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  • Abusive financial services: exceeded the threshold of 500 websites blacked out by Consob (Press Release of 17 September 2021)

    Published: 17/09/2021

    Abusive financial services: exceeded the threshold of 500 websites blacked out  by Consob

    The number of websites blacked out by Consob has been risen to over 500 in just over two years, since July 2019 when the Supervisory Authority obtained the interdiction power aimed  to prevent  abusive financial services.  With the last 10 new websites obscured  the number of websites blacked out has thus risen to 505.

    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:

    - Dzikanta Limited (website https://euromts.uk);

    - Felicity Group Ltd (website https://unionstock.cc);

    - GS4trade Invest Limited (website https://gs4trade.com);

    - "Capitrades" (website https://capitrades.com and related page https://secure.capitrades.com);

    - FUNDIZA Ltd (website www.fundiza.com);

    - Plus CFD Ltd (website https://pluscfd.co and related page https://accounts.pluscfd.co);

    - "Medica Trade" (website https://medicatrade.cc and related page https://client.medicatrade.cc);

    - Nata Trade Limited (website www.nata-trade.com and page https://webtrader.preminvtradplatform.com);

    - Eu Investments Limited e James Long (Masons) Limited (website https://eu-investings.com and related page https://client.eu-investings.com);

    - "DevTech Holding" (website www.capital-swiss.com and related page https://clientarea.capital-swiss.com).

    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

  • Chiara Mosca from today in office as Consob Commissioner (Press Release of 7 September 2021)

    Published: 07/09/2021

    PRESS RELEASE

    Professor Chiara Mosca today took up her new role as Consob Commissioner.

    Her installation in office took place during a Commission meeting.

    Mosca takes the place of Professor Anna Genovese, whose unrenewable mandate expired on 14 July last.

    The College is thus reconstituted in its integral composition of five members. It includes the President Paolo Savona and, in order of seniority of the Institute, the Commissioners Giuseppe Maria Berruti, Carmine Di Noia, Paolo Ciocca and Chiara Mosca.

     Press Release PDF version

  • Trends and risks of the Italian financial system in a comparative perspective (2 August 2021)

    Published: 02/08/2021

    The Report analyses the dynamics of financial markets in the first half of 2021, highlighting the main vulnerabilities in the context of the crisis triggered by the pandemic, and it explores some of the issues related to the development of sustainable finance and crypto assets. The Report is divided into eight sections. Section 1 shows the impact of the crisis on economic activity. Section 2 analyses the monetary and fiscal policy measures adopted by national and European authorities to tackle the negative effects of the crisis. Sections 3 and 4 examine equity and bond market trends, respectively. The next three sections analyse the impact of the crisis on non-financial corporations, banks and households. Section 8 examines the main trends of the mutual fund industry.

  • Marketing in Italy of UCITS and AIF: the information required by regulation (EU) 2019/1156 has been published (2 August 2021)

    Published: 02/08/2021

    Consob, in accordance with the provisions of Articles 5 and 10 of Regulation (EU) 2019/1156 on the cross-border distribution of collective investment undertakings for savings - UCITS, has published (https://www.consob.it/web/area-operativa-interattiva/sgr-sicav#sgr1) the information relating to the applicable provisions on the requirements for the marketing of UCITS and AIFs in Italy, as well as the information relating to supervisory contributions in relation to the operations of EU and EU Geographical managers in Italy.

  • Abusive financial services: Consob blacks out 10 abusive websites (Press Release of 30 July 2021)

    Published: 30/07/2021

    Consob has ordered the blackout of 10 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:

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

    - Trade Action Ltd (website https://trades-action.com and related page https://accounts.trades-action.com);

    - Nab Europe Limited (website www.nabinv.com);

    - FX24 Investment Ltd (website www.fx24.live and related page https://my.fx24.live):

    - Prim Global Reach Ltd - PrimeATrade Limited - FX Publications Inc. (website https://primaatrade.com and related page https://client.primaatrade.com)

    - Fantex (website https://www1.fantex.co, URL https://fantex.co and related page https://webtrader.fantex.co);

    - "Cfxdtrade Limited" and    Handelfx" (website https://cfxdtrade.com);

    - Aca-Asset Limited (website https://2amltd.com and related page https://accounts.2amltd.com);

    - Mellifluous Group LTD (website https://neoomatic.co and related pages https://webtrader.neoomatic.co and  https://client.neoomatic.cc);

    - Wirexinvest Invest Ltd e Wirex UAB (sito internet www.wirexinvest.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 495.

