Press releases 2024

Press Releases

Press releases 2024

Asset Publisher

Double-digit growth in first-half earnings for banks and non-financial companies listed in Milan - Insurance companies' results down - Pmi's traded on Egm in sharp decline - Consob's latest Statistical Bulletin published

Double-digit growth in the first half of this year for the net profits of Italian banks and non-financial companies listed on the Milan Stock Exchange. As at 30 June, results rose year-on-year by 11% to EUR 14.9 billion and 20.3% to EUR 15.7 billion, respectively. By contrast, the profits of listed insurance companies fell by 3% to EUR 2.9 billion. Decidedly more marked was the contraction (-61% to EUR 106 million) in the profits of companies traded on Egm, the unregulated market dedicated to small and medium-sized enterprises.

These, in brief, are some of the figures that emerge from Consob's latest Statistical Bulletin, which focuses on the performance of Italian issuers listed or traded in Milan during the first half of 2024 compared to the same period in 2023. Overall, the data show a sustained recovery in some sectors of the Italian stock market, while others show criticalities to be monitored in the coming months.

Despite the general downturn in turnover, recorded between January and June of this year, non-financial companies managed, thanks to the reduction in operating costs, to improve profitability and increase their net worth, which rose to EUR 258.5 billion on 30 June, an increase of 3% compared to the previous 31 December: a figure that highlights the sector's resilience in a deteriorating European macroeconomic context.

Positive signals also came from the banking sector, which in the first half of the year saw an improvement in its profitability, efficiency and capital soundness indices. The shareholders' equity of listed banks was substantially stable, standing at EUR 192.3 billion as at 30 June against EUR 191.7 billion as at 31 December 2023.

On the other hand, the insurance sector was affected by higher claims and expenses costs, which outweighed higher revenues from operating activities. Nevertheless, the sector's profitability ratios show a plus sign thanks to, among other things, improved efficiency in investment portfolio management, while resilience to the risk of external shocks seems to be strengthening. Shareholders' equity is virtually unchanged at EUR 41 billion, in line with the figure for the end of 2023.

The picture is different for SMEs traded on Egm, which report a deterioration in non-operating and financial activities, pressure on margins and a slowdown in profit generation, while still managing to maintain good debt management.

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Rome, 19 December 2024

Closer cooperation between Consob and Ivass - Three Memorandums of Understanding signed

Consob and Ivass have signed three Memorandums of Understanding (MoU) to strengthen cooperation and coordination in the supervisory activities on issuers supervised by Consob that fall within the perimeter of Ivass's supervision of the distribution of insurance investment products (so-called Ibips, Investment Based Insurance Products) and in the field of Priips (Packaged Retail and Insurance-based Investment Products) limited to Ibips.

The MoUs identify a set of information, data and documents that the two Authorities will exchange on a regular basis or upon the occurrence of certain events or on request.

In particular, the MoU on Issuers establishes that the two Authorities will exchange supervisory information on ownership and technical-organisational structures, corporate governance, financial position, verification of compliance with prudential rules, sustainability reporting, as well as on matters concerning the subjects entrusted with the statutory audit of accounts. Provision is also made for the exchange of information when Consob initiates proceedings for the approval of prospectuses (or exemption documents from the obligation to publish a prospectus) and documents relating to public purchase and/or exchange offers concerning entities supervised by Ivass.

The MoU on the distribution of Ibips, aimed at guaranteeing uniformity in the discipline of the sale of the aforementioned products regardless of the distribution channel adopted, provides for the exchange of relevant information, also of a personal and operational nature, acquired by the two Authorities in the context of the controls falling within their respective competences.

In addition to indicating the types of information flows to be exchanged, the MoU of the Ibip Kid, also provides for forms of coordination between the Consob and the Ivass in relation to supervisory initiatives on compliance with the Priips Regulation for the aforementioned products, since in this area the actions of the two Authorities may insist on the same subjects.

Generally speaking, the information exchanges also serve to assess coordinated supervisory activities with a view to containing burdens for the supervised entities.

