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  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 20 January 2022)

    Published: 20/01/2022

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

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

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

    • "NGTCM" (website https://ngtcm.com);
    • 24 X 7 LIMITED (website https://24waysfx.com and related page https://client.24waysfx.com);
    • Beradora Ltd (website https://fullmarkets.com);
    • "ABSystem" (website https://absystem.trade);
    • "LITHE GROUP LTD" (website https://platinex.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 610.

    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.

    -   PDF Press Release

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 13 January 2022)

    Published: 13/01/2022

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

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

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

    - Crypto Solution Ltd (website https://cryptopro24.com and related page https://client.cryptopro24.com);

    - Agrico Holdings Limited (website https://investagrico.com and related page https://client.investagrico.com);

    - Wirexinvest Invest Limited e Wirex UAB (website www.wirexinvest24.com and related page https://webtrade.wirexinvest24.com);

    - Strat Ltd (website www.finexoinv.io and related page https://client.finexoinv.io);

    - Invest Area Ltd (website https://investarea.com and related page https://accounts.investarea.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 605.

    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.

    -   PDF Press Release

  • Presentation of the 2021 Consob Report on financial investments of italian households (11 January 2022)

    Published: 11/01/2022

    - Consob 2021 Report on financial investments of Italian households

    - Speech by the President Savona (only in Italian)

    - Presentation of the 2021 Consob Report (only in Italian)

    - Video of Presentation (only in Italian)

  • Securities and Financial Ombudsman (ACF): record of compensation to savers in 2021 - The percentage of compliance by intermediaries is close to 97% - The first five years of activity of the ACF end with the "plus" sign (Press release of 3 January 2022)

    Published: 03/01/2022

    PRESS RELEASE

    A record 2021 for the compensation awarded to savers by the Securities and Financial Ombudsman (ACF), the out-of-court settlement body for disputes between intermediaries and their customers, established at Consob. With 35.88 million euros that returned to savers' pockets, a new high was reached last year compared to the 28.9 and 15.77 million euros paid back in 2020 and 2019 respectively. The total amount of compensations decided by the Securities and Financial Ombudsman in its first five years of operation thus rises to 120 million euros.

    The rate of acceptance of appeals also increased in 2021 (69.4%, compared to 30.4% rejected), with an average in the five-year period of 67.3% of appeals accepted and 32.7% rejected.

    In addition, business volumes are growing strongly, with a reduction in investigations and decision-making times by almost 40% in 2021, compared to previous years. Therefore, the goal of clearing the backlog of the first three years of activity by the end of 2022 has been confirmed, following some cases of betrayed savings that evidenced a strong commitment by the ACF since the start of its activities in January 2017.

    These are some of the most salient data emerging from a preliminary summary of the work carried out by the Arbitrator in 2021. The overall value of the compensation requested appears significant, reaching just over 81 million euros in 2021, with an average appeal of over 51 thousand euros. The minimum request was 10.92 euros, vs. the maximum requested amount of 500 thousand euros, corresponding to the maximum value pertaining to the ACF. In general, in the five-year period 2017/2021, 8,695 appeals were received, with compensation requests equal to over 480 million euros (approximately 56 thousand euros, on average, per appeal).

    Decision-making activity is constantly growing. In 2021, the Board met 71 times (53 in 2020, 46 in 2019, 45 in 2018, 27 in 2017), taking over 1,600 decisions (about 1,100 in 2020), to which must be added the decisions of unreceivability/inadmissibility, taken directly by the President (219 in 2021, lower than previous years) and those of extinction due to an agreement between the parties (242 in 2021, positively up compared to 212 cases in 2020 and 194 in 2019).

    Overall, 2,107 proceedings were concluded in 2021, compared to 1,582 incoming appeals, thus bringing the number of appeals defined in the 2017/2021 five-year period to 7,373. As of December 31 last, the number of decisions both published and freely available at the www.acf.consob.it web address rose to 4,868 (they were 3,302 as of 31 December 2020).

    The rate of fulfilment of the decisions of the ACF – please remember, decisions are not binding - remains high. The percentage of voluntary execution of the decisions of the ACF is close to 97% of cases; a trend which is constantly growing. This figure is net of the decisions relating both to banks placed in liquidation or resolved in the 2015/2017 two-year period, which - as is known - were implemented through public interventions disciplined by the law, as well as to some popular banks issuing equity securities characterized by situations of marked illiquidity.

