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Conciliation and Arbitration Chamber

Weekly newsletter - year XXIII - No. 1 - 16 January 2017

Commission decisions:

N.B. measures adopted by Consob are published in the Bollettino and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.



The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Spain (Comisión Nacional del Mercado de Valores - CNMV), Sweden (Finansinspektionen), Ireland (Central Bank of Ireland ), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Switzerland (Swiss Financial Market Supervisory Authority – FINMA), Poland (Polish Financial Supervision Authority), Hong Kong (Securities and Futures Commission – SFC), British Virgin Islands (British Virgin Islands Financial Services Commission – BVIFSC), British Columbia (British Columbia Securities Commission – BCSC), Brazil (Comissao de Valores Mobiliarios – CVM), Austria (Financial Market Authority – FMA) and Denmark (Danish Financial Supervisory Authority – Finanstilsynet) report companies and websites that are offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

  • Rothschild Private Wealth, clone of the authorised company NM Rothschild & Sons Ltd (www.rothschild.com), with headquarters in London (reference no. 124451);

  • Mulvey & Hanson Llp (www.mulveyandhansonlaw.com), with declared headquarters in Boston;

  • Finance 2All, clone of an authorised company.

  • Capital Bridging Finance No.1 Limited (www.capitalfinanceno1.com), with declared headquarters in London, clone of the authorised company Capital Bridging Finance No.1 Limited, with headquarters in London (reference no. 08170937);

  • Einstein Transfer Ltd (www.einsteintransfer.com);

  • Graceful Motors Ltd;

  • Campton Capital Partners (www.camptoncapitalpartners.com), with declared headquarters in New York;

  • Lawson Management Group Llc (www.lawsonmanagementgrp.com), with declared headquarters in New York;

  • IBA Markets / International Brokers Association Markets (www. ibamarkets.com), with declared headquarters in London;

  • Penflow Ltd (www.penflow.co.uk), clone of the authorised company Penflow Ltd, with headquarters in Great Britain (reference no. 10136605);

  • Money Matcher Ltd (www.moneymatcherclaims.co.uk), with declared headquarters in Manchester;

  • Horseshoe Credit Union Ltd, (www.horseshoecreditunion.com), with declared headquarters in Great Britain, clone of the authorised company Horseshoe Credit Union Limited (reference no. 578292);

  • Stockfield Associates Group (www.stockfieldassociates.com), with declared headquarters in New York;

  • Little Loans Limited, with declared headquarters in London;

  • Savage Finance Limited (www.selffinance.loan, www.savagefinance.loan), with declared headquarters in Manchester.

Reported by the CNMV:

  • Ridge Capital Markets (www.rdgcm.com);

  • D. Pedro Vicente Garrido.

Reported by the Swedish Finansinspektionen:

  • Tokachi Group;

  • Nikko-Desjardins Asset Management;

  • Lexus Group.

Reported by the Central Bank of Ireland:

  • Gvq Investment Funds plc (www.gvqinvestmentfunds.com).

Reported by the CSSF:

  • Alpha Innovative Strategies Ltd (www.ia-patrimoine.com);

  • Collardi Capital Management Sa (www.collardi-capital.com), with declared headquarters in Luxembourg.

Reported by the FINMA:

  • Geneva Option;

  • Liquid-fx Gmbh.

Reported by the Polish Financial Supervision Authority:

  • Marshall Software;

  • Marshall Advanced Innovation;

  • Joshua Consulting Ltd;

  • Il Trade sp. z o. o.;

  • Bloomfx sp. z o. o;

  • Alpha Advanced Innovation Limited;

  • Alpha Finex Ltd;

  • Trademarker Cyprus Ltd;

  • Witold Witczak Firma Factor.

Reported by the SFC:

  • Dfrf Enterprises Llc;

  • Braemar Capital of Hong Kong;

  • www.yun199.com;

  • Soleil Chartered Investments;

  • Lawton & Yeung;

  • Nikko-Desjardins Asset Management;

  • William Paulstern;

  • Orient Int / Copyright Trading Holdings Limited / Oriental International Culture and Art Exchange Platform;

  • Aegis Corporation Ltd;

  • Sealand Trading (Hong Kong) Limited;

  • Drukenmiller Investment Service;

  • Peak Capital Management.

Reported by the BVIFSC:

  • Xmaxbit (www.xmaxbit.com).

Reported by the BCSC:

  • Inter Global (www.fx-inter.com);

  • Royal Downing Investments;

  • StoxMarket, Marketier Holdings Limited (www.stoxmarket.com);

  • BinaryBook, Tech Sb Ltd (www.binarybook.com).

Reported by the CVM:

  • InstaForex Group.

Reported by the FMA:

  • Esa Holding Gmbh, with declared headquarters in Vienna;

  • www.wismullergunter.com.

Reported by the Danish Finanstilsynet:

  • Binary Option Auto Trading (www.binaryoptionautotrading.com).

The supervisory authority of France (Autorité Des Marches Financiere – AMF) warns investors about investments in diamonds, taking into account the uncertainty about the nature of the activities carried out by several companies in this regard, in which the high financial returns are emphasised without mentioning their risks.

The AMF has, in addition, updated the list of websites offering trading of binary options without the required authorisation. The complete list is published on the French authority’s website at the following address: www.amf-france.org.


The conference to present the results of the survey on financial education programmes in the three years 2012-2014 will be held this coming Wednesday in Rome. The conference is the result of collaboration between the Bank of Italy, CONSOB, COVIP, IVASS, Fondazione per l’Educazione Finanziaria (the Foundation for Financial Education and Investment) and Museo del Risparmio (the Investment Museum). The appointment is set at 9:15 on 18 January at Via Nazionale 190 in the Carlo Azeglio Ciampi Centre for monetary and financial education of the Bank of Italy.

Luigi Federico Signorini (Deputy General Manager of the Bank of Italy) will open the session. This will be followed by the presentation of the results of the census by Angela Romagnoli and Francesco Franceschi (Bank of Italy) and speeches by Anna Maria Ajello (La Sapienza University), Carmela Aprea (Friedrich-Schiller University of Jena), Luigi Guiso (Einaudi Institute for Economics and Finance) and representatives of the Bank of Italy, CONSOB, COVIP, IVASS, Fondazione per l’Educazione Finanziaria e del Risparmio and Museo del Risparmio. The event will be chaired by Debora Rosciani (Radio24). The event will be closed by the Honourable Maurizio Bernardo, Chairperson of the Finance Commission of the Chamber of Deputies.


The Arbitrator for Financial Disputes (AFD) has been operational since this past 9 January. The new instrument set up at CONSOB enables investors to settle disputes with intermediaries out of court.

On the website www.acf.consob.it interested investors can find in video format and in a specific explanatory brochure all the information needed to understand who can appeal to the Arbitrator, on what conditions, through what procedures and with what timing.

The AFD is available to small investors that find themselves in a dispute with their intermediary (bank, investment firm, asset management company) for complaints that regard an alleged breach of rules on correctness and conduct and on transparency of information. Investors who have already presented a complaint to the intermediary and have not had a reply in the next two months or if the reply has been unsatisfactory can appeal to the Arbitrator.

Once a complaint has been made and two months have passed, the next step is an appeal to the Arbitrator. The body intends to make available to investors an agile and efficient tool for settling out of court disputes with intermediaries up to a maximum value of € 500,000. Appeals to the AFD are completely free for investors. The judgement times are rapid: the Arbitrator is obliged, in fact, to close the dispute within six months at the most.

The AFD is a board, on which the various components of the financial market are represented: besides the Chairperson it has four members, of whom two indicated by CONSOB and two the expression respectively of the associations of consumers and of the financial industry.


CONSOB, the Committee for Corporate Governance and Assonime are organising for this coming 17 February in Milan a meeting intended mainly for members of boards of directors and boards of statutory auditors on the subject of “Corporate Governance of Italian listed companies”.

Taking part among others will be: Giuseppe Vegas (Chairperson of CONSOB), Maurizio Sella (Chairperson of Assonime and of Emittenti Titoli), Andrea Sironi (Chairperson of Borsa Italiana) and Tommaso Corcos (Chairperson of Assogestioni).

The three analyses will be presented in detail during the meeting by representatives of the organisations that are promoting the event. For information and attendance please send a message to “mercatocapitali.quotate@assonime.it”.


The Commission has announced a selection procedure for training and orientation internships of an extracurricular nature to be carried out in the CONSOB offices in Rome and Milan.

The idea is aimed at broadening and rounding off courses of study already completed, as well as directing the professional choices of the interns by means of a training experience in direct contact with the world of employment.

The year 2017 will see the launch of 26 internships, each distinguished by an individual code.

The internships involve daily attendance of 6 hours and 30 minutes, from Monday to Friday, for an average commitment of 32 hours and 30 minutes weekly, unless particular needs should arise during the period of the training project. The internships will last a maximum of 6 months (except for the internship indicated with the code DST-3, which will last for a maximum of 3 months) including any extensions, but excluding any periods of suspension for maternity or sickness leave.

Applications for participation require possession of one of the following qualifications, obtained during the 12 months prior to the deadline for presentation of applications:

- second level degree, either specialised, master’s or single cycle, in the subjects concerned in the training course for which application is being submitted, obtained with a grade of no less than 105/110;

- research doctorate;

- 2nd level master’s degree of minimum one year at university;

- university specialisation course of at least one year, following attainment of a second level degree, either specialised, master’s or single cycle.

The interns will receive an allowance for participation of € 800 gross monthly. Applications for participation must be submitted – no later than 31 January 2017 – to the e-mail address: tirocini@pec.consob.it.

Further information regarding requirements, procedures and terms for participation can be found in:

- the resolution and public announcement of the internships;

- the list of projects of the internships;

- the application form;

published on the CONSOB website in the section “CONSOB e le sue attività/La CONSOB/Lavorare in CONSOB/tirocini” (“CONSOB and its activities/CONSOB/work at CONSOB/internships”).


taken or made public during the week
(the documents with a link or underlined in the printed edition are immediately available in the respective sections of the website www.consob.it; the other measures will be available in the next few days) 


  • Approval has been given for the base prospectus concerning the programme of public offering of bonds issued by Banco di Sardegna SpA (Decision of 12 January 2017).

Registers and lists

  • Authorisation has been revoked for Servizi Emittenti Quotati Sim SpA (Seq Sim)to perform the investment service pursuant to Art. 1, paragraph 5, letter f), of Italian Legislative Decree no. 58/1998 with consequent elimination from the investment firm register (Resolution no. 19841 of 11 January 2017).

  • Corrado Luraghi has been removed from the single register of financial advisers (Resolution no. 19397 of 30 September 2015).

  • Umberto Boscherini has been suspended for one year, as a precautionary measure, from exercising the activity of financial consultant authorised to make out-of-office offers (Resolution no. 19804 of 13 December 2016).

CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Antonella Nibaldi (coordinator), Claudia Amadio, Riccardo Carriero, Luca Cecchini, Laura Ferrri, Alfredo Gloria - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.

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