PRESS RELEASE

Consob published today on its website the contributions to the second consultation with the financial market, which ended on 31 January 2025, on the implementing provisions of article 147-ter.1 of the Legislative Decree No. 58/1998 regarding the Board List.

Most of the contributions received expressed appreciation for the regulatory solutions proposed by Consob.

However, although in the first consultation with the market a unanimous consensus emerged regarding the possibility and opportunity of clarifying the most controversial application aspects of the new regulation on the Board List, some participants in the second consultation questioned the compatibility of the implementing provisions proposed by Consob with the provisions of article 147-ter.1 of the above-mentioned Legislative Decree No. 58/1998, introduced by the Law No. 21 of 5 March 2024 (Capital Law).

It was therefore decided to initiate further legal checks before issuing the regulatory provisions on the Board List in order to confirm, to protect the operators who will make use of the new regulatory discipline, that the proposals subjected to market consultation are fully compliant with the regulatory delegation that the Legislative Decree No. 58/1998 reform has conferred on Consob.

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Rome, 27 February 2025

PRESS RELEASE

Corporate governance is a key factor for the competitiveness of the Italian system in international comparative perspective. Digitization, disintermediation, and sustainability are among the principles that must inspire change in corporate governance practices today.

To take stock of these issues was the conference “Corporate governance in Italy: analysis and best practices,” held today in Rome at the initiative of Consob, Assonime and the Italian Committee for Corporate Governance.

“The matter is being subjected to two innovative waves: deglobalization and decentralized accounting, blockchain and Dlt,” noted Paolo Savona, president of Consob, in opening the proceedings. “The impending decentralized accounting developments impose,” he said,” a reorganization of governance. The new arrangements must consider the technological and geopolitical changes taking place, to prevent our companies from being displaced by foreign competition.”

“The reform of the Tuf (Consolidated Law on Finance) is an important opportunity to realign our system with the main European countries,” commented Patrizia Grieco, president of Assonime. “The delegated law provides for a simplification of the rules, also considering self-regulatory codes. The appointment and composition of the board can be simplified, expanding the spaces of statutory autonomy.”

“The analysis of the application of the Corporate Governance Code shows a steady improvement,” stressed Massimo Tononi, chair of the Italian Corporate Governance Committee. “The main challenge we face,” he added,” is that of a more effective declination of sustainability issues in the definition of business plans, to get a better combination between value creation and the protection of the environment and human rights.

“Debates, such as todays, between regulators and experts are important to promote the competitiveness and attractiveness of our market,” commented Chiara Mosca, Consob Commissioner, in closing the proceedings. “These,” she concluded,” are the objectives of the reform that the lawmakers delegated to the government, with respect to which our commitment is maximum.

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 Programme

Presentations (available only in Italian):

Presentation by Paola Deriu, Rossella Signoretti, Giovanna Di Stefano (Consob)

Presentation by Marcello Bianchi (Assonime)

Presentation by Francesco La Manno (Comitato Italiano per la Corporate Governance)

Consob has ordered the black-out of 8 new websites that offer financial services illegally.

The commission availed itself of the new powers resulting from the "Decreto Crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article 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 authorisation.

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

• Hf Investments (website https://hf-investments.pro and its pages https://hf-investments.trade and https://web.hf-investments.live);
• 2139 Exchange (websites https://2139.one, https://2139.nl, https://2139a.com and https://2139.lol);
• Gmt Brokers Ltd (website https://gmtbrokers.net and its page https://portal.tradingfxapp.app);
• For Trade Ltd (website https://acmarketscfd.net and its page https://client.acmarketscfd.net);
• First State Investments (Ireland) Limited (website www.fsi247.io and its pages https://client.fsi247.io and https://webtrader.fsi247.io).

The number of sites blacked out since July 2019, when Consob was given the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 1152.

The measures adopted by Consob can be consulted on the website www.consob.it. The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

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

Please note, there is a section on the homepage of the www.consob.it website, entitled "Watch for Scams!", which provides useful information warning investors about fraudulent financial schemes.

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PRESS RELEASE

For its first 50 years, Consob has published the book Consob - 50 Years of History. Financial market regulation and supervision from 1974 to 2024.

The study traces half a century of the Institute's life history, which is intimately intertwined with that of the Country and financial markets in Italy.

The volume is now available at www.consob.it.

