Press releases 2023

Press Releases

Press releases 2023

Asset Publisher

Watch for Scams! Abusive financial services: websites blocked by Consob reach 1,000. Four and a half years of commitment to the protection of savers.
The threshold touched after the latest blackout of 5 websites offering financial products without due authorization

It reaches 1,000 the number of websites that Consob, to protect savers, has blocked for financial abuse in Italy. A historic threshold, reached in just over four years of commitment, after in the latest "squeeze" Consob ordered the blackout of five new websites, offering financial services without the proper authorization.

The latest round of blackouts included the sites "Bitblanco" (website www.bitblanco.co and related page https://webtrader.bitblanco.co); "StormInvest" (website https://storminvest.io); Cryptogo365 Ltd (website https://cryptogo365.com); "TCRinvest" (website https://tcrinvest.com and related page https://trading.tcrinvest.com); and "EuroXTradeFX" (website www.euroxtradefx.com).

The number of websites that have been blacked-out, thus, reaches the round figure of 1,000, which results by the addition of the measures taken since July 2019, when the "Decreto crescita" ("Growth Decree", Law No. 58 of 28 June 2019, Article No. 36, paragraph 2-terdecies) gave Consob the power to order Internet connectivity service providers to inhibit access, from Italy, to websites through which financial services are offered without proper authorization.

With regard to the last five websites blocked by Consob, the activities for the blacking-out of websites by Internet connectivity providers operating in Italy are 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.

The measures adopted by Consob can be consulted at www.consob.it .

Press Release PDF version

Rome, 22 December 2023

In the first half of the year, the number of listed companies in Piazza Affari rises again, 7 more companies among Egm and main stock list. Capitalization up 13.1 percent but not yet at pre-Covid levels. Data shown in Consob's latest Statistical Bulletin

The number of companies traded on the Italian Stock Exchange is increasing, with the positive contribution coming not only from Euronext Growth Milan (Egm), the unregulated market dedicated to small and medium-sized companies (SMEs), but also from the Mercato telematico azionario (Exm), the main market of Piazza Affari, as it has not happened since 2019.

This is the picture that emerges from the snapshot of the Italian Stock Exchange, taken in Consob's latest Statistical Bulletin covering the first half of 2023, amid an uncertain economic climate between war in Ukraine, soaring inflation, and rising rates.

Companies traded on the Italian market increased by seven units during the six-month period, the result not only of the positive net balance of Egm (+3) and Vorvel (+1) but also that (+3) of Exm, the main market in Piazza Affari. For Exm, taking only the second quarter of 2023, the net balance between listing admissions and delisting is positive (+2) as it has not happened since the second quarter of 2022 (+1), taking instead the half-year figure the net balance returns positive for the first time (+3) since the second half of 2019 (+1).

Bulletin data sketch a securities market recovering from the values recorded at the end of 2022 but still below the pre-Covid level. As of 30 June, growth in equity prices had increased the total capitalization of listed Italian companies by 13.1 percent, compared to the end of 2022.

As of 30 June, profits of industrial companies listed on the main market and the Egm recorded a decline, compared to the first half of 2022, to 13.1 billion Euros (-21 per cent) and 179 million (-13 per cent), respectively. Earnings from banks (12.8 billion Euros +61 per cent), insurance companies (at 3 billion Euros +110 per cent) and other financial companies (at 374 million +9 per cent) improved significantly.

The portfolio of securities held with Italian intermediaries (+6.1 per cent) of households and businesses is growing. The weight of Italian government securities is growing. Declining, however, is the impact of investments in Oicr (Undertakings for Collective Investment of Savings) and Italian equities.

- Press Release PDF version

Consob, consultation with the market kicks off for a simpler procedural process for prospectuses

A simpler procedural process for submitting applications to Consob for approval of prospectuses related to (a) public offers of shares, bonds and investment fund units and (b) admission to trading on the Stock Exchange. This is what Consob aims to achieve through a consultation with the financial market, which opens today and will end on 29 January 2024.

