News In Detail - CONSOB AND ITS ACTIVITIES
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Published: 01/01/1970
CONSOB, Banca d'Italia and IVASS have updated the TIBER-IT National Guide for conducting advanced cybersecurity tests, aligning it with the new requirements introduced by Regulation (EU) 2022/2554 (DORA).
To strengthen the digital operational resilience of the financial sector, DORA requires that certain financial entities - identified by the competent authorities based on qualitative and quantitative criteria - must perform Threat-Led Penetration Testing (TLPT) on their ICT systems at least once every three years.
The updated TIBER-IT Guide serves as the single methodological framework for Italian financial entities to carry out TLPT, whether it is required under DORA or done on a voluntary basis by entities not subject to mandatory testing.
This revision incorporates the latest provisions on TLPT introduced by the DORA Regulation, the related TLPT Delegated Regulation adopted by the European Commission, and the updated version of the TIBER-EU.
- Joint Communication by CONSOB, Banca d'Italia and IVASS on the update of the TIBER-IT National Guidance (December 2025)
- TIBER-IT National Guide v.2.0 (November 2025)
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Published: 01/01/1970
Based on the provisions of the Memorandum of understanding entered into on 10 February 2025, , Consob, the Bank of Italy and IVASS have updated the list of Italian financial conglomerates i.e. groups of companies under common control whose exclusive or predominant activities consist of providing significant services in at least two different financial sectors (banking, investment services, insurance).
The supervision of financial conglomerates is carried out pursuant to Legislative Decree 142/2005. This provides for supplementary supervisory instruments in addition to those used for sectoral supervision, with a view to systematically monitoring the capital adequacy and riskiness of each conglomerate as a whole, while taking account of the interconnections between the insurance and banking/financial activities of its members.
The list at 31 December 2024 includes one insurance-led financial conglomerate already subject to supplementary supervision last year. IVASS maintains its role as coordinator of the conglomerate.
The list omits financial conglomerates comprising significant supervised institutions, whose identification is assigned to the European Central Bank in the context of the Single Supervisory Mechanism.
The updated list of conglomerates identified at 31 December 2024 is available on the websites of Consob, the Bank of Italy and IVASS.
LIST OF ITALIAN FINANCIAL CONGLOMERATES WITH REFERENCE TO DATA AS AT 31 DECEMBER 2024
Based on the latest financial statements and information available as at 31 December 2024, Consob, the Bank of Italy and IVASS have identified the following financial conglomerates:
Conglomerate Main sector Coordinating Authority Relevant competent authorities other than the coordinator Generali Assicurativo IVASS Finanzmarktaufsichtsbehörde (Austria)
Czech National Bank (Czech Republic)
Autorité de Contrôle Prudentiel et de Résolution (France)
Bundesanstalt für Finanzdienstleistungsaufsicht (Germany)
Magyar Nemzeti Bank (Hungary)
Banca d’Italia (Italy)
Dirección General de Seguros y Fondos de Pensiones (Spain)
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Published: 01/01/1970
PRESS RELEASE
Over 1,500 websites have been blocked by Consob as part of its efforts to combat financial fraud. Since July 2019, when the Authority was given the power to order the blocking of websites belonging to illegal financial intermediaries, 1,507 websites have been shut down, in addition to 763 web pages, for a total of 2,270 individual web domains blocked.
In the last week, Consob ordered the blocking of 11 new websites: of these, ten were illegally offering crypto-asset services and one was providing illegal financial intermediation services. Since January 2025, 307 sites have been closed, 196 of which for the unauthorized provision of investment services and activities on financial instruments or the illegal offering of financial products to the public, while a further 111 websites have been blocked for illegal activities relating to crypto assets.
Below are the websites that Consob ordered to be blocked last week:
- Praxiscarma s.a. (website www.praxiscarma.com and related page https://office.praxiscarma.com);
- “RYE036” (website https://rye026.it);
- “RYE326” (website https://rye326.it);
- “03WAKIH” (website https://03wakih.it);
- “SJCJ11” (website https://sjcj11.it);
- “01LUHAR” (site https://01luhar.it);
- “GKJ159” (website https://gkj159.it);
- “DSHS82” (website https://dshs82.it);
- “GFJ123” (website https://gfj123.it);
- “L88159” (website https://l88159.it);
- “FGJ329” (website https://fgj329.it).
