (website www.globecfd.com);

    - "MBInvest" (website www.invmb.com);

    - Gladiolu Stox Markets Ltd (website http://gladiolustox.com and related page https://clientzone.gladiolustox.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 688.

    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

  • Abusive financial services: Consob blacks out 9 abusive websites (Press Release of 22 April 2022)

    Published: 22/04/2022

    Consob has ordered the blackout of 9 new websites that offer financial services/financial products illegally: 8 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 websites Consob has ordered to be blacked out:

    - Evergo Ltd (website www.4x-trade.net and page https://client.tradingcabinet.com);

    - "Profit Market" (website https://profitmk.com and related page https://user.profitmk.com);

    - "Trading Room Star" (website https://my.tradingroom26.com and pages https://my.tradingroomstar.com and https://trade.tradingroomstar.com);

    - Agrico Holdings Limited (website https://investagricol.com);

    -Uncanny Services LLC (website https://5markets.co and related page https://webtrader.5markets.cc);

    - Fast Invest Group OU (website www.fastinvest.com);

    - "Yosemite" (websites www.scesi.com and https://yosemite-ep.com);

    - Future Assets Ltd (website https://futureassets.biz).

    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 683.

    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

  • Publication of two public selection notices for the recruitment of eight legal profile experts and three legal profile experts reserved for person with disabilities (20 April 2022)

    Published: 20/04/2022

    Resolution no. 22247 of 3 March 2022 - Approval of the public selection for the recruitment of eight graduates in the professional segment of expert [legal profile] in the Managerial and High Professional Area of permanent personnel of the National Commission for Companies and the Stock Exchange, to be assigned to the Rome and Milan offices [id 182/22] - Applications for participation must be submitted by 19 May 2022 using only the application available at https://www.consob.it/Candidature/.

    Resolution no. 22248 of 3 March 2022 - Approval of the public selection for the recruitment of three graduates in the professional segment of expert [legal profile] in the Managerial and High Professional Area of permanent personnel of the National Commission for Companies and the Stock Exchange, reserved for people with disabilities (Law no. 68 of 12 March 1999), to be assigned to the Rome office [id 184/22] - Applications for participation must be submitted by 19 May 2022 using only the application available at https://www.consob.it/Candidature/.

  • Public selection notices for the recruitment of ten graduates in the professional segment of expert [economic profile] in the Managerial and Professional Area of ​​Consob personnel, and for the recruitment of five graduates [auditor profile] in the professional segment of adviser in the Managerial and High Professional Area of ​​Consob personnel (13 April 2022)

    Published: 13/04/2022

    Resolution no. 22187 of 2 February 2022 - Approval of the public selection for the recruitment of five graduates [auditor profile] in the professional segment of adviser in the Managerial and High Professional Area of Consob permanent personnel, to be assigned to the Rome office [id 179/22] - Applications for participation must be submitted by 12 May 2022 using only the application available at https://www.consob.it/Candidature/.

    Resolution no. 22246 of 3 March 2022 - Approval of the public selection for the recruitment of ten graduates [economic profile] in the professional segment of expert in the Managerial and High Professional Area of Consob permanent personnel, to be assigned to the Rome and Milan offices [id 181/22] - Applications for participation must be submitted by 12 May 2022 using only the application available at https://www.consob.it/Candidature/.

  • Consob Regulatory Activities Plan for the year 2022 published (8 April 2022)

    Published: 08/04/2022

    The Plan of Regulatory Activities for the year 2022, prepared in implementation of the article no. 2 of the Regulations concerning the procedures for the adoption of Consob general regulatory acts (Resolution no. 19654 of 5 July 2016) has been published. Said provision, as amended by Resolution no. 22203 of 10 February 2022, in fact, provides that Consob, for the purposes of the effective and efficient pursuit of its goals, defines a non-binding planning document containing: i) the annual Plan of activities it intends to carry out for the adoption of general regulatory acts; ii) the two-year Plan of regulatory impact verification activities.

    The function of the Regulatory Plan is to inform the public on the main issues that will be the subject of Consob's regulatory activity, to increase the effectiveness of the consultation processes with the market. It is focused on the regulatory activity and on the VIRs that Consob plans to carry out - respectively - in the course of 2022 and the two-year period 2022-2023.

