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  • CONSOB promotes in Italy the sixth edition of the World Investor Week (WIW), launched today by IOSCO (Press release of 3 October 2022)

    Published: 03/10/2022

    PRESS RELEASE

    CONSOB promotes in Italy the sixth edition of the "World Investor Week" (WIW), conceived and promoted by the International Organization of Securities Commissions (IOSCO), the world forum gathering the Supervisory Authorities of the Financial Markets operating in the various countries [IOSCO Press Release of 3 October 2022].

    The primary objective of the campaign is to raise public awareness of the importance of financial education, to promote understanding and autonomy of judgment in making financial decisions in the context of real life. Following past editions, the WIW will give space to key messages on subjects like "smart investors" as well as to current phenomena such as sustainable finance, crypto-assets, and investor resilience, in a particularly challenging context like the current one.

    The World Investor Week in Italy will take place in connection with the Month of Financial Education, bringing back to the WIW the bivalent initiatives that will be implemented during the month of October.

    The site specifically dedicated to the worldwide campaign - http://www.worldinvestorweek.org - contains general information on the features of the campaign, on its key messages, on the participating Countries and on the resources available. This year the event is also supported by various international organizations, such as, among others, the G20 (Indonesia 2022), the World Bank and the OECD.

     Press release PDF version

  • "Watch for Scams!" Abusive financial services: Consob blacks out 4 abusive websites (Press Release of 29 September 2022)

    Published: 29/09/2022

    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:

    - Florishing Group LLC (website https://bstrade.co and related page https://webtrader.bstrade.cc);

    - "Mondialfx" (website www.mondialfx.com and related page https://platform.mondialfx.com);

    - Dulcet Group LLC (websites https://northprofit.co and https://northprofit.cc and related page https://n-pro.trade).

    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 762.

    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 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

  • Watch for Scam! Abusive financial services: Consob blacks out 4 abusive websites (Press Release of 22 September 2022)

    Published: 22/09/2022

    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:

    • "XTBINVESTING" (website www.xtbinvesting.io and related page https://client.xtbinvesting.io);
    • "Invest Union Ltd" (website www.investunionltd.io and related page https://client.investunionltd.io);
    • "AdmiralECN Cyprus" (website www.admirals-ecn.com and related page https://my.mtpexperts.com);
    • "Cryptoneyx" (website https://cryptoneyx.io).

    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 758.

    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

  • Forum between ACF and ABF in implementation of the Memorandum of Understanding between Consob and the Bank of Italy (20 September 2020)

    Published: 20/09/2022

    On 19 September 2022, the second Forum between the President and other members of the Securities and Financial Ombudsman (ACF) and the Presidents members of the Coordination Board of the Banking and Financial Ombudsman (ABF) was held​ , convened in implementation of the Memorandum of Understanding (download here).

    The meeting was dedicated to litigation related to financial instruments linked to financing transactions (for example, loans for financial instruments underwriting) to prevent the onset of interpretative conflicts or uncertainties in the delimitation of reciprocal competences. During the meeting, some organizational issues were also addressed for strengthening the collaboration and information exchange between ACF and ABF, to guarantee a higher and more effective level of customer protection.

  • Watch for scam! Abusive financial services: Consob blacks out 5 abusive websites (Press release of 15 September 2022)

    Published: 15/09/2022

    PRESS RELEASE

    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:

    • Olympusbrokers Ltd (website www.olympusbrokers.com);
    • Uncanny Services LLC (website https://5markets.io);
    • Surreptitious Group LLC (website https://fincloud.life and related page https://webtrader.fn-trade.link);
    • Combobulating Group LLC (website https://goldmar.co and related page https://webtrader.gmar.cc);
    • "Titancfd" (website www.titancfd.com and related page https://platform.titancfd.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 754.

    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

  • Enrico Ajello new Director General of Consob (Press release of 15 September 2022)

    Published: 15/09/2022

    PRESS RELEASE

    Starting today, Enrico Ajello is the new Director General of Consob.