In details, the Authority exercises the powers conferred upon it by the “Decreto crescita” (“Growth Decree”, converted by Law No. 58 of 28 June 2019), which allows it to black out the websites of abusive financial intermediaries, and the powers introduced by MiCAR (EU Regulation 2023/1114 and Legislative Decree No. 129 of 5 September 2024), relating to the blocking of websites that provide crypto-asset services to Italian savers without due authorization.
Internet service providers operating in Italy are currently blocking access to these websites: for technical reasons, it may take a few days for the block to take effect. The measures adopted by Consob can be consulted on the website www.consob.it.
Consob draws investors' attention to the importance of exercising the utmost diligence to make fully informed investment choices, adopting common sense behaviors that are essential for safeguarding their savings. In particular, it is essential to check in advance for websites offering financial and crypto-asset services, that the operator through which you are investing is authorized and, for offers of financial and crypto-asset products, that the prospectus or white paper has been published. The website www.consob.it has a section on its homepage entitled ‘Watch for Scams!’, which provides useful information to warn investors against abusive financial initiatives.
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Published: 01/01/1970
PRESS RELEASE
Consob urges investors and operators to pay close attention to the 30 December deadline set for the transition period for compliance with the new MiCAR regulations, the European regulation on crypto-asset markets.
30 December 2025 is the last day on which Virtual Asset Service Providers (VASPs, operators currently offering virtual asset services, such as cryptocurrency exchanges) registered with the OAM (the Organismo Agenti e Mediatori, or Agents and Brokers Organisation) can continue to operate. The same VASPs may - provided that an application for authorisation to operate as a CASP (Crypto-asset Service Provider) in Italy or another EU Member State is submitted (including at group level) by 30 December - continue their activities until the authorisation is granted or refused, and in any case no later than 30 June 2026.
The current regulatory regime in Italy requires for VASPs only to be registered with the OAM. CASPs, on the other hand, must obtain authorisation from the Supervisory Authorities and are subject to their supervision.
In order to facilitate an orderly and transparent transition to this new regime provided by MiCAR, in line with the communication on the same subject published today by ESMA (the European Securities and Markets Authority), Consob highlights (Communication No. 16/25 of 4 December 2025) the precautions to be taken by investors and once again draw the attention of operators to the obligations and tasks associated with the expiry of the transitional period.
Warnings for investors
Consob points out that VASPs currently operating may no longer be authorised to operate after 30 December 2025. In this context, it is therefore essential that investors verify that:
- they have received the necessary information from the VASP with which they have invested. If not, they should ask for clarification on the operator's plans to comply with the new regulations;
- the operator is actually authorised to provide services in Italy after 30 December, by consulting the list of VASPs kept by the OAM or the register of authorised CASPs kept by ESMA.
If the operator is not authorised, it cannot continue to provide crypto-asset services to the public and the investor has the right to request the return of their money or crypto-assets.
Warning for VASP operators
On several occasions, Consob has provided operational guidance to interested parties, both through dedicated discussions and through various general communications, such as that of September 2024 with preliminary instructions for operators and the Notice of July 2025 published on the occasion of the extension of the national transitional period to 30 June 2026. Consob also issued a specific reminder on 31 October 2025 to VASPs registered in the OAM register that are not yet authorised under MiCAR.
In view of the 30 December 2025 deadline, Consob therefore reminds VASPs that do not intend to apply for authorisation as CASPs under MiCAR that they must:
- cease operations in Italy by that date and terminate existing contracts;
- return crypto-assets and funds to customers in accordance with their instructions;
- discontinue all services provided, including the custody and administration of crypto-assets.
VASPs registered in the OAM register must, in any case, publish on their website and provide customers with adequate information on the plans and measures they intend to adopt to comply with Micar or, alternatively, for the orderly closure of existing relationships.
