Newsletter - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Watch for scams! Financial fraud: Consob blacks out 6 more abusive websites
Consob definitively blocks the abusive takeover bid on Piaggio launched by Jsc Handel Gruppe
Fact-finding investigation into the interest in carrying out activities in Italy within the scope of MiCAR
Esma, cyber risks become a strategic priority for market surveillance
Crowdfunding portal managers register
Voluntary takeover bid on Growens Spa: Consob approves the bid document
BF Spa share capital increase: Consob approves the prospectus and listing of new shares
Save The Date: 14 November 2023, 11.30 a.m.-1.15 p.m. - Presentation of the Guidelines drawn up by COMI on the simplification of prospectuses and admission to trading
Save The Date: 27 November 2023, 10.00 a.m.-12.00 p.m. - Conference to mark the “International Day for the Elimination of Violence against Women”: FREE TO COUNT - More
financial awareness, less economic violence
Commission decisions taken during the week
Consob has ordered the black-out of 6 new websites that offer financial services illegally.
The commission availed itself of the new powers resulting from the "Decreto Crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article 36, paragraph 2-terdecies), on the basis of which Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorisation.
Below are the sites Consob has ordered to be blacked out:
- Nexus Llc(website https://powercapital.live and its relative pages https://my.powercapital.live and https://my.tradings.life);
- Free Trade Cfd (website https://freetrade-cfd.com and its page https://client.freetrade-cfd.com);
- Smart Flow Ltd (website https://smartflow.work and its relative pages https://office.smartflow.work and https://trade.smartflow.work);
- Avan Trade (website https://ai-trade.consulting and its page https://cfd.ai-trade.consulting; website https://ai-trade.holdings and its page https://cfd.ai-trade.holdings);
- Bullbit (website https://bullbit.net and its page https://trade.bullbit.net);
The number of sites blacked out since July 2019, when Consob was given the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 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 behaviours, essential to safeguard one's savings: these include, for websites that offer financial services, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products, that a prospectus has been published.
Please note, there is a section on the homepage of the www.consob.it website, entitled "Watch for Scams!", which provides useful information warning investors about fraudulent financial schemes.
Consob has definitively blocked the abusive takeover bid on Piaggio ordinary shares launched in recent weeks by the JSC Handel Gruppe, thus making the temporary suspension of the offer announced on 10 October definitive.
The permanent termination of the takeover bid, ordered by Consob pursuant to Article 187-octies, paragraph 6, letter a) of the Consolidated Law on Finance, is accompanied by a request to LinkedIn Ireland to permanently remove all references from the web pages through which the abusive takeover bid had been launched. These are pages https://www.linkedin.com/in/pierluigidc/ andhttps://www.linkedin.com/pulse/formal-letter-offer-buy-pierluigi-di-cieri, attributable to Mr. Pierluigi Di Cieri, whose illegal contents, in particular a document in ".pdf" format entitled "Letter of Offer to Piaggio & Co. S.p.A.", constitute a means of promoting abusive activity.
The measure (Consob resolution no. 22871 of 8 November 2023) can be consulted on the Consob website.
Regulation (EU) 2023/1114 ("MiCAR") was published in the Official Journal of the European Union on 9 June 2023 and will be applicable from 30 December 2024, except for the provisions set out in Titles III and IV relating to asset-related tokens ("ART") and electronic money tokens ("EMT"), which will be applicable from 30 June 2024.
Consob and the Bank of Italy, in cooperation with the Organisation of financial agents and credit brokers ("OAM"), intend to conduct a fact-finding investigation to understand the potential level of interest in carrying out activities in Italy within the scope of MiCAR and to support the preparation for the application of the aforementioned regulation.
This investigation is addressed to:
1. banks, electronic money institutions, payment institutions, financial brokers pursuant to Article 106 of the Consolidated Law on Banking, Sim, UCITS and AIF operators, central securities depositories and operators of regulated markets;
2. subjects registered in the register of Service Providers relating to the use of virtual currency and digital wallet services held by the OAM who currently carry out services and activities that will be regulated by MiCAR;
3. persons other than those referred to in the previous points who intend to carry out services or activities regulated by MiCAR.
The investigation is conducted through methods agreed by the aforementioned Authorities and the OAM.
