Discussions are underway between the Italian Markets Authority (AMRA) regarding the trio of offers that have sent the market into turmoil. From Siena, the President of the Tuscany Region, Eugenio Giani, is asking the Ministry of Economy and Finance to present its position at the Siena meeting on October 29th.
Intesa has put forward "observations and considerations regarding critical issues that emerged from operations announced after the launch of the takeover bid" on MPS • Passivity Rule: what it is and how it works by Vittoria Patanè
The Senate Finance Committee approved the nomination of Guido Stazi as Consob president. FI representatives were absent. Stazi spoke of a "strengthened" Consob that maintains "neutrality and equidistance from special interests."
The Consob commissioner receives the support of 17 of 27 countries, surpassing Denmark's Karen Dortea Abelskov. The decision now goes to the European Parliament.
Finally, Consob has made a clean sweep with the selection of a highly independent and highly professional expert like Guido Stazi as its President. The evaluation of Intesa Sanpaolo's prospectus for the takeover bid for Monte dei Paschi will be…
After a four-month vacancy, Tuesday's board of directors began the process to appoint the current Secretary General of the Antitrust Authority to lead Consob. The choice was reportedly supported by Forza Italia, and also received the green light from the League.
Consob's annual report captures the paradox of Piazza Affari: market capitalization rises to €1.209 billion, but by 2025 there will be 30 delistings, no new listings on the regulated market, and a growing gap with the United States and...
The presence of women in top positions such as president and CEO in Italian listed companies is declining. Furthermore, the participation of institutional investors, particularly foreign ones, in the shareholding structure of companies listed on the Milan Stock Exchange is decreasing: here are the new developments...
In the new FinTech notebook "Financial communication through digital channels", Consob highlights the main risks that retail investors face in the ecosystem of financial communication on the web and social media.
Alberto Pera, a lawyer and former Secretary General of the Antitrust Authority,'s warning about the risks posed by these delays is highly timely and goes even further: "I truly believe that the Antitrust Authority should push harder on public opinion to affirm the…
Consob's Sustainable Finance Notebook captures a market in which sustainability is no longer just a label: for many Italian companies, it has become a concrete lever for saving on the cost of capital.
The withdrawal of Undersecretary Freni from the race for Consob presidency, citing a conflict between his role in the government and the independence required of those who lead the market regulator, appears to pave the way for Commissioner Federico Corneli. The appointment…
The defeat of the Caltagirone list and the victory of the Lovaglio list at the MPS assembly confirm that, fortunately, the market matters and is also a lesson for the Meloni government, which in the Capital Bill favored…
A change of guard at the helm of Terna, the electricity grid company controlled by CDP, and at Enav. Appointments from Consob and the Antitrust Authority are pending.
Poste Italiane CEO Matteo Del Fante told the Financial Times that the deal would increase the free float, reopen the dividend, and strengthen TIM. The offer document has been filed with Consob.
Since March 8th—a highly symbolic date—Consob has had a woman at its helm following Paolo Savona's departure at the end of his term: Chiara Mosca has become acting president while awaiting the decision of the political class.
Savona's term as president of Consob expires on March 8th, and choosing his successor is the most challenging appointment the government must make. Finding a competent candidate isn't enough; he must also, and above all, be...
According to the first Consob-Cetif/Catholic University Report, between 2023 and mid-2025, 62 SMEs entered the stock market, while 86 left. The stock market, despite being an accelerator of growth and innovation, often remains an opportunity difficult to exploit.
The market capitalization of the top ten companies on Euronext Milan represents 55% of the total. Private equity is growing.
According to a Consob document dated September 2025, "there is no hidden agreement" between the shareholders, as alleged by the Milan Prosecutor's Office, which has placed Caltagirone, Milleri, and Lovaglio under investigation for stock market manipulation and obstruction of supervision. The investigation…
The spotlight is now on Consob and the ECB, and the question is how they should proceed. In any case, the takeover bid is now complete, and investors must decide whether to focus on the fundamentals, which are good, or on expectations that...
Consob President Paolo Savona raises a new alarm about cryptocurrencies: "Bitcoin's strength lies in its secrecy." Risks to bank accounts, public debt, and European stability. It's urgent to create a single electronic center and an electronic euro to defend...