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Published: 01/01/1970
Crypto-assets are now included in the checklist that auditors must complete regarding the annual financial reports of companies with shares listed on regulated markets subject to statutory audit. Consob requires auditing firms to submit a checklist summarising the main data and information acquired during the statutory audit of the accounts, consisting of two documents: a general section and a summary table (communication no. 95002349 of 22 March 1995 and subsequent amendments and additions).
The control sheet has been updated in the section entitled “Other information” of the summary table. More specifically, a new sub-section on “Crypto-assets” has been introduced, in which the auditor is required to indicate whether the audited issuer holds positions in crypto-assets, such as cryptocurrencies, electronic money tokens and asset-linked tokens as defined by Regulation (EU) 2023/1114 (the so-called MiCAR Regulation), as well as other types of crypto-assets, even if they do not fall within the scope of that Regulation.
If the answer is affirmative, the auditor is required to indicate: 1) the percentage of the total book value of the crypto-assets held in relation to total assets; 2) the type and regulatory scope (Micar or non-Micar) of the crypto-assets held; 3) the methods of recognition and measurement of the crypto-assets held in the financial statements; 4) the presence of any information in the financial statements regarding the nature and risks associated with the positions held in crypto-assets.
The new version is already available on the Consob website, in the section “Services for operators/Interactive services/Compliance/Audit firms”.
The signatory of the audit report must submit the above form to Consob within 20 days of the date of issue of the report on the financial statements and consolidated financial statements (communication no. 12019297 of 15 March 2012).
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Published: 01/01/1970
PRESS RELEASE
Consob ordered the blocking of six websites that illegally offered financial services or promoted advertising campaigns for unauthorized trading platforms.
Among the blocked sites, https://paladinoselegancia.com, through which an advertising campaign was carried out concerning an abusive brokerage platform, including through the improper reference to public figures, such as journalist Sigfrido Ranucci, host of Report on RaiTre. The other five blocked sites on which the Authority intervened were illegally offering financial intermediation services.
Consob draws investors' attention to the evolution of fraudulent practices that exploit the internet and social media to steal users' money and personal data. Today, fraudulent operators use sophisticated tools, such as cloned messages and websites, fake profiles of famous people, and content generated by artificial intelligence systems - such as images, voices, or videos - with the aim of luring investors into a trap.
Below are the websites Consob has ordered to be blacked out:
- “Mrx Capital Trading” (website https://mrxcapitaltrading.co and related page https://trading-area.mrxwebtrading.co);
- “FtseWebTrader” (website www.ftsetradeai.com and related pages https://client.ftsetradeai.com and https://webtrader.ftsetradeai.com);
- “Aurora Trade Limited” (website https://aurora-trade.io and related page https://cfd.aurora-trade.io);
- “Horizon Options247” (website https://horizonoption247.com);
- “Aitrade24” (website https://aitrade24.net and related page https://webtrader.aitrade24.net);
- “https://paladinoselegancia.com - Bitplex”.
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 1496.
Consob reiterates the importance of exercising the utmost diligence in order to make fully informed investment choices, calling on investors to adopt common sense behaviors that are essential for safeguarding their savings: these include checking in advance, for websites offering financial services and crypto-assets, that the operator through which you are investing is authorized and, for offers of financial products and crypto-assets, that the prospectus or white paper has been published. The website www.consob.it has a section on its homepage entitled “Watch for Scams!”, which provides useful information to warn investors against abusive financial initiatives.
Consob availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by the “Legge Capitali” (“Capital Law”, Law No. 21 of March 5, 2024) regarding the blocking of websites used to carry out advertising campaigns for illegal brokerage platforms. The measures adopted by Consob can be consulted on the website www.consob.it.
Internet service providers operating in Italy are currently blocking access to the websites. For technical reasons, it may take a few days for the block to take effect.
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Published: 01/01/1970
Consob calls on Italian financial market operators to participate in a European survey and express their views on the halving of financial transaction times across the EU.
From 11 October 2027, the time required for the settlement of these transactions will be reduced from the current T+2 regime (i.e. the exchange of money and securities relating to a financial transaction must take place within two working days after the trading date) to T+1 (the exchange must be completed within one working day). This change represents a radical shift in market infrastructure and post-trading and will require significant operational, technological and legal changes, including for intermediaries and asset managers.
