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  • Consob statement on cases of exceptional volatility in the trading of stocks and the use of social forums and web trading platforms (Statement 13 April 2021)

    Published: 13/04/2021

    Consob is taking part to the international debate, with other securities regulators, following the recent cases of extreme volatility of certain stocks trading prices in other jurisdictions' markets (eg. GameStop in the US stock market), which have linked to a significant accumulation of net short positions and concerted action by some retail investors, based on information shared on social media.

    Consob is committed to work to protect investors and to maintain fair, orderly, and efficient markets and, therefore, deems that the potential cross-border implications and the specific elements of novelty stemming from the said episodes have to be further analysed and investigated, amid concerns about their possible recurrence and spread to the European markets, even in the presence of an harmonisation discipline of short-selling and the common implementation of trading halts in the microstructure organisation of the secondary markets, which might help curbing macroscopic effects.

    The GameStop case brought to the light the issue of the reliability of the social networks and online platforms as sources of information and the many connections with the prominent Consob's tasks above recalled.

    More specifically, the potential classification of some information spread by social media as investment recommendations could raise issues in relation to the enforcement of possible violations of the rules set to tackle market abuses in Europe (the so called "Market Abuse Regulation"), with regards to modalities of fair presentation of these recommendations and the indication of potential conflicts of interest. Retail investors should be aware of the risk of taking trading decisions based on this kind of information, if not adequately presented.

    The phenomenon is to be regarded also in connection with the flowering of trading platforms operating as systems for gathering multiple client's orders with low minimum entering amounts required by investors (sometimes also allowing for leveraged investment) and no or reduced fees, mainly targeting clients with limited experience on capital markets.

    In addition, such new forms of "social-herding investing" also often entails (like any other type of trading services on the web) the transmission to the customers (via e-mail, text messages and social media) of "trading signals" (non-personalised) offered by third parties that grant access to the data on their trading operations allowing other traders to copy them on their own trading accounts.

    The described operating models have the potential to complement and emphasize any distortive effects of potential market manipulations carried out through the dissemination of information on social media and forums.

    According to Consob's preliminary analysis, it appears that the main firms operating in Italy and offering services which trace the outlined business model (i.e. lower or no fees for retail investors; complementary use of social media, trading signals, etc.) are generally authorised in few Member States and provide services across EU under the MiFID II passporting regime.

    Besides, non-authorised online trading platforms are constantly growing in number and this is of huge concern to supervisors. In most cases, this abusive provision of investment services is offered through web platforms, which easily permit customers to open a trading account and to issue purchase and/or sale orders relating to financial instruments (usually contracts for difference having as underlying currencies, stock indices, commodities and, increasingly, crypto-currencies). Another typical feature of these illegal activities is to make use of marketing tools like e-mail, chat, social networks and telephone solicitations (so-called cold calling).

    Consob is committed to advance supervisory coordination and convergence in the different international bodies since the cross-border nature of recent cases clearly requires a concerted response. Consob will thus pay specific attention when contributing to the forthcoming review of MIFID/MIFIR and MAR frameworks. with a view to assess the current regimes and their effectiveness for retail investor protection, in connection with the cases above recalled and any related technological progress.

    To name a few, the compatibility between the so called "payment for order flow" - which is the compensation that financial intermediaries receive for routing trades for trade execution - and the EU discipline of best execution/inducements needs to be assessed, in particular whether PFOF might be enhancing the quality of the service provided to customers.

    At the same time, financial education might represent a useful complement to investor protection through a greater awareness of the risks stemming from investment decisions based on information provided through social media.

    Regulators need to be always ready and proactive to face new challenges and threats for investors, particularly retail ones. Financial markets are grounded on risk and uncertainty and, today more than ever, connected with digitalisation and social media tools, which contribute to speed up and interweave market dynamics. As a result, some developments are neither easily predictable nor manageable at once.

    Consob believes, and wants to restate through this statement, that public authorities should always look at their ultimate mission, which is to restore and maintain confidence in financial markets.

    Statement in .pdf

  • Lapse of the temporary regime of enhanced transparency related to changes of significant equity investments and declarations of investment objectives. From 14 April only the ordinary legislation is again in force (Press Release of 12 April 2021)

    Published: 12/04/2021

    From the next 14 April it will be into force only the ordinary legislation on transparency related to changes of significant equity investments and declarations of investment objectives.

    Consob decided, in fact, not to further extend the temporary regime of enhanced transparency introduced on 9 April 2020 (press release of 10 April 2020 and related resolutions no. 21326 and no. 21327 of 9 April 2020) with reference to some Italian companies listed on the Stock Exchange, identified according to the criterion of widespread shareholding (i.e. not controlled by law), and then renewed every three months (press releases of 10 July 2020, 9 October 2020 and 14 January 2021 and related resolutions nos. 21434 of 8 July 2020, 21525 of 7 October 2020 and 21672 of 13 January 2021) until the next deadline of 13 April.