The president of Consob warns of the risks of cryptocurrencies and stablecoins: "A monetary duopoly is being created between the dollar and digital currencies." Europe, according to Savona, must respond with a stable and sovereign electronic euro to protect savings...
Consob blocks 17 scam websites that used deepfakes of Meloni, Salvini, Schlein, and Calenda to promote fake cryptocurrency investments.
Starting from Saturday 19 July, the power to authorise prospectuses and related supplements will pass from the Commission to the head of the Issuers Division
Consob is evaluating whether it has the power to grant a second extension to the Unicredit-Banco BPM takeover bid. Savona on the golden power: "We can't continue like this; legislative clarification is needed."
Consob has approved the document relating to the public exchange offer of Mps on Mediobanca. The takeover bid will begin on July 14 and end on September 8. From the Antitrust "unconditional" approval to the acquisition of control of Piazzetta Cuccia
Consob reopens the investigation terms on the mandatory takeover bid of Octagon BidCo on Bialetti, after a suspension for further investigations. The examination will end on July 7, 2025
After the severe words of the Governor of the Bank of Italy, even the President of Consob, Paolo Savona, did not spare a very harsh denunciation of the crypto scam, which makes the financial system unstable and risks precipitating it into a crisis…
In his latest speech to the financial market, Consob President Paolo Savona gets a lot of things off his chest and talks in detail about the main dossiers on the table, from the Euronext affair to the capital law. "From cryptocurrencies, the risk of a similar crisis…
Consob approves Italgas' 1,02 billion increase to support the 2i Rete Gas operation. Option offer from 2 to 19 June, price set at 5,026 euros with a 24,8% discount
The orientation of the Governor of the Bank of Italy in the face of the evident interference of the Government in banking mergers will be the focus of the Final Considerations of 30 May
Finally there is an Authority that on the banking risk does not supinely bow to the diktats of the Government with the Golden Power but intends to defend the reasons and transparency of the market: welcome
Consob suspends Unicredit's takeover bid on Piazza Meda for 30 days, asking for clarifications on the golden power. Banco Bpm attacks: "Abnormal suspension", ready to appeal against Consob resolution
Unicredit's request to Consob to suspend the takeover bid for Banco Bpm for 30 days has raised several doubts in Piazza Meda, which could even challenge the decision before the TAR
The commission has 15 days to respond, but the response could arrive as early as this week. The EU Antitrust postpones the decision: it will arrive by June 19
The increase in stocks is due to the good performance of the price lists, but also to the lower attractiveness of bonds due to the fall in interest rates
The calendar is very busy: tomorrow the board of directors of Unicredit has been called to exercise the delegation of capital increase functional to the offer launched on Banco Bpm. The takeover bid could then start around mid-April and conclude in the second week…
The agreement provides for the sharing of data on financial instruments in circulation and defines the methods of intervention to limit the marketing of complex products, protecting the stability of the system and investors.
The leading company in the cryptocurrency sector in Europe and which holds numerous international cybersecurity certifications, sees the Italian crypto market expanding
The Bank of Italy and Consob clarify the rules on accounting for crypto-assets in corporate balance sheets, focusing on transparency and control to protect the market and investors
The protocol is configured as a "framework agreement", and provides for the possibility for the Authorities to define further coordination agreements specific to individual conglomerates. The Protocol is now limited to only financial conglomerates that include "less significant" credit institutions
Consob highlights the dangers of gamification of investments and the importance of transparent communication to protect savers. The GameStop case highlights the risks associated with false free offers and finfluencers
Consob Statistical Bulletin: 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. The insurance sector is feeling the effects: here's why
