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  • Abusive financial services: Consob blacks out 7 abusive websites (Press release of 18 June 2021)

    Published: 18/06/2021

    Consob has ordered the blackout of 7 new websites that offer financial services/financial products illegally: 5 illegal financial intermediation websites and 2 websites 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:

    - UAB Bensela (website www.allfinancialtrading.com and related page https://webtrader.allfinancialtrading.com).

    - Felicity Group LTD (website https://unionstock.co).

    - Lacari Group LTD (website https://fxcapitalize.com)

    - "HCM Group" (website https://hcmgroupfx.com and page https://my.tradingroomstar.com).

    - "Lead Secure LTD" (website https://fxdirects.co).

    - Leverit Panama SA/Sirio Compliance Trust (websites https://sirioct.com and https://sirioct.com/backoffice/web).

    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 474.

    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

  • The third Consob Report on the non-financial reporting of Italian listed companies has been published (11 June 2021)

    Published: 11/06/2021

    The Report presents an analysis of the non-financial reporting of Italian listed companies, following the application of Legislative Decree 254/2016 transposing Directive 2014/95/EU.

     Third CONSOB Report on the non-financial reporting of Italian listed companies

    Presentation of the Report by Nadia Linciano, Giovanna Di Stefano, Angela Ciavarella, Livia Piermattei [Italian version]

  • Abusive financial services: Consob blacks out 5 abusive websites (Press release of 11 June 2021)

    Published: 11/06/2021

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

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

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

    - Kiplar Ltd (website https://kiplar.com);

    - "AcadianAmLtd" (website www.aca-asset.com and related page https://accounts.aca-asset.com);

    - UniCap Trade Ltd and "Tradobit" (website www.tradobit.com)

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

    - "GB Trade FX" (website https://gbtradefx.co.uk and related page https://gbtradefx24.co.uk).

    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 467.

    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

  • On Monday 14 June 2021, speech by the Consob Chairman to the financial market. Documentation.

    Published: 11/06/2021

    Paolo Savona - Presentation of the Consob Report for 2020

    On Monday 14 June 2021, at 11.00 am, the President of Consob Paolo Savona has hold the annual meeting with the financial market on the occasion of the presentation of the Consob Report for 2020.

     Speech by the Chariman 2021 (Italian version)

     Consob Report for 2020 (Italian version)

     Video of the meeting

  • Hearing of Commissioner Paolo Ciocca to the Finance Commission of the Italian Chamber of Deputies about the "Digital Finance Package" (8 June 2021)

    Published: 08/06/2021

  • Abusive financial services: Consob blacks out 5 abusive websites (Press release of 4 June 2021)

    Published: 04/06/2021

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

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

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

    - Preqster Ltd (website www.pips500.com and related page https://my.pips500.com)

    - Trade Action Ltd and TradeSaction Ltd (website https://tradesaction.com and related page https://accounts.tradesaction.com)

    - Libortrading Ltd and LiborTC Ltd (website https://libortrading.com and related page https://client.libortrading.com)

    - Astrica Ltd (website www.vipforexpro.com)

    - "Orobanc" and Equal Target Ltd (website https://orobanc.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 462.

    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

  • IOSCO Statement on Benchmarks Transition (3 June 2021)

    Published: 03/06/2021

    The International Organization of Securities Commissions (IOSCO), considering that the termination of LIBOR has been defined, reiterates the importance of ensuring a smooth and timely transition away from LIBOR in order to mitigate the risks to financial stability, market integrity and investor protection (https://www.fsb.org/2021/06/fsb-issues-statements-to-support-a-smooth-transition-away-from-libor-by-end-2021/).

    This transition will require market participants to stop issuing new products that use LIBOR as a reference rate and efforts to transition away from LIBOR in legacy contracts.

    In particular, in light of the significant use of US dollar (USD) LIBOR globally, IOSCO encourages all market participants to discontinue use of USD LIBOR as soon as possible and no later than the end of 2021, supporting the guidelines issued by the US Banking Supervisors in November 2020 and March 2021.