    The regulatory activity for the current year is characterized not only by the adaptation to the new European provisions, but also by the identification of the measures favouring the access to the capital market and reducing the costs of listing, in the context of a broader project for the revision of domestic regulations, promoted by the Ministry of Economy and Finance (MEF), aimed at relaunching the competitiveness and attractiveness of national financial markets.

    The Plan includes a brief introduction about the developments of the European and national regulatory framework in the previous year (2021), the evolution of the same expected for the reference year (2022) and a table with the program of regulatory interventions planned for the 2022. The latter include:

    - the regulatory changes regarding prospectuses and admission to listing, in the light of the work of the Task Force on the capital market relaunch promoted by the MEF;

    - the interventions to the Issuers' Regulation regarding takeover bids/OPSCs, as a result of the results of the VIR (currently in progress) on the related regulations;

    - amendments to the Intermediaries Regulation as a result of the adaptation of primary legislation to Regulation (EU) 2019/2033 and Directive (EU) 2019/2034 ("IFR / IFD" package) concerning the prudential requirements of investment firms;

    - changes to the Intermediaries Regulation and the Market Regulations for the adaptation of the national discipline to the measures introduced as part of the Capital Market Recovery Package and to the delegated acts of implementation of MiFID II, UCITS and IDD regulations on sustainable finance;

    - amendments to the Issuers' Regulation as a result of the adaptation of primary legislation to Directive (EU) 2019/1160 and Regulation (EU) 2019/1156 on cross border distribution of funds;

    - the adaptation of Consob Regulation no. 18592/2013 (Crowdfunding Regulation) to the provisions of Regulation (EU) 2020/1503 on European Crowdfunding service providers for businesses;

    - the adoption of an implementation discipline regarding the authorization and supervision of subjects entitled to submit bids on the auction market for emission allowances pursuant to article no. 20-ter, paragraph 1, of the Consolidated Law on Finance (TUF);

    - the adaptation of secondary legislation to Regulation (EU) 2017/2402 on securitisations.

    The planning document also presents the table of VIR activities that the Institute intends to perform over the two-year period, which concern: i) the Issuers' Regulation, limited to the provisions on takeover bids/OPSCs; ii) the provisions contained in the Sanctioning Regulations; iii) the provisions of the Regulation on the disclosure of non-financial information.

    Finally, it should be noted that in the 2022 Plan a further section has been provided for the process, already started, for the revision and adoption of certain soft law acts, whose conclusion is expected by the end of the year. The aforementioned review of the application guidelines will be aimed at pursuing full alignment with the EU legal framework and the elimination of any gold-plating profiles.
    -  Consob Regulatory Activities Plan for the year 2022 published (8 April 2022)

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 7 April 2022)

    Published: 07/04/2022

    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:

    - FX Publications, INC (website https://alphaforex.eu and related page https://client.alphaforex.eu);

    - "Xtbinvesting" (website https://www.xtbinvesting.com and related page https://client.xtbinvesting.com);

    - Preqster Ltd (website www.morganfxcapital.com and related page https://my.morganfxcapital.com);

    - "Bitaliana" (website www.bitaliana.com);

    - Bloomb Trading Facility BV (website https://tradingbloom.com and related page https://client.tradingbloom.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 674.

    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

  • EU Commission: adoption of the delegated Regulation defining the technical standard on sustainability-related disclosure in the financial services sector (7 April 2022)

    Published: 07/04/2022

    On 6th April, the EU Commission adopted with its own delegated Regulation the technical standard to be adopted by financial market operators for the disclosure of sustainability-related information in the financial services sector, in compliance with the Sustainable Finance Disclosures Regulation (SFDR).

    The new regulation specifies the content, methodology and presentation of the information to be disclosed, to guarantee its quality and comparability. Under the new regulatory technical framework, financial market participants will be able to disclose detailed information on how to deal with and reduce the potential negative impacts of their investments on the environment and society in general.

    The new disclosure requirements also make it possible a further assessment of the sustainability performance of financial products and - consequently - strengthen investor protection and reduce greenwashing.

    The regulatory technical standards will be examined by the European Parliament and the Council, to be applied from 1st January 2023.

    The Commission decided to reschedule the application of the regulatory technical standards to that date, in order to facilitate the correct implementation of the rules by product manufacturers, financial advisors and supervisors.

    In this regard, it is recalled that the European Supervisory Authorities (ESAs) published, on 28 March 2022, an update of the supervisory statement on the application of the SFDR.