To mark the 50^th Anniversary, a conference on "The Fifty Years of Consob" will be held in the Aula Magna of La Sapienza University in Rome on 24 October.

The Press Office is available for further information.

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PRESS RELEASE

Sustainability rises to the top floors of Italian listed companies. Increasingly often, in fact, ESG (Environmental, Social and Governance) issues are becoming a subject dealt with at top management level with the direct involvement of boards of directors.

This is one of the findings of the Non-Financial Reporting Report, released today by Consob. The study, now in its sixth edition, shows increasing attention by listed companies to issues related to the environmental and social impact of business activities and good corporate governance practices.

The snapshot taken by Consob based on the Non-Financial Declarations (NFDs) published in 2023 and covering 2022, shows, among other things, that in 66.7 percent of cases (50 percent in 2021) boards of directors were involved in defining the most relevant non-financial issues. This is the highest percentage since 2019, the first year of the survey. The involvement of other stakeholders is also growing, including -but not limited to - employees, suppliers, and investors. In the vast majority of cases (77 percent), the NFD was drafted as a stand-alone document.

The picture was released a few months after the implementation of the new industry regulations. Starting in 2025, as a result of the implementation of European legislation (Corporate Sustainability Reporting Directive), sustainability issues will, in fact, have to be included in a section of the management report accompanying the financial statements.

For the first time, the Report brings into focus the fact that in 90 percent of cases the auditor who issued the certification on the NFD is the same as the one in charge of the statutory audit of the financial statements, a fact that seems to confirm the increasing integration between financial and non-financial reporting.

Finally, the study finds that ESG values are also becoming increasingly important in the criteria for the appointment of directors, in board self-assessment, and in the definition of CEO compensation policies, determined in 137 cases (127 in 2021) by integrating ESG factors.

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Consob has ordered the black-out of 6 new websites that offer 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:

• Bitmatic (website https://maticbit.com);
• Xmtoro.com (website https://xmtoro.com and related page https://account.xmtoro.com);
• 2139 Exchange (websites https://2139.online, https://2139.ltd and https://2139.fun);
• Cyber Capital (website https://cybercapital.ltd).

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 1140.

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.

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PRESS RELEASE

Consob has ordered the black-out of 4 new websites that offer 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:

• FCapital24 (website https://fcapital24.org);
• Multibank Group (website https://multibankfx.com and related page https://my.multibankfx.com);
• Stocket (website www.stocket.me);
• TGFInvest (website www.tgfinvest.com and related page https://my.fxmt.tech/platforms).

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 1134.

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.

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PRESS RELEASE

Communication from Consob (no. 1/24 of 12 September 2024) to operators in the crypto-assets sector, who have to deal with the regulations of the so-called “Digital Finance Package,” concerning the Markets in Crypto-Assets Regulation (MiCAR) 2023/1114 (EU), which from this year regulates, on the one hand, the transparency profiles of the offer (and admission to trading) of crypto-assets, through the publication of an offer document (the white paper) and, on the other hand, the provision of services on crypto-assets through an authorization regime for the providers of such services.

In particular, Consob calls on operators who intend to take on the role of service providers for crypto-assets to start the process of compliance with MiCAR in good time and to ensure maximum transparency to clients about the upcoming changes, with particular reference to the plans and implementation measures to support them.

In more detail, operators will have to, among other things, adopt organizational-procedural safeguards, including internal controls, suitable for ensuring compliance with the obligation to act in a proper and professional manner in the best interest of customers and potential crypto-asset holders. They will, in addition, have to set up effective systems and procedures to prevent, detect and report possible cases of market abuse. They will also have to provide potential clients with clear and correct information about the services provided and the crypto-assets dealt with, as part of both marketing communications and subsequent communications to clients.

To facilitate compliance with the new regulations, Consob is available to hold preliminary talks with the operators concerned.

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PRESS RELEASE

The attention of the boards of directors of Italian listed companies to sustainability issues is growing, while gender imbalances in top management bodies are softening, with female presence on boards above the minimum percentage set by law. Shareholder participation in shareholders' meetings is on the rise. Stable, on the other hand, is the situation of ownership structures, which confirm the low contestability of corporate control.

These, in brief, are some of the main elements emerging from the snapshot taken for 2023 in the latest Report on Corporate Governance of Italian companies listed on Piazza Affari, published by Consob.