Consob invites market participants, including smaller companies, to take part in the survey promoted by the Industry Committee (a committee composed of representatives of the various stakeholders concerned) in order to monitor operators' knowledge of the transition to T+1.
Wide participation in the survey is essential, not only to gain an adequate understanding of the industry's level of preparedness for the migration, but also to identify any areas that need to be focused on in the coming months.
The responses to the survey will be shared by the Industry Committee in an aggregated and anonymised form with the relevant European (ESMA and ECB) and national authorities, including Consob.
Operating instructions for participating in the survey by 19 December 2025 are available at the following link: https://survey.thevalueexchange.co/s3/25EUICT1-PwC.
Below is also a link to the Industry Committee website, where further information on T+1 is available: https://eu-t1.eu/.
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Published: 01/01/1970
PRESS RELEASE
Consob has ordered the blackout of 8 new websites that offer financial services/financial products illegally or through which services are unlawfully provided for crypto-assets: 3 illegal financial intermediation websites, 1 website through which an offer of financial products is carried out in the absence of a prospectus and 4 websites through which illegal services for crypto assets are provided.
The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
Below are the websites Consob has ordered to be blacked out:
- "Forex Elite Academy Limited - Trade and Merchant Trust Limited" (website https://eliteforex.co and related page https://my.eliteforex.co);
- "Nexus500" (website www.nexus500.net);
- "Aventus Consultancy Ltd" (website https://avenconsultancy.com);
- "Venture Capital Funds Limited" (website www.venture-funds.ltd);
- "Niufo" (website www.niufo.co);
- "AlphaCapital" (websites https://alpha-capital.finance and related page https://cfd.alpha-capital.finance);
- "Cryptoin24" (websites https://cryptoin24.io, https://cryptoin24.com and related pages https://clients.cryptoin24.com and https://trading.cryptoin24.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 1490.
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 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 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 and crypto assets, whether the prospectus or white paper 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.
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Published: 01/01/1970
Consob has ordered the blackout of 4 new websites promoting or providing financial services illegally.
The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.
Below are the websites Consob has ordered to be blacked out:
- "EFT24" (website https://eft24.co and related pages https://my.eft24.co and https://tradingapi.chartingio.tech);
- "Nova Trade Core" (website www.novatradecore.com and related page https://platform.novatradecore.com);
- "Argusstockbrokers.com" (website https://argusstockbrokers.com and related page https://client.argusstockbrokers.com);
- "Gf-limited" (website https://gf-limited.com and related page https://user.gf-limited.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 1482.
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 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, 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 and crypto assets, whether the prospectus or white paper 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 unauthorized initiatives.
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Published: 01/01/1970
PRESS RELEASE
New intervention by Consob to black-out “clone sites” spreading counterfeit videos, apparently referring to Prime Minister Giorgia Meloni and Minister of Economy Giancarlo Giorgetti.
The blocking (resolutions no. 23738 and no. 23739 of 5 November 2025) referred to the website https://avenixio-invest.com (in addition to the websites https://avenixio.com, https://avenixio.org, https://avenixio.it, https://avenixio.vip), which ‘cloned’ the image of Prime Minister Meloni, and the website https://tegsub.com, which replicated that of Minister Giorgetti to promote the ‘Avenixio’ online trading platforms.
In particular, by means of a modus operandi already disclosed in recent months (with the relevant measures adopted in May and October 2025), the ‘clone’ of the Minister publicized investment services provided through abusive trading platforms through fake interviews apparently given to leading television programs.
Consob's intervention - to protect investors and institutional figures who were unduly involved, despite being completely unrelated to the matter - was carried out by exercising the powers deriving from the “Growth Decree” (converted by Law No. 58 of 28 June, 2019) and the “Capital Law” (No. 21 of 5 March, 2024).
At the same time, Consob also blacked-out 8 other websites for illegal financial intermediation activities.