    The position assigned by the Commission has a duration of five years.

    Enrico Ajello, a graduate in Business and Economics, has gained several professional experiences, among which at Consob itself and with other entities operating in the financial sector.

    The curriculum vitae is available on the www.consob.it website.

     Press release PDF version

  • Education for sustainability: CONSOB/Bank of Italy path on sustainable finance at the ASviS Sustainable Development Festival (12 September 2022)

    Published: 12/09/2022

    Consob and the Bank of Italy presented to the Consumer Associations a new training project on sustainable finance, which will involve the associates in October, during the Financial Education Month and the World Investor Week (WIW), organized by the International Organization of Securities Commissions (IOSCO).

    The two modules of the course, scheduled for 17th and 19th October 2022, will enrich the calendar of the Sustainable Development Festival promoted by the Italian Alliance for Sustainable Development (ASviS).

  • Amendments to the issuers regulation regarding cross-border distribution of investment bodies (7 September 2022)

    Published: 07/09/2022

    The European legislation on the cross-border distribution of UCIs, provided for in the so-called CBDF Package (Regulation (EU) 2019/1156 and Directive (EU) 2019/1160) and the new pre-contractual disclosure obligations envisaged for UCI managers by the SFDR and Taxonomy Regulations, made it necessary to amend - subject to the publication, on 11 February 2022, of a consultation document - the Regulation implementing the Legislative Decree no. 58 of 24 February 1998, (Consolidated Law on Finance - TUF), concerning the regulation of issuers, adopted with Resolution no. 11971 (Issuers Regulation), in order to:

    i) adapt the regulatory legislation pertaining to Consob to the CBDF Directive and the CBDF Regulation, within the framework of the regulatory powers attributed to the Institute by the TUF, as also amended by Legislative Decree no. 191/2021;

    ii) adapt the pre-contractual information provided in the offer documentation relating to UCIs to the SFDR Regulation and the Taxonomy Regulation.

    The consultation with the market ended on 11 March 2022.

    As a result of the consultation procedure, the Commission adopted the Resolution no. 22437 of 6 September 2022 (currently being published in the Official Gazette) with which changes have been made to the Issuers Regulation.

    With reference to the adjustment to the CBDF Package, the primary areas of intervention concerned:

    a) the regulations relating to the structures for retail investors that must be made available in Italy in the event of the marketing in our country of units or shares of EU UCITS, EU AIFs (Alternative Investment Funds) by Italian managers, or of Gefia (managers of alternative investment funds) EU, as well as of Italian AIFs by Gefia EU.

    The discipline relating to local facilities identifies the tasks to be performed by the structures available to investors, governs the case in which the tasks have been conducted by a third party or by the manager jointly with a third party and identifies the language in which such structures must be provided;

    b) the discipline on the ending of marketing, in an EU state other than Italy, of FIA units or shares by Italian managers and, in Italy,:

    • of EU UCITS units or shares;

    • of Fia reserved by Gefia Ue;

    • of Italian and EU AIFs with retail investors by EU Gefia.

    c) the discipline on the pre-marketing of reserved AIFs, which identifies the deadline and methods of transmission of the communication that the Italian manager must send to Consob, establishes that the AIF subscriptions made within eighteen months from the beginning of the pre- marketing concerning this AIF are considered the result of the marketing, with the consequent obligation to complete the notification procedure and identify the subjects who can carry out the pre-marketing activity on behalf of a manager;

    d) the rules on marketing communications applicable in the context of an offer to the public relating to UCIs, which has been modified to take into account the fact that Consob no longer has the regulatory power to govern the criteria on the basis of which the advertising is made with reference to an offer to the public of open-ended UCITS units or shares (UCITS and AIFs), the discipline provided for by the CBDF Regulation being applicable in this regard as well as the Guidelines on marketing communications under the Regulation on cross-border distribution of funds (ESMA34- 45-1244).