The growing interest in the thematic set summarized in the acronym Esg (Environmental, Social and Governance, i.e., environment, social and corporate governance) is reflected in the increase of so-called endoconsiliar committees, set up within the Boards of Directors. Of particular note is the spread of the sustainability committee, established at the end of 2022 in 123 companies representing 94.5 percent of the stock market capitalization. Five years earlier, in 2017, only 45 companies representing 61 percent of capitalization had a sustainability committee.

The presence of women on the boards of directors and supervisory boards of listed companies is also being strengthened in parallel. At the end of 2023, the share of directorships held by women reached 43 percent compared to a minimum threshold of 40 percent prescribed by regulation. However, the presence of women in apex roles, that is, in the position of CEO (20 cases) and chairman (31), remains in the minority; increasing, however, from the corresponding figures in 2019, 17 and 26, respectively. The attenuation of gender imbalances has involved, among other things, a rise in the level of education and a diversification of professional backgrounds in top bodies.

As for shareholders' meetings, the Report - now in its 12th edition - shows for the 100 companies with the highest capitalization an average attendance rate of 78 percent of capital, the highest level since 2012, the first year of the survey. The presence of foreign institutional investors is declining, down in the 2023 shareholders' season to 18.2 percent of capital (from 19.3 percent a year earlier), while the share of Italian institutional investors is rising slightly (3 percent in 2023 from the previous 2.6 percent).

The Report's snapshot confirms the high ownership concentration that characterizes the domestic financial system. In 2023, the share of the largest shareholder averages 49 percent in line with the 2021 figure and slightly up from 46 percent in 2011. The share of institutional investors in the shareholder base of Italian listed companies, present in 51 companies (down 24 percent from 64 in 2019) declines in 2023. The decrease concerns, in particular, foreign institutional investors, who appear in 40 companies compared to 55 in 2019. There is also a slight increase in the number of Italian institutional investors, detected in 17 companies (14 in 2019).

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PRESS RELEASE

Market capitalization up 4 percent for Piazza Affari in the first half of 2024, compared to the end of last year. Big leap in volumes traded for both equities and Italian government bonds, which recorded year-on-year increases of 19.9 percent and 58 percent respectively during the half-year. Between April and June stock market index at the highest levels since 2008. Continued trend of companies exiting the list. Slight decline in indicators on short sales.

These are some of the main data found in Consob Statistical Bulletin for the first half of 2024, published today.

The snapshot shows that the total market value of shares in Piazza Affari rose to EUR 824 billion at the end of June 2024 (up 4 percent from EUR 794 billion at the end of 2023). Smarter performance for Italian listed companies, whose capitalization stands at EUR 622 billion with an increase of 8 percent from EUR 575 billion at the end of 2023.

As of 30 June 2024, the capitalization/GDP ratio (based on GDP data available at the end of March) rose to 38.7 percent from 37.8 percent at the end of 2023.

Including data from Euronext Growth Milan (EGM), the multilateral trading platform established as an unregulated market for small and medium-sized companies, as well as the VORVEL multilateral trading facility, on which securities of some smaller banks, including popular banks and savings banks, are mainly traded, the total capitalization at the end of 2023 is EUR 836 billion or 39.2 percent of GDP.

Up 19.9 percent (EUR 338 billion compared to EUR 282 billion in the first half of 2023) is the equivalent value of trading in shares of listed companies supervised by Consob on domestic platforms. The volume of trading in government bonds of the Italian Republic increased (up 58 percent). The countervalue of government bonds changed hands on Italian platforms rose to EUR 3.189 billion in the six-month period, from EUR 2.014 billion in the first half of the previous year. Trading in bonds of Italian issuers other than government bonds and trading in securitized derivatives (up 8 percent) also increased (up 5 percent).

Slight declines in net short positions (NPCs), the indicator tracking the performance of short sales on Italian listed stocks, which fell to 0.8 percent of total capitalization at the end of June (from 0.9 percent a year earlier). For companies in the financial sector, the figure shows a decline to 0.5 percent from 0.6 percent).

The tendency for Italian companies to exit the stock market continued in the first half of 2024, a phenomenon that characterizes not only the domestic list but all mature financial markets in Europe and North America. The balance between entries and exits on the main list, Euronext Milan (EXM), was negative (-3 percent). For every new entry, there were four delistings. The number of companies with securities traded on EGM rose to 205, with a positive balance of four companies, one of which foreign.