    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

  • Trading in turbo certificates and minifuture certificates (Press Release of 27 July 2021)

    Published: 27/07/2021

     

    Trading in turbo certificates and minifuture certificates

     

    On 30 June 2021 the AFM (the Dutch Authority for the Financial Markets) adopted, pursuant to article 42 of Regulation (EU) No 600/2014 (MiFIR), specific product intervention measures aiming at limiting at national level the distribution to retail clients of the so-called turbo-like products, with effect from 1st October 2021 (https://www.afm.nl/en/professionals/nieuws/2021/juni/besluit-beperkingen-turbos).

    For some time now, Consob has been specifically monitoring the features of the Italian market of certificates characterised by high risk/complexity, among which the so-called turbo-like products, so as to consider any possible actions for the protection of investors.

    In this area, specific attention is dedicated to verifying intermediaries' compliance with the measures they are required to adopt in accordance with provisions stemming from MiFID II.

    In the perspective of proportionality that characterises investment services requirements, these measures indeed assume particular relevance for the products concerned, in consideration of their risk and complexity features.

    In this context, the product governance requirements calibrate the way of accessing these instruments, in order to direct them to the most adequate target clients.

    As a result of their intrinsic complexity and risk features, such products cannot be subject to execution-only regime[1]; consequently, transactions undertaken by investors in such products should be subject at least to the assessment of appropriateness by the intermediary.

    The intermediary is required to ensure that the client is clearly informed[2] both before the investment is made and when the client already holds a position, also considering, inter alia, what is specifically requested[3] for positions including contingent liability transactions/leveraged financial instruments.

    Where intermediaries receive any form of third-party benefit/payment (for example from market makers and/or product manufactures) for the distribution/trading of the products concerned, they have to fulfil the requirements concerning inducements, conflict of interests and best execution[4].

    Based on the above, considering the features - also dimensional – of transactions in so-called turbo-like products at domestic level, at present, there are no conditions for adopting on a national basis intervention measures similar to those undertaken by the AFM.

    In order to detect any potential changes that might require possible intervention actions for the protection of investors, Consob will continue to monitor the market of the mentioned products, as well as, in general, the market of other products characterised by a high risk/complexity profile, also through the sharing of views and experiences in the relevant European fora.

      Press release in PDF

     


    [1]As highlighted by ESMA in the "Guidelines on complex debt instruments and structured deposits" (see ESMA/2015/1787 of 4 February 2016).

    [2]In accordance with Article 36 of Intermediaries Regulation adopted by CONSOB with Resolution no. 20307, dated 15 February 2018.

    [3]See Article 62, paragraph. 2 of Delegated Regulation (EU) 2017/565.

    [4]Also taking into account what is represented by ESMA in the Public Statement published on 13 July 2021 where "ESMA warns firms and investors about risks arising from payment for order flow and from certain practices by ‘zero-commission brokers'".

  • Framework agreement between MUR, Consob and CRUI for training and innovative research doctorates (Press Release of 22 July 2021)

    Published: 22/07/2021

     

     

    Rome, 22 July 2021 – The development and consolidation of opportunities and collaborative initiatives in the field of higher education and research, applied to the context of public institutions. This is the main objective of the Framework Agreement signed today by the Minister of University and Research-MUR, Maria Cristina Messa, by the President of CONSOB (Commissione Nazionale per le Società e la Borsa), Paolo Savona, and by the President of CRUI (Conferenza dei Rettori delle Università Italiane), Ferruccio Resta.

    In particular, the collaboration between MUR, CONSOB and CRUI will allow, in addition to the development of joint training interventions, to identify the current priorities available for planning and carrying out internships and developing innovative doctoral programs at CONSOB.

    A joint Steering Committee, set up by the Minister of University and Research, will approve the annual plan of activities and will evaluate the actions that will be deliberated.

    "The Agreement signed today is a further tool designed to make training and doctoral courses increasingly in line with the requests and operative needs of a continuously changing society, which is transformed by processes of innovation and digitalization and which is in search of new skilled specialists» said the Minister of University and Research, Maria Cristina Messa.