Below are the websites that Consob has ordered to be blacked-out:
- “D2XMarkets” (website https://d2xmarkets.com and related pages https://clientzone.d2xmarkets.com and https://wt.d2xmarkets.com);
- “Easy MarketsEU Limited” (website https://easymarketscfd.org and related pages https://panel.mxd23.com, https://trading.mxd23.com);
- VT Markets Limited (website www.vtmarkets-it.net and related page https://myaccount.vtmarkets-it.net);
- FPM Trading (website https://fpmtrading.com and related page https://portal.fpmtrading.com);
- “ITALGO.AI” (website https://italgo.ai and related page https://app.italgo.ai);
- “Comgestfx” (website https://comgestfx.com.com and related page https://my.plat4mxm.com);
- “Progestrade” (website https://progestrade.com and related page https://client.progestrade.com);
- “Renaitech AI” (website https://premiumrenaitech-ai.vip and related page https://app.premiumrenaitech-ai.vip).
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 1478.
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 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, 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 and crypto assets, whether the prospectus or white paper 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 unauthorized initiatives.
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Published: 01/01/1970
PRESS RELEASE
The volume of financial instruments in portfolios and deposits held by supervised intermediaries continues to grow. As at 30 June 2025, the total value reached a new peak of €4,220 billion, up 3.7% from €4,068 billion at the end of December 2024.
This is according to the latest Statistical Bulletin on Intermediaries, published today by Consob. The mid-2025 figure is the highest since the Italian financial markets regulator began collecting data in 2010.
Growth is mainly driven by Italian equities (+6.2%), Italian government bonds (+3.2%) and investment funds (+3%).
In the first half of 2025, investment services also increased. In particular, compared to the first half of 2024, proprietary trading (+24.8%), the placement of financial instruments (+11.8%) and order execution (+6.8%) all rose. Gross premiums for insurance products with financial content grew strongly (+24.2%), driven by unit-linked policies (+26.1%). On the other hand, the receipt and transmission of orders declined slightly (-3%).
The positive trend also affected assets under management by supervised intermediaries, which rose to €1,641 billion at the end of June 2025 (+1.2% compared to the end of 2024). Growth was sustained by individual asset management (+1.4%) and Italian open-ended funds (+1.7%), which recorded total inflows of €8.6 billion in the first half of the year. The boost came in particular from bond funds (+€10.6 billion) and money market funds (+€1.9 billion), which more than offset outflows from equity, flexible and speculative funds.
Despite a general increase in the volume of activities related to financial intermediation services, profits for asset management companies (SGRs) and investment firms (SIMs) declined. SGRs closed the first half of 2025 at 823 million, down 31 million compared to the same period last year. The increase in net commissions (85 million) did not offset the growth in operating costs (41.1 million) and taxes (9.3 million). The situation was the same for SIMs: net profits of 54.4 million were down by approximately 7 million, again due to the increase in operating costs (+19.3 million) and the reduction in net commissions (-1.6 million). For asset management companies, the overall picture remains solid, despite a slight decline in profits, while for SIMs, the balance sheet indicators point to a more variable and less favourable efficiency and profitability profile.
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Published: 01/01/1970
PRESS RELEASE
Consob gives green light to amendments to the Issuers' Regulations (Resolution No. 23725 of 29 October 2025 - Explanatory report on the results of the second consultation) concerning the submission of lists by outgoing boards of directors, in implementation of the provisions of the Consolidated Law on Finance (TUF) introduced by the Capital Law.
The regulatory changes were adopted at the end of a decision-making process that went through two stages of consultation with the market. The second consultation, like the first, attracted considerable interest from operators. In light of the need that emerged to clarify the scope and extent of the regulatory powers delegated by the TUF to the Authority only in general terms, Consob obtained an interpretative opinion from the Council of State.
Following the above process, the Issuers' Regulation intervenes, in particular, on the second vote on individual candidates required if the list of the Board of Directors obtained the highest number of votes in the first vote, as well as on the allocation of seats on the board to minority shareholders in the case provided for in Article 147-ter.1, paragraph 3, letter b) of the TUF.
The new provisions will enter into force on the day following their publication in the Official Gazette of the Italian Republic.