Among the proposals being brought to the attention of operators is the introduction of pre-filled electronic forms for submitting applications. Issuers and bidders will benefit from guided compilation, which will speed up the preparation and transmission process.

The consultation also includes the elimination of documents to be attached to applications that are not required by the European Prospectus Regulation, that will also have a positive effect on speeding up the subsequent assessment by Consob.

Upon completion of the consultation, the templates will also be made available in English, in line with the innovations introduced, as early as July 2022, which allow prospectuses to be drafted in English.

The regulatory simplification intervention is among the initiatives that the Commission has been pursuing over the past few years with the aim of revitalizing the Italian financial market and facilitating companies' access to the capital and debt market, reducing the consequential administrative burden and ensuring high safeguards for investors.

Press Release PDF version

Rome, 14 December 2023

Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

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:

- "Alloptionsint" (website https://alloptionsint.com and related page https://client.alloptionsint.com);

- "Marketsac.com" (website www.marketsac.com and related page https://platform.marketsac-tp.com);

- Axia Group Ltd e "Axiacvs" (website www.axiacvs.com and related page https://client.axiacvs.com);

- Infinity Business Brokers LTD (website https://infinity-brokers.com and related pages https://my.infinity-brokers.com and https://trade.infinity-brokers.com);

- "FxAlta" e Pangaia Ltd (website www.fx-alta.com and related pages https://webtrader.fx-alta.com and https://mobtrader.fx-alta.com);

- "Swissdeal" (website www.swissdeal.co and related page https://clientzone.swissdeal.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 995.

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.

Rome, 13 December 2023

Press Release PDF version

Consob adopts Regulations for finance on DLT platforms. Definition of criteria for record-keeping. Adoption of the set of new rules after the FinTech Decree-Law

Consob, after a public consultation with the market, has adopted the Regulations on the issuance and circulation of financial instruments on Distributed Ledger Technologies (DLT) envisaged by the FinTech Decree.

The Regulations (issued pursuant to Article No 28, Paragraph 1 of Decree Law No. 25 of 17 March 2023), defines the principles and criteria relating to the formation and maintenance of the list of registry managers for the digital circulation of financial instruments and the related forms of publicity; regulates the manner of submission of the application for registration of registry managers and the procedure for inclusion on the list, identifying possible causes for suspension and requiring an illustrative technical report that includes a risk analysis; and regulates the activity of the manager by establishing the minimum content of information on the operating methods of the registry.

For the issuance of financial instruments in digital form that are not traded on a trading venue and, therefore, not included in the scope of the "Pilot Regime Regulation" (EU Regulation 858/2022), which established a pilot regime for DLT market infrastructures, the national legislation has provided for the need to make use of registers for digital circulation maintained by registry managers registered in a special register kept by Consob.

The FinTech Decree regulates, among other things, the conditions for the authorization and operation of the new figure of the registry manager and the related liability regime.

The Regulations confirm the framework outlined to the market in the public consultation, albeit with amendments and additions with particular regard to the procedure for inclusion on the list, the content of the list maintained by Consob and the documentation to be prepared when applying for inclusion on the list.

Press Release PDF version

Rome, 11 dicembre 2023

Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

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:
- “Bit-matic” (website https://bit-matic.com);
- C B Financial Services Limited (website www.onefinancialmarket.com and related page https://account.onefinancialmarket.com);
- “Interactive (website https://inter-active.io and related page https://inter-active.solutions);
- Forexelite Limited ed Elite Trading Academy (website https://forexelite.co and related pages https://clientzone.forexelite.co e https://wt.forexelite.co);
- “Degirocfd Group” (website https://degirocfd.com and related page https://client.degirocfd.com);
- Billionaire Trade Limited (website https://billionaire-trade.co and related pages https://panel.billionaire-trade.co and https://trading.billionaire-trade.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 989.