The total number of companies listed or traded on Euronext Milan, EGM and VORVEL as of 30 June, was unchanged at 433. Of these, 427 were Italian companies (there were 428 at the end of 2023).

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Consob has ordered the black-out of 5 new websites that offer 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:

• “First State Investments (Ireland) Limited” (website www.fsi.cm and related pages https://webtrader.fsi.cm and https://client.fsi.cm);
• “FtseInvest” (website https://ftseinvest.com and related pages https://client.ftseinvest.com and https://webtrader.ftseinvest.com);
• “Partnersce” (website www.partnersce.cm and related pages https://client.partnersce.cm and https://webtrader.partnersce.cm);
• “AlfaMarket” (website https://alfamarketcapital.com and related page https://platform.platform-alfamarketpanel.eu);
• “Mestieriplaza” (website www.mestieriplaza.co).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 1125.

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.

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PRESS RELEASE

Consob and Università Cattolica del Sacro Cuore announce the launch of the new Osservatorio Pmi (SMEs Observatory), an initiative that aims to become a point of reference on a national basis for the analysis of the conditions of access and permanence on the capital market by Italian small and medium-sized enterprises (SMEs).

The Observatory will focus, among other things, on the dynamics related to the appetite for financial innovation, the use of sustainable resources and the adoption of digital technologies. It will also study the incentive factors influencing the growth and development paths of SMEs.

The Scientific Director of the Project is Federico Rajola, Full Professor of Business Organisation and Director of Cetif - Research Centre on Technology, Innovation and Financial Services of the Università Cattolica del Sacro Cuore, assisted for Consob by Paola Deriu, Head of the Studies Division, and Daniela Costa, Councillor of the Economic Studies Office, and for Cetif by Chiara Frigerio, Associate Professor of Business Organisation and Secretary General of Cetif.

Doctoral Scholarships: For the purposes of the Observatory, two doctoral scholarships have been activated for young researchers, in Management and Innovation, financed by Consob, on the topics of innovative models with reference to finance and business organisation of SMEs

The call for PhDs is on the website of the Università Cattolica del Sacro Cuore with a deadline of 30 July 2024.

"This collaboration with Consob," commented Prof. Rajola, "provides an entirely new analysis perspective aimed at deepening our knowledge of the development dynamics of SMEs with reference to the capital market and the spread of organisational and digital innovation processes. The Observatory will provide useful data and insights to support SMEs in their strategic decisions'.

Press contacts:

• Consob: Ilaria Fabbiani, i.fabbiani@consob.it; 06 8477817; 3357788963
• Università Cattolica del Sacro Cuore-Cetif: Lorenzo D'Oria, lorenzo.doria@unicatt.it, 3428551020

For more information on the Pmi Observatory, visit our website at: https://www.cetif.it/research/progetto-di-ricerca-osservatorio-sulle-pmi-italiane

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Tax incentives, measures to facilitate the divestment, and better knowledge of opportunities: these are the main needs felt by market players in crowdinvesting sector, where a service provider operates a digital platform to facilitate the matching of investors and entrepreneurs seeking funding through alternative channels.

This is the conclusion of the latest FinTech Working Paper on "crowdinvesting made in Italy", the study developed by Consob and Università Politecnica delle Marche on the basis of experimental analyses and a survey among operators in the sector: enterprises, investors and crowdfunding service providers.

The Working Paper – edited by Valeria Caivano and Paola Soccorso (Consob) and by Caterina Lucarelli and Francesco James Mazzocchini (Università Politecnica delle Marche) – explores the crowdfunding phenomenon, the digital version of the old fund collection among relatives and friends, and more generally among investors potentially interested in supporting the start-up of an entrepreneurial project. The study, focusing on crowdinvesting, also analyses lending investment, i.e. the underwriting of corporate bonds or loans.

The full application, as of 11 November 2023, of the first organic European Regulation (EU Regulation 2020/1503) has not found our country unprepared. In 2013 Italy was indeed the first among the Member States to regulate investments in equity instruments through online platforms, and is currently ranking second in the EU in terms of the number of authorised providers, second only to France.

Service providers appear to be aware of their strengths and weaknesses and are preparing to seize the opportunities arising from the new regulatory framework, such as cross-border opening and the consequent boost to competitiveness and the progressive specialisation of platforms.

