Weekly newsletter - year XXIII - No. 40 - 6 November 2017
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.
- NEWS OF THE WEEK -
The National Commission for Companies and the Stock Exchange reports that:
- the company IBA Group Ltd is not authorised to provide investment services and activities in Italy by any means and, therefore, including through the websites www.fxiba.com e www.optionint.com;
- the companies Black Parrot Limited and Blonde Bear OU are not authorised to provide investment services and activities in Italy by any means and, therefore, including through the website www.tradesprime.com.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Denmark (Danish Financial Supervisory Authority), Switzerland (Swiss Financial Market Supervisory Authority – FINMA), Hong Kong (Securities and Futures Commission – SFC), Czech Republic (Czech National Bank), Luxembourg (Commission de Surveillance du Secteur Financier – CSSF) and Slovenia (Slovene Securities Market Agency) report the companies and websites offering investment, financial and insurance services without the required authorisations. Reported by the FCA:
- Greenshields Capital Group (www.greenshiledcapitalgrp.com), with declared offices in New York;
- Trading Trinity (www.trading-trinity.com), with declared offices in New York;
- Britannia Capital Management (www.britanniacapmanagement.com), with declared offices in Luxembourg;
- Century Finance/Century Finance Services Limited/ Century Finance Uk Limited (ww.centuryfinance.loan), clone of an authorised company.
Reported by the Danish Financial Supervisory Authority:
- Tokai National Partners (www.tnpsecurities.com) with declared offices in Tokyo.
Reported by the FINMA:
- Interco Holding Ag;
- Swiss Magnates;
- Ecn Capital;
- Global Capital Recovery.
Reported by the SFC:
- Allen Baker;
- Cmc Gao Hua.
Reported by the Czech National Bank:
- Mars Invest Ltd.
Reported by the CSSF:
- Le Pay Bank (www.le-pay.eu);
- Crown Managers (www.crownmanagers.com).
Reported by the Slovene Securities Market Agency:
- Spot Investicije (www.spot-investicije.com).
The next professional training course for journalists organised by CONSOB will be held on December 14, in Milan. The subject will be the strengthening of protective measures for small investors in light of the new European regulations applicable from January 2018. The course will concentrate on some of the main changes envisaged by MiFID2, the new version of the European directive concerning the provision of investment services, and by the PRIIPs regulation, the legislation on pre-assembled financial products distributed by banks and insurance companies to small investors. In particular, there will be a focus on certain aspects: product governance, i.e. the obligation imposed on intermediaries to design financial products for retail according to criteria that are adapted to the risk profile of the addressees; product intervention, i.e. the power held by national regulatory and supervisory authorities to prohibit the offer and sale of certain, particularly complex, financial products; and the Key Investor Information Document – KIID, which will accompany prospectuses.
The event will take place on Thursday December 14, from 09:00 to 13:00, at the Borsa Italiana Headquarters in Palazzo Mezzanotte in Piazza Affari, Milan. The course entitles participants to four educational credits. Registration is through the SIGEF platform of the Italian National Council of the Order of Journalists.
CONSOB Commissioner, Carmine Di Noia, has been appointed as member of the Executive Committee (Bureau) of the Corporate Governance Committee of OECD, the body that issued the corporate governance principles endorsed by the G20 in September 2015. The decision was made during the Committee's plenary meeting, held on November 3, in Paris. The appointment is valid from 2018.
On November 13, from 09:00 to 12:30, at the CONSOB Auditorium in Rome, (entrance at Via C.Monteverdi, 35) a convention entitled: "ACF - Arbitro per le Controversie Finanziarie: Opportunità e sfide di una nuova esperienza". (‘The Financial Dispute Arbitrator - FDA: Opportunities and challenges of a new experience') will be held.
The convention will be occasion for reviewing the activities carried out by the FDA at almost a year since the launch of its operations and, more generally, for a comparison between various experiences regarding out-of-court resolution instruments for disputes between consumers and professional operators.