For the subjects referred to in point 1, refer to the communications of the Bank of Italy (https://www.bancaditalia.it/media/notizia/indagine-conoscitiva-sull-interesse-a-svolgere-in-italia-attivit-rientranti-nell-ambito-applicativo-di-micar/); for the subjects referred to in point 2, the answers will be collected by the OAM.
For the subjects referred to in point 3 of the list, it was requested to complete a questionnaire and reply by sending the completed questionnaire to the email address micar@consob.it by 24 November 2023.
Cyber risks become one of ESMA's strategic supervision priorities (https://www.esma.europa.eu/press-news/esma-news/esma-put-cyber-risk-new-union-strategic-supervisory-priority).
In fact, the European Securities and Authority has decided to review the Union Strategic Supervisory Priorities (USSPs) with which it coordinates and guides supervisory action at European level together with national authorities, including cyber risks and digital resilience alongside the disclosure of ESG (environmental, social and governance) data.
The European Supervisory Authorities will place greater emphasis on the need to strengthen the management of information and communication technology risks, and on the potential contagion of cyber-attacks, through tighter monitoring and supervisory actions, with a view to keeping pace with technological and market developments.
The new USSP Priorities will come into force in 2025, together with the Digital Operational Resilience Act (DORA), giving authorities and businesses sufficient time to prepare for the new requirements while the ESMA and the relevant national supervisory authorities carry out preparatory work.
The new Priorities will replace the previous USSPs on the quality of market data, following intense concerted action between the ESMA and the national competent authorities that have developed supervisory tools, common data quality methodologies and data sharing mechanisms.
From 11 November 2023, only crowdfunding service providers for businesses that have obtained authorisation pursuant to Regulation (EU) 2020/1503, and which, as such, are registered in the appropriate Register of crowdfunding services providers kept by the ESMA (Article 14 of the Regulation), may operate in Italy.
The Register is available at the following link: https://www.esma.europa.eu/document/register-crowdfunding-services-providers.
From the same date, the national regulations (article 50-quinquies of the Consolidated Law on Finance, including paragraph 2) are no longer applicable.
Any information on prior registrations to the previous Register may be requested through the SIPE application form - available on the Consob website.
Consob approved the document relating to the voluntary partial takeover bid (OPA) for ordinary shares of Growens Spa up to 17.2% of the share capital launched by the issuer itself (resolution no. 22870 of 8 November 2023).
The repurchase of the company's treasury shares has not been finalised, nor will it determine the delisting from Euronext Growth Milan where the shares are traded.
On 13 July 2023, Growens announced that it had approved the guidelines for the operation, subject to authorisation by the shareholders' meeting, at a price of EUR 6.80 per share, using part of the resources deriving from the transfer Teamsystem Spa of the email service provider business for EUR 76.7 million.
The subscription period for the bid runs from 13 November to 6 December 2023, with a payment date on 13 December, unless the subscription period is extended.
The transaction was approved by the shareholders' meeting of Growens on 18 September, also with the favourable vote of the majority of the shareholders of the issuer, present at the meeting, other than the shareholder or shareholders who hold, also jointly, even a relative majority stake, provided that it exceeds 10% (so-called whitewash).
The bid concerns up to a maximum of 2,647,058 shares, equal to approximately 17.2% of the share capital of the issuer; the treasury shares already held by Growens, equal to 0.407% of its share capital, are excluded from the bid.
The bid is not subject to reaching a minimum number of acceptances. Therefore, Growens will purchase all of the shares tendered in the bid up to the maximum number of shares, without prejudice to the case of allotment, which will take place according to the 'pro rata' method. In this case, the company will purchase the same percentage of shares from all subscribers.
In the event of full subscription to the bid, Growens will hold 2,709,641 treasury shares, corresponding to approximately 17.603% of its subscribed and paid-up share capital. As stated in the document, the shares purchased by the issuer as part of the bid will not be cancelled as a result of the bid, but will remain available to the issuer to be used for future strategic operations.
The unit price of the bid is equal to EUR 6.80, for a maximum disbursement of EUR 17,999,994.40 in the event of full subscription to the bid.
Growens Spa (both issuer and bidder in the context of the bid) is a company under Italian law founded in 2002 and active in the cloud marketing technologies sector (MarTech).
As of the date of the bid document, the Growens group is mainly active in two business areas: software-as-a-service, which includes the development and marketing of cloud services, with particular focus on content design and data-driven and multi-channel marketing automation, services carried out by the subsidiary Bee Content Design; and communication platform as-a-service, through the subsidiary Agile Telecom Spa, which develops and sells technologies for mass sms messaging, for marketing and transactional purposes.