    "The agreement represents a concrete commitment to the renewal of the public administration that involves human capital and which is fully part of the objectives of the PNRR," said the President of the CRUI, Ferruccio Resta. "A systemic initiative that aims to encourage both training and the introduction of new highly qualified skills for the implementation of the public sector reforms required by Europe. An intervention that, we hope, will prove to be structural and not cyclical, allowing the optimization of resources and making the cooperation between institutions more efficient. The CRUI, in particular, has been working for some time to carry out internships and to develop innovative doctorates to give a greater impulse to the relationship between the university system and the world of work, both in the public and in the private sector ".

     Press Release in PDF

  • Signed the agreement between Consob and Consiglio di Stato (Press release of 20 July 2021)

    Published: 20/07/2021

     
         

    Consiglio di Stato

     

     
     
    PRESS RELEASE

    This morning at Palazzo Spada, the President of the Council of State, Dr. Filippo Patroni Griffi, and the President of CONSOB, Prof. Paolo Savona, signed the Framework Agreement between the two Institutions for developing collaborative relationships, aimed at sharing experiences in the field of technology, research and carrying out activities for the use of Artificial Intelligence and blockchain as well as training of its staff.

     Press Release in PDF

  • The FinTech Committee and the regulatory sandbox for the digitalization of the financial services of the Country are underway (Join Press release of Bank of Italy, Consob, Ivass and Ministry of Economy and Finance of 17 July 2021)

    Published: 17/07/2021

    Logo

    JOIN PRESS RELEASE

    The decree governing the operations and the powers of the FinTech Committee as the control room set up at the Ministry of Economy and Finance is into force, with the conditions and the methodology for trial of techno-finance activities (FinTech) in Italy.

    It is an innovative initiative, representing a significant step forward for the digitalization of the Country. For the first time, in fact, Italy is developing a regulatory sandbox, a sheltered space for digital trial in the banking, financial and insurance sectors.

    The trial will allow FinTech operators to test innovative solutions, benefiting from a simplified transitional regime in constant dialogue with the supervisory authorities: the Bank of Italy, Consob and IVASS.

    At the same time, the supervisory authorities will be able to observe the dynamics of technological development as well as to select the most appropriate and effective regulatory interventions to help FinTech development, also with a preventive containment of potential risks spreading from the beginning.

    To access the trial, operators must submit projects relating to innovative services, products or processes in the banking, financial or insurance sector, which imply benefits for end users or contribute to market efficiency, to the supervisory authority competent for the matter. The projects must be adequately developed for being put on trial and they must be sustainable from an economic and financial point of view.

    The supervisory authorities will give specific indications about the criteria for admission to the trial, established by the decree. With reference to the timing of the application submission for accessing the trial in 2021, the supervisory authorities, by September, will determine the time window for sending admission requests to the sandbox. A contact point is also available on the website of each authority for the launching of informal discussions with operators.

    After the completion of the preliminary phase of the applications, the official register of operators admitted to the trial will be published on the Treasury Department website.

    The initiative, in compliance with the provisions of the Conversion Law no. 58 of 28 June 2019 of the Law Decree no. 34 of 30 April 2019, so-called "Growth Decree", saw the cooperation of the Ministry of Economy and Finance with the Bank of Italy, Consob and IVASS. The project is part of a framework of constant dialogue between institutions and operators in the sector, made possible by the work of the FinTech Coordination Committee, established in 2018 at the Department of the Treasury and formalized by the Growth Decree as an institutional space for debate, coordination, proposal and sharing of experiences and best practices between authorities and competent institutions on FinTech.

     Press release PDF version

  • The Discussion Paper "The post-trading industry" has been published (16 July 2021)

    Published: 16/07/2021

     Discussion paper no. 10 - July 2021 "The post-trading industry" [PDF] 

  • Consob publishes a warning on Binance (Press release of 15 July 2021)

    Published: 15/07/2021

    PRESS RELEASE

    Consob warns savers that the companies of the "Binance Group" are not authorized to provide investment services and activities in Italy, not even through the website www.binance.com  whose sections called "derivatives" and "Stock Token", relating to instruments related to crypto-assets, were previously also written in Italian.