Finally, all MoUs set out procedures for cooperation in the inspection and regulatory fields.

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20 December 2024

Board list: Consob's second consultation with the financial market begins

Consob launched today a new consultation with the financial market in order to implement the regulatory delegation provided by the Capital Law with reference to the submission of lists by outgoing Boards of Directors (BoD lists).

Following the examination of the results of the preliminary consultation (contributions received), which took place between 20 November and 5 December last, Consob drafted specific proposals to amend the Issuers' Regulations, which are intended to implement the new Article 147-ter.1 of the Consolidated Law on Finance (TUF) and which are subject to a new consultation.

The regulatory proposals, in line with the contributions received as part of the preliminary consultation, are aimed at overcoming the main application issues that have arisen with regard to two central themes of the regulation of board lists:

(a) legitimacy of shareholders in the second individual vote;

b) the distribution of board seats when minority lists obtain more than 20% of the votes.

At the same time, the proposals intend to enhance the statutory autonomy of issuers in defining the systems for electing BoDs. Further proposed amendments are intended to coordinate the rules set forth in the Issuers' Regulation with the case of the BoD list.

The new consultation will end on 15 January 2025 with the aim of approving the final version of the amendments to the Issuers‘ Regulation in time for the 2025 shareholders’ meeting season.

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19 December 2024

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:

- "Lemintero" (website www.lemintero.com);

- "Asteo Trade" (website https://asteo-group.com);

- Quanta Capital Holdings Limited (website https://quantacapital.com.co and related page https://my.quantacapital.com.co);

- "Goldbysell24" (website https://goldbysell24.co and related pages https://clientzone.goldbysell24.co and https://webtrader.goldbysell24.co);

- "Goldcapital24" – "Capitalmarket24" (siti internet https://goldcapital24.pro and https://capitalmarket24.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 1200.

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 unauthorized initiatives.

Press release PDF version

Rome, 19 December 2024

Exit from the Stock Exchange is confirmed as the main target of takeover bids (Opa) in Italy - On the Consob website a study that analyzes the period 2020 - 2023

Exiting the Stock Exchange remains the main target of takeover bids (Opa) and/or exchange offers launched on the Italian financial market. This is highlighted in the Occasional Report "Le offerte pubbliche svolte in Italia nel periodo 2020-2023", published today by Consob.

The survey confirms the results of a previous study (Le Opa in Italia dal 2007 al 2019: evidenze empiriche e spunti di discussione) that Consob itself published in 2021. Both surveys show that in concrete application the Opa (takeover bids) institution, originally conceived as a tool to favour the contendibility of companies and the protection of minority shareholders, has been used in Italy mainly as a way out of the stock market.

The reconstruction contained in the Report may provide useful hints for the ongoing evaluation of possible interventions to reform the Consolidated Law on Finance (Tuf).

The data analysed by the authors - Silvia Carbone, Toni Marcelli (Issuers' Supervision Division - Opa and Ownership Structure Office) and Domenico Fichera (Studies and Regulation Division - Regulatory Impacts Analysis Office) - show that out of a total of 76 public offers launched in the four years under review, 56, i.e. 74% of the cases, ended with delisting. Among the reasons for choosing to leave Piazza Affari are the regulatory simplifications, reduced burdens, greater managerial and organisational flexibility as well as greater competitiveness and speed of execution that are associated with unlisted company status.

The study also highlights a significant growth in the number of offers promoted on Euronext Growth Milan (Egm), the multilateral trading system dedicated to small and medium-sized enterprises, where 16 Takeovers (21.9% of total offers) were registered between 2020 and 2023, with an acceleration in 2023 (10 cases), compared to 9 Takeovers in the 2007-2019 period.

Focusing the analysis on the trading markets, it appears that the premium offered to shareholders is on average lower where liquidity is higher (e.g. on the Euronext Star Milan segment), while on platforms where liquidity is lower (e.g. the Egm) the premium is usually higher.

