Weekly newsletter - year XXII - No. 46 - 5 December 2016 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Communication Consob for investor protection
Other communications for investor protection
CONSOB three year strategic plan 2016-2018
Banca Popolare di S. Angelo: CONSOB approves the prospectus supplemento
Memo: Demand for financial advice in Italy: on 06 December a CONSOB – Casmef Luiss and Minerva Bancaria journal seminar
Memo: Journalists: the next appointments in Milan and Rome for professional training
Memo: CONSOB – Cattolica seminars on banking and finance: second meeting of the 2016-2017 academic year
- NEWS OF THE WEEK -
The National Commission for Companies and the Stock Exchange, CONSOB reports that:
- the company Bauer Ferienwohnrechte Gmbh is not authorised to provide investment services and activities in Italy in any manner, including through the website www.bauerferienwohnrechte.de;
- the company MarketsTheWorld Limited is not authorised to provide investment services and activities in Italy in any manner, including through the websitewww.marketsworld.com;
- the websites www.finalalgo.com, www.europroftrader.com, www.trading30elode-it.com and www.trading30elode-ita.com cannot be traced to subjects authorised to provide investment services and activities in Italy nor to make out-of-office offers or place remotely investment services and activities of third parties.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA) and Spain (Comisión Nacional del Mercado de Valores - CNMV), report the companies and websites that are offering investment, financial and insurance services without the required authorisation.
Reported by the FCA:
- The Loan Lenders (www.theloanlenders.co.uk), with registered head office in the United Kingdom;
- Search Loans Ltd (www.searchloansltd.co.uk), with registered head office in Cardiff (United Kingdom);
- Ssw Market Making Gmbh (www.sswmarketmakinggmbh.com), with registered head office in London and Germany;
- Pearson Global Markets/Pearson Private Clients (www.pearsonprivateclients.com), with registered head office in New York, Tokyo and Luxembourg.
Reported by the CNMV:
- Banco Cfd (www.bancocfd.com).
CONSOB has approved the Strategic Plan for the three-year period 2016-2018 continuing on the previous editions for the years 2010-2012 and 2013-2015.
The plan defines the objectives that CONSOB considers priority for the changing economic scenario and regulatory framework that could affect achievement of its institutional purposes, which have the final aim of investor protection. It is based on elements of information deriving from the previous planning cycle, for assessment of risks linked to forecasts of evolution both on the economic-financial scene and the relevant institutional context. The new Plan takes special account of the following macro trends:
- cross-border integration: the Capital Markets Union;
- digitalisation of the financial sector.
Over the next three-year period, CONSOB activity will focus on pursuing three synergistic, strategic goals:
- helping to diversity the channels that supply the domestic financial system in working towards sustainable growth of the capital market;
- protecting investors, by promoting conscious investment choices and, at the same time, reducing the risk of harmful practices;
- implementing an organisational set up that can anticipate and adapt promptly and efficiently to changing contexts.
The document is available on the website www.consob.it.
CONSOB has approved the supplement to the information prospectus concerning the option offer to holders of ordinary shares and subordinated convertible bonds issued by Banca Popolare S. Angelo Scpa.
It should be noted that CONSOB already approved the offer prospectus on 11 October 2016 (see "CONSOB Informs" no. 30/2016).
The supplement includes the update and completion of the prospectus to take into account the following elements:
- results, announced on 03 November 2016, of the inspection carried out by the Bank of Italy on the issuer in the period between 03 May – 02 September 2016;
- opening, on 18 October 2016, of a CONSOB inspection procedure intended to ascertain the exact methods of distribution of shares and subordinated convertible bonds issued by the bank under the offer covered by the prospectus;
- certain data included in the supervisory reports passed to the Bank of Italy by last 11 November (capital ratios, credit quality, liquidity and economic trend).
CONSOB, in collaboration with the CASMEF – LUISS (Arcelli Centre for Monetary and Financial Studies of the LUISS University in Rome) and the Minerva Bancaria journal, is organising a seminar dedicated to “Demand for financial advice in Italy: determinants and prospects for development”.