    The prevalence of applicants who are resident in the north of the country (42.6%) is confirmed in quantitative terms, narrowly followed by residents in the southern regions (38%), while savers in central Italy (18.6%) remain far apart and the presence of applicants living abroad (0.8%) is marginal. Data which are consistent with those recorded over the five-year period as a whole.

    The percentage of savers who opt for the assistance of a prosecutor is still high: 72% of applicants in 2021 compared to a five-year average of 66%. The data takes on a reporting value of the difficulties still encountered by many retail investors in becoming both promoters and, above all, first-person guardians of their rights; more generally, it represents a clear evidence of the still unsatisfactory level of financial literacy of large sections of the population. To remove these critical issues, the ACF intends to give its own contribution after the application experience gained by now, through the implementation, already in 2022, of targeted initiatives going in the direction of an increasing level of awareness of small savers, to overcome their distrust and encourage their better participation in the economic life and development of the Country.

    The intermediaries convened before the Arbitrator were 87 in 2021; 201 overall those involved in the entire five-year period, compared to 1,204 intermediaries adhering to the ACF system.

    The rate of fulfilment of decisions is an aspect to which the ACF has given special importance since 2017, as it is the first parameter for assessing the degree of effectiveness of the service provided. This is why it will continue to be carefully monitored also in the future, above all through the argumentative and motivational quality of the decisions. At the same time, it remains important that intermediaries, but also savers themselves, continue to identify the ACF as the appropriate tool for the definitive solution of any dispute. This is also consistent with the enhancement process of the ADR (Alternative dispute resolution) instruments, which represents one of the cornerstones of the recent intervention for the civil justice reform.

    Relational dynamics continue to be at the core of the reasons for the conflict between savers and intermediaries. The preliminary disclosure phase for the investment choice, before any other, turns out to be critical. Savers often complain about the inadequate information flow received in order to make effectively conscious investment choices. About this, many decisions have been taken today by the Board of the ACF, in which guidelines have been drawn up which, starting from the practical cases examined, have led to the elaboration of general principles which, if correctly understood and applied, can reveal to be extremely useful for ex ante removal of most of the reasons for the dispute. These principles will also find special emphasis in the 2021 annual report, which will be published by next 31 March. A special summary section of the report will include the most important guidelines developed in the entire first five-year period, not only in terms of information, but also with reference to the behaviour of both professional operators and savers themselves.

    It is also the intention of the ACF, in 2022, to develop dialogue initiatives with stakeholders and representative associations, in order to get a feedback of the activity carried out so far and of the perceived quality of the services provided, with the purpose of constantly adjusting their level to the needs of users.

    Finally, the collaborative relationship, now structured, with the Banking and Financial Ombudsman (ABF) and, as soon as possible, also with the establishment of the Insurance Ombudsman (AAS), will continue and find further forms of consolidation.

     Press release PDF version

  • Procurement: ACN adheres to the Memorandum of Understanding between the Bank of Italy, Consob, Antitrust, ANAC and IVASS (28 December 2021)

    Published: 28/12/2021

    The National Cybersecurity Agency (ACN) has joined the Memorandum of Understanding, previously signed, between the Bank of Italy, the National Commission for Companies and the Stock Exchange (CONSOB), the Competition and Market Authority (AGCM), the National Anti-Corruption Authority (ANAC) and the Insurance Supervisory Institute (IVASS) for the joint management of joint procurement procedures in accordance with the provisions of Legislative Decree 18 April 2016, n. 50.

    The protocol defines the methods of coordination between the signatory Authorities in order to identify joint strategies for the acquisition of works, services and supplies and is functional to the achievement of cost savings.

    The Memorandum of Understanding constitutes a best practice on the national scene and lays the foundations for raising the quality of public clients, also in terms of transparency and anti-corruption. The membership of the ACN will help to strengthen the synergies generated by the collaboration by maximizing the objectives pursued by the signing of the aforementioned Protocol.