Finally, the Occasional Report shows that between 2020 and 2023, 19 out of 76 offerings (i.e. 25%) recorded forms of reinvestment of the target company's shareholders in the offeror's capital. This figure, which is up sharply on the evidence for the 2007-2019 period (14 out of 231 offers, or around 6%), is affected by offers with reinvestment made on companies traded on Egm (7 out of a total of 19).

Press release PDF version

Rome, 16 December 2024

ESMA appoints Carlo Comporti as a new member to its Management Board and reappoints the Chairs of its Standing Committees

The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has appointed Carlo Comporti, Commissione Nazionale per le Società e la Borsa (CONSOB), as a new member to its Management Board. The election took place at the Board of Supervisors meeting on 11 December 2024, in order to replace outgoing member, Rodrigo Buenaventura, Comisión Nacional del Mercado de Valores (CNMV). Mr Comporti will serve the remainder of the outgoing member's term until 31 March 2027.

The Management Board is responsible for ensuring that ESMA carries out its mission and performs the tasks assigned to it under its founding Regulation. ESMA Chair, Verena Ross, is chairing the Management Board, which consists of the following members:

- Eduard Müller, Finanzmarktaufsicht (FMA), Austria

- Thorsten Pötzsch, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany

- Vasiliki Lazarakou, Hellenic Capital Markets Commission (HCMC), Greece

- Carlo Comporti, Commissione Nazionale per le Società e la Borsa (CONSOB), Italy

- Jos Heuvelman, Autoriteit Financiële Markten (AFM), Netherlands

- Armi Taipale, Finanssivalvonta (FIN-FSA), Finland

- Natasha Cazenave, ESMA Executive Director (non-voting member)

- Vojtěch Belling, ESMA Vice-Chair (observer)

- European Commission representative (non-voting member).

At the same Board of Supervisors meeting, the election of the Chairs of ESMA's Standing Committees took place. The current Chairs were reappointed and will serve their new mandate from 1 January 2025 until 31 December 2026. A new Chair of the Markets Standing Committee will be elected in the next meeting of the Board of Supervisors. The list of Standing Committees' Chairs is available here.

The Standing Committees are expert groups drawn from ESMA staff and the National Competent Authorities (NCAs) for securities markets regulation in the Member States and are responsible for the development of policy in their respective areas.

Press release PDF version

Rome, 12 December 2024

Consob blocks advertising of abusive financial services. First case of enforcement of new regulation. In the crosshairs were ads making improper reference to prominent figures in the Italian institutional world

Consob has blocked advertisements for abusive financial services spread through the Internet, which improperly leveraged the notoriety of prominent figures in the Italian institutional world, such as the Prime Minister, Giorgia Meloni, and the President of the Republic, Sergio Mattarella, as well as the image of a well recognizable brand such as Eni, to promote the initiatives of unauthorized intermediaries online through two websites.

The intervention is the first case of application of the new powers given to Consob by the "Capital Law," under which the Financial Markets Regulatory and Supervisory Authority can order telecommunications service operators to black out sites that spread advertising campaigns related to abusive financial services, i.e., without authorization.

Consob also blacked out four other abusive financial intermediation sites, exercising the powers of the 2019 "Growth Decree."

Below are the sites for which Consob ordered the blackout:

- "Meloniprogettodaiuto.com" (website https://meloniprogettodaiuto.com)

- "Clickafino.com" (website https://clickafino.com);

- "Flowtradey" (website www.flowtradey.com);

- "Activmarkets-it" (website https://activmarkets-it.com and related pages https://clientarea.activinv.com and https://webtrader.activinv.com);

- "Ecasset.cm" (website https://ecasset.cm and related page https://client.ecasset.cm);

- "Go Trade Tech" (website https://gotradetech.com and related pages https://panel.gotradetech.com and trading.gotradetech.com ).

The number of total websites blacked out since July 2019, when the Authority got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 1194.

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

Activities are underway to obscure sites by Internet connectivity providers operating on Italian territory. For technical reasons, the actual blackout may take several days.