    The strengthening of the ordinary transparency discipline was temporarily introduced a year ago to deal with the turmoil that had hit the financial markets following the Covid19 pandemic.

    Starting from Wednesday next week, investors must be compliant with the provisions of the ordinary transparency discipline, according to which the obligation to communicate changes in the significant shareholdings held in the aforementioned Italian companies listed on the Stock Exchange is triggered when the 3% threshold is exceeded for medium-high capitalization companies, qualified as "non-SMEs", and when the 5% threshold is exceeded for small capitalization companies, qualified as "SMEs". The obligations relating to the exceeding of subsequent thresholds remain unchanged. The temporary regime of enhanced transparency had, on the other hand, lowered the minimum communication thresholds to 1% for non-SMEs and 3% for SMEs, respectively.

    As for the transparency on the declarations of investment objectives, from next Wednesday the obligation to notify will trigger when the 10% threshold, and no more the 5% threshold, temporarily introduced by the enhanced transparency regime, is exceeded.

     Press release in .pdf

  • Knowledge and competence requirements of the staff of intermediaries and independent financial advisors: updating of Consob Q&A (9 April 2021)

    Published: 09/04/2021

    Consob updated the Q&A (Questions and Answers) of 5 October 2018 regarding the knowledge and competence requirements of the staff of intermediaries, in order to make them compliant with the new Article no. 78 of the Intermediaries Regulation.

    Consob Q&A of 9 April 2021 [only Italian version]

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 9 April 2021)

    Published: 09/04/2021

    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:

    - Trade Com Limited (website https://spotfinex.com and related page https://accounts.spotfinex.com);

    - Konstos Markets LTD (website www.stockcore.co);

    - Vita Impex Ltd (websites https://vitafx.com and https://pluton500.com);

    - "Up Invest Finance" (website https://upinvestfin.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 421.

    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

  • 9th CONSOB Report on corporate governance of Italian listed companies (6 April 2021)

    Published: 06/04/2021

    Today 6 April, from 11:30 a.m. to 13:00, the 9th CONSOB Report on corporate governance of Italian listed companies is being presented.

    The Report  provides evidence on ownership structures, corporate bodies, annual general meetings and related parties transactions, on the basis of data obtained from supervisory statistical reports and information disclosed by listed companies.

    - Program

    - Report 2020 on corporate governance of Italian listed companies

    - Introduction by Paolo Ciocca (CONSOB)

    - Speaking notes by Nadia Linciano (CONSOB)

    - Speaking notes by Francesca Fiore (CONSOB)

    - Presentation of the Report by Angela Ciavarella and Rossella Signoretti - CONSOB (Italian version)

    - Discussion by Massimo Belcredi (Italian version)

  • Abusive financial services: Consob blacks out 6 abusive websites (Press Release of 1 April 2021)

    Published: 01/04/2021

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

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

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

    - Nab Europe Ltd (website www.nabeuropeltd.com);

    - Donnybrook Consulting Ltd (websites https://bid-broker-stocks.io and https://bid-broker-stocks.cc/);

    - "Globalcfd LTD" e "D&D Venture Project LTD" (website www.globalfxcfd.com);

    - "TradersHome Ltd" (website https://tradershome.trade);

    - "Primery Swiss Group" (website www.primeryswissgroup.com and related page client.primeryswissgroup.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 416.

    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

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 26 March 2021)

    Published: 26/03/2021

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

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

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

    - KBS Capital Markets Ltd (website www.swisspremiumfx.com and related page https://my.swisspremiumfx.com);

    - Terratech Ltd (websites www.bimfx24.co and www.eurtrade24.com);

    - Lollygag Partners LTD (website https://finocapital.io);

    - Widdershins Group Ltd (website https://24fintime.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 410.

    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

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 19 March 2021)

    Published: 19/03/2021

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

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

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

    - Salvax Limited (websites www.fxsuit.it and www.fxsuit.net);

    - NewTraders Holdings Ltd (website https://eu-markets.co and related page https://client.eu-markets.co);

    - Triton Partnership Ltd (website https://lcoinmarket.com and related page https://client.lcoinmarket.com);

    - Evolution Markets LTD (website http://marketseco.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 405.

    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

  • Consob Q&A of 18 March 2021 on selective information towards shareholders and, in particular, the controlling shareholder as well as on the publication of inside information relating to business plans

    Published: 18/03/2021

    Consob has published Q&A which are useful to clarify how listed companies can establish information flows concerning information that can take on a privileged nature with the shareholders and, in particular, with the controlling shareholder.