    Therefore, the attention of the public must be drawn to this circumstance and, more in general, savers are invited to make use of their utmost diligence in order to make their investment choices in full awareness, verifying in advance that the websites through which they make the investment can be attributed to authorized subjects.

    Furthermore, savers are invited to adopt the utmost caution in making transactions on instruments related to crypto-assets, for this may imply the total loss of the sums of money invested and it is recommended to savers to always follow the general rule of considering the signing of contractual proposals only when they have an adequate understanding and only when they are assisted by clear and complete information also on the identity of the contractual counterparty who may propose himself as a service provider.

    In any case, it is important that savers are informed that transactions in instruments related to crypto-assets may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments as well as for malfunctions and cyber attacks to which the IT infrastructures used for such operations may be subjected.

     Press release PDF version

  • The mandate of Commissioner Anna Genovese has expired (Press release of 15 July 2021)

    Published: 15/07/2021

    PRESS RELEASE

    The Commission, on the occasion of the expiry of the mandate of Commissioner Professor Anna Genovese, expressed deep appreciation and sincere gratitude for the highly qualified professional contribution she made to the Board and to Consob, also as Vicar Chairman, during seven years of intense work. The Commission also remarked the fundamental contribution given by Professor Anna Genovese to the issues of regulation and, in particular, to the development of legislation on sustainable finance and transparency of ESG factors to protect the market and investors.

     Press release PDF version

  • Hearing of Dr. Guglielmina Onofri, Head of the Issuer Information Division of CONSOB, at the Camera dei Deputati, Italy, Sixth Commission, Finance as part of the discussion of Resolution no. 7-00668 (Buratti), regarding support initiatives related to cooperative credit banks (13 July 2021)

    Published: 13/07/2021

  • Consob Notice of 13 July 2021 regarding the Guidelines issued by ESMA about outsourcing to cloud services providers

    Published: 13/07/2021

    Consob Notice of 13 July 2021

    Notice regarding the Guidelines issued by ESMA about outsourcing to cloud services providers

    Consob complies with the Guidelines on "Outsourcing to cloud services providers" issued by the European Securities and Markets Authority (ESMA), integrating them into its supervisory practices.

    The Guidelines, published in the official languages of the Union on 10 May 2021, provide recommendations on the identification, management and monitoring of risks originating from agreements for the outsourcing of activities and services to companies providing cloud services, with particular reference to:

    • the risk assessment and due diligence to be carried out on cloud service providers;
    • the governance, supervision and control requirements to be put in place to monitor the performances of cloud service providers, as well as how to exit from such outsourcing agreements without interruption of its activities;
    • the contractual requirements between the parties (companies and cloud service providers), there including their respective rights and duties;
    • IT security requirements and exit strategies from outsourcing agreements;
    • the compliance with the requirements if the cloud service provider on behalf of a company uses other subjects for the performance of certain critical or important functions (or parts thereof) (so-called sub-outsourcing);
    • the information to be notified to the competent Authorities.

    The Guidelines provide that the same apply to the competent Authorities, to which guidance is given on the supervision of such arrangements, in order to promote a convergent approach in the European Union, as well as the following subjects:

    1. alternative investment fund managers (AIFMs) and alternative investment fund depositaries (AIFD);
    2. undertakings for collective investment in transferable securities (UCITS), management companies and UCITS custodians and investment companies that have not designated a company management authorized under the UCITS Directive;
    3. central counterparties (CCPs), including those of second tier third countries that satisfy the requirements provided by the EMIR;
    4. trade repositories;
    5. investment firms and credit institutions when they carry out investment services and activities;
    6. data communication service providers (DRSPs);
    7. trading venues managers;
    8. central securities depositories (CSDs);
    9. credit rating agencies;
    10. securitization depositories;
    11. administrators of critical benchmarks.

    The Guidelines will be applicable from 31 July 2021 to all outsourcing agreements with cloud service providers entered into or renewed from that date. The aforementioned subjects will have time until 31 December 2022 to review and amend, where necessary, the existing outsourcing agreements with the cloud service provider to ensure that they take into account the aforementioned Guidelines.

    The Guidelines are also available in the Italian language on the Consob institutional website.

    ESMA was informed of the compliance with the Guidelines pursuant to Regulation (EU) no. 1095/2010.