Consob draws the attention of savers to the importance of using the utmost diligence in order to make investment choices in full awareness, adopting common sense behaviors, which are essential to safeguard their savings: among these, the prior verification, for sites offering financial services, that the operator through which one invests is authorized and, for offers of financial products, that the prospectus has been published.

To this end, Consob recalls that the website www.consob.it has a "Watch for scams!" section on the homepage, where useful information is available to warn investors against abusive financial initiatives.

Press Release PDF version

12 December 2024

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 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:
- BVTBanco Limited (website www.bvtbancolimited.com);
- “INCORE INVESTMENT” (website https://incore-investmentcfd.net and page https://client.incore-investmentcfd.net);
- “WoodcCapital” (website www.woodccapital.com and page https://platform.woodcmarkets.com);
- Reloft Srl SB (website www.reloft.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 1188.

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 unauthorized initiatives.

Press release PDF version

Rome, 6 December 2024

Investment funds and government bonds top the preferences of ‘do-it-yourself’ investors - Prudent profile and risk aversion: this is the identikit that emerges from the latest Consob survey on administered savings

He is a prudent saver, who tends to allocate his money mainly in investment funds and government bonds. He has a marked aversion to risk. He tries to keep away from complex and illiquid financial instruments. Most of the time, he follows the advice of his bank and does not seem to be concerned by conflicts of interest that may affect the advice of his trusted intermediary.

This is the identikit that emerges from Consob's latest survey on ‘do-it-yourself’ savings, i.e. savings administered by intermediaries on behalf of retail customers, in which, among other things, the composition of portfolios over a thirteen-year period, from June 2010 to June 2023, is examined.

The lion's share is held by investment funds, whose incidence has gradually increased from 16.6% in 2010 to 53.8% in 2023 (down from a peak of 61% in 2022).

In second place, albeit with a wide gap, are government bonds, whose weight over the reference period has remained more or less stable, swinging from 19.3% in 2010 to 22.5% in 2023, with a sharp jump compared to 2022 (15%).

The Occasional Paper ‘Analysis of the main characteristics of retail savings administered by banks’, (“Analisi delle principali caratteristiche del risparmio retail amministrato dalle banche”,) published today on www.consob.it website, also shows that between 2010 and 2023 savers chose to radically reduce their exposure to bonds, mostly bank bonds, from 50% to 8%.

The data analysed by the authors, Francesco Adria and Francesco Quaranta, also show a sharp reduction in illiquid securities (down from 30.7% to 3.1%) and complex securities (down from 17.5% to 6.3%). On the other hand, the share of the equity component held outside of investment funds remained stable, at just 14%, a substantially stable incidence over the period under review.

Investments characterised by a potential conflict of interest were on the rise (from 41% to 58.8%), the nature of which gradually shifted from offering financial instruments issued by the banks themselves to placement incentives.

The study highlights the crucial role and thus also the responsibility of banking intermediaries in steering their clients' investment choices, an activity that takes place in a context of information and cognitive asymmetry between the two parties. The authors conclude by emphasising, inter alia, the relevance for intermediaries to pursue, in the provision of investment services, the overriding objective of client interests.

Press release PDF version

Rome, 2 December 2024

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 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:

- "GOMARKETSLTD.net" (website https://gomarketsltd.net and related page https://client.gomarketsltd.net);

- "Fidus Invest" (website https://fidus-invest.com and pages https://panel.fidus-invest.com, https://trade.webtrader-fx.com);

- "First State Investments (Ireland) Limited" (website https://fsinvest.cm and pages https://client.fsinvest.cm and https://webtrader.fsinvest.cm);

- "Financial Magnum" (website https://fin-magnum.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 1184.

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, 29 November 2024

28 November: Financial Legality Day - Mattarella, Giorgetti, Valditara, De Gennaro at the event sponsored by Edufin Committee, Guardia di Finanza (GdF) and Ministry of Economy and Finance (MEF)

On 28 November, at the Salone d'Onore of the Barracks ‘Sante Laria’ in Rome, the ‘Financial Legality Day’ will be celebrated, promoted by the Edufin Committee, in agreement with the Guardia di Finanza and the Ministry of Education and Merit, and sponsored by the Ministry of Economy and Finance.