    With reference to the adaptation to the provisions concerning pre-contractual information on sustainability envisaged by the SFDR Regulation and the Taxonomy Regulation with regard to UCITS and AIF managers and their products, it is envisaged in the Issuers Regulation that this information is provided in the prospectus/document of offer (in the case of AIFs which are not subject to the prospectus obligation) or in a specific attachment, based on the provisions of article no. 6 of the SFDR Regulation and the regulatory technical standards adopted by the European Commission in accordance with the provisions of the aforementioned European regulation.

    The resolution also provides that the aforementioned pre-contractual disclosure obligations, which have not yet become applicable pursuant to the SFDR Regulation and the Taxonomy Regulation, shall apply from the dates of application provided for by the European regulations. Finally, a transitional provision is also dictated to allow the updating of the offer documentation in relation to the UCITS offers in progress.

    The resolution amending the Issuers Regulation, together with the Explanatory Report on the results of the consultation and the contributions received, are published on the website at the following link: https://www.consob.it/web/area-pubblica/consultazioni?viewId=consultazioni_concluse .

  • Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 7 September 2022)

    Published: 07/09/2022

    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:

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

    - Uncanny Services LLC (website https://fivemarkets.io and related page https://webtrader.fivemarkets.cc);

    - GrandTrade Pvt Ltd (website https://grandtrades.eu and related page https://client.grandtrades.eu);

    - Vermillion Consulting LLC (website https://tedex.co and related page https://webtrader.tedex.cc);

    - Finex Group Ltd (website https://finextrader.com and related page https://accounts.finextrader.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 749.

    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

  • Iosco published the World Investor Week 2021 Public Report and a guide to the range of activities that participating jurisdictions could undertake in World Investor Week 2022 that will take place from 3 to 9 October 2022 (18 August 2022)

    Published: 18/08/2022

    The International Organization of Securities Commissions (IOSCO) will celebrate the sixth annual World Investor Week (WIW), from 3 to 9 October 2022, with investor resilience and sustainable finance as its two main themes.

    As part of the preparations for the campaign, IOSCO today published the World Investor Week 2021 - Public Report. The report describes real examples of the variety of activities organized and conducted by different participating jurisdictions in 2021, thus providing a useful guide to the range of activities that participating jurisdictions could undertake in 2022.

    Although last year's campaign took place under the stringent conditions imposed by the Covid-19 pandemic, the participating jurisdictions adapted the format of their campaigns to fit their circumstances (e.g., using a virtual format in some cases or offering in-person activities in others). Moreover, different participants took advantage of the WIW campaign to announce significant local initiatives to enhance investor education and investor protection.

  • Publication of the Financial Education paper on the impact assessment of financial education interventions (3 August 2022)

    Published: 03/08/2022

    The Financial Education Research Paper no. 2 about "Tools for impact assessment of financial education in upper secondary school. Evidence from a qualitative survey " has been published.

    The Research Paper illustrates the main evidence of a focus group, run by CONSOB in the second half of 2021, aimed at gathering useful information for the development of tools for assessing the effectiveness of financial education initiatives for secondary schools. The survey involved some of the teachers who had joined the Project "Finance, a story to tell ...: from bartering to Bitcoin", launched for the first time in 2018 by CONSOB, in collaboration with the Regional School Office (Usr) of Lombardy, at the basis of the didactic model illustrated in the first paper of the financial education series, the result of the collaboration between CONSOB, Usr and the teachers involved. In detail, the Project Finance, a story to tell ... provides for a first stage of teacher training, supervised by CONSOB, and a second one in which teachers transfer the contents to the students of 4th and 5th classes. A profile only partially covered by the Didactic Model involves the evaluation of effectiveness of the Project, based on the administration to both teachers and students of questionnaires aimed at evaluating the effects of the training initiative on knowledge and attitudes; the experience gained, however, highlighted some margins of improvement concerning, for example, findings about the impact on skills.