  • Consob Strategic Plan 2022-2024 (27 December 2021)

    Published: 27/12/2021

    Consob Strategic Plan 2022-2024 (27 December 2021)

  • Abusive financial services: Consob blacks out 7 abusive websites (Press Release of 24 December 2021)

    Published: 24/12/2021

    Consob has ordered the blackout of 7 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:

    - Vigo and Co LLC (website www.level5x.com and related page https://webtrader.level5x.com);

    - Lithe Group Ltd (website https://platinex.cc);

    - FX Publications INC, Acetopfinancial Ltd, Vita Impex Ltd (website https://acetopfin.com and related page https://accounts.acetopfin.com);

    - S.E trend Ltd (website https://sealtd.co and related page https://client.sealtd.co);

    - Axis Solutions Ltd (website www.emiratesfx24.com and related page https://my.emiratesfx24.com);

    - "WBI Invest" (website https://wbiinvest.com and related page https://client.wbiinvest.com);

    - "Globalinvestous" (website https://global-investous.eu and related page https://client.global-investous.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 600.

    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.

    -   PDF Press Release

  • AFX Capital Markets Ltd: withdraw the authorisation by Cysec (24 December 2021)

    Published: 24/12/2021

    The supervisory authority Cyprus Securities Exchange Commission (Cysec), on 23 December 2021, reports that it had adopted, at the end of the investigation activity against the Cypriot investment firm AFX Capital Markets Ltd - already subject to suspension of the authorisation starting from 19 July 2019 - a measure withdrawing the authorisation to operate in Cyprus and throughout the European Union, including Italy, of AFX Capital Markets Ltd.

    At the same time, Cysec also announced that it had taken certain sanctioning measures against some AFX Capital Markets Ltd's Board of Directors.

    For further details, please refer to the document at the following link: GetFile.aspx (cysec.gov.cy)

  • Abusive financial services: Consob blacks out 28 abusive pages/Internet websites reported by the Finance Police - A joint task force is underway (Press Release of 23 December 2021)

    Published: 23/12/2021

    Consob has ordered the blackout of 28 new pages/websites that abusively offer financial services. The intervention is the result of a report received by Consob from the Finance Police.

    Consob and the Finance Police have agreed to continue and intensify the collaboration related to this subject. To this purpose it was decided the institution of a dedicated joint working group.

    As part of a wide-ranging investigation, several web domains were identified through which trading services on financial instruments, mostly related to crypto-currencies, were illegally offered.

    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 websites of abusive financial intermediaries.

    Below are the 28 pages/websites Consob has ordered to be blacked out:

    • - Gate Technology Corp (internet domains www.gate.io, www.gateio.rocks, www.gateio.ws);
    • - "EliteCrypto Trade" (internet domain www.elitecryptotrade.com);
    • - Maxbit LLC (internet domains www.quotex.io, www.quotex.com);
    • - PrimeXBT Trading Services LLC (internet domain www.primexbt.com and related page https://my.pimexbt.com);
    • - Po Trade Ltd (internet domain www.po.trade);
    • - AMarkets Ltd (internet domain www.amarkets.com and related page https://my.amarkets.org);
    • - "Finmax" (internet domain www.finmaxbo.com);
    • - SimpleFX Ltd (internet domain https://simplefx.com and related page https://app.simplefx.com);
    • - Vantage Global Limited (internet domain www.monetamarkets.com);
    • - "Ultimate-mining.co" (internet domain www.ultimate-mining.co);
    • - "Bitcoin ERA" and "Absystem" (internet domains https://bitcoinera.app and https://absystem.world);
    • - "Bitcoin ERA", "CryptoRobot", "Sagatrade" (internet domains www.bitcoinera.com, www.cryptorobot.com, www.sagatrade.io);
    • - "Bitcoin-evolutionpro", Twingle Consulting LTD (internet domains www.bitcoin-evolutionpro.com and https://cointrade.cc);
    • - "Bitcoin UP" "FXPLANB" (internet domains www.bitcoin-up.live and https://fxplanb.com);
    • - Binarium Limited (internet domains www.binarium.com, https://binarium.global and https://binarium.trading).

    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 593.

    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.

    -   PDF Press Release

  • Amendments to the Issuers' Regulations regarding the Prospectus and launch of a new Consultation with the Market on further proposed amendments (23 December 2021)

    Published: 23/12/2021

    Consob, with Resolution no. 22144 of 22 December 2021, as a result of the Consultation with the Market launched on 8 October 2021, approved a series of regulatory changes (see the Explanatory Report) aimed at aligning the regulatory provisions with the changes made to the Consolidated Law on Finance (Legislative Decree 24 February 1998, no. 58) by the Legislative Decree 2 February 2021, no. 17, implementing the Prospectus Regulation into national law.