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

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

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

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

Press release PDF version

Rome, 7 December 2023

Regulatory sandbox: second time window for submission of projects closed

Yesterday, Tuesday, 5 December 2023, the second time window for the submission of projects related to the possibility of testing, in a protected space, technological innovation activities in banking, finance and insurance closed.

Informal interlocutions with operators interested in requesting support and discussion on industry regulations, specific aspects of the project, or even to participate in future time phases of experimentation continue through the dedicated communication channel on Consob's institutional website.

More information on the possibility of activating informal dialogue can be found in the dedicated section called CONSOB-TECH (Consob-Tech) on the Authority's website.

Press release PDF version

Rome, 6 December 2023

Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

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:

- Xtbco Ltd (website https://xtbco.com and related pages https://client.xtbco.com and https://webtrader.xtbco.com);

- "FXCrue" (website https://fxcrue.com and related pages https://webtrader.fxcrue.com and https://client.fxcrue.com);

- "Sgbfinancesa.io" (website https://sgbfinancesa.io and related pages https://client.sgbfinancesa.io and https://webtrader.sgbfinancesa.io);

- "Ariel System" (website https://arielsystem.pro);

- "FXG Markets Investment" (website https://fxgmarkets.com and related page https://my.fxgmarkets.com);

- Link Financial Limited (website www.linkfinancialltd.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 983.

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

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

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

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

Press Release PDF version

Rome, 30 November 2023

Watch for Scams! Abusive financial services: Consob blacks out 7 abusive websites

Consob has ordered the black-out 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 "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 of the power introduced by the Law no. 8 of 28 February 2020, Article no. 4, paragraph 3-bis, with reference to the black-out of the website through which the illegal offer is carried out.

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

- "BTX+" (website https://btxplus.io and related pages https://client.btxplus.io and https://webtrader.btxplus.io);

- "Tide Technologies Group" (website https://tidetechnologiesgroup.ltd);

- Fast-MNG EU Limited (website www.fast-mng.com);

- "Alfacapitalinvest" (website https://alfacapitalinvest.com and related page https://client.alfacapitalinvest.com);

- "Bitcoinup" e "UfinaCapital" (siti https://bitcoinup.io e https://ufinacapital.pro and page https://ufina.trade)

- Digital Trust CSP Fzco (website www.doublefinance.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 977.

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

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

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

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

Press Release PDF version

Rome, 23 November 2023

Memorandum of Understanding between the Bank of Italy, AGCM, Consob, ANAC, IVASS and ACN for the procurement of goods, services and works

Consob, the Bank of Italy, the Italian Competition Authority (AGCM), the National Anti-Corruption Authority (ANAC), the Italian Insurance Supervisory Authority (IVASS) and the National Cybersecurity Agency (ACN) have renewed the Memorandum of Understanding for the management of joint tender procedures for the procurement of goods, services and works, in accordance with the provisions of Legislative Decree no. 36 of 31 March 2023.

The agreement was signed pursuant to Article 15 of Law no. 241/1990 for a period of five years and with the possibility of renewal. The Memorandum defines the methods of coordination between the participating entities, aimed at identifying joint public procurement strategies, to meet common procurement needs.

The Memorandum of Understanding is a continuation of the fruitful cooperation already experienced between the Authorities in matters of expenditure and is in line with the regulations of the new Code on Public Contracts.

This legislation focuses, among other things, on the qualification of contracting authorities and on cooperation between administrations, with the aim of implementing increasingly efficient shared procurement strategies, including with a view to the common development of complex and innovative projects.

Press release PDF version

Rome, 20 November 2023

Crypto currencies increasingly volatile and exposed to cyber risk - As of September 2023 value more than halved compared to end of 2021 - Esg risk management by Euro zone firms improves in data from CONSOB's second report on sustainable investment and crypto assets

The high volatility of crypto currencies is increasingly characterized as a structural fact of this type of asset, whose market value, as of September 2023, was more than 50 percent lower than at the end of 2021. It also remains highly vulnerable to cyber attacks, with about $3.8 billion stolen globally in hacker attacks in 2022, up from $3.3 billion in the previous year.