    As part of the focus group, indications were gathered on how to improve the questionnaires prepared by CONSOB with particular reference to the language used, skills to be verified and behaviours to be explored. Furthermore, the need to integrate the questionnaire tool with a 'level assessment' has emerged, to be carried out through simulation exercises or 'reality tasks'. Finally, the teachers expressed their wish to anticipate the financial education path to 2nd and 3rd classes in order to consolidate the notions learned along the school path, strengthen the involvement of students and prevent the propensity to invest through digital platforms which, in the perception of the participants to the survey, is increasingly widespread.

     Financial Education Research Paper no. 2

     Abstract of Financial Education Research Paper no. 2

  • Adoption of the TIBER-IT National Guidance for advanced cybersecurity tests for the Italian financial sector (2 august 2022)

    Published: 02/08/2022

    In view of the increasing sophistication and pervasiveness of cyber threats in the financial sector, the Bank of Italy, the National Commission for Companies and the Stock Exchange (Consob) and the Italian Institute for the Supervision of Insurance (IVASS) have jointly adopted the TIBER-IT National Guidance as a reference method for individual financial entities to conduct advanced cybersecurity tests on a voluntary basis.

    This Guidance is the national transposition of the Threat Intelligence‑Based Ethical Red teaming framework (TIBER-EU), issued by the ECB, a reference model for conducting advanced cybersecurity tests harmonised at the European level.

    Financial entities carry out these tests, led by the cyber threat intelligence and according to their business and operating models and the relative risk scenarios. The goal is to strengthen the proactive defence capabilities of individual financial entities, making it possible improve the cyber resilience of the financial system as a whole and, therefore, its overall stability.

    The Guidance is primarily addressed to the major operators and critical infrastructures of the financial system to ensure the continuity of key economic functions and services as well as their security and reliability, in line with the digital development of the economy and society.

    Further details on the purpose and target audience of the Guidance, as well as on the testing methodology, are available in the Joint Communication by the three Authorities, namely the Bank of Italy, Consob and IVASS, and in the TIBER-IT National Guidance.

    Documentation:

  • Esma call for evidence regarding a practice sometimes carried out by traders prior to the conclusion of contracts - so-called pre-hedging (1 agosto 2022)

    Published: 01/08/2022

    On 29 July 2022, ESMA published a Call for Evidence regarding a practice sometimes carried out by traders prior to the conclusion of contracts (so-called pre-hedging). 

    The topic had already been addressed as part of the work on the review of Regulation (EU) No 596/2014 ("MAR"). The ESMA Final Report containing the opinion for the European Commission of 23 September 2020 presented the views of market participants and indicated the need to provide the market with guidance on the subject.

    The objective of the Call for Evidence is therefore to gather information and evidence on pre-hedging in order to support ESMA in developing guidance on the admissibility of such conduct in the context of MAR, as well as of Regulation (EU) No 600/2014 (so-called "MiFIR") and Directive 2014/65/EU (so-called "MiFID II").

    Responses to the Call for Evidence shall be submitted to ESMA by 30 September 2022.

  • Consob simplifies the procedure for approving prospectuses - Documents in English are allowed - Green light to the amendments to the Issuers Regulations (Press Release of 1 August 2022)

    Published: 01/08/2022

    PRESS RELEASE

    Simplified procedures for the approval of prospectuses by Consob and green light for documentation in English: these are the two main changes introduced by the amendments to the Issuers Regulations approved by the Commission to comply with the needs of the market.

    Among the innovations introduced at the end of a consultation with operators started in 2021 is the abolition of the preliminary verification of the completeness of the documentation. With the entry into force of the new rules (Resolution no. 22423 of 28 July 2022, being published in the Official Gazette), the administrative proceedings will start from the date of submission of the related applications to Consob.

    The deadlines for the maximum duration of the proceedings and for the response to requests for additions to the prospectus have also been eliminated and the timing has been aligned with the provisions of the European Regulation on prospectus.