    The changes concern the advertising activity relating to offers carried out in the national territory pursuant to the new article 101, paragraph 1, of Legislative Decree no. 58/1998, as amended by the aforementioned legislative decree no. 17/2021 and the timing of the publication of the exemption documents pursuant to the regulations introduced by Regulation (EU) 2019/2115, on the promotion and use of growth markets for SMEs (which amended the Prospectus Regulation), as well as by Delegated Regulation (EU) 2021/528 (published in March 2021).

    Simultaneously with the issuance of the aforementioned regulatory changes, a New Consultation with the Market was launched on some proposed amendments to the Issuers' Regulation, aimed at: a) align the terms of approval of the prospectus with European legislation; b) enhance prefiling; c) authorize the drafting of the information prospectus in English for offers promoted in Italy as a member state of origin, providing that the summary must in any case be translated into Italian.

    The New Consultation will end on February 6, 2022.

    All documents are available only in Italian language.

     New Consultation of 23 December 2021

     Consultation of 8 October 2021

     Explanatory Report (23 December 2021)

     Operating instructions for the transmission to Consob of the advertising documentation applicable until the release of the SFTP server and the web interface (23 December 2021)

     Comments on the Consultation Document of 8 October 2021 (23 December 2021)

     Resolution no. 22144 of 22 December 2021

     Opinion of the COMI - Market Operators and Investors Committee (November 2021)

  • The Italian Stock Exchange puts the pandemic effect behind it - Market indicators show a strong recovery in the first half of 2021 - The latest Consob Statistical Bulletin has been published (Press release of 22 December 2021)

    Published: 22/12/2021

    PRESS RELEASE

    The ratio between market capitalization and GDP is growing, returning to the pre-pandemic level. Equity investments increase, while the volume of investments in government bonds decreases. The number of listed companies rises; the profitability of financial and non-financial companies is clearly improving.

    These are some of the elements characterizing the photograph of the Italian Stock Exchange, as shown in the latest Consob Statistical Bulletin for the first half of 2021.

    The picture emerging from the data in the Bulletin, published today on the Consob website, is a securities market in strong recovery, which cancels the recessive effect of the COVID pandemic recorded in 2020, improving and exceeding the values of 2019.

    Almost all indicators show a positive trend. Due to the sharp rise in share prices, the overall capitalization of Italian companies listed on the Stock Exchange, as at last 30 June, jumped forward by 19.9% on an annual basis. In relation to Gross Domestic Product, the market capitalization therefore rises to 34.8% from 32% at the end of June 2020.

    The number of listed companies grew (from 382 to 389), driven by new admissions to listing on AIM, the trading platform dedicated to small and medium-sized enterprises (now renamed Euronext Growth Milan).

    Investments in equities exceed now the pre-pandemic level, preferably targeting foreign stocks. At the same time, investments in government bonds fall below the level of 2019. The profits of non-financial companies listed on the main market (MTA) and on the AIM recorded a strong increase on an annual basis at 30 June, rising respectively to 11,1 billion euro (from 1.8 billion) and 75.9 million (from a loss of 30.3 million). Profits from banks (7.5 billion Euros from the previous 100 million) and insurance companies (2.5 billion from 1.5) also improved markedly.

    On the other hand, a decrease of the phenomenon of short selling (-20.1% on an annual basis for net short positions as at 30 June 2021) has been recorded.

    Finally, the securities portfolio held with Italian intermediaries (+4.69%) and bank deposits of households and businesses (+2.9%) both have increased. Gross inflows of financial instruments by investment funds (UCITS) were also positive (+17.5%, to 245.8 billion), while the inflows of insurance products with a prevalent financial content by Italian intermediaries have decreased (-2.6%, to 18.7 billion).

     Press release PDF version

  • The Commissioner Carmine Di Noia from February 2022 will head the OECD Financial Affairs Department - He leaves the post at Consob (Press release of 22 December 2021)

    Published: 22/12/2021

    PRESS RELEASE

    As of next 16 February, the Consob Commissioner Carmine Di Noia will take on the role of Director of the Directorate for Financial and Enterprises Affairs (https://www.oecd.org/daf/) at the Organization for Economic Cooperation and Development - OECD, based in Paris.

    Di Noia therefore submitted his resignation from his position in Consob, with effect from 7 February 2022. His mandate would have expired at the beginning of 2023.

    The Commissioner expressed his heartfelt thanks to all the members of the Board, to the executives and to the staff of Consob for their collaboration in recent years.