The shareholdings in the share capital of the issuer exceeding 5% of the share capital are: Nazzareno Gorni (Poliedring Srl) with 10.442%; Alberto Miscia (Amo Srl) with 10.433%; Matteo Manfredini (MM Srl) with 10.328%; Luca Azzali (Yugen Srl) with 10.045%; Matteo Bettoni (Linea Srl) with 9.811%; Gianluca Pronti (also through Zoidberg Srl) with 7.99%. A shareholders' agreement between Nazzareno Gorni, Alberto Miscia, Matteo Manfredini, Luca Azzali and Matteo Bettoni, (each through their own Srl) – owners of a total of 7,859,805 shares, equal to approximately 51.06% of the share capital of Growens – binds a total of 7,000,000 shares, equal to approximately 45.47% of the share capital of the issuer. The shareholders' agreement provides, inter alia, for a lock-up constraint on the syndicated shares, while the other shares held by the parties are released.
The effectiveness of the bid is subject to the MAC condition (no adverse events clause) and the Share Price condition.
With particular regard to the Share Price condition – which subordinates the effectiveness of the bid to the fact that, by the second stock market trading day prior to the bid payment date, the official share price is not less than EUR 5.50 – the minimum price indicated (equal to EUR 5.50) has been identified by the bidder with reference to the average of the official share prices weighted for the volumes traded on Euronext Growth Milan in the twelve months prior to 12 July 2023, the day prior to the date of the bid announcement by MAR (equal to EUR 5.56).
In the document, the bidder reserves the right to waive the aforementioned conditions and/or modify them, in whole or in part, at any time and in its sole discretion, in accordance with the applicable regulations of the Issuers' Regulations.
Given that the bidder and the issuer are the same, the communication pursuant to Article 103(3) of the Consolidated Law on Finance (TUF) will not be prepared.
Consob has approved the prospectus concerning the bid and admission to trading on Euronext Milan of the B.F. Spa shares resulting from the capital increase of up to EUR 300 million approved by the shareholders' meeting of 27 September 2023.
The capital increase, intended to finance the group's new 2023-2027 business plan, will take place by issuing up to a maximum of 74,823,826 ordinary shares of B.F. Spa (the "New Shares"), having the same characteristics as the ordinary BF shares outstanding at the time of issue, to be offered as an option to the company's shareholders in the ratio of 2 new shares for every 5 option rights held, specifying that an option right will be credited for each ordinary BF share outstanding.
The offer price is equal to EUR 4 for each new share, to be charged EUR 1 to share capital and EUR 3 to share premium. The amount of the option bid, and therefore the total amount of the capital increase, will be a maximum of EUR 299,295,304. The offer price is compared with an average price recorded by the shares on Euronext Milan, based on the official prices of the Italian Stock Exchange, in the previous month and in the 3, 6 and 12 months prior to 6 November 2023 (inclusive) equal to, respectively, EUR 3.46, EUR 3.51, EUR 3.57 and EUR 3.62.
The fact that the offer price is higher than the average prices recorded for shares in Euronext Milan in the previous month and in the 3, 6 and 12 months prior to 6 November 2023 could negatively affect the propensity of investors to subscribe for the new shares, thus increasing the risk that the capital increase will not be fully executed.
The option rights will be exercisable, under penalty of forfeiture, from 13 to 30 November 2023 (inclusive), and can also be traded on the Euronext Milan regulated market from 13 to 24 November 2023 (inclusive). The option rights not exercised by the end of the option period will be offered on Euronext Milan within one month of the end of the option period, for at least two open trade days and unless they are already sold in full, pursuant to Article 2441, paragraph 3, of the Italian Civil Code.
The start and end dates of the offer period of the option rights on Euronext Milan will be communicated to the public by means of a specific notice.
B.F. is the head of the group of the same name operating in all agro-industrial sectors, from genetic improvement to the processing and marketing of seeds, to the ownership of the land from which agricultural products are obtained, to their processing and marketing through its own distribution brand or in partnership with some of the most important large-scale retail chains ("GDO"), to the supply and provision of products and services to the agricultural sector. The markets in which the group operates tend to concentrate international operators and are marked by global trends, including the attention of customers and consumers towards ESG issues.