These are some of the most significant figures from Consob's annual report 'Major Trends in Sustainable Investment and Crypto currency', now in its second edition. The same survey also confirms the trend of Euro zone firms becoming more capable in managing their exposure to Esg risks.

Crypto activities

As of September 2023, the annualized return of Bitcoin (which together with ether accounts for more than 60 percent of the market value of crypto currencies) was only slightly higher than those of other non-digital asset classes, against a far greater risk-taking due to extreme price volatility. The same volatility is also found in inactive crypto currencies, that is, those that have not been transacted in the past year, at values close to 60 percent and 70 percent for Bitcoin and ether, respectively.

There remains, then, the critical issue posed by cyber security: only a clear minority of crypto currency exchange platforms (14 out of 188) can be considered 'very secure'. Compared to 2022, the share of platforms with poor cyber security ratings also increases.

Sustainable investments

The Sustainalytics Esg Risk Score, an index that helps investors identify Esg risks, records a trend toward an increase in the ability of Euro area companies to manage Esg risks, i.e., related to environmental, social, and corporate governance aspects. At the sector level, exposure to Esg risks is on average higher for utilities and energy producers than for manufacturing or services companies.

In Italy, Esg Risk Scores are aligned with values found in Euro zone countries, although financial firms' exposure to Esg risks is higher on average than non-financial companies.

The 2023 Report includes a focus on listed companies in Italy, aimed at examining whether the Esg risk score and the Esg Refinitiv rating (a measure of companies' Esg performance) show a correlation with some of the main characteristics of companies (such as performance, volatility, liquidity, leverage, capitalization, price to book value or price on earnings). The focus shows that the group of companies with the highest sustainability score are those with higher liquidity and capitalization, while there are no significant differences between the two groups in terms of performance, volatility and market valuations.

Press release PDF version

Rome, 20 November 2023

Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites

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:
- “Bitblanco” (website www.bitblanco.com and related page https://webtrader.bitblanco.com);
- “Alphascrypto” (website www.alphascrypto.uk);
- Billionaire Trade Ltd (website https://billionaire-trade.com and related pages https://panel.billionaire-trade.com and https://trading.billionaire-trade.com);
- “Infinity Invest” (website https://infinityinvest.pro and related pages https://office.infinityinvest.pro and https://trade.infinityinvest.pro);
- “CustomhouseCL” (website www.customhousecl.com and pages https://client.customhousecl.com and https://platform.tnxtechno.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 970.

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

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

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

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

Press release PDF version

Rome, 17 November 2023

Consob definitively blocks abusive takeover bid on Piaggio promoted by JSC Handel Gruppe

Consob has permanently blocked the abusive takeover bid on Piaggio's ordinary shares promoted in recent weeks by JSC Handel Gruppe, thus turning the temporary offer suspension order announced last 10 October into a permanent one.

The permanent termination of the tender offer, ordered by Consob pursuant to Article No. 187-octies, paragraph 6(a) of the Tuf, is accompanied by a request to LinkedIN Ireland to make permanent the removal from the web pages through which the abusive tender offer was promoted. These are the pages https://www.linkedin.com/in/pierluigidc/ and https://www.linkedin.com/pulse/formal-letter-offer-buy-pierluigi-di-cieri, traceable to Mr. Pierluigi Di Cieri, whose illicit contents, in particular a document in "pdf" format entitled "Letter of Offer to Piaggio & Co. S.p.A.", constitute a means of promoting the abusive activity.

The measure adopted by Consob (Resolution no. 22871 of 8 November 2023 can be found on Consob's website.