    In line with its communication and outreach program launched in 2019, IOSCO also recalls the importance of transition from LIBOR to alternative rates that comply with the IOSCO Principles on Financial Benchmarks.

     

  • IOSCO launches its fifth edition of World Investor Week (4-10 October 2021) to promote investor education (31 May 2021)

    Published: 31/05/2021

    The International Organization of Securities Commissions (IOSCO) launched today  the new edition of its annual World Investor Week (WIW), scheduled from 4th to 10th October 2021 (press release).

    Like last year, participating Countries can choose any other week of October and November for scheduling the event, considering the conditions resulting from the COVID-19 pandemic in their own reality.

    WIW is a week-long worldwide campaign (click on the link to access the global portal) to raise awareness of the importance of investor education and protection and to highlight the various initiatives taken by regulators in these two critical areas.

    The key messages of the 2021 campaign will be based on two themes: (1) sustainable finance and (2) frauds and scams prevention. These messages complement those of previous WIW editions on online investment, initial coin offerings (ICOs), investments basics and digital education.

    WIW can continue to grow further in terms of participating Countries, stakeholders and international organizations. In 2020, the campaign was featured by the launch of various virtual initiatives, adapting and innovating formats and contents in consideration of the exceptionally challenging circumstances. As in previous editions, Consob will participate - as an IOSCO member - in the organization and development of the campaign in Italy.

  • Consob: Michele Maccarone passed away

    Published: 31/05/2021

    Michele Maccarone, a former Consob executive, left us. He had a long professional career in the Commission, where he held various apical positions: from the Stock Exchange area to the Intermediaries Division, Legal Advice, Legal Studies, Issuers Division and the External Relations Division. Maccarone, a lawyer, concluded his career with the title of general official, the highest rank in the managing structure.

    Throughout his career at Consob he supervised all the developments of the legislation in the 90s, from the law on the investment firms (SIMs) to the first insider trading law, to the legislative decree about the transposition of the so-called "Eurosim" directive into the internal law framework, to the consolidated law on finance. He gave a contribution to all the law provisions implementing the regulations concerning the intermediaries and the companies. He was also a member at length of the Stock Exchange Council in the period when the transition from the shouted stock exchange to the telematic one was under planning.

  • Amendments to the Regulation concerning the Arbitrator for Financial Disputes - Results of the public consultation (27 May 2021)

    Published: 27/05/2021

    Most of the documentation is available only in Italian

    Consob, following the public consultation, taking into account the opinion of the Committee of Market Operators and Investors ("CMOI"), with Resolution no. 21867 of 26 May 2021, made some amendments to the Regulation concerning the Arbitrator for Financial Disputes ("AFD Regulation" or "Regulation"), approved by Resolution no. 19602 of 4 May 2016.

    The aforementioned amendments to the AFD Regulation - adopted following the periodic review carried out, pursuant to Article no. 8 of the Regulation concerning the procedures for the adoption of general regulatory acts, approved by Resolution no. 19654 of 5 July 2016, taking into account the operational needs that emerged in the early years of the Arbitrator for Financial Disputes ("AFD") and the data relating to the proceedings managed and concluded - they are mainly aimed at simplifying the procedure before the AFD and to improve its functioning and, in summary:

    • align the definition of "intermediaries", relevant for the purposes of the Regulation, with the new definitions of "portal managers" and "persons authorized to insurance distribution", instituted following the most recent amendments to the TUF (Consolidated Law on Finance);
    • explicitly extend the scope of operation of the AFD to disputes relating to the violation of the obligation to deliver to the investor the document containing the key information (Key Information Document) referred to in Articles nos. 13 and 14 of Regulation (EU) no. 1286/2014;
    • better define the scope of operations of the AFD, referring to disputes relating to transactions or conduct which have been carried out within the tenth year prior to the date of the appeal;
    • introduce, as a hypothesis of inadmissibility of the appeal, the pending arbitration or jurisdictional proceedings, the existence of a previous decision on the merits taken by the AFD or the outcome of a judicial or arbitration proceeding;
    • reiterate that the presentation of the appeal, the contradictory and the exchange of documentation must take place exclusively through the electronic system, also requesting the parties to make use of the forms that will be made available on the AFD website;
    • introduce provisions aimed at facilitating the amicable settlement of the dispute and the fulfilment of decisions (such as the possibility for the parties to request a suspension of the proceedings in order to find an agreement; the termination of the proceedings in case of reaching an agreement or the full satisfaction of the claim; the postponement of the publication of the notification of non-fulfilment in the event of the start of negotiations aimed at reaching an agreement on the execution of the decision; the possibility of late fulfilment with consequent cancellation of the notification of non-fulfilment; the elimination or the reduction of the loss contribution payable by the intermediary in the presence of a conciliatory proposal, rejected by the applicant, with reference to amounts equal to or greater than those recognized by the AFD in the decision);
    • govern in a more precise way the system of terms for the conclusion of the procedure in order to speed up the decision-making phase.

    Consob decided not to set up the institution of reimbursement of defence costs on the assumption that, even in the absence of an express regulatory provision, such costs can be liquidated to the appellant - if the conditions are compliant - as a component of the damage suffered.

    The amendments made to the AFD Regulations will come into force from 1st October 2021.

    They will apply to proceedings initiated with an appeal lodged after the aforementioned date of entry into force, with the exception of the amendments relating to the rules on the execution of the decision (Article no. 16 of the Regulation) which will apply to decisions taken from the date of entry into force, albeit relating to proceedings initiated before that date with an appeal lodged.

    The Resolution extends the period referred to in Article no. 2, paragraph 2, of Consob Resolution no. 19783 of 23 November 2016, already extended until 1st July 2021 by Article no. 1, paragraph 1, of Consob Resolution no. 21666 of 22 December 2020.

    For further details, please visit the website www.acf.consob.it.

    Documentation relating to the results of the consultation of 19 December 2019:

  • Abusive financial services: Consob blacks out 5 abusive websites (Press release of 27 May 2021)

    Published: 27/05/2021

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

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

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

    - "Atlasfx" (website https://atlasfx.co);

    - S.P. Inc (website www.quantumfx.eu and related page https://client.bbgroupfx.site);

    - Digital Exchange Limited and Securex Plus Solution EOOD (website www.dgxlimited.io);

    - Think Market 247 Ltd and RL Ltd (website https://thinkmarket247.net and related page https://trade.thinkmarket247.net);

    - "Finlay" (website https://finlay.world and the pages https://finlay.live and https://webtrader.finlay.live).

    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 457.

    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

  • Hearing of Maria Antonietta Scopelliti - CONSOB Secretary General, about "Information elements on the Gamestop affair and the impact of online trading", at the Bicameral Inquiry Committee of the Italian Parliament about the Banking and Financial System (25 May 2021)

    Published: 25/05/2021

  • Abusive financial services: Consob blacks out 6 abusive websites (Press release of 20 May 2021)

    Published: 20/05/2021

    PRESS RELEASE

    Consob has ordered the blackout of 6 new websites that offer financial services/financial products illegally: 4 illegal financial intermediation websites and 2 websites 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:

    • Tremisa Ltd (website https://abbinvest.com);
    • Tradixa Ltd (website www.tradixa.net);
    • E-Planet Trade (website https://eplanetrade.com and page https://trade.eplanetrade.com);
    • Beradora Ltd (website https://timarkets.com and page https://accounts.timarkets.com);
    • Bolton Holding Limited and Bolton First Credit Limited (website www.bfclcoin.com);
    • Niwix Limited (website www.niwix.org).

    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 452.