    The topic – having a particular relevance for its implications on the prevention of market abuse and governance structures – has been subject to specific investigations following various discussions with listed companies in carrying out supervisory activities.

    The Q&A outline the conditions under which selective information can be considered legitimate towards the controlling shareholder and / or the shareholder who exercises management and coordination, always in compliance with the confidentiality constraints of the recipients of the information; the information flows functional to the preparation of the accounting reports are also taken into consideration as well as further hypotheses whereas an explanatory report of the selective information can be detected.

    Finally, the Q&A provide clarifications about the publication of the business plans, recalling that although they are not subject to specific disclosure requirements, they remain subject to the obligations of management and disclosure to the public of the privileged information contained therein.

  • Abusive financial services: Consob blacks out 4 abusive websites (Press Release of 12 March 2021)

    Published: 12/03/2021

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

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

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

    - KBS Capital Markets Ltd (website https://royaltradefx.com and related page https://my.royaltradefx.com);

    - Donnybrook Consulting Ltd (website www.eurofx.trade);

    - Investigram Ltd (website www.investigram.com);

    - FCS Technology Ltd (website https://stockmarketinvest.pro and related page https://client.stockmarketinvest.pro).

    The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 400.

    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

  • Information to be provided with reference to the 2020 financial statements drawn up on the basis of the provisions of the Civil Code and of national accounting standards: the Warning Notice no. 4/21 of 15 March 2021 has been published

    Published: 12/03/2021

    Publication of the Warning Notice no. 4/2021 of 15 March 2021 on the information to be provided with reference to the 2020 financial statements drawn up on the basis of the provisions of the Civil Code and national accounting standards and addressed to issuers of financial instruments widely distributed among the public pursuant to the Article no. 116 of the TUF (Consolidated Law on Finance), to issuers of financial instruments traded on multilateral trading facilities ("MTF") and on organized trading facilities ("OTF") subject to EU Regulation no. 596/2014 ("MAR") and the related auditing companies and control bodies.

    The document follows the Warning Notice no. 1/21 of 16 February 2021, addressed to supervised issuers who draw up financial statements on the basis of international accounting standards, in relation to the impacts deriving from the COVID-19 pandemic, from the use of economic support measures and from their possible interruption.

  • Financial advice: simplification of training and professional updating of staff in contact with savers and retail investors is forthcoming - Consob approves the amendments to the Intermediaries Regulation (Press Release of 11 March 2021)

    Published: 11/03/2021

    PRESS RELEASE

    Simplification for the training and professional updating of staff assigned to provide information or financial advice to savers is forthcoming.

    Starting from April, intermediaries will be required to evaluate how to set up the most suitable internal organizational processes to ensure quality training and professional updating for their employees. All the safeguards provided for by the European Mifid2 legislation, regarding the knowledge and competence of personnel, aimed at ensuring the protection of customers in terms of information transparency, remain unchanged.

    This is the implication of the amendments to the Intermediaries Regulation approved by Consob (Resolution no. 21755 of 10 March 2021only Italian version) which will be in force from 31 March next.

    On the basis of the new regulatory framework, the evaluation of the training and professional updating methods of the subjects engaged in financial advice is entrusted to the intermediaries themselves and no longer to a prescriptive detailed discipline. By this way, Consob intends to allow greater flexibility of the organizational safeguards of each intermediary on the basis of the principle of proportionality.

    The rules on the procedures for professional updating of independent financial advisors have also been further specified. Finally, some prescriptions for advice on insurance investment products are maintained.

    The regulatory changes were adopted as a result of a public consultation which ended on 21 September 2020, after taking into account the prior opinion of the Committee of Market Operators (Comi), the advisory body set up by Consob to represent the national financial community. The amendments were submitted to the Bank of Italy and to IVASS, which gave their assent.

    Press Release PDF version


    Related documents:

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

    Published: 08/03/2021

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

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

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

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

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

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

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

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

     Press Release in .pdf

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

    Published: 05/03/2021

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

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

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

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

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

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

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

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

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

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

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

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

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

    Press Release in .pdf

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

    Published: 04/03/2021

     Consob warning notice of March 4, 2021 - Sustainability‐related disclosures in the financial services sector

     Consob Q&A of March 4, 2021 - Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector 

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

    Published: 01/03/2021

    PRESS RELEASE

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

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

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

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

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

    Press release PDF version

  • PagoPA (Comunication of 26 February 2021)

    Published: 26/02/2021

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

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

    Published: 26/02/2021

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    -  Press Release in .pdf

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

    Published: 19/02/2021

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

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

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

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

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

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

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

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

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

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

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

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

    - Press Release

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

    Published: 16/02/2021

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


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

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

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