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Published: 01/01/1970
PRESS RELEASE
Consob has ordered the blackout of 5 new websites promoting or providing financial services illegally.
The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.
Below are the websites Consob has ordered to be blacked out:
- Ghost Global Limited (website https://ghostgloballtd.com and related page https://cab.ghostglbltd.com);
- “Di-Fi Global” e “Connect Global” (website https://di-figlobal.info and related page https://webtrader.di-figlobal.info);
- MT4 Market Consulting (website https://mt4markets.com and related page https://client.mt4markets.com);
- “TradeIn24” (website https://tradein24.com and related pages https://clients.tradein24.com and https://trading.tradein24.com);
- “Quintus Trade” (website www.quintustrade.com and related pages https://client.quintustrade.com and https://trade.quintustrade.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 1465.
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 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 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 and crypto assets, whether the prospectus or white paper 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 unauthorized initiatives.
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Published: 01/01/1970
PRESS RELEASE
Consob has ordered the blackout of 17 new websites through which services relating to financial instruments are unlawfully offered or services relating to crypto-assets are unlawfully provided. In particular, Consob ordered the black out of 7 illegal financial intermediation websites and 10 websites through which illegal services for crypto assets are provided.
The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019), relating to the black-out of websites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
Below are the websites Consob has ordered to be blacked out:
- “Activ Markets” (websites https://activ-markets.com and https://activma.org and related pages https://client.activ-markets.com and https://webtrader.acmarkets-webtraderplatform.com);
- “Geneveinves” (website www.geneveinves.com);
- “NordaLeur” (website www.nordalueur.com and related page https://webtrader.tplatform-cengine.com);
- “Soria Limited” (website https://soria-limited-ltd.com and related page https://inv.sorialimited.com);
- “MRX Capital Trading” (website www.mrxcapitaltrading.com and related page https://trading-area.mrxwebtrading.com);
- “Gradiopexo” (website https://gradiopexo.com and related page https://webtrader.expedit-snow.com);
- “RYR888” (website https://ryr888.it);
- “DFH258” (website https://dfh258.it);
- “DXZ175” (website https://dxz175.it);
- “JMY999” (website https://jmy999.it);
- “DSG158” (website https://dsg158.it);
- “WES218” (website https://wes218.it);
- “GJG258” (website https://gjg258.it);
- “CFSD123” (website https://cfsd123.it);
- “R4MOX” (website https://r4mox.it);
- “DFG789” (website https://dfg789.it).
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 1460.
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 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 prior verification, for websites offering financial services and crypto-assets, that the operator through which the investment is made is authorized and, for offers of financial products and crypto-assets, that the prospectus or white paper 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 unauthorized initiatives.
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Published: 01/01/1970
PRESS RELEASE
They "cloned" the faces and voices of well-known politicians to illegally offer services for crypto-assets and investments. Consob ordered the black out of three websites that used scam ads to promote the initiatives of entities not authorized to provide investment and crypto-asset services, leveraging the notoriety of leading figures in the Italian institutional world, such as Prime Minister Giorgia Meloni, Deputy Prime Minister Matteo Salvini, and Elly Schlein and Carlo Calenda, who were completely unconnected with the matter.
Specifically, following the measures already implemented, the Authority prohibited promotional activities on the websites https://it-more.culinaryjoy.sbs, https://ayquozeber.com, and https://cyberirfy.icu, which promoted online platforms through which crypto-asset or investment services were provided illegally.
The Commission also ordered the black out of a further 14 websites that were illegally offering the same services. Specifically, the blocked sites are as follows:
- "InvestiumGroups" (website https://investiumgroupsltd.com and pages https://client.investiumgroupsltd.com);
- "Protradealliance" (website https://protradealliance.com);
- "Aureo Flowdex" (website https://aureo-flowdex.com);
- "Servelius" (website https://servelius.com and page https://webtrader.glarings-armorier.com);
- "BrokerageAI" – "it-more.culinaryjoy.sbs" (website https://brokerageai.org, related pages https://client.brokerageai.org and https://webtrader.brokerageai.org, and promotional website https://it-more.culinaryjoy.sbs);
- "ZZCoin" (website https://zzcoingy.com);
- "Ofuyc" (websites www.ofuyc.com, www.ofuyc-32516it.com, www.ofuyc-55337it.com, www.ofuyc-23166it.com, www.ofuyc-33111it.com, and www.ofuyc-83255it.com);
- "Veltrixmax-invest.com" – "Ayquozeber.com" (website https://veltrixmax-invest.com and promotional website https://ayquozeber.com);
- "Orolonix-invest.com" – "Cyberirfy.icu" (website https://orolonix-invest.com and promotional website https://cyberirfy.icu).