    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

  • Determination for non-financial statements published in the year 2020 of parameters provided by art. 6 of the regulation adopted with resolution no.20267 of 18 January 2018 (resolution no. 21850 of May 19, 2021)

    Published: 20/05/2021

    Determination for non-financial statements published in the year 2020 of parameters provided  by art. 6 of the regulation adopted with resolution no.20267 of 18 January 2018 (resolution no. 21850 of May 19, 2021)

  • Hearing at the 14th Committee (Policies of the European Union) of the Senate of the Republic, of Dr. Adriana Rossetti, Head of the Regulatory Strategies Division of CONSOB, as part of the examination, in the referent, of the Senate Bill (A.S.) no. 2169 containing "Provisions for the fulfilment of the obligations arising from Italy's membership of the European Union - European Law 2019-2020" (18 May 2021)

    Published: 18/05/2021

  • Cybersecurity - The G7 Cyber Expert Group (CEG) has published an Occasional Paper: "Proposal for a common categorization of IT incidents" (14 May 2021)

    Published: 14/05/2021

    Ten financial authorities, including CONSOB, participating in the G-7 Cyber Expert Group (CEG) representing six G-7 jurisdictions, collaborated in developing a proposal for a common classification of malevolent cyber incidents (cyber attacks) and of other incidents concerning cyber security. The proposal is described in an Occasional Paper - "Proposal for a common categorization of IT incidents" - in compliance of the request made by the Finance Ministers and Central Bank Governors during the G-7 Finance Track meeting in Chantilly in July 2019.

    The objective of the proposal is to promote, through the definition of common principles and by the development of a shared taxonomy, the harmonization of incidents-related reports provided for by different frameworks required to financial entities by the authorities. The adoption of both common principles and taxonomy would make more forceful and effective the reporting of incidents, facilitating their common understanding, the sharing of information and the joint management of cyber crises at the international level. The participating authorities took into account, in their proposal the comments made by the representatives of the respective financial sectors.

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 13 May 2021)

    Published: 13/05/2021

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

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

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

    - TradeED Group Ltd (website https://luxeeforex.com);

    - Momentum Investment Group Ent Ltd (website www.invest-moment.com and related page https://client.invest-moment.com);

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

    - Uniteex Inc e Demure Consulting Ltd (website www.uniteex.co and related page https://client.uniteex.co);

    - Donnybrook Consulting Ltd (website www.optimarket.co and page https://optimarket.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 446.

    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

  • Voluntary regime for the publication of the Non-Financial Statement (NFS): publication of the results of the consultation (11 May 2011)

    Published: 11/05/2021

    Consob has published on the Institute's website the Report summarizing the results [English language] of the consultation launched with reference to the call for evidence.

    On 1 September 2020, a call for evidence containing a series of questions, addressed to market operators, has been published in order to gather information about the reasons for the lack of dissemination of non-financial reporting on a voluntary basis (see "Consob Informa" no. 31/2020 of 7 September 2020).

    The legislative decree no. 254 of 30 December 2016, in fact, transposed into our legal system the Directive 2014/95/EU (disclosure of non financial and diversity information) in order to encourage greater transparency about the impacts and policies practiced with reference to non-financial issues. The decree provided that even subjects other than those obliged pursuant to the decree, may, on a voluntary basis, publish a statement of a non-financial nature (NFS), affixing on the declaration the "wording of conformity" of the same, if the declaration itself has been drawn up in compliance with the provisions of the decree, in particular with regard to the certification of the person in charge of the audit pursuant to article no. 3, paragraph 10.

    The provision of a voluntary adherence regime to non-financial reporting has the advantage of not imposing on a generalized basis the costs associated with the preparation and publication of the information while, at the same time, allowing the companies concerned to register and inform about their own risks and sustainability features through a standardized report in compliance with national law and EU law. Nonetheless, the number of issuers having joined the voluntary NFS publication regime is still small.

    The replies provided to the consultation offered useful elements for assessing the costs and benefits associated with the publication of the NFS by the companies which currently are not subject to this obligation. The outcomes of the Report may represent a tool for analysis for operators who have the intention to undertake a path for approaching non-financial information.