The event will be attended by the President of the Republic, Sergio Mattarella, the Minister of Economy and Finance, Giancarlo Giorgetti, the Minister of Education and Merit, Giuseppe Valditara, and the Commander General of the Guardia di Finanza, Andrea De Gennaro.

The Director of the Edufin Committee, Donato Masciandaro, will give a speech on the importance of the link between financial education and the defence of legality, on which it is crucial to raise awareness among the younger generations, the citizens of tomorrow, so that they can exert an active behaviour. ‘We have decided to schedule this important appointment as part of the Edufin Month so that young people, actors in the digital world and at the same time aware of the risks that economic and financial choices involve, can become defenders of their integrity, of their families, and of the country as a whole,’ says Masciandaro.

The leading actors of the day will be the students of selected Roman schools for a reflection and in-depth study on the culture of financial legality as an element of development and social growth.

During the event, as an example of the active role of our ‘best youth’, the project ‘Con-vivere con la legalità’ (Living together with legality), devised and produced by the students of the ‘Giuseppe Peano’ scientific and linguistic high school in Rome, will be presented to emphasise the importance of respecting tax rules and the sense of civil and social responsibility linked to the practice of active citizenship.

Press release PDF version

27 November 2024

Cornelli, "Should the cryptocurrency bubble burst one day, no one comes asking for compensation" Consob Commissioner's warning at a conference on Italians' investment choices

'Bitcoins and other cryptocurrencies are highly speculative instruments. Underneath there is nothing. There is no debtor. If the bubble ever bursts one day, no one will come asking the Authorities or governments for compensation,' was the warning issued by Consob Commissioner Federico Cornelli, at the opening of the conference on "Italian investors choices between advice and sustainability", held today in Rome at Consob headquarters.

The event was an opportunity for insiders to discuss two recent studies published by the Financial Markets Regulatory and Supervisory Authority: the Report on financial investments of Italian households and the Report on the advisor-client relationship.

Between 2022 and 2023 - according to the first of the two surveys - the percentage of Italians surveyed who say they hold crypto currencies in their portfolio has more than doubled (from 8% to 18%). However, the choice is not always associated with an effective knowledge of the features and risks associated with this type of digital asset.

The same study shows that social networks have now overtaken print and web publications as a source of information to guide one's investment choices. In fact, 36% of respondents draw on social networks, compared to 34% for whom print media remains the main point of reference. According to the study, the most vulnerable people in particular are those who get their information on social media: young people, women, people with a lower level of financial literacy and with fewer assets.

Consob, as well as other leading national and international supervisory authorities, has repeatedly warned in the past against the pitfalls of buying crypto currencies, which can also lead to the loss of all the capital invested.

'For the future, given the crucial role of financial education, we need to make a greater effort,' noted Nadia Linciano, Secretary General of Consob, at the conclusion of the proceedings, 'to strengthen and expand the channels through which we convey our content, in order to reach an increasingly wide audience'.

Press release PDF version

22 November 2024

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:

- "2139 Exchange" (website https://2139q.com);

- Macan Holdings Ltd (website https://macan-holdings.limited and page https://cfd.macanholdingslimited.com);

- "Vergomarkets" (website https://www.vergomarkets.co);

- "Wellvest" (website www.wellvest.pro);

- "IBSMarkets" (website https://ibsmarkets.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 1180.

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. In particular, Consob warns of the risks associated with carrying out transactions through websites whose name includes ‘2139’ and/or which contain a reference to ‘2139 Exchange’, an entity not authorized to provide investment services, ten websites of which have been blacked out to date.

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.

Press Release PDF version

21 November 2024

BoD lists: Consob launches preliminary consultation with the financial market

Consob has launched a preliminary consultation with the financial market on the content of the implementing provisions that the Institute is required to adopt, regarding the list of outgoing Boards of Directors (BoD), pursuant to the proxy introduced by the Capital Law.