    It is recalled that the SFDR, adopted by the Commission in spring 2019 and published on 9th December 2019 in the Official Journal, is already applicable from 10th March 2021.

    The SFDR establishes sustainability disclosure obligations for manufacturers of financial products and financial advisors with respect to end investors, is directly applicable and integrates the disclosure obligations required by existing sector legislation (AIFMD, UCITS, Solvency II, IDD and MiFID II).

     

  • Back in presence the Annual Meeting of Consob with the financial market - Scheduled on Tuesday, 21 June at the Italian Stock Exchange - Palazzo Mezzanotte - Anti-COVID protections remain: fewer seats in the hall. The event also in streaming (Press Release of 4 April 2022)

    Published: 04/04/2022

    The usual annual meeting of Consob with the financial market is back in presence.

    After two years in which the event was held at a distance, on the web, in compliance with anti-COVID safety measures, this year, for the first time since 2019, Consob adopts back the in-presence formula.

    The event is scheduled on Tuesday 21 June, H. 11:00 a.m., at Palazzo Mezzanotte, the historic headquarters of the Italian Stock Exchange.

    As a precaution, the hall will be occupied to a lesser extent than its effective capacity.

    The event will be broadcast in live streaming.

      Press release PDF version

  • Lecture by Consob Chairman Paolo Savona at Banca di Piacenza on the topic: "Some reflections on scientific and technological progress at the service of finance" (2 April 2022)

    Published: 02/04/2022

  • Abusive financial services: Consob blacks out 6 abusive websites (Press Release of 31 March 2022)

    Published: 31/03/2022

    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:

    - "Fusion Fx" (website www.fusionfx24.com and related page https://my.fusionfx24.com);

    - Cryptopay Limited and (website https://cryptoproexpert.com and related page https://my.cryptoproexpert.com);

    - "NexFX", Big Horizons Limited, New Forex Limited and NewFX Limited (website www.newfx.trading and related page https://newfx.tradingweb.io);

    - "Octa-marketd" (website https://octa-marketd.com and related page https://cfd.octa-marketd.com)

    - Tetris Group Ltd (websites https://sierrainvest.io and https://battletrade.pro).

    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 669.

    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.

  • The Securities and Financial Ombudsman (ACF) turns five - Unprecedented number of compensation to savers in 2021 - 39.2 million were returned (+ 36% on 2020); around 120 million since 2017 (ACF Press release of 31 March 2022)

    Published: 31/03/2022

    PRESS RELEASE

    A record 2021. The Securities and Financial Ombudsman (ACF), the out-of-court resolution body for disputes between savers and intermediaries, closed last year with 39.2 million Euros in compensation to savers.

    That represents the highest amount in five years of activity, since the ACF, set up at Consob, began its operations in January 2017. Compared to the 28.9 million returned in 2020 by intermediaries to small investors, the increase recorded in 2021 is 36%.

    Overall, in the five-year period 2017 - 2021, 120 million Euros returned to the pockets of savers, with an average acceptance rate of 67% (69% in 2021). Despite the decisions made by the ACF are not binding, in the vast majority of cases (96.1%) the intermediaries comply to them and close the dispute as indicated by the ACF.

    These are some of the data resulting from the Annual Report for 2021, published today by the ACF. They are available in full on its website www.acf.consob.it together with an Explanatory Note.

    A sharp increase was also recorded in closed proceedings (they were 2119 with an increase of 40,3%  compared to 1510 in 2020). In the five years of activity, the ACF received a total of 8,695 appeals and concluded 7,385 proceedings. The cases of early termination of the dispute also increase (242 in 2021 vs. 212 in 2020) thanks to the agreements that took place while the proceedings before the ACF were in progress, an indication that the tool of out-of-court reconciliation helps the parties to reach an agreement.

    The report shows that most of the appeals (almost 70%) come from people over the age of 55. This figure confirms that, in Italy, financial wealth is concentrated in the older age groups. The appeals presented by the under 40s are just 10% of the total. Mostly men turn to the ACF (2/3 as opposed to 1/3 of women), although the gender gap tends to narrow below the age of 40. The geographical origin of the appeals is homogeneous with respect to the various country regions with Puglia leading in terms of the number of appeals.