At the prospectus date, the persons directly or indirectly holding shareholdings of more than 3% of the capital represented by shares with voting rights are: Dompe' Holding (24.975%); Arum Elfe Srl(22.327%); (0.116%); Fondazione Cassa di Risparmio delle Provincie Lombarde (7.291%); ISMEA Eni Natural Energies Spa (6.041%); (5.315%); Fondazione Enasarco (4,000%); Intesa Sanpaolo (3.315%); Ente Nazionale di Previdenza per gli Addetti e gli Impiegati in Agricoltura (3.265%); Inarcassa – Cassa Nazionale di Previdenza e Assistenza per i Ingenieri e Architetti Inarcassa (3.145%).
At the prospectus date, no natural or legal person exercises control over the issuer within the meaning and for the purposes of article 93 of the Consolidated Law on Finance.
At the prospectus date, the shareholders Dompè Holdings, Arum and Intesa Sanpaolo, holders of shareholdings representing a total of 50.73% of the share capital of B.F., have entered into subscription commitments, by virtue of which they have irrevocably and unconditionally undertaken to fully exercise all the option rights due to each of them as part of the capital increase and, therefore, to subscribe for the pro-rata shares with respect to their shareholding in the company, for a total amount of approximately EUR 150 million (the "subscription commitments").
The subscription commitments are not backed by any guarantee, nor is there any guarantee consortium.
The prospectus outlines the risks with regard to the issuer and the group, to the sector in which they operate, and to the financial instruments that will be admitted to listing.
A meeting will be held via Webinar, this coming 14 November from 11:30 a.m. to 1.15 p.m., to present the Guidelines on the simplification of prospectuses, prepared by the Committee of Market Operators and Investors (COMI) and published last 13 July on the Consob website in the area dedicated to Comi.
The Guidelines aim to provide a clear and simple description of the information contained in the prospectuses for public offerings and listing of shares on regulated markets, in order to standardise their content, making them more uniform with other European countries, and facilitate their understanding, including during scrutiny by the Authority.
The purpose of COMI, set up in 2018 at Consob, is to facilitate discussion and dialogue with market operators and investors on regulatory issues and other acts of general content or strategic direction that lie within the competence of Consob.
COMI's work takes into account the simplification proposals made at European and Italian level: the Listing Act and the MEF Green Paper from which the draft law on the competitiveness of the capital market took shape.
The simplification of the rules on prospectuses has for years been the focus of legislators and market participants, both at European and domestic level. Simplification of this matter will contribute to making the capital market more efficient and competitive.
Use of the guidelines is upheld by Consob in consideration of the contribution that may derive from them in terms of facilitating the debate between operators and the Authority for the purpose of carrying out investigations on the prospectuses, and helping to accelerate approval times.
Michele Siri (COMI - coordinator of the working group on the simplification of prospectuses) will introduce the meeting. Interventions will follow on the following topics:
"The Equity prospectus. Public offer and listing prospectuses" by Marcello Bianchi (ASSONIME);
"The simplified prospectus for capital increases and transferring from a multilateral trading facility to a regulated market" by Paola Fico (Borsa Italiana, Euronext Group);
"Prospectuses for debt securities. Public offering and listing prospectuses" by Francesco Vella (Mediobanca, Coordinator of Assosim Standing Committee on the Legal thematic area).
Participation, which is only for operators in the sector and companies intending to target the capital market, is limited to a maximum number of participants. Anyone interested may ask to attend by sending their details (including their area of business/profession and email address for the transmission of the Teams link) to segr.DIE@consob.it.
The conference FREE TO COUNT - More financial awareness Less economic violence will be held on 27 November, from 10:00 a.m. to 12:00 p.m., at the Consob Auditorium in Rome, Via Claudio Monteverdi 35, to mark "International day for the elimination of violence against women".
Paolo Savona (Chair of Consob) and Federico Freni (Undersecretary of State, Ministry of the Economy and Finance) will open the meeting.
Director and performer Micaela Ramazzotti will speak.
The following will take part in the debate: Gabriella Alemanno (Consob Commissioner); Magda Bianco (Head of the Department of Customer Protection and Financial Education, Bank of Italy); Claudia Cattani (Chair of BNL-BNP Paribas); Maria Rosaria Covelli (Head of the Inspectorate General, Ministry of Justice); Alessandro Grispini (Head of the Mental Health Multispeciality Department 2nd District - ASL Rome 1); Luisa Todini (Entrepreneur - Chair of Todini Finanziaria).