    THE CHAIRMAN
    Paolo Savona

     Consob Notice of 13 July 2021 PDF version

  • Cysec, the supervisory authority of Cyprus, suspends the authorization of Depaho ltd to provide investment services (Advice of 13 July 2021)

    Published: 13/07/2021

    The supervisory authority of Cyprus (Cyprus Securities and Exchange Commission - Cysec) reports that it has ordered, with effect from 9 July 2021, the total suspension of the authorization issued by the same for the provision of investment services to the Cypriot company Depaho Ltd (https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=d9b84e26-6873-4768-8aba-6fde9c98808f), authorized to operate in Italy in the mode of free provision of services.

  • Abusive financial services: Consob blacks out 3 abusive websites (Press Release of 8 July 2021)

    Published: 08/07/2021

    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:

    - Lexis Solution LTD and "Ventera Group" (website https://venteragroup.com and related page https://clientzone.venteragroup.com);

    - Donnybrook Consulting Ltd (website www.optimarket.cc);

    - Scintilla Enterprise Ltd (website https://solidstocks.co and related page https://client.solidstocks.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 485.

    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.

     

  • Consob Notice of 7 July 2021 regarding the transposition of the Guidelines issued by ESMA on some aspects of MiFID II requirements relating to the function of compliance control with the rules

    Published: 07/07/2021

    Consob Notice of 7 July 2021

    Notice regarding the transposition of the Guidelines issued by ESMA on some aspects of MiFID II requirements relating to the function of compliance control with the rules.

    On 6 April 2021, ESMA published on its website, in the official translation into Italian, the "Guidelines on certain aspects of the MiFID II compliance function requirements" (hereinafter, also, "the Guidelines", adopted by the European Authority, pursuant to article 16 of Regulation no. 1095/2010 / EU [1] (so-called "ESMA Regulation"), on 5 June 2020.

    The Guidelines are also available on the Consob institutional website in the Italian version, together with the full text of the "Final report" in English (containing the summary of the responses to the consultation and the consequent observations of ESMA), useful for allowing a correct application of the same Guidelines.

    They provide operational guidelines regarding the role and the reserved attributions, within the internal control system, to the compliance control function.

    In compliance with paragraph 3 of the aforementioned article 16 of the ESMA Regulation, it was communicated to the European Authority that Consob, with reference to its competences on the matter pursuant to art. 6, paragraph 2, letter b-bis), number 3), of the Consolidated Law of Finance, complies with the guidelines in question, integrating them into its supervisory practices.

    The intermediaries subject to Consob supervision[2]  are required to comply with the interpretative Guidelines of ESMA that are the subject of this notice, applicable - according to the terms established by paragraphs 3 and 4 of the Guidelines - starting from the date of 7 June 2021, to replace the previous ones, issued in the regulatory framework of MiFID I.

    * * *

    On this occasion, it should be noted that the disclosure obligations provided for by Consob Resolution no. 17297/2010 with reference to the "Report of the compliance control function" are fulfilled by sending the reports referred to in article 22, par. 2, letter c) of Regulation (EU) 2017/565, drawn up according to the indications of guideline 3 of the ESMA Guidelines in question, applicable starting from the date of 7 June 2021. The sending deadlines and the obligation to accompany the document with the observations and decisions of the corporate bodies in relation to any shortcomings identified by the function.

    THE CHAIRMAN
    Paolo Savona


    [1] As last amended by Regulation (EU) no. 2019/2175.

    [2] In particular, reference is made to "intermediaries" as defined by article 87 of the Intermediaries Regulation no. 20307/2018 issued by Consob on 15 February 2018, as well as to asset management companies, in the provision of both investment services and activities and the collective asset management service, to SICAVs and SICAFs.

  • Financial Education Month 2021 – Take care of your future - Applications are open for the organization of initiatives and events on financial education throughout Italy next October (Press Release of 6 July 2021)

    Published: 06/07/2021

    Logo1

    October is Financial Education Month. We are in the fourth edition and the Committee for the planning and coordination of financial education activities will be available throughout Italy with a series of initiatives aimed at promoting the development of financial, insurance and social security culture. The theme of the October 2021 Month will be "Take care of your future", highlighting the strong connection between what we are sowing today and what we will reap tomorrow. Through the increase of our basic knowledge on financial, insurance and pension issues, we can make easier to ourselves to take care of our finances, to make informed choices to deal with our future with serenity, to learn how to manage any unpredictable event and to achieve a greater financial well-being.