    Disputes are in most cases originated by inadequate information on the characteristics of the products offered and, consequently, by a lack of awareness by the savers on the investment they are about to make. "What retail investors need – remarks Gianpaolo Eduardo Barbuzzi, President of the ACF - is better information, not more information".

     Press release PDF version

  • Bank of Italy and Consob sign a new memorandum of understanding on the exchange of information on banks that make public offers concerning debt securities - The new MoU replaces the one dated 21 May 2012 (Joint Press release Consob-Bank of Italy of 29 March 2022)

    Published: 29/03/2022

    PRESS RELEASE

    The Bank of Italy and Consob have signed a new memorandum of understanding on the exchange of information on banks that make public offers relating to debt securities (so-called 'infobond' ). The new MoU replaces the one signed by the two Authorities in 2012.

    The revision of the 2012 agreement was made necessary following the regulatory changes that have occurred in the meantime, including the implementation of the new European framework on prudential matters (CRD IV / CRR) as well as the new EU legislation on prospectuses (EU Regulation 2017/1129).

    The agreement concerns the coordination between the Bank of Italy and Consob in the exercise of supervisory functions and the exchange of information in the context of the procedures concerning banks subject to the direct supervision of the Bank of Italy and concerning the prospectus to be publish for the offer or admission to trading of debt securities on a regulated market; strengthens cooperation between the two authorities by expanding the information shared.

    The document can be consulted on the websites www.bancaditalia.it and www.consob.it.

     Press release PDF version

  • The 10th edition of the CONSOB Report on the corporate governance of Italian listed companies has been published (28 March 2022)

    Published: 28/03/2022

    The 10th edition of the CONSOB Report on the corporate governance of Italian listed companies has been published. The Report provides, also for the year 2021, evidence regarding ownership structures, corporate bodies, meetings and transactions with related parties.

    At the end of 2020, the average share of the largest shareholder of Italian issuers was close to 48%, with a slight decrease compared to the long-term values, while households continue to represent the main reference shareholders in 64% of cases. For the first time in the last decade, the relevant share held by Italian institutional investors has increased with a significant stake in 18 listed companies. The progressive reduction of the diffusion and intensity of the separation between ownership and control is confirmed, with a decrease in the impact on the list of companies that are part of a vertical group. On the other hand, the spreading of the increased vote, envisaged in the statute of 64 issuers, is rising.

    The governance of Italian listed companies is still characterized by the prevalence of the traditional model. On average, the management body is composed of ten members, against an increase over time in the incidence of independent members pursuant to the Corporate Governance Code or the Consolidated Law on Finance (50% of members at the end of 2020) and the share of issuers with at least one minority director (over 56%).

    In consideration of the deep structural evolutions taking place in the field of sustainability and digitalization and of their relevance for business activity, for the first time the Report surveys the skills in these areas of the directors of medium to large companies. At the end of 2020, the share of management positions held by directors with sustainability skills was 14.6%, while the figure stood at 16% with reference to digital skills. Issuers with at least one director with sustainability or digital skills stood at approximately 72% and just over 74% respectively, while 28% had directors with both profiles.

    With regard to gender diversity, at the end of 2021, 41% of administrative positions in listed companies are held by a woman That represents the all-time high observed on the Italian market, also due to the application of the regulations on gender quotas. The entry of women into the boards has helped to change their characteristics, lowering the average age of members, raising the share of graduates and increasing the diversification of professional profiles.

    The 2021 shareholders' meeting season for listed companies with the highest capitalization recorded an average shareholder participation of 74.6%. Italian institutional investors took part in 95 meetings, the highest figure since 2012. On average, the remuneration policies in force were approved with a favourable vote by about two thirds of the share capital and almost 90% of the share capital represented at the shareholders' meeting, while the rate of favourable votes to the remuneration paid for the previous year reached 66% of the share capital and approximately 88% of the votes represented at the shareholders' meeting.

    With regard to transactions of greater significance with related parties, 670 documents were collected from 2011 to 2021 (41 in 2021). They were largely attributable to small companies and to transactions that mainly concerned loans or contracts for the supply of goods or the provision of services. In the same period, in application of the exemption provided for by the CONSOB Regulation, 264 related-parties transactions of greater ordinary importance and at market conditions (29 in 2021), carried out mainly by large capitalization companies, were also communicated to the Institute.​

     

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Latest update: May 16, 2022

 

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