The opening speech will be given by the President of CONSOB, Giuseppe Vegas, which will be followed by a speech from Gianpaolo E. Barbuzzi, the President of the FDA, with an initial report of the activities carried out by the Arbitrator to date.
This will be followed by a round table, moderated by the journalist Filippo Cucuccio, with discussion between academics, members of the Banking and Finance Arbitrator (ABF) and the FDA, and consumer representatives.
The closing words will be given by Aristide Poilice (Tor Vergata University).
The full programme is available on the CONSOB website. Participation is free; the event is accredited with the Rome Order of Lawyers and provides participants with three ordinary credits.
Participants are kindly asked to confirm their attendance via the SIPE form at www.consob.it.
The Commission has approved the amendment of the tender period for the voluntary partial public exchange and transaction offer promoted by Banca Monte dei Paschi di Siena Spa, in the name of an on behalf of the Ministry of Economy and Finance – MEF, on ordinary shares issued by the bank itself. The new period starts at 8:30 on October 31, 2017 (rather than October 30) and ends at 16:30 on November 20, 2017 (rather than November 17) with exchange date November 24, 2017 (resolution n. 20175 of October 30, 2017). This amends what was previously approved with resolution n. 20166 of October 24, (see "Consob Informa" n. 39/2017) .
In fact, on October 24, the Commission approved the prospectus relating to the admission to listing of the new BMPS shares issued in implementation of the so-called ‘burden sharing' decree and the capital increase reserved for the Ministry of Economy and Finance – MEF, and the document relating to the public exchange and transaction offer promoted, in accordance with article 102 of Italian Legislative Decree n. 58/1998 and article 19, paragraph 2 of Italian Decree Law n. 237/2016, by the bank in the name of and on behalf of the MEF on the bank's shares, with consideration in senior bonds issued by BMPS. Publication of the bid document was conditional upon CONSOB being sent a copy of the MEF decree concerning the purchase, by the Ministry, of the shares covered by the offer in good time so as to allow the offer to start on October 30. Pending the non-issue of the decree by this date, the bank requested that CONSOB amend the tender period.
The Commission therefore resolved to amend the tender period – subject to acknowledgement of this from the Borsa Italiana – still conditional upon CONSOB being sent a copy of the aforementioned MEF decree, which was received in good time for the new start date.
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)
Take over bids and exchange tender offers
- Amendment of the tender period for the voluntary partial public exchange and transaction offer promoted by Banca Monte dei Paschi di Siena Spa, in the name of an on behalf of the Ministry of Economy and Finance - MEF (resolution n. 20175 of October 30, 2017).
Issue of Savings Securities for Southern Italy's Economy
(art. 1 para 3 of Italian Ministerial Decree implementing art. 8 para 4 of Italian Decree Law 70/2011)
The silent assent, in the absence of any impeding reasons, to the following issuance was formalised:
- Banca di Credito Cooperativo Terra di Lavoro San Vincenzo Dè Paoli di Casagiove Scpa for a maximum amount of bonds equal to 7 million euros (decision of October 31, 2017).
Registers and lists
Advance Sim Spa, with offices in Milan, has been authorised to provide placement services without subscribing or underwriting the issuer's securities, as per article 1, paragraph 5, letter c)-bis, of Italian Legislative Decree of February 24, 1998, n.58, with the following operational limitations: without holding, even temporarily, the client's cash and financial instruments and without the assumption of risk. The company was previously authorised to provide the services of portfolio management, receipt and transmission of orders, and consultancy on investments with the following operational limitations: without holding, even temporarily, the client's cash and financial instruments and without the assumption of risk by the company (resolution n. 20176 of October 31, 2017).
Expulsion of Giancarlo Capello from the single register of financial advisors (resolution n. 20105 of September 6, 2017).
- Precautionary suspension, for one year, of Edgardo Santaniello from carrying out the activity of financial advisor authorised to carry out door-to-door selling (resolution n. 20162 of October 18, 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 www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.