     Press release PDF version

  • Consob Notice of 17 December 2021 regarding the Recommendation of the European Systemic Risk Board of 24 September 2020 on the identification of legal entities (CERS/2020/12)

    Published: 17/12/2021

    Consob Notice of 17 December 2021

    Recommendation of the European Systemic Risk Board of 24 September 2020 on the identification of legal entities (CERS/2020/12)

    The world economy is based on a strictly connected and extremely complex network of financial transactions carried out by financial and non-financial operators. A clear identification of the subjects as individual and their connections is a fundamental requirement for drawing a reliable map of the global economic and financial framework, monitoring risks and identifying potential contagion chains on the markets.

    The European Systemic Risk Board (ESRB) intervened on the issue of the identification of legal entities with the Recommendation of 24 September 2020 (published in the Official Journal of the European Union of 26 November 2020), divided into (sub) recommendations (A, B) which are addressed to different authorities according to the objective to be pursued.

    The group A recommendations are addressed to the European Commission and have to do with the introduction of rules that require the use of the LEI identification code for the identification of entities operating on the financial markets.

    The group B recommendations are addressed to the competent authorities and have to do with the introduction, pending an intervention by the European Commission on the group A recommendations, of measures at national level regarding the identification of subjects through the LEI code.

    CONSOB, as of the range of its competences, will implement the ESRB recommendation B3 by which the authorities are recommended to identify through the LEI code the subjects about which they publish information and therefore will include the LEI code in the information that will be published on supervised entities, where the latter are already in possession of the LEI code.

    THE CHAIRMAN
    Paolo Savona

  • Application of the new regime for the acquisition of KID PRIIPs and structured data pursuant to Consob Resolutions 21639 and 21640 of 15 December 2020 (Press release of 17 December 2021)

    Published: 17/12/2021

    PRESS RELEASE

    On 15 December 2020, new methods of access to documents containing key information, the so-called KIDs of PRIIPs - pre-assembled retail and insurance investment products - were defined and the obligation to make information and structured data relating to PRIIPs marketed in Italy accessible to Consob was established (Resolutions no. 21639 and no. 21640 of 15 December 2020).

    The aforementioned resolutions provided for a transitional period on the basis of which:

    a) the obligation to make the KID available in PDF format via Consob's SFTP server entered into force on 1 January 2021, although the creators of PRIIPs were granted the possibility of making use, until 31 December 2021, of the regime in force, consisting in the prior notification of the KIDs to Consob via certified mail (PEC);

    b) the obligation to make the information and structured data relating to the PRIIPs accessible to Consob is fulfilled by making it available on an SFTP server or via a web interface and applies from 1 January 2022.

    With Resolution no. 22134 of 17 December 2021 the possibility of making the KID accessible to Consob via PEC was extended until 28 February 2022, while the commencement of the obligations envisaged by the aforementioned resolution 21640 was postponed to 1 March 2022, to grant further adjustment time with relation to specific requests in this regard.

    The methods for fulfilling the aforementioned obligations are specified in the specific operating instructions published on Consob's website https://www.consob.it/web/area-operativa-interattiva/priips.

    For the purpose of meeting the requirements set out in Resolution 21640 of 15 December 2020, the "technical specifications containing the XSD schemes "necessary to fulfil the obligation to make structured data accessible on Consob's SFTP servers were also published on Consob's website https://www.consob.it/web/area-operativa-interattiva/priips.

    Finally, the guidebook relating to the use of the web interface will be made available on 20 December 2021, in the same section of the site.

    With regard to CIS already subject to the PRIIPs Regulation, the acquisition of the KID and the related structured data can be carried out, alternatively to making it available through the KID PRIIPs System (so-called SIKID PRIIPs), by the way of the DEPROF System, whose guidebook was updated to reflect this alternative method of acquisition. Managers who intend to make use of the DEPROF, for the purposes of the aforementioned obligations, will be able to access it through the credentials already assigned by Consob when starting operations in Italy.

    It is therefore recalled that the transitional period ends on 28 February 2022; from 1 March 2022, the provisions relating to the acquisition of KIDs and related structured data will apply in the manner indicated above and detailed in the specific instructions available on Consob's website.