    The initiatives of the Month will be held from the 1st of October 2021 to the 31st ; they will be both online and face-to-face, in various forms: conferences, webinars, cultural initiatives, seminars, shows, days of gaming and training for adults, teens and children.

    Last year the Month was focused on the theme of financial choices at the time of Covid-19 and it ended with a very positive balance: the events organized throughout Italy were more than 600 and they disclosed a wide participation due also to the use of digital tools. These results bode well for a great membership this year, too.

    The Committee invites associations, institutions, companies, universities and research centres, schools, foundations, public administrations and any organization wishing to engage in the field of financial education with quality events, to apply by 24 September through the appropriate form which is available on the portal of the Committee www.quellocheconta.gov.it .

    All the initiatives following the requirements set by the Guidelines available on the portal of the Committee will be welcomed. Membership will allow you to use the official logo of the Month and to benefit from the many promotional activities at national and local level managed by the Committee, in order to guarantee greater visibility to the organizers of the various initiatives. Information on single events will be published on the official website www.quellocheconta.gov.it and on the social profiles @ITAedufin on Facebook, Twitter, Instagram and @ComitatoEdufin on LinkedIn.

     Press Release in PDF

    The Committee for the planning and coordination of financial education activities has the task of planning and promoting awareness-raising and financial education initiatives to measurably improve skills in the fields of savings, investments, pensions, insurance.

    The Committee, headed by Professor Annamaria Lusardi, is composed of: Ministry of Economy and Finance, Ministry of Education, Ministry of Economic Development, Ministry of Welfare, Bank of Italy, Consob, Covip, Ivass, Ocf, National Council of Consumers and Users.

  • Hearing of Maria Antonietta Scopelliti (CONSOB Secretary General) about "FINTECH: Warning profiles and opportunities for issuers and national savings", at the Bicameral Inquiry Committee of the Italian Parliament about the Banking and Financial System (6 July 2021)

    Published: 06/07/2021

  • Consob and Bank of Italy supervisory guidelines for "Società di investimento semplice" (Simple investment company) or SiS - Results of the consultation (6 July 2021)

    Published: 06/07/2021

    Consob and the Bank of Italy, following a public consultation which ended on 29 July 2020 [only in Italian language], adopted the Supervisory Guidelines on "Società di investimento semplice" (Simple investment Company) or SiS [only in Italian language].

    The Decree Law 30 April 2019, n. 34 (the so-called Growth Decree, converted into Law with amendments by Article 1, of Law No. 58 of June 28, 2019) amended the Consolidated Law on Finance (Legislative Decree No. 58 of February 24, 1998) introducing the discipline of "Simple investment company "or SiS.

    According to the provisions of the Consolidated Law on Finance, SiS is an Italian AIF (Alternative Investment Fund), established in the form of a fixed capital investment company (Sicaf), reserved for professional or non-reserved investors, which directly manages its assets and respects the following conditions: shareholders' equity does not exceed 25 million euros; the exclusive object of the company consists in the direct investment of the assets collected in SMEs not listed on regulated markets which are in the experimentation, establishment and start-up phase of the activity, notwithstanding article 35-bis, paragraph 1 letter f); does not use financial leverage; has a share capital at least equal to that provided for by article 2327 of the Civil Code, notwithstanding article 35-bis, paragraph 1, letter c), of the Consolidated Law on Finance.

    The article 35-undecies, paragraphs 1-bis, 1-ter and 1-quater, of the Consolidated Law on Finance identifies a special discipline for these managers.

    To favor the uniform and correct application of the new regulations, the joint document adopted by Consob and the Bank of Italy [only in Italian language] contains a survey of the main provisions applicable to the SiS, defines some supervisory guidelines, which represent the expectations of the Supervisory Authority on the procedures with which the SiS must comply with the new regulations and indicates the procedure applicable in the event of non-temporary exceeding of the net equity limit pursuant to article 1, paragraph 1, letter i-quater, of the Consolidated Law on Finance.


     Consultation report table - only in Italian language - (6 July 2021)

     Consob-Bank of Italy supervisory guidelines on simple investment companies (SiS) - only in Italian language - (6 July 2021)

     Comments on the consultation document of 30 April 2020 - only in Italian language - (6 July 2021)

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