The consultation document asks operators a series of questions aimed at acquiring useful elements to define the regulatory intervention, examining, on a preliminary basis, the main application issues arising from the new Article no. 147-ter.1 of the Consolidated Law on Finance.

This will be followed by a second consultation that will submit a draft text with proposed regulatory changes for implementation to the market's attention, so as to complete the process in time for the start of the procedures for the renewal of corporate bodies that will take place in 2025.

The first consultation will close on 5 December.

Press release PDF version

Rome, 20 November 2024

Financial frauds also spread on Whatsapp - Morgan Stanley and Blackrock brands improperly used as bait - Consob warns against the risks of illicit offers that can mislead savers

Financial frauds also spread on Whatsapp. The most widespread messaging system can become a vehicle for illicit offers which, by entering in the smartphones of the undifferentiated public and improperly leveraging well-known names in international finance such as 'Morgan Stanley' or 'Blackrock', can mislead savers and induce them to fall into a trap in which they risk losing their money.

This is the latest Consob warning which, after having alerted against the pitfalls of online trading 'video games' and scams circulating on social networks, now also highlights the risks associated with messages spread through Whatsapp.

The pattern is always the same: unauthorised operators promote on the web seemingly profitable offers, behind which, however, a scam may be hidden. In this specific case, the brands of Morgan Stanley and Blackrock, two large institutional investors whose investment strategies are being replicated, are being used as a lure.

Consob once again draws the attention of savers to the need to take all necessary precautions in their evaluation of financial offers, making use first and foremost of the 'Watch for Scams!' section on the website www.consob.it, where the basic rules for avoiding traps are indicated.

Press release PDF version

18 November 2024

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 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:

- "AxiaGroup" (website https://axiagroup.co and related page https://my.axiagroup.co);

- "Algoprai" (website https://algoproai.com);

- "Zodiac Speck" (website www.zodiacspeck.com and related page https://webtrader.zodiacspeck.com);

- "Finance Advice" (websites https://finance-advice.pro and https://finance-advice.cc);

- "Aifactor Group" (website https://premiumaifactor.vip);

- "Incore Investment" (website https://incore-investment.net and related page https://client.incore-investment.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 1175.

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 unauthorized initiatives.

Press Release PDF version

Consob: cooperation with Google in the fight against online financial fraud launched - Cornelli: 'The ongoing cooperation is good, but it must be developed and extended to other Big Tech companies'

Consob has launched a collaboration with Google to combat online financial fraud through the creation of a filter that will stop the advertising of abusive investment proposals before they reach social networks and the web, thereby helping to strengthen the protection of savings.

The initiative was announced today at the conference: 'The protection of savings at the time of social. Financial fraud and new digital technologies', conceived and organised by Consob Commissioner Gabriella Alemanno and held today in Rome.

'This is a first step in the right direction,' said Consob Commissioner Federico Cornelli in his speech. But this collaboration, he added, must be developed and extended to other Big Tech companies, such as Meta, X, Linkedin.

Institutions, including Consob, are in the front line in the fight against online financial fraud. However, to make this effort more effective, we need the collaboration and co-responsibility of the large digital platforms, which can play a crucial role in stemming the flow of fraud on the web.

The conference, organised by Consob and La Sapienza Università of Rome in the Aula dei Gruppi Parlamentari at the Chamber of Deputies, represented an important opportunity for a constructive confrontation between institutional actors and two major market players, Google Italia and Meta Italia. The debate was also attended by La Sapienza Università, the Bank of Italy, the Postal Police, the Guardia di Finanza, the National Cybersecurity Agency (Acn), the Rome Public Prosecutor's Office and the National Committee for Financial Education.

