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Conciliation and Arbitration Chamber

Weekly newsletter - year XXIII - No. 2 - 23 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), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Spain (Comisión Nacional del Mercado de Valores - CNMV), Poland (Polish Financial Supervision Authority - KNF) and Hong Kong (Securities and Futures Commission - SFC), report companies and websites that are offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

  • Rhine & Associates / Rhine Associates (www.rhineandassociates.com), with declared headquarters in the United States;

  • Colbert & Welling (www.colbert-welling.org), with declared headquarters in the United States;

  • Liffe Exchange (www.liffexchange.com, www.liffexchange.org, www.liffexchange.co, www.lifoex.org,www.liffexaccounts.com, www.lifoexaccounts.org,www.lifuturesaccount.com, www.intercommexchange.com), clone of the authorised company Ice Futures Europe (www.theice.com), with headquarters in London (reference no. 207385);

  • Savage Finance Limited;

  • Little Loans Limited.

Reported by the CSSF:

  • Pageon Bank SA, with declared headquarters in Luxembourg.

Reported by the CNMV:

  • FxGoldSystem (www.fxgoldsystem.com).

Reported by the KNF:

  • Gallery New Form (www.timelessgallerygroup.com).

Reported by the SFC:

  • Finance & Investment Association (Asia) / Finance & Investment Association Hong Kong;

  • FengSheng Stock Invest / FengSheng Capital Limited / Hongkong Fengsheng Stock Investment Company Ltd;

  • Carlson-Schmidt Securities;

  • Liberty Holdings Ltd;

  • iCoption;

  • Asian Mercantile Exchange;

  • Fujitsu Global;

  • 卓益財富集團 (Chinese name).


This past 18 January the conference was held in Rome, at the Bank of Italy, on: "Financial education in Italy: today and tomorrow. The first national census of initiatives organised around the country". During the proceedings the results of the survey on financial education initiatives in our country were illustrated. The survey was carried out by the supervisory authorities, the Bank of Italy, CONSOB, COVIP and IVASS – together with the Investment Museum (Museo del Risparmio), the Foundation for Financial Education and Investment (Fondazione per l’Educazione Finanziaria e il Risparmio - FEDUF), the Ministry of Economy and Finance (MEF) and the Ministry of Education, Universities and Research (MEUR).

The initiative arose from the need to launch a national financial education strategy, which can guarantee structured and permanent action to improve the economic and financial culture of the Italians. The existing programmes and the provider bodies were therefore surveyed in depth, and this made it possible to identify certain good practices which were then illustrated during the conference.

A number of methodological aspects essential for concrete articulation of the national strategy were also studied, with particular regard to (a) surveying the training needs, (b) defining the contents of financial education initiatives and (c) the related monitoring. To increase the effectiveness of the actions the population of addressees should first be segmented on the basis of specific needs; the tools for transmitting the training and informative material must be opportunely diversified and innovative; the initiatives must be monitored to be able to assess achievement of the objectives identified in advance and to adopt any necessary corrective measures. In all the stages of the national strategy it is crucial to take into account also the so-called “soft variables”, that is common convictions, attitudes, interests and emotions and cognitive and behavioural distortions that can affect the individual propensity to translate stimuli received into correct actions.

In order to relaunch coordination between institutions, in line with the spirit of a national strategy, the organisers of the survey then presented initiatives to be launched soon, including the beginning of a permanent census of financial education initiatives and a training campaign on risk.

The conference ended with a speech by the Honourable Maurizio Bernardo, chairperson of the Finance Commission of the Chamber of Deputies and promoter of one of the draft laws currently under discussion in Parliament, who renewed his commitment to the process already launched.


This past 19 January the CONSOB Chairperson Giuseppe Vegas spoke at the Senate in a hearing before the joint Commissions of Finance and Treasury of the Senate and Finance of the Chamber on the subject of protecting savings in the banking sector with reference to the recent Italian law decree no. 237 of 23 December 2016. The text of the report is available on CONSOB's website in the section “CONSOB and its activities/Communications/Hearings”.


This coming 17 February at 9.15, at the Fondazione Cariplo, Via Romagnosi 8, Milan, a conference will be held entitled “The Corporate Governance of Italian listed companies. The analyses of CONSOB, the Committee for Corporate Governance and Assonime-Emittenti Titoli, in cooperation with Borsa Italiana.

Taking part among others will be: Giuseppe Vegas (Chairperson of CONSOB), Gabriele Galateri di Genola (Chairperson of the Committee for Corporate Governance), Maurizio Sella (Chairperson of Assonime and of Emittenti Titoli), Andrea Sironi (Chairperson of Borsa Italiana) and Tommaso Corcos (Chairperson of Assogestioni).

During the conference the CONSOB Report on Corporate Governance of Italian Listed Companies for 2016, will be presented. This provides evidence on ownership structures, corporate bodies, shareholder meetings and transactions with related parties, on the basis of data taken from statistical supervisory reports and public information.

The CONSOB Report will be available after the presentation. For further information, please see the programme.

Attendance is free of charge but booking online at the following link is appreciated: https://sites.google.com/site/lacorporategovernance.


The Commission has announced a selection procedure for training and orientation internships of an extracurricular nature to be carried out at 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 Banca Agricola Popolare di Ragusa SCpA (Decision of 18 January 2017).

Registers and lists

  • Armando Chiodini has been removed from the single register of financial advisers (resolution no. 19751 of 5 October 2016).

  • As a disciplinary measure, Antonio Policastro has been suspended from the single register of financial consultants for one month (resolution no. 19797 of 30 November 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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