Press release PDF version

Rome, 9 November 2023

Watch for Scams! Abusive financial services: Consob blacks out 6 abusive websites

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:
- Nexus LLC (website https://powercapital.live and related pages https://my.powercapital.live and https://my.tradings.life);
- “Free Trade CFD” (website https://freetrade-cfd.com and related page https://client.freetrade-cfd.com);
- “Smart Flow Ltd” (website https://smartflow.work and related pages https://office.smartflow.work and https://trade.smartflow.work);
- “Avan Trade” (website https://ai-trade.consulting and related page https://cfd.ai-trade.consulting; website https://ai-trade.holdings and related page https://cfd.ai-trade.holdings);
- “Bullbit” (website https://bullbit.net and related page https://trade.bullbit.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 965.

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

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

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

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

Press release PDF version

Rome, 9 November 2023

Watch for Scams! Abusive financial services: Consob blacks out 4 abusive websites

Consob has ordered the black-out of 4 new websites that offer financial services/financial products illegally: 3 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 "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 of the power introduced by the Law no. 8 of 28 February 2020, Article no. 4, paragraph 3-bis, with reference to the black-out of the website through which the illegal offer is carried out.

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

- Mango Group LLC (website www.x-fortunes.com);

- "FX6" (website https://fx6.xyz);

- "Trade 4 Nation" (website www.trade4nation.com and related page https://client.trade4nation.com);

- "Velohld" (website www.velohld.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 959.

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

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

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

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

Press Release PDF version

Rome, 26 October 2023

Abusive financial services: Consob blacks out 5 abusive websites

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:

- "Axiancefx - (website https://axiancefx.co);

- "Investment Analysts" - (website https://investment-analysts.com and related page https://client.investment-analysts.com);

- Switchtrades Ltd - (website www.switchtrades.com and page https://clientzonearea.accountifft.ppdashboard.webtraderclientzone.com);

- Top Markets Ltd - (website www.europetrade.me and related page https://wt.europetrade.me);

- BTC System Pty Ltd (website https://btcsystem.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 955.

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

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

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

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

Press Release PDF version

Rome, 19 October 2023

IOSCO World Investor Week campaign successfully delivered in more than 100 jurisdictions (Iosco press release 13 October 2023)

The seventh annual celebration of World Investor Week (WIW) started on 2 October 2023 and concluded on 8 October, although some jurisdictions will continue to conduct WIW-related events in October and November.

More than 100 jurisdictions have participated in the WIW campaign, in addition to several global and international organizations that have also joined the campaign for the first time. Stock exchanges, market intermediaries, industry associations and other relevant stakeholders in the ecosystem have joined the securities regulators around the world to support a range of investor education initiatives aimed at enhancing investor protection. The G20, under the India Presidency, has also supported the WIW campaign.

This high level of participation in the WIW from all around the world is a clear indication of the priority that regulators and market participants are giving to financial education, taking into account their local circumstances as well as the common challenges that retail investors are facing across jurisdictions.

Pasquale Munafò, Chair of the IOSCO Committee 8 on Retail Investors, said: "Financial innovation is opening new business opportunities for the industry and potential benefits for investors. In this context, regulators, the industry and the ecosystem should cooperate to continue increasing financial consumer protection at different levels, including through financial education. Among others, the WIW campaign has delivered key messages on Crypto Assets and Sustainable Finance, two areas in which IOSCO will continue to work and deliver its guidance."

Eduardo Manhães Ribeiro Gomes, C8 WIW Working Group Coordinator, said "Regulators around the world are conducting different financial and investor education initiatives, ranging from basic messages and tools to more comprehensive programs. The WIW provides an opportunity to share experiences and ways to continue engaging with industry and other stakeholders' efforts to promote sound and practical knowledge, behaviours, attitudes that are aligned with investor protection considerations."

IOSCO will continue disseminating key messages on investor education and investor protection and fostering learning opportunities for investors, while continue supporting collaboration with different stakeholders under the umbrella of the WIW campaign.