Press release PDF version

5 November 2024

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:

- "Investpro CFD" (website https://investprocfd.com and related page https://invest.investprocfd.com);

- "Goldbysell" (website https://www.goldbysell.co and related pages https://clientzone.goldbysell.co and https://goldbysell.technoglobal.org);

- "Iginvest" (website https://iginvest247.eu and related page https://client.iginvest247.eu);

- "Capital4it Ltd." (website https://capital4it.co.com);

- "AdmiralsUnited" (website https://admiralsunited.com and related page https://client.admiralsunited.com);

- "Trade Republica" (website https://tradingrepublica.com and related page https://cfd.traderepublicatrading.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 1168.

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 unauthorized initiatives.

Press release PDF version

Rome, 31 October 2024

Consob and Catholic University, the SME - Capital Market Observatory is born - The presentation of the initiative will be held in Milan on Monday, 4 November H. 2:00 p.m. in the Athenaeum's Pius XI lecture hall

To analyze the conditions of access to the capital market of Italian small and medium-sized enterprises (SMEs) and to verify their permanence requirements, making available a wide scientific production based on data, analysis and insights useful both to guide the strategic decisions of SMEs and to support them in their competitive choices. This is the main objective of the new SME - Capital Market Observatory, an initiative born from the close collaboration between Consob and Cetif, the Research Center in Technology, Innovation and Financial Services of the Università Cattolica del Sacro Cuore. The initiative will be officially presented on Monday, 4 November, during a meeting entitled “Can Italian SMEs compete without the capital market?” to be held in Milan H. 2:00 to 4:30 p.m. in the Pio XI Lecture Hall of the Università Cattolica del Sacro Cuore (largo Gemelli, 1).

The event will open with greetings from Elena Beccalli, rector of Università Cattolica del Sacro Cuore, and Luca Filippa, Consob director general. After an introduction by Chiara Frigerio, professor of Business Organization and Cetif secretary general, Federico Rajola, professor of Business Organization and Cetif director, and Paola Deriu, Consob Studies and Regulation Unit, will explain the purpose of the SME - Capital Market Observatory. This will be followed by speeches by Stefania Trenti, Intesa SanPaolo Study and Research Center, who will analyze “Districts and Supply Chains of Italian SMEs,” and Luigi Giannotta, Integrae SIM, who will focus on the “Challenges of Listed Small and Mid Cap.”

A panel discussion will conclude the presentation, moderated by corporate finance professor Andrea Signori, with speakers Chiara Calibeo, CDP, Luca Ferrais, MEF, Paolo Gerardini, Assolombarda, and Barbara Lunghi, Borsa Italiana.

More in details, the SME - Capital Market Observatory aims to investigate the factors that incentivize SMEs to embark on paths of competitive growth, innovation and financial development through bond and/or equity issues and investments in digital, environmental and social transition. At the same time, it wants to analyze the contextual (regulatory, technological and social) and structural (governance and business models) elements that support and/or hinder the use of capital by SMEs. Through its activities, the Observatory intends, on the one hand, to promote financial, sustainability and digital culture in Italian SMEs and, on the other hand, to offer concrete support to policy makers in understanding the ongoing evolutions in the Italian industrial economy.

31 October 2024

Press contacts:
- Consob: Ilaria Fabbiani, i.fabbiani@consob.it, 335 7788963
- Università Cattolica del Sacro Cuore: Nicola Cerbino, nicola.cerbino@unicatt.it, 335 7125703; Katia Biondi, katia.biondi@unicatt.it, 335 1376604
- Cetif: Lorenzo D'Oria, lorenzo.doria@unicatt.it, 342 8551020
Press release PDF version

31 October 2024

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/financial products illegally: 5 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

The Authority availed itself of the powers deriving from the "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:

- Tradetospace Global Limited (website https://tradetospace.com and related pages https://panel.tradetospace.com and https://trading.tradetospace.com);

- Continental Invest Ltd (website https://continental-invest.ltd and related page https://cfd.continental-invest.ltd);

- "TradexService" (website https://tradexservicescfd.com and pages https://panel.ait241.com and https://trading.wer332.com);

- "2139 Exchange" (websites https://2139b.com and https://2139c.com);

- "Eminent Miner" (website https://eminent-miner.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 1162.

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, 25 October 2024

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