The new Consob consultation will end on January 15, in time for the 2025 meetings. Generali will lead the way. EU lighthouse on shareholders' rights: an infringement procedure could be launched against Italy
After the green light from Bankitalia and Consob, the total takeover bid for Intermonte Partners Sim officially begins. The aim is to acquire 90% of the shares to proceed with the delisting and integrate Intermonte into its group
The listing on Piazza Affari is no longer the strong tool it once was and many companies debut but then follow other paths. Thus the list dries up. According to a Consob report, also due to the numerous takeover bids
Consob raises the alarm against financial scams on WhatsApp, where scammers disguised as Morgan Stanley and BlackRock deceive investors. Beware of phishing too
The recipe of the president of Consob, Paolo Savona, in the annual meeting with the market which coincides with the 50 years of the Authority: a new institutional architecture of the Supervisory Authorities distinguishing the monetary part from the financial one. A "new architecture" that passes…
Consob, Bankitalia and Ivass will coordinate in monitoring any misconduct. Financial penalties can reach 5 million, criminal penalties can reach up to 4 years in prison
Consob recently closed another 6 websites that offered financial services abusively, bringing the total to 1.110 sites blocked since 2019. Financial abusiveness refers to illegal or unauthorized practices in the investment sector, which…
Fincantieri has obtained approval from Consob for a capital increase of 400 million plus 100 million in warrants, to finance the acquisition of Leonardo's Wass division. The Board of Directors will meet today to define the details of the operation
The negotiations, still ongoing and communicated to Consob and the Italian Stock Exchange, concern the acquisition of a majority share of the Industria Italiana Autobus company. Company that has historical roots in Italian entrepreneurship
Although the Gulf-Moscow law has improved gender equality in top management, "rubber walls" persist that hinder the rise of women. Gabriella Alemanno, Consob commissioner: “New legislative interventions are needed”
Three new features are coming to the information prospectuses of bond issues. Objective: to make the Italian market more competitive without neglecting investor protection
Consob celebrates Christmas with a record achievement, but the chances of recovering the funds remain slim. The scheme of scams is always the same: tempting bait and empty promises
In the annual meeting with the financial market, the Consob president underlines that the spread on Italian government bonds "underestimates" the country's capabilities, the competitiveness of businesses and the high level of savings. However, a rapid return to the budget surplus is needed
Consob data on governance: State and families in control, foreign investors in listed companies at their lowest since 2013, increase in shareholder participation in shareholders' meetings
The serial type of litigation, which arose from the events of "betrayed savings" that emerged following the 2015-2017 banking crises, is fading. In six years 142 million returned to savers
Too often labels and advertisements aim to present products or services as sustainable, without actually being sustainable. This is what emerged during the Consob conference entitled “Sustainable investments. Knowledge, attitudes and choices of Italian investors"
How do Italians position themselves with respect to their savings? The Consob survey traces the profile of their behaviour: from anxiety, to fear up to the least responsible and most risky choices. Savona's recipe
Even though the French have won a majority in the Council, they are not in fact in control. Vivendi is now freer on Tim's board
The League relaunches the proposal to transfer Consob and Antitrust from Rome to Milan. But the real game is on the Autonomies and on the renewals of expiring directors. Here are which ones
After 12 years of sporting triumphs, the era of Andrea Agnelli at the helm of Juve - Scanavino General Manager and Ferrero president pro tempore, but the fans dream of Alex Del Piero
The 10% leap on the Stock Exchange of the Monte dei Paschi share suggests that the square of the capital increase is approaching due to the new availability of Anima, Axa and the banks of the consortium.