    The evidence acquired may also provide useful elements to the national legislator, both with regard to the concrete application of the regime provided for by the decree for voluntary NFSs, and to the choices to be made in the context of the European negotiations that have recently started with reference to the revision of Directive 2014/95/EU on the publication of non-financial information.​

  • Data portability in the financial sector: published a new Consob notebook of the Fintech serie (10 May 2021)

    Published: 10/05/2021

    The new Consob Fintech Notebook on "Financial data portability" by Anna Genovese (Consob Commissioner) and Valeria Falce (Current Professor of Economic Law, European University of Rome) has been published. It's available only in Italian language.

    Interference and mutual intersections among regulation, financial innovation and technological innovation are fully part of the fourth digital revolution. The disruption we are witnessing is of an intersectoral type, characterized by processes of "contamination" among subjects and markets, models and categories, architectures and geometries. In the new disintermediated and decentralised era, operators, banks, intermediaries and third parties process, define, customise and offer products and services, using predictive and intelligent techniques that use and reuse personal, anonymised and commercial data, combining "external" data, extracted from the network's magma, with those belonging to the company's assets, and as such "internal" to the company, in a continuous cycle.

    Based on these premises, the Notebook aims to analyse the Data Space from the point of view of the object (data), subjects (old and new), responsibilities and rights, but only after focusing on the relevant regulatory framework, which constitutes the essential and indispensable pivot for mapping and hence expressing policy lines also in terms of data portability.

    Following the aforementioned line, in Part One, the Notebook focuses on the regulatory framework. From the assumption that the rapid diffusion of new technologies, beyond territorial and economic boundaries, requires rethinking traditional regulatory techniques, the limits of the regulatory matrix designed in the 1990s and the regulatory technology profiles necessary to capture changes and rethink the regulatory framework are addressed with a view to cooperation among national authorities and to coordination among different national systems, and with the clear aim of reconciling the interests at stake and protecting fundamental rights.

    In Part Two, on the other hand, the issues of portability and data sharing are analysed with reference to the information flows and the parties involved, under the dual aspect of the areas of responsibility of the actors and the repercussions in terms of customer and investor protection. The emergence of Third-Party Providers together with the strengthening of database builders and software owners lays the foundations for a renewed competition focused on the use of Smart Technologies in the Open Banking scenario and requires careful reflection on roles and functions, as well as on the chain of possible responsibilities.

    Through the aforementioned joints, the Notebook proposes a solid reconstructive and systematic approach to framing the new challenges and intercepting the risks associated with digital transformation with particular reference to the regulation inherent in data flows. In this context, in fact, the migration of financial services to increasingly digital environments characterised by fragmented and sectoral legislation risks leading to protection gaps that in turn risk undermining confidence in the financial system and its stability.

    The Notebook provides the tools to prevent such eventualities in the name of reconstructive clarity, legal certainty and general principles, thus safeguarding investor protection and market integrity.

    The Notebook will be presented on 8 June from 9:30 am to 12:00 pm, during a conference whose works will be opened by Consob President Paolo Savona. This will be followed by the introduction byAnna Genovese (Consob Commissioner) and Valeria Falce (Current professor of Economic Law, European University of Rome) and the works will be moderated by Paolo Ciocca (Consob Commissioner).

    Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/consob-and-its-activities/enrollments.

    The event will be streamed on the GoToMeeting platform; the link will be sent close to the event to those who have registered.

  • Abusive financial services: Consob blacks out 5 abusive websites (Press release of 7 May 2021)

    Published: 07/05/2021

    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:

    • Seabreeze Partners Ltd (website www.profitassist.io and related page https://webtrader.profitassist.cc);
    • "InvestFlow" (website www.invest-flow.io and related page https://webtrader.investflow.trade);
    • Renaissance Invest Ltd (website www.renaissanceinvestltd.com);
    • "Swissqb247" (website https://swissqb247.com and related page https://client.swissqb247.com);
    • ESOS International Ltd e Kadeky International SRO (website www.ainvestments.eu and related page https://trading.ainvestments.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 441.

    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

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Latest update: June 14, 2021

 

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