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 1443.
The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
The measures adopted by Consob can be consulted on the website www.consob.it .
Internet connectivity providers operating in Italy are currently working to block access to the websites. For technical reasons, it may take a few days for the block to take effect.
Consob draws investors' attention to the importance of exercising the utmost diligence in order to make fully informed investment choices, adopting common sense behaviours that are essential for safeguarding their savings: among these, for websites offering investment and crypto-asset services, prior verification that the operator through which you are investing is authorized and, for offers of financial products and crypto-assets, that the prospectus or white paper has been published.
To this end, Consob reminds investors that the homepage of the website www.consob.it features a section entitled "Watch for Scams!" which provides useful information to warn investors against abusive financial initiatives.
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Published: 01/01/1970
PRESS RELEASE
Consob has ordered the blackout of 13 new websites that offer financial services/financial products illegally or through which illegal services are provided. In particular, Consob ordered the black out of 5 illegal financial intermediation websites and 8 websites through which illegal services for crypto assets are provided.
The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
Below are the websites Consob has ordered to be blacked out:
- “Stockwisse” (website https://stockwiseprofit.com and pages https://clientzone.stockwiseprofit.com and https://webtrader.stockwiseprofit.com);
- “Hyper Trades” (website https://hyper-trades.pro and related page https://trade.hyper-trades.pro);
- “Arti4Trades” (websites https://arti4trades.com and https://arti4trades.net and page https://client.arti4trades.com);
- “Lirunefx” (website https://lirunefx.com and page https://client.lirunefx.com);
- “NETWORK CAPITAL LTD” (website https://network-capital-partners.com and page https://web.networkcapital-partnersltd.com);
- “Lucrumiagroup.co” (website https://lucrumiagroup.co);
- “Dobibo” (website https://dbbddrb.com);
- “Jzmor” (websites www.jzmor.com, www.jzmor-it57659.com, www.jzmor-it33583.com, www.jzmor-it99518.com and www.jzmor-it52337.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 1426.
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 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 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 and crypto assets,
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 unauthorized initiatives.
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Consob simplifies the process of listing investment funds in Italy (Press release of 7 October 2025)
Published: 01/01/1970
PRESS RELEASE
Improving the attractiveness and competitiveness of the Italian financial market and aligning national regulations with those of other European Union countries. This is the main objective of Resolution No. 23683 of 1 October 2025, with which Consob facilitates and simplifies the listing of investment funds in Italy.
Specifically, with reference to Exchange Traded Funds (ETFs), the Authority has removed the requirement to draft and publish the listing document for European undertakings for collective investment in transferable securities (UCITS) and reserved open-ended alternative investment funds (AIFs) managed by European companies in Italy.
The measure also introduced some changes to the appendix to the regulatory framework governing the information to be included in the prospectus in the event of admission to trading of Italian open-ended funds (OICRs, collective investment undertakings).
Consob's decision takes into account the results of the market consultation, which ended on 12 July 2025, in which the majority of participants responded favourably to the simplification proposals presented.
The amendments will enter into force on the day following the date of publication of the resolution in the Official Gazette and will also apply to listing procedures in progress on that date.
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Published: 01/01/1970
PRESS RELEASE
Buying crypto-assets, such as cryptocurrencies or stablecoins, exposes savers to high risks in a sector where legal protections, when they exist, are very limited.
This is the main message that the European financial supervisory authorities - ESMA for stock exchanges and financial markets, EBA for banks and EIOPA for insurance and pension funds - wanted to reiterate, addressing savers in all EU countries.
