Weekly newsletter - year XXIII - No. 32 - 11 September 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), Austria (Financial Market Authority - FMA), Denmark (Danish Financial Authority - DFSA), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Poland (Polish Financial Supervision Authority - KNF), Ireland (Central Bank of Ireland), Belgium (Financial Services and Markets Authority - FSMA), Hong Kong (Securities and Futures Commission - SFC), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF) and Jersey (Jersey Financial Services Commission) ), report the companies and websites that are offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

  • Indigo Loans (, with declared offices in the United Kingdom;

  • Gruber & Taylor Co. (, with declared offices in Washington;

  • Desert Finance Services Limited (, with declared offices in the United Kingdom, clone of the authorised company First 4 London Limited (reference n.764291).

Reported by the FMA:

  • Global Dynamic Marketing 2.0 – Gdm 20

  • Pichler Invest.

Reported by the DFSA:

  • Koenig Rowe - Campbell Alliance.

Reported by the FINMA:

  • Freedom Club (, with declared offices in Zurich;

  • Alpinvesta Asset Management Ag (, with declared offices in Zurich.

Reported by the KNF:

  • Inwestycje Alternatywne Profit Sa.

Reported by the Central Bank of Ireland:

  • Genworth Consultant Group.

Reported by the FSMA:

  • Bellmore Group;

  • Devin Consultants;

  • Excon Fuji Securities;

  • Olivier and Mann;

  • Orix Capital Trading;

  • Westward Holdings;

  • EasyGestions;

  • FxUnited/United Global Holdings Limited;

  • Markets Premium;

  • OneTwoTrade/Up & Down Marketing Ltd;

  • Suisse Option;

  • Primary Stream Limited;

  • TorOption;

  • Tp-Markets/Hubstone Holdings Ltd;

  • Vip Markets;

  • Xfr Financial/E New Sp Z.o.o.

Reported by the SFC:

  • Cng Advisors / Cng Capital Holdings Limited;

  • Watson & Gray Limited;

  • Walker & Kelly Holdings;

  • Pearson & May Holdings;

  • Michael & Carlos Holdings;

  • Mark & Melvin Limited;

  • Kyler & Keaton Holdings;

  • King & Jerry Holdings;

  • Jessica & James Holdings;

  • Jason & Victoria Holdings;

  • Jason & Jordan Holdings;

  • Jack & Jones Holdings;

  • Calvin & Gates Holdings.

Reported by the CSSF:

  • Global Invest Network, with declared offices in Luxembourg.

Reported by the Jersey Financial Services Commission:

  • Presidency Investments;

  • Lincoln Trust.


Based on recent recommendations from the European Commission, the ESMA (the supervisory authority for European markets) published a Q&A on insider lists according to which the issuers' advisors, i.e. those acting on behalf or account of the issuer, are also required to draw up their own insider list envisaged by article 18 of Regulation (EU) n.592/2014 (MAR - Market Abuse Regulation). In a second Q&A the ESMA also specified that the issuer is not responsible for the information present in the advisors' insider list, except in cases of outsourcing envisaged by article 18, paragraph 2 of the MAR. As a result of specific inquiries, the ESMA therefore considered it appropriate to amend previous guidelines based on which only the issuer is required to draw up the insider list (see page 9 of the consultation document of April 6, 2017 on the adoption of Guidelines on the Management of Confidential Information (

The ESMA also published two Q&As relating to the parties to whom the regulations concerning suspicious orders and transactions are applicable (article 16, paragraph 2, MAR) and the scope of application of the regulations on market soundings (article 11 MAR).

The ESMA Q&As are also published on the CONSOB website at the following link:


CONSOB has suspended, for a period of thirty days, procedure for the approval of the document concerning the mandatory public take over bid promoted by Hrd Italia Srl,  in accordance with article 106, paragraph 1, of the Consolidated Text on Finance (TUF), on ordinary shares issued by Gequity Spa.