PRESS RELEASE

Consob has ordered the black-out of 5 new websites that offer 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:

• “EFS Lux” (website www.efslux.com and related page https://client.efslux.com);
• “Finexleaders” (website https://finexleaders.co);
• “OneCapital CFDS” (website https://24cfdcap.net and related page https://client.24cfdcap.net);
• “Sigma Capital” (website https://sigmacapitals.uk);
• “Algobot24” (website https://algobot24.com and related page https://client.algobot24.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 1120.

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.

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PRESS RELEASE

Rome, July 10, 2024 - The Seventh Edition of Financial Education Month kicks off on November 1^st. The event is promoted by the Committee for the Planning and Coordination of Financial Education Activities (Edufin Committee). Associations, institutions, businesses, foundations, public administrations and any other organization that wants to implement initiatives in the field of financial education can apply from September 2^nd to October 18^th, 2024, using the appropriate online form available at www.quellocheconta.gov.it.

From this year, the most important Italian event related to financial education is moving to November. 

To take into account the new location, events already scheduled for the month of October, such as those connected with World Investor Week (WIW) 2024 promoted by the International Organization of Securities Commissions (IOSCO), will also be allowed on the calendar.

As with previous editions, the Month will be an opportunity to promote, through events and initiatives throughout Italy, the development of financial, insurance and pension knowledge and skills and to draw attention to how important it is to acquire them at any age.

"Financial education: today for your tomorrow": this is the slogan chosen this year, which will accompany the event for future editions as well. The slogan represents an invitation to devote time to education on personal finance issues, not only to make more informed decisions, but also to cope with possible future contingencies. 

The Month presents a great novelty this year: the establishment of the Financial Legality Day, promoted by the Edufin Committee and the Guardia di Finanza and sponsored by the Ministry of Economy and Finance, aimed especially at young people in schools.

Confirmed again this year are two important events as part of the Month: the Social Security Education Week, scheduled from November 18^th to 24^th, and the Insurance Education Day. 

Seminars, webinars, educational workshops, and games - in-person and online - are scheduled from November 1^st to 30^th. All free and non-commercial initiatives that meet the requirements set by the Guidelines published on the portal www.quellocheconta.gov.it will be welcomed.

Membership will allow to use the official logo of the "Month" and to be included in the "Calendar of the Month" that can be consulted on the Edufin Committee website.

PRESS RELEASE

On 5 July 2024, the first meeting of the Committee for Macroprudential Policies, instituted by Legislative Decree 207/2023, was held at the headquarters of the Bank of Italy in Rome.

The meeting was attended by the Governor of the Bank of Italy Fabio Panetta, who chaired it, the President of the Italian Companies and Stock Exchange Commission (Consob) Paolo Savona, the President of the Institute for the Supervision of Insurance (IVASS) Luigi Federico Signorini, the Acting President of the Italian Pension Fund Supervisory Authority (Covip) Francesca Balzani and the Director General of the Treasury Riccardo Barbieri Hermitte.

The meeting began with a discussion of the draft internal rules for the Committee, which will be approved and published in the coming days.

The Committee then discussed the risks to the stability of the Italian financial system. In particular, it examined the risks stemming from the national and international economic situation, developments in the housing markets in various countries and the evolution of financial market conditions, as well as the dynamics of Italian households’ investment in certificates. Overall, the Committee’s assessment is that risks to financial stability in Italy are currently contained. The main vulnerabilities relate to the possible escalation of ongoing conflicts, weaker-than-expected economic activity, and changes in investors’ risk perception and appetite.

The discussion then moved to the measures and initiatives affecting macroprudential matters that the authorities had recently adopted or are in the process of adopting. In particular, with regard to the banking sector, the Bank of Italy presented the analysis carried out in support of the decisions on macroprudential capital buffers that it has adopted since last autumn.

The minutes of the meeting will be published at a later date.

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PRESS RELEASE

Consob has ordered the black-out of 5 new websites that offer 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:

• “FusionLots” (website https://fusionlots.com and related page https://platform.fusionlots-techp.com);
• “CM FX Trade” (website https://cmfxtrade.com and related page https://client.cmfxtrade.com);
• “Capitalpartners24” (website https://capitalpartners.org);
• “Alfacapitalmarket” (website https://alfacapitalmarket.com and related page https://client.alfacapitalmarket.com);
• “Investax” (website www.investax.org).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 1115.

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.

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