To raise public awareness of these issues, the three authorities have launched an information campaign consisting of a warning, an 'information sheet', a podcast and a video. The aim is to promote informed investment choices and thus counteract the risk of falling into the trap of financial scams and losing money.
The Authorities recognise that financial innovation, including crypto-assets, can help improve the competitiveness, efficiency and resilience of financial markets. However, in light of the growing interest of the general public in the world of crypto-assets, driven in part by aggressive campaigns on social media, the Authorities point out that the purchase of crypto-assets is not suitable for everyone and therefore urge caution.
In particular, the joint warning, which Consob is relaunching as a member of ESMA, points out that only some of the crypto-assets in circulation on the market fall within the scope of the new European regulations on crypto-assets (Micar), in force since December 2024. The information made available to investors for this type of product may be sparse and insufficient. Furthermore, in the event of losses, EU legislation provides more limited protection for those who purchase crypto-assets than for traditional investments.
When a saver comes across an offer of crypto-assets, they must first understand what type of crypto-asset is being offered to ensure that the offer falls within the scope of MiCAR. In particular, the warning invites savers to ask themselves three questions: 1) whether they are aware of the risks they are exposed to and whether it is appropriate to take them in light of their financial situation; 2) whether the operators they come into contact with are authorised to provide crypto-asset services in EU countries; 3) whether the electronic devices used for purchasing, storing or transferring are secure.
Finally, the three authorities emphasise that protection for savers in the event of losses is not as extensive as that provided for traditional financial products, for example, there are no compensation schemes.
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Published: 01/01/1970
PRESS RELEASE
Consob has ordered the black-out of 5 new websites providing financial services illegally.
The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.
Below are the websites Consob has ordered to be blacked out:
- VT Markets Limited (website www.vtmarketsit.com and related pages https://myaccount.vtmarketsit.com and https://social.vt-academy.net);
- “Aitrade24” (website https://aitrade24.com and related page https://webtrader.aitrade24.com);
- “Telarax” (website https://telarax.io e page https://webtrader.resembox-grey.com);
- “TheToroGlobal” (website https://thetoro-global.com and related page https://client.thetoro-global.com);
- “Eurotradecfd” (website https://eurotradecfd.com and related page https://client.eurotradecfd.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 1413.
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 blackout to come into effect.
Furthermore, Consob asked Google and Apple to remove, with regard to the Italian market, from their respective distribution platforms the mobile applications linked to “Eurotradecfd,” called “Solve Smart” (for Android operating systems) and “4X News” (for iOS operating systems), through which financial services are offered illegally.
Consob draws investors' attention to the importance of adopting the greatest diligence to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include prior verification, for websites offering financial services and crypto-assets, that the operator through which the investment is made is authorized and, for financial and crypto-asset product offerings, that the prospectus or white paper 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 unauthorized initiatives.
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Published: 01/01/1970
PRESS RELEASE
Consob has ordered the blackout of 9 new websites that offer financial services/financial products illegally or through which illegal services are provided: 6 illegal financial intermediation websites, 1 website through which an offer of financial products is carried out in the absence of a prospectus and 2 websites through which illegal services for crypto assets are provided.
The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
Below are the websites Consob has ordered to be blacked out:
- "Spreadmarkets" (website https://spread-markets.com and related page https://client.spread-markets.com);
- "BitVex" (website https://bit-vex.com);
- "Financexlimited" (website https://finance-xlimited.com and related page https://client.finance-xlimited.com);
- "Finco Trades" (website https://finco-trades.org and related page https://web.webfin-trades.org);
- "Geneve Capital Invest" (website https://geneveinvesting.com and related page https://webtrader.geneveinvestingmarkets.com);
- "Afex Markets" (website https://afex-markets.com and related page https://web-traderx.com);
- "Spazio Finanziario" (website www.spaziofinanziario.pro and related page https://clients.spaziofinanziario.pro);
- "Ynln.com" (website www.ynln.com);
- Bit Vanetta Limited (website https://thebitvanettatrade.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 1048.
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 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 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 and crypto assets, whether the prospectus or white paper 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.