The decision (resolution n.  20107 of September 7, 2017) was made in accordance with article 102, paragraph 6, letter b) of the TUF, according to which "pending the offer, CONSOB may: b) suspend it, for a period of no more than thirty days, in the case of new or not previously disclosed circumstances that would prevent the recipients from reaching a well-founded judgment on the offer".


On September 7, the work of the "Committee for the planning and coordination of financial education activities –EduFin" began. Annamaria Lusardi was nominated to direct the EduFin Committee, with decree of the Ministers Padoan and Fedeli, in view of her experience as economist specialised in the field of financial education.

The Committee was introduced by the legislator into our legal system with the objective of promoting and planning awareness raising initiatives for financial education, and was established with decree of the Ministry of Economy and Finance, in concert with the Ministry of Education, University and Research and the Ministry of Economic Development.

On the committee Annamaria Lusardi is also joined by ten members appointed by central administrations (Ministry of Economy and Finance, Ministry of Education, University and Research, Ministry of Economic Development, and Ministry of Labour and Social Security), by financial authorities (Banca d'Italia, CONSOB, IVASS, COVIP), by the Organismo di vigilanza e tenuta dell'albo unico dei consulenti finanziari - OCF and by the National Council of Consumers and Users. Giuseppe D'Agostino participates on behalf of CONSOB, deputy general manager.

During the first meeting the Committee considered an international review of the experiences of the countries (over 60) that have adopted a national strategy for financial education, the census – carried out by Banca d'Italia, CONSOB, IVASS, COVIP, FEDUF and the Museum of Saving  – of the numerous but fragmented initiatives also present in our country, and the data available on the level of financial education among Italians compared to that of other nations.

At the next meeting, scheduled for the end of September, the first concrete initiatives for rapidly launching awareness-raising and informative activities in preparation of veritable education in the field of finance, insurance and social security will be identified.


CONSOB has organised a seminar entitled "Investimenti, competenze e stili decisionali. Presentazione del Rapporto sulle scelte di investimento delle famiglie italiane per il 2017" (‘Investments, skills and decision-making styles. Presentation of the report on Italian families' investment decisions for 2017') . The report provides evidence on the level of financial knowledge, investment habits and the demand for financial advice among Italian families. The presentation will be held Wednesday October 4, at 10:30, at the Auditorium at CONSOB's headquarters in Rome (Via C.Monteverdi, 35).

The introduction will be given by Carmine Di Noia (CONSOB Commissioner); this will be followed by presentation of the report by Nadia Linciano (CONSOB) and a speech from from Massimo Caratelli (Roma Tre University).

The debate, moderated by Alessandro Plateroti (Il Sole 24 Ore), will see participation from Magda Bianco (Banca d'Italia), Salvatore Gnoni (ESMA), Edoardo Narduzzi (Mashfrog), Carla Rabitti Bedogni (Organismo di Vigilanza e tenuta dell'Albo dei Consulenti Finanziari- OCF) and Emanuele Ciriolo (European Commission).

This will be followed by speeches from Mauro Maria Marino (VI Finance and Treasury Commission of the Senate of the Republic) and Anna Maria Lusardi (National committee for the dissemination of financial, insurance and pension education).

Participation is free; however, please register online through the SIPE form (


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; the other measures will be available in the next few days) 

Registers and lists

  • Expulsion of Davide Colonello from the single register of financial advisers (resolution n. 20044 of June 21, 2017).

  • Expulsion of Alessandro Ansaloni from the single register of financial advisers (resolution n. 20042 of June 21, 2017).

  • Sanctioning suspension, for four months, of Gennaro Di Lauri from the single register of financial advisers (resolution n. 19998 of May 10, 2017).

  • Precautionary suspension, for one year, of Marco Residori from carrying out the activity of financial advisor authorised to carry out door-to-door selling (resolution n. 20072 of July 19, 2017).

  • Precautionary suspension, for sixty days, of Ivan Mingolla from carrying out the activity of financial advisor authorised to carry out door-to-door selling (resolution n. 20083 of July 26, 2017). 

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 Ferri, 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, where CONSOB INFORMA can also be consulted via the "newsletter" link.