Moderator: Roberto Sommella (Director of MF-Milano Finanza).
Participation is free.
The flyer for the event is available at the following link.
For organisational reasons, please register online: http://www.consob.it/web/area-pubblica/iscrizione-seminari.
- The document relating to the partial voluntary takeover bid for ordinary Growens Spa shares, launched by the issuer itself pursuant to Articles 102 et seq. of Legislative Decree no. 58 of 1998, has been approved (resolution no. 22870 of 8 November 2023).
- The prospectus concerning the bid and admission to trading on Euronext Milan, organised and managed by Borsa Italiana Spa, of the shares of Bf Spa deriving from the capital increase of a maximum of EUR 300 million referred to in the shareholders' resolution of 27 September 2023 has been approved (decision of 8 November 2023).
- The information note on the programme for the offering to the public and/or listing of bonds issued by Banca Popolare di Sondrio Spa has been approved (decision of 8 November 2023).
- The information note on the programme for the offering to the public of certificates issued by Banca Profilo Spa has been approved (decision of 8 November 2023).
- The information note on the programme for the offering to the public and/or listing of Bper Banca Spa bonds, has been approved (decision of 8 November 2023).
- The supplement to the registration document of Banca Popolare dell'Alto Adige Spa, approved on 22 June 2023, drawn up pursuant to Article 10, section 1, and 23 of Regulation (EU) 2017/1129 has been approved (decision of 8 November 2023).
- Walliance Sim Spa, with registered office in Trento, has been registered on the register referred to in Article 20(1) of Legislative Decree no. 58 of 24 February 1998. The company is authorised to exercise placement investment services without irrevocable commitment to the issuer and to receive and transmit client orders, as referred to in Article 1, paragraph 5, letters c-bis) and e) of Legislative Decree 58/1998. The authorisation to provide the above investment services is released with the following operating modes: "without holding, not even temporarily, the cash and financial instruments of the clients". Walliance Sim Spa has also been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503, consisting in the intermediation of the granting of loans, as well as the service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503, consisting in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22878 of 8 November 2023).
- Doorway Spa SB, based in Bologna, has been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503 consisting in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22879 of 8 November 2023).
- Ener2crowd Srl SB, based in Milan, has been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503 consisting, respectively, in the intermediation of the granting of loans and in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22877 of 8 November 2023).
- Siamosoci Srl, based in Milan, has been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503 consisting in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22876 of 8 November 2023).
- Y-Crowd Srl, based in Milan, has been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503 consisting, respectively, in the intermediation of the granting of loans and in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22875 of 8 November 2023).
- Rendimento Etico Srl, based in Milan, via Fabio Filzi no. 27, pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in art. 2, paragraph 1, letter a, sub i), of Regulation (EU) 2020/1503 consisting in the intermediation in the granting of loans (resolution no. 22887 of 10 November 2023).
- Crowdfundme Spa, based in Milan, has been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503 consisting in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22885 of 10 November 2023).
- Backtowork24 Srl, based in Milan, has been authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58 of 24 February 1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in article 2, paragraph 1, letter a, sub ii), of Regulation (EU) 2020/1503 consisting in the placement without an irrevocable commitment and the receipt and transmission of client orders relating to securities and instruments admitted for crowdfunding purposes issued by project owners or special purpose vehicles (resolution no. 22886 of 10 November 2023).
Order, pursuant to art. 7-octies, letter b) of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) to cease infringement of art. 18 of Consolidated Law on Finance, put in place by:
- Nexus Llc via the website https://powercapital.live and its pages https://my.powercapital.live and https://my.tradings.life (resolution No. 22881 of 8 November 2023);
- Free Trade Cfd via the https://freetrade-cfd.com and its page https://client.freetrade-cfd.com (resolution no. 22882 of 8 November 2023);
- Smart Flow Ltd via the https://smartflow.work relevant pages https://office.smartflow.work and https://trade.smartflow.work (resolution no. 22883 of 8 November 2023);
- Avan Trade via the https://ai-trade.consulting and its page https://cfd.ai-trade.consulting; website https://ai-trade.holdings and its page https://cfd.ai-trade.holdings (resolution no. 22884 of 8 November 2023);
- Bullbit via the https://bullbit.net and its page https://trade.bullbit.net (resolution no. 22883 of 8 November 2023).