For Consob, non-financial disclosures are a requirement that can introduce mechanisms for "a progressive cultural transformation". With an impact also on the remuneration of CEOs
The surprise entry of JP Morgan into the capital of Banco Bpm raises questions about the real purpose of the American bank and the market wonders if its move will back up its client Credit Agricole
Companies can undergo cybersecurity tests through a new structure – The authorities have adopted the national TIBER-IT Guide, which implements the European models
According to a Consob-Normale study from Pisa, Covid has boosted online trading as it did with smart working, but it has also changed the profile of investors
The project aims to analyze investor behavior to isolate possible cases of insider trading - Last year Consob blocked 720 abusive sites
The president of Consob also calls for "simplifications to curb the flight of companies to foreign stock exchanges" and an "international conference on cryptocurrencies"
Consob president Paolo Savona, presenting the report on Corporate governance, underlines that the "administrators' skills on sustainability and digitization" have improved
On the other hand, the chair of president is occupied by a woman only in 30 cases - In three cases out of four, the role covered by women is that of independent director
The two Authorities underline "the need for full compliance with the restrictive measures decided by the European Union in response to the situation in Ukraine"
The Consob Commissioner presents his "dream" at the largest Italian asset management event: "Developing the potential of Made in Italy Fintech in our country"
Consob urges Italy and Europe: the EU does not provide for rules on the use of digital tools in shareholders' meetings and the emergency regulation passed by Italy during the pandemic will expire on 31 July
Tim and Generali always at the center of the Stock Exchange - The KKR takeover bid, which calls for due diligence, seems to vanish, while Consob says that there is no concert between Caltagirone and its partners
Bank of Italy and Consob revised the 2012 agreement on the exchange of information on banks that make public offers of debt securities
Consob report on the corporate governance of listed companies: The percentage of women with positions on boards has reached an all-time high. Major shareholders? The families
Consob asks listed companies to specify the effects of the Russian invasion on their balance sheets - Cautious stock exchanges after last week's big rebound
Il Leone intends to clarify whether the investments of Caltagirone, Del Vecchio and Crt have complied with all the obligations and whether or not they are configured as a concert between shareholders
With the green light from Consob, the outgoing Generali board of directors will be able to present - as is already the case in Mediobanca - a list of candidates it has issued in view of the renewal of top management at the end of April and which it has…
A tweet from President Savona inflames Consob, which is unable to pronounce itself on the Generali case - Two-speed stock exchanges: Europe recovers, the Nasdaq does not
All share lists are recovering, with Milan the best stock exchange in Europe - The Nasdaq is breathing - In Piazza Affari the most purchased stocks are Tim, Enel and Amplifon - Sales of Saipem, Eni and Stellantis - Savona, accused of…
According to Consob, the number of transactions in shares grew by a third between 2019 and 2021 - Interest in crypto-assets is also increasing - Participation in the markets is growing, but new investors are less competent…
In 2021, more than 35 million euros returned to savers' pockets - The rate of acceptance of appeals is growing sharply
He will be the new Director of Financial and Business Affairs of the World Organization based in Paris - This is why Di Noia is leaving Consob one year early
Stefano Lucchini, Giovanni Malagò and Andrea Abodi launch the three-year collaboration between the Foundation for Financial and Savings Education, CONI and the Istituto per il Credito Sportivo to raise awareness among athletes on issues of economic citizenship, management…
The Consob president warns against the risk of proliferation of different regulatory frameworks between countries. The case of cryptocurrencies. Innovation must be legitimized by clear and coordinated rules or savers are more exposed
The battle among Generali's top management heats up in view of today's Appointments Committee and Monday's board which must decide on whether or not to present a list of the outgoing board of directors, confirming or not Donnet's leadership,…
Only the shareholders who had accepted the settlement agreement proposed by Popolare di Bari were excluded. This was decided by the Court of Bari in the last hearing in the trial against the former heads of the institute. He will return to court next September
After a long illness, Filippo Cavazzuti, great economist, university professor, pupil of Nino Andreatta and right-hand man of Carlo Azeglio Ciampi, senator of the independent Left for 4 legislatures and Consob commissioner, passed away - - The message of…
Appeals presented since the beginning of the year are on the rise, most of which come from Southern Italy - Serious critical issues encountered in the information prior to the investment - Compensations are also growing
In the meeting with the market, the president of Consob, Paolo Savona, recalled the urgency of adequate regulation of cryptocurrencies, which otherwise risk distorting the normal functioning of the markets by exposing them to high risks
Oil opens the week at a high and Goldman Sachs expects it to reach 80 dollars a barrel - Waiting for the Fed meeting - Consob meeting with the market today with the report from President Paolo…
Bitcoin's recent records have turned the spotlight on crypto-assets, but they present major risks of volatility, malfunction and cyber-attacks
In the Government's nomination dossier there are not only the renewals of the subsidiaries - starting with the CDP and the Fs - but around fifty other positions in public bodies and bodies that are coveted by many: here's what…
A recent Consob study argues that the Italian rules on takeover bids are used more for delisting than to increase the contestability of companies, but the real problem does not lie in the current regulation but in the nature of Italian capitalism, which…
Generali can increase up to 26,9% of Cattolica Assicurazioni by purchasing the shares subject to withdrawal without having to launch the tender offer: Consob established it on Christmas Eve
Covid-19 has also affected Consob which will be closed for a week, the president Paolo Savona having tested positive