    In agreement with the requests coming from the consultation with the market, the documents to be attached to the draft prospectus have been also reduced. The possibility has been confirmed for the issuer and/or the offeror to first submit to Consob issues of particular relevance related to the public offer or admission to trading, to ease the promptness of the preliminary process.

    Finally, the possibility to draw up the prospectus in English has also been introduced, providing for the translation into Italian of the Summary Note only in the case of offers carried out entirely or partially in Italy, or if admission to trading on the Italian regulated market has been requested.

    The report illustrating the results of the consultation, the contributions received as part of the consultation, the Resolution amending Issuers Regulation and the opinion of Committee of Market Operators and Investors (COMI) can be consulted on the Consob website www.consob.it .

      Press release PDF version

  • Publication of the new Consob FinTech Paper on the evolution of the composition of retail trading in the Italian Stock Market following the mobility restrictions due to the COVID pandemic (29 July 2022)

    Published: 29/07/2022

     FinTech n. 10 - July 2022 [PDF]

    The study, stemmed out by the collaboration between Consob and the "Scuola Normale Superiore" of Pisa, refers to the trading activity of all retail investors in the Italian Stock Market and investigates the changes in the population and the trading activity in conjunction with and subsequently to the restriction periods imposed by the Italian Authorities in order to contain the spread of the pandemic, from 9th March to 18th May 2020 (national lockdown) and from 24th December 2020 to 14th February 2021 (peak of the restrictions adopted by most of the 20 Italian regions; second partial lockdown).

    The analysis refers to data from the Italian Electronic Stock Market in the period from January 2019 to September 2021.

    The evidences show that the restrictions associated with the lockdown periods have been accompanied by a generally increased interest in the Italian Stock Market, as demonstrated by the trading volume of individual investors.

    Due to the generalized decline in prices during the tightening periods, retail investors, typically contrarians, were net buyers, albeit for individual average values lower than the individual average recorded in 2019. This can be explained by the admission to the MTA, during the lockdown, of a group of approximately 185,000 new investors, i.e. investors who - compared to the reference data set (starting in January 2019) - had never traded.

    The analysis provides further information resulting from the comparison between new and active investors also in the previous period (pre-lockdown population). In particular, the research shows that new investors are on average ten years younger; by the observation of the gross profit and loss - they seem to be more capable of making a profit, therefore more skilled in trading; furthermore, the segment of males is higher among new investors than in the pre-lockdown population.

    The study also provides indications relating to the fact that the lockdown periods, and more generally the COVID pandemic, led to a change in the population of retail investors on the Italian Stock Market, with an increase of the market share of these investors

  • Abusive financial services: Consob blacks out 3 abusive websites (Press release of 29 July 2022)

    Published: 29/07/2022

    PRESS RELEASE

    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:

    • "FTI FINANCE" (website https://www.ftifinance.net);
    • Broker Capitals Limited (website https://brokercapitals.com and related page https://platform.brokercapitals.com);
    • "MB Invest" (website www.investingmb.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 744.

    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

  • Amendments to the Consob Intermediaries Regulation (29 July 2022)

    Published: 29/07/2022

    All documents are available only in Italian

    Consob, having concluded the public consultation (see Consob Informa no. 6/22), amended with Resolution no. 22430 of 28 July 2022 the Regulation no. 20307 of 15 February 2018, concerning the regulation of intermediaries ("Intermediaries Regulation"), to adapt the domestic system to the following European acts:

    • Directive (EU) 2021/338 which, as part of the Capital Markets Recovery Package, modifies MiFID II concerning investor protection, dealing in particular with the aspects concerning the disclosure to customers on the costs and charges of financial instruments and investment, periodic reports to customers, the assessment of adequacy, the provisions applicable to eligible counterparties;
    • delegated acts for the implementation of MiFID II, UCITS and IDD regulations on the integration of sustainable finance in the provision of investment services, in the distribution of IBIPs and in collective management;
    • Directive (EU) 2019/2034 amending MiFID II as regards the provision of investment services by non-EU companies on the exclusive initiative of customers (so-called reverse solicitation).

