Weekly newsletter - year XXIV - No. 23 - 11 June 2018

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 National Commission for Companies and the Stock Exchange, in accordance with article 7-octies, letter b) of the Consolidated Law on Finance (TUF), has ordered the following companies to cease infringement of article 18 of the TUF consisting of the offer and performance of investment services and activities to the Italian public, put in place by:


The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Austria (Financial Market Authority - FMA), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Hong Kong (Securities and Futures Commission - SFC), Jersey (Jersey Financial Services Commission), France (Autoritè Des Marches Financiers - AMF) and Taiwan (Financial Supervisory Commission Chinese Taipei - FSC), report the companies and websites offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

  • Escrow Global (, clone of the authorised company Escrow Global Ltd (reference n. 521841);
  • Gg Financial / Gunnar Grieshofer (, with declared offices in Austria, London, New York and Hong Kong, clone of the authorised company Grieshofer Gunnar, with offices in Austria (reference n. 443100);
  • Gumpold Christian & Co (, with declared offices in Austria, Hong Kong, and London, clone of an authorised company.

Reported by the FMA:

  • Crown-Finance (, with declared offices in Edinburgh;
  • Joshua Trade EOOD/ Joshua Development Ltd (;, with declared offices in Sofia, London and Frankfurt;
  • Crowdbridge Global NV ( with declared offices in Suriname;
  • SpearTrade r (;
  • Ntb Direct (, with declared offices in New York and London.

Reported by the FINMA:

  • Charles Ross Associates (www., with declared offices in Geneva;
  • 1APayment Ag (,,;
  • Greenwood Capital Management (, with declared offices in Zurich;
  • Windsor Developments (;
  • Swiss Assets Fx (;
  • Swiss Capital (;
  • Digital Gold Xchange (, with declared offices in Zurich;
  • Bluestone Asset Management (Europe) Sa (, with declared offices in Zurich.

Reported by the CSSF:

  • Rainforth (, with declared offices in Luxembourg.

Reported by the SFC:

  • Xiaohangjia Futures Limited / Xiaohangjia Brokers ( /, with declared offices in Hong Kong;
  • Manly FX (;
  • DongXing Futures Limited (, with declared offices in Hong Kong.

Reported by the Jersey Financial Services Commission:


Reported by the FSC:

  • