"Be aware of fraud!" Fight against illegal financial operations on the web - 38 new supervisory interventions between March and April this year, 60 from the beginning of 2019 - Consob warns against "sites and clone companies" (Press release 17th May 2019)
The cooperation project between Consob and FederTerziario for financial education of small business was presented today in a conference, set at the Chamber of Deputies.
The project aims to the promotion and to the spreading of financial culture in the fabric of small business throughout the Italian national territory. Consob will offer a team ad hoc of technicians, for the purpose of a wider dissemination of the training offer with the organization of on-site meetings in cooperation with the FederTerziario network and IT platform.
The initiative aims in particular to the broadening of information about to the opportunities available for small businesses for accessing the capital market as well as collecting fresh financial resources for the support of both growth and innovation through complementary channels with respect to bank credit ones, like equity crowdfunding, mini-bonds, private equity. At the same time, the initiative aims to the strengthening, by financial education leverage of the self-protection measures against frauds and it aims, too, to make known the out-of-court resolution available mechanisms with the Arbitrator for financial disputes (ACF) for disputes between savers, businesses and intermediaries.
Public procurements: ANAC and IVASS adhere to the MoU between the Bank of Italy, Consob and the Antitrust Authority
The National Anti-Corruption Authority (ANAC) and the Institute for Insurance Supervision (IVASS) have adhered to the Memorandum of Understanding (MoU) signed in November 2018 between the Bank of Italy, the National Commission for Companies and the Stock Exchange (CONSOB) and the Italian Antitrust Authority (AGCM) for the shared management of joint procurement procedures, according to the regulation pursuant to Legislative Decree 18 April 2016, n. 50.
The MoU specifies the coordination procedures between the undersigned Authorities in order to identify joint strategies for the procurement of works, services and supplies and it is functional to the attainment of cost savings.
To this end, a technical table will be set up to provide guidance, coordination and supervision references.
The Memorandum of Understanding establishes a best practice in the national framework and lays the foundations for raising the quality of public commissioning, also in terms of transparency and anti-corruption.
Hearing of Professor Anna Genovese at Senate of the Italian Republic/6th Commission (Finance and Treasury) on the bills n. 1028 and n. 1095 concerning amendments to the consolidated text of the provisions on financial intermediation, referred to in the legislative decree n. 58/1998, concerning: 1) equal access to the administrative and control bodies of the listed companies in the regulated markets and 2) gender balance in the bodies of listed companies (7 May 2019)
Published: 07/05/2019Data: 7 May 2019
Hearing of Professor Anna Genovese at Senate of the Italian Republic / 6th Commission (Finance and Treasury) on the bill n. 1028 concerning "Amendments to the consolidated text of the provisions on financial intermediation, referred to in the legislative decree n. 58/1998 concerning equal access to the administrative and control bodies of the listed companies in the regulated markets" and on the bill n. 1095 concerning "Amendments to the consolidated text of the provisions on financial intermediation, referred to in the legislative decree n. 58/1998 for the gender balance in the bodies of the listed companies"
Anna Genovese - Consob Commissioner
The CONSOB meeting with the financial market will be held this year on Friday, June 14 in Milan.
The meeting is scheduled for 11.00 am at Palazzo Mezzanotte, headquarters of Borsa Italiana.
A speech will be given by the Chairman, Professor Paolo Savona.
Introductory speech by Commissioner Giuseppe Maria Berruti at the round table "The jurisprudence on the subject of listed companies and Consob sanctions", Tuesday 9 April, from 3 pm at the Consob Auditorium in Rome
- Market abuse regulation - Amemdment of market practices accepted by Consob - Consultation document of 21 September 2018
- Explanatory Report (8 April 2019)
- Appendix - Market practices relating to the activity of supporting market liquidity (Practice No. 1, subject to the Esma opinion pursuant to art. 13, par. 4, MAR)
- Comments to the consultation document of 21 September 2018
- Consob Resolution n. 20876 of 3 April 2019 - Termination of market practices no. 2 and no. 3
Thursday 28 March, the Annual Report for 2018 of the Arbitrator for Financial Disputes (ACF) was held
Consob launched a public consultation with its supervised subjects to know their opinion about the institution in its budget of the chapter "Stabilization fund for tax revenues", as to guarantee a systematic stabilization of its market financial revenues.
Consob financing system, as it is known, is based on the article 40, paragraph 3, of law no. 724/1994, whose prescription is to estimate on a yearly base the amount of tax revenues linked to contributions, due by the supervised subjects to Consob. The institution of such a chapter in the budget aims at obtaining more balanced yearly forecasted programmed tax revenues, also through a higher stabilization of the contributions paid by the subjects to Consob.
Answers to the consultation will have to be received by Consob before April 30 next.
Consob has adopted a set of measures with the target to ensure the operational continuity of the markets in a post-Brexit context.
In particular, Consob gave its authorization for operating in the United Kingdom to:
- the multilateral trading systems "BondVision Europe MTF", "MTS Cash Domestic" and "EBM", managed by MTS;
- the regulated markets "MTA", "MIV", "MOT", "ETFplus", "IDEM-Equity" all along with the multilateral trading systems "AIM Italia", "ExtraMOT", "SeDex", "BIt Eq MTF", " ATFund "managed by Borsa Italiana.
The decisions taken by Consob include, moreover, its authorization to EuroTLX to extend its operations in the United Kingdom and the recognition of the "ICE Futures Europe" market. Both decisions need the opinion and validation of the competent authorities.
- Delibera n. 20860 del 21 marzo 2019 - Riconoscimento del mercato extra-UE di strumenti finanziari "ICE Futures Europe – IFEU", ai sensi e per gli effetti dell'art. 70, comma 1, Decreto Legislativo n. 58/1998
- Delibera n. 20861 del 21 marzo 2019 - Autorizzazione di EuroTLX SIM S.p.A. all'estensione dell'operatività nel Regno Unito del sistema multilaterale di negoziazione "EuroTLX", ai sensi dell'art. 26, comma 6, Decreto Legislativo n. 58/1998
Professor Paolo Savona took today the office of the Chairman of Consob
The handover between the deputy Chairman, Anna Genovese, and the newly appointed one took place during a meeting of the Commission, held this morning in Rome.
The Commission is therefore in its full composition of five members: the new Chairman, Paolo Savona and, in addition, the Commissioners Anna Genovese, the member of the board with the greatest seniority in the Institute, who carried out the functions of deputy Chairman after September 14, Giuseppe Maria Berruti, Carmine Di Noia and Paolo Ciocca.
The document for discussion here published is aimed at launching the debate on the issue of initial offers and crypto-activity exchanges, linking it to the current spreading of so-called Initial Coin Offerings (ICOs) involving crypto-assets investments, made by Italian investors.
The document is summarizing the main items to be considered in developing a possible regulatory approach. During the consultation period, Consob intends to carry out a public hearing whose date will be soon announced.
Warning of Consob against the risks related to the alleged offers of legal assistance delivered to unaware investors who suffered a previous financial fraud. These same investors are frequently addressed with proposals of credit recovery initiatives, against the advanced payment of a fee, because of the losses due to previous financial fraud.
This is the core of the Warning published today by Consob, the supervisory authority for the Italian financial product market, on its website.
This alleged credit recovery activity is often led by people acting in connection with companies whose brands often recall the names of well-known financial institutions. Their target is to further mislead the investors who have already been victims of financial fraud. In addition, the logo of Consob is often and improperly used by these unauthorized subjects in their attempt to be endorsed as qualified operators having a legal authorization.
On the basis of evidence from Consob supervisory activity, the advocates of these illegal initiatives often seem as having a deep acquaintance with the victims of financial scams by abusive intermediaries and therefore the offers of assistance appear, in many cases, linked to the same subjects who have performed the previous fraud.
Consob is warning investors that all these activities might shape a criminal behavior, aiming at perpetrating a double fraud.
The banks which are subject to the periodic assessment of their capital adequacy (Srep, Supervisory Review and Evaluation Process), by the Authorities for prudential supervision must disclose in their statements the information related to Srep with reference to "binding prudential quantitative requirements" (Pillar2 Requirements), that is the minimum mandatory capital ratios. The same information must be delivered through the periodic financial reporting documents, too.
This is what Consob clarifies in a Communication (Comunicazione n. 5 del 15 marzo 2019) published today.
As regards, instead, the additional consequences resulting from the Srep, such as "binding quality requirements" or "capital recommendations" (Pillar2 Guidance), the Communication clarifies that the banks themselves are responsible for making an appraisal of the publication of the information in the statements and in the accounting reporting documents. In particular, in the event of non-compliance with the capital rules, Consob specifies that, in its opinion, the data is relevant for the purposes of the information to be disclosed in the statements.
The banks must also be assessing the possible nature of "privileged information" of the Srep results. The objective is to guarantee the compliance with the IT obligations set by the European Market Abuse Regulation (Mar).
Such is the warning contained in a further Communication (Comunicazione n. 6 del 15 marzo 2019) of Consob, published today.
It is the responsibility of the banks themselves, Consob states, to choose if making use of the delay in the communication to the public in relation to privileged information, contained in the Srep Letter.
Due to the uncertainties which are characterizing the ongoing negotiations in the approaching of the expected date of withdrawal (i.e. Brexit), lacking both an agreement and a national transitional regime, Consob deems it is essential, for managing the negotiations as much as possible in an ordered way and for investors' protection, to provide operators with a special reference disclosure to deal with the necessary actions to be taken given this scenario.
Following the previously accomplished publication of the Warning n. 3 of 12 March 2019, Consob disclosed today a Communication regarding both the servicing of Over the Counter (OTC) derivative contracts not offset by a central counterparty and settled with UK counterparties, and the operations of the trading venues, including those trading venues managing trading systems for negotiating government bonds [Communication no. 4 of 14 March 2019].
With reference to the OTC derivative contracts which are not offset by a central counterparty, it has been recalled that yesterday, March 13, two delegated regulations of the European Commission were published in the Official Journal of the EU. These regulations establish that the contracts today in force with UK counterparties may be transferred to a European Union counterparty (maintaining the current exemptions from the clearing obligations as well from the margin requirements set by the EMIR Regulation), provided that the transfers be finalized within the twelve months following the date of the Brexit.
During the twelve months period fixed by the delegated regulations for the ensuing transfer, Consob will exercise its supervision powers, with a proportionate approach, to the servicing of OTC derivative contracts concluded with UK counterparties, even with the purpose of facilitating the continuity of the contracts themselves.
In the meantime, Consob is carrying out its preliminary inquiries on the requests for authorization and acknowledgment by the British trading venues aiming to perform their activities in Italy and vice-versa. These inquiries will be settled as quickly as possible with the aim of ensuring, in compliance with the relevant provisions on the subject, the continuity of the operations of the UK and Italian operators, respectively, on the Italian and UK trading venues.
- Participants and Markets
- Be aware of fraud!