    On this occasion, rationalization and simplification interventions were carried out on the regulations in force also with reference to the following additional areas:

    • the requirements of knowledge and competence of the staff of intermediaries, in order to provide certain details regarding the obligations of document retention imposed on operators;
    • the register and the rules applicable to financial advisors;
    • the procedure for extending the authorization of the SIMs to carry out investment services, the management of the register provided for by Article no. 20 of the Consolidated Law on Finance (TUF), as well as the cross-border operations of SIMs.

     Report illustrating the outcomes of the consultation

     Contributions received as part of the consultation

  • Joint Consob/Bank of Italy press releases of 25 July 2022 regarding: 1) delay in the public disclosure of inside information and 2) financial benchmarks

    Published: 25/07/2022

    Memorandum of understanding between Consob and the Bank of Italy:
    delay in the public disclosure of inside information

    The National Commission for Companies and the Stock Exchange (Consob) and The Bank of Italy have signed a Memorandum of Understanding (MoU) and cooperation concerning the authorization procedures for the delay in the public disclosure of inside information, pursuant to article no. 17, paragraphs 5 and 6 of the Market Abuse Regulation (MAR).

    Said Regulation provides that, with the purpose to preserve the stability of the financial system, an issuer with securities listed on a regulated market or traded on a multilateral trading facility (a bank or other supervised financial institution) may delay, under the its responsibility, the public disclosure of inside information as well as, for example, information related to a temporary liquidity problem.

    In such circumstances, the delay can be authorized by Consob if all the following conditions are met:

    a) the disclosure of privileged information involves the risk of compromising the financial stability of the issuer and the financial system;

    b) the delay in communication is in the public interest;

    c) the confidential nature of the information can be guaranteed.

    For the purpose of issuing the authorization, Consob requests an opinion from the Bank of Italy. The protocol signed today concerns, in particular, the methods, timing and contents of the interactions aimed at issuing to Consob the opinion of the Bank of Italy on the risk that the disclosure of privileged information may entail for the stability of the issuer and the financial system, as well as on the existence of the public interest in the delay.

    The document can be consulted on the websites of both Authorities at www.consob.it. and www.bancaditalia.it.

     Press release PDF version


    Memorandum of Understanding (MoU) between Consob and Bank of Italy
    on financial benchmarks

    The National Commission for Companies and the Stock Exchange (Consob) and the Bank of Italy have signed a Memorandum of Understanding (MoU) to define the framework of collaboration and information exchange between the two Authorities with relation to their participation to the European supervisory reference bodies on financial indices (benchmarks), which are considered as critical pursuant to Regulation (EU) 2016/1011 (so-called Benchmark Regulation).

    The protocol also defines the ways in which Consob and the Bank of Italy will collaborate with the competent EU Authorities regarding critical benchmarks administrators.

    The document is available on the websites of Consob and the Bank of Italy, at www.consob.it and www.bancaditalia.it, respectively.

    Pursuant to the Benchmark Regulation, the relevant indices for financial stability as well as for the integrity of the markets are critical reference indices, with possible negative effects on the real economy, households and businesses.

    The Article no. 4-septies.1 of the Consolidated Law on Finance (TUF) indicates Consob as the competent Authority over benchmark administrators and indicates Consob and the Bank of Italy as the competent Authorities on data contributors who are subject to their respective supervision for the purpose of participating in the bodies on the critical benchmarks, as provided for by the Benchmark Regulation.​

     Press release PDF version

  • The 2022 Consob Report on trends and risks of the Italian financial system in a comparative perspective has been published (22 Juy 2022)

    Published: 22/07/2022

    The Report examines the financial markets dynamics in the first Semester of 2022 with consideration to the main developments in the reference context.

    The document is divided into five sections. Section 1 considers the macroeconomic context, with the emphasis on the aftermath of the outbreak of the conflict in Ukraine and the developments in European policies aimed at supporting growth and accelerating the green/digital transition. Sections 2 and 3 examine, respectively, the performance of the stock and bond markets. Then, the Sections 4 and 5 analyze the economic and financial performance of non-financial companies and banks.

    In the first half of 2022, the global economic outlook has been revised downwards in the wake of multiple factors: Russia's invasion of Ukraine; the resurgence of the COVID-19 pandemic; and rising inflation. In the Eurozone, the gradual normalisation of monetary policy, already under way in other advanced economies, is ongoing as a result of the significant rise in inflation, which was fuelled by the rise in energy prices and by some supply rigidities in the latter part of 2021, and finally amplified by the war in Ukraine in 2022.

    Interest rates, kept at extremely low levels in recent years, are therefore expected to rise rapidly. In order to support growth and accelerate the green and digital transition, the implementation of programmes launched by the European Commission with the NGEU continues. These measures are coupled with initiatives aimed at mitigating the recessionary scenarios that are foreseen especially for countries characterised by high dependence on fossil energy sources and pre-existing vulnerabilities, e.g. related to high levels of public and private debt.

    The financial markets of the economies most exposed to the deterioration of the macroeconomic scenario have experienced significant turbulences. Since the beginning of the year, the S&P500 and EuroStoxx50 stock indices have both lost around 20%, while showing a significant increase in volatility. As regards the Italian market, in the first half of 2022, the Ftse Mib fell by 22%, more than the drop observed in the other major Eurozone economies; the fall in stock prices was uneven across sectors, being more marked in the technology (-30%), banking (-21%).

    Secondary markets for government bonds in the euro area also experienced growing tensions, with yields rising by more than 2% in Italy compared to the beginning of the year, and with a sharp increase in volatility, which at the end of June 2022 reached its highest level since 2014. A similar trend can be observed in the secondary market for corporate debt instruments, where yields on bonds issued by both banks and non-financial companies have experienced steady growth since the beginning of the year.

    The expected worsening of the global economic outlook will be uneven across regions and sectors, also depending on the impact of high inflation and rising interest rates. Non-financial corporations and banks, which in 2021 markedly improved their profitability and capital adequacy, could experience increased vulnerabilities in the medium term, in the wake of the negative impact of this new economic environment on the cost of debt and credit quality. With specific reference to Italy, further issues could emerge in relation to banks' exposures to countries involved in the Russian-Ukrainian conflict, the drop in foreign trade, and the difficulty of reducing energy dependence on Russia in the short term. A further worsening in the expectations about economic growth and the uncertainty surrounding geopolitical developments may trigger further tensions in equity and bond markets in the coming months of the year.

  • Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 21 July 2022)

    Published: 21/07/2022

    Consob has ordered the blackout of 5 new websites that abusively offer financial services/financial products: 4 abusive financial intermediation sites and 1 site through which financial products are offered without a prospectus.

    The Authority availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies regarding the blackout of the sites of abusive financial intermediaries, as well as the power introduced by Law no. 8 of 28 February 2020 (article 4, paragraph 3-bis), regarding the blackout of the site through which the abusive offer is made.

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

    - "Alphapro FX" (website https://alphaprofx.co.uk and related page  https://client.alphaprofx.co.uk);

    - Eurofxsecurities Limited (website https://eurofxsecurities.com and related page http://client.eurofxsecurities.com);

    - The Active Traders Ltd (website https://theactivetraders.com and related page https://client.theactivetraders.com);

    - Promarketing Ltd (website https://green-capitalz.com and related page https://platform.greencapitalz-trade.com);

    - Enercom AG (website  www.enercom.ag and related page https://kyc.enercom.ag e https://sales.enercomg.ag)

    The number of sites 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 741.

    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 the attention of savers to the importance of using the utmost diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard one's savings: these include, for websites that offer financial services, checking in advance that the operator with whom you are investing is authorised, 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

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