Additional information on the WIW activities and events is available at the WIW website (https://www.worldinvestorweek.org) as well as following the WIW on Facebook (@worldinvestorweek), Twitter (@ioscowiw) and Instagram (@ioscowiw).

13 October 2023

Weight of ESG factors in top management remuneration rises - Eligible 22.8 percent of turnover from the activities of non-financial companies in the Ftse Mib - The results in the Consob 2022 Report on Non-financial Reporting

The weight of ESG factors - environmental, social and governance - in determining the remunerations of top management of listed companies in Italy is increasing: in 2022, these factors contributed to the remunerations of CEOs in 127 companies with ordinary shares traded on the Euronext Milan market, accounting for 58.5 per cent of the total and up from 106 (47 per cent of the total) in the previous year. An examination of the abstracts of the Strategic Plans published by 68 companies on their websites also shows a more widespread propensity to integrate ESG factors into the corporate vision, with full integration between corporate strategy and ESG objectives for 13 companies (8 in the previous year).

This is the evidence from the Consob 2022 Report on Non-financial Reporting, which captures signs of the cultural transformation triggered by legislative obligations toward greater consideration of ESG factors in the definition of business models, decision-making and corporate governance models in Italy.

Based on the Non-financial Statements (NFSs) published in 2022 by 148 listed companies, the Report sees the involvement of external stakeholders in defining the most relevant issues for non-financial reporting increasing by about four percentage points, to 65.8 percent in 2022.

The 2022 Report also includes an Addendum with the results of the first year of implementation of the EU Regulation 2020/852 (Taxonomy Regulation), which provides for the publication of Key Performance Indicators (Kpi) related to the compatibility of business activities with the European taxonomy, in particular to their inclusion in the list of eligible economic activities contained in the taxonomy's delegated acts. The Addendum shows that the average value of the share of turnover associated with eligible activities, among the 22 non-financial companies belonging to the Ftse Mib, is 22.8 percent.

Press release PDF version

Rome, 11 October 2023

Consob blocks the abusive tender offer for the ordinary shares of Piaggio & C. S.p.A. made by JSC Handel Gruppe S.a.s.

Consob has ordered the temporary cessation for a thirty-days period, pursuant to Article No. 187-octies, paragraph 6(a), of Legislative Decree No. 58 of 1998, of the takeover bid for the ordinary shares of Piaggio & C. S.p.A. promoted by JSC Handel Gruppe S.a.s. also through the web pages https://www.linkedin.com/in/pierluigidc/ and https://www.linkedin.com/pulse/formal-letter-offer-buy-pierluigi-di-cieri in violation of Article No. 102, paragraph 1 of the same decree.

LinkedIn Ireland Unlimited Company has also been asked to remove from the web pages https://www.linkedin.com/in/pierluigidc/ and https://www.linkedin.com/pulse/formal-letter-offer-buy-pierluigi-di-cieri , which can be traced back to Mr. Pierluigi Di Cieri, the illegal contents contained therein and, in particular, the document in "pdf" format published therein entitled "Letter of Offer to Piaggio & Co. S.p.A." as they represent a means of promoting the abusive activity.

The measure adopted by Consob (Resolution no. 22841 of 9 October 2023) is available for consultation at www.consob.it.

Press Release PDF version

Rome, 10 October 2023

Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites

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:

"Global News" - (website https://globalnews.icu and related page https://webtrader.glblnwstrd.info);

Cryptonoid Ltd - (website https://cryptonoid.co and related page https://account.cryptonoid.co);

"Alphascrypto" - (website www.alphascrypto.com);

"Afex Market" - (website www.afexmarket.com and related page https://client.afexmarket.com);

"Tradeontop Limited" - (website https://tradeontop.com and related page https://platform.tradeontop.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 950.

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

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

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

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

Press Release PDF version

Rome, 10 October 2023

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