     Press release PDF version

  • Sustainability‐related disclosures in the financial services sector – Deferral to January 1st, 2023 of the date of application of the delegated act with regard to the regulatory technical standards pursuant to Regulation (EU) 2019/2088 (16 December 2021)

    Published: 16/12/2021

    By letter of November 25, 2021 to the European Parliament (ECON) and the Council (ECOFIN), the European Commission has informed that the process for the adoption of the draft regulatory technical standards submitted by the Joint Committee of the European Supervisory Authorities on October 22, 2022 under the Sustainable Finance Disclosure Regulation (STDR, Articles 8(4), 9(6) and 11(5)) cannot be finalized within the ordinary three-month period. Moreover, the Commission has announced that the date of application of the Delegated Regulation which will lay down, in a single act, the aforesaid RTS together with the other regulatory technical standards under the SFDR (already submitted by the Joint Committee) will be deferred to January 1st, 2023.

    The need to further postpone the date of application of the delegated act – compared to the date, which was previously announced, of July 1st, 2022 and to the entrance into application of the SFDR on last March 10 – is due to the length and technical detail of those RTS (13 in total), the time of their submission and the intent to facilitate the smooth implementation of the delegated act by product manufacturers, financial advisors and competent authorities.

    In the letter in question, the Commission also points out that, in view of the above, financial market participants which publish the statement concerning the adverse sustainability impacts (pursuant to Article 4(1)(a), 4(3) or 4(4) of SFDR) will have to publish the disclosure on principal adverse impacts in accordance with the delegated act the first time by June 30, 2023, with reference to the period from January 1st, 2022 until December 31, 2022.

     Letter of European Commission of 25 November 2021 - Information regarding regulatory technical standards under the Sustainable Finance Disclosure Regulation 2019/2088

  • Abusive financial services: Consob blacks out 7 abusive websites (Press Release of 10 December 2021)

    Published: 10/12/2021

    Consob has ordered the blackout of 7 new websites that offer financial services/financial products illegally: 6 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

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

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

    - "24tradex" (websites www.24tradex.com and www.24tradex.co and related page https://client.fx-trade.tech);

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

    - Renaissance Invest LTD (website www.renaissanceinvestltd.net);

    - "ProfitMarketsCFD" (website www.profitmarketscfd.com and related page https://webtrader.profitmarketscfd.com);

    - Notesco Limited (website www.fxgiants.com and related page https://hub.fxgiants.com).

    - "GDenlinea" (website https://gdenlinea.net).

    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 565.

    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.

  • Securities and Financial Ombudsman (Acf) - President Barbuzzi confirmed in office for five years (Press release of 9 December 2021)

    Published: 09/12/2021

    PRESS RELEASE

    The Commission has decided to renew for a second term the appointment of Gianpaolo Barbuzzi as President of the Securities and Financial Ombudsman (Acf), the out-of-court resolution body for disputes between intermediaries and savers, established at Consob.

    The new assignment, which has a duration of five years and cannot be further renewed, is effective from next Monday, 13 December.

    The composition and the procedure for the appointment of the permanent and alternate members of the Board are published on the website https://www.acf.consob.it/chi-siamo/il-collegio.

     Press release PDF version

  • Abusive financial services: Consob blacks out 5 abusive websites (Press Release of 2 December 2021)

    Published: 02/12/2021

    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:

    - EGL Sverige AB (website https://eglsverigeab.com and related page https://my.eglsverigeab.com);

    - Big Horizons Limited e NewFx Ltd (website www.newfx.co);

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

    - Seabreeze Partners Ltd (website https://maxiplus.trade and related page https://maxiplus.cc);

    - "ConiusFx" (website https://coniusfx.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 558.

    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.

      PDF Press Release

  • Public consultation on the adoption of a Warning Notice concerning: "The presentation of a list by the outgoing board of directors for the renewal of the same board" (2 December 2021)

    Published: 02/12/2021

    Consob submits to the market's consultation a hypothesis of warning notice for listed companies and their shareholders regarding some important aspects concerning the exercise, by the boards of directors of listed companies, of the option - possibly provided by the statute - to present of a list of candidates for the renewal of the same body.

     Consultation document (the document is only available in Italian)

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

    Published: 26/11/2021

    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:

    - Vibeinv Invest Limited (website www.vibeinv24.com);

    - Prim Global Reach Ltd – Primeatrade Limited – FX Publications Inc. (website https://primea-trade24.com and related page https://client.primea-trade24.com);

    - Fundiza LTD (website www.fundiza.org);

    - Swissqb247 (website www.swissqb247.net and pages https://client.swissqb247.net and https://webtrader.swissqb247.net);

    - Magna Emporium Group Ltd (website https://fxmagna.com and related page https://client.fxmagna.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 553.

    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.

      PDF Press Release