The seminar will be held on Tuesday 6 December at 17.00, in the Toti lecture hall of the LUISS, at Viale Romania 32, Rome.
Giorgio di Giorgio (LUISS) and Anna Genovese (CONSOB Commissioner) will open the session.
This will be followed by the presentation of CONSOB Quaderno di finanza (Finance Journal) no. 83 entitled “Demand for Advice, Financial Knowledge and Overconfidence.The Italian case” and a debate, in which representatives of industry and the academic world will take part.
Attendance is free of charge but booking online is appreciated using the SIPE form (https://www.sai.consob.it/web/sai/seminari).
CONSOB's commitment in the field of professional training for journalists continues.
The next appointment is confirmed in Rome on 06 December.
Full details as follows:
How to enter the stock exchange: admission to listing and prospectus. Rome, 06 December 2016
How do you enter the Stock Exchange? What procedure must an unlisted company follow, if it chooses to be listed? What is the role of Borsa Italiana? And what is the role of CONSOB? These are the main questions that will be answered in a professional training course for journalists, organised by the CONSOB press office in collaboration with Borsa Italiana. The CONSOB and Borsa Italiana experts will talk about their respective tasks, focusing, among other things, on the admission to listing procedure and the function of the prospectus.
The appointment is confirmed for Tuesday 06 December 2016, from 09:00 to 13:00 in the auditorium of CONSOB's Rome headquarters, at Via Claudio Monteverdi 35 (Piazza Verdi). The course, which is a repeat of the event held in Milan on 03 October, gives the right to four education credits.
Journalists interested in taking part may enrol through the SIGEF platform of the National Board of the Order of Journalists, by clicking on "Eventi enti terzi" [Third-Party Entity Events].
The course programme is published on the website www.consob.it, in the "Communications, seminars and conferences" section.
The cycle of meetings on banking and finance, organised by CONSOB jointly with the Università Cattolica del Sacro Cuore, Department of economic science and business management, continues this week.
The second meeting of the 2016-2017 academic year, originally due to be held on 23 November, will now instead be held on Wednesday 25 January 2017 from 11.30 in Classroom 100 of the Università Cattolica, entrance at Via Necchi 9, Milan. This seminar, held by Florian Heider (European Central Bank) on the topic of "Life below zero: bank lending under negative policy rates” deals with the impact of negative policy interest rates on bank loans.
Attendance is free. For information: www.unicatt.it/segesta, dip.segesta@unicatt.itm, telephone: +39 0272342467.
- Approval has been granted for the supplement to the offer document for the global voluntary takeover bid launched by Eolo Energia Srl pursuant to articles 102 and 106, paragraph 4 of Italian Legislative Decree no. 58 of 24 February 1998, and of art. 44 of the regulations for issuers, for 43,579,004 Alerion Clean Power Spa ordinary shares (decision of 25 November 2016). The takeover bid document was approved by CONSOB with its resolution no. 19769 of 26 October 2016.
- Banca di Credito Cooperativo di Santeramo in Colle Sc for a maximum amount in bonds of 9 million euro (decision of 30 November 2016).
- Approval has been granted for the supplement to the information prospectus concerning the option offer to holders of ordinary shares and subordinated convertible bonds issued by Banca Popolare S. Angelo Scpa (decision of 02 December 2016).
- Approval has been granted for the registration document and base prospectuses for the admission to listing of covered warrants issued by the Société Générale Sa (decision of 30 November 2016).
- Approval has been given for the supplement to the base prospectus concerning the public offering programme of bonds issued by Unipol Banca Spa (decision of 30 November 2016).
- The registration document and base prospectus have been approved for the public offering programme of bonds issued by Credito Siciliano Spa (decision of 30 November 2016).
- Precautionary suspension of Gianluca Giannotti, for a period of sixty days, from carrying on the activity of financial consultant authorised to make out-of-office offers (resolution no. 19778 of 11 November 2016).
- Disciplinary suspension of Federico Salvatore Orsini from the single register of financial consultants (resolution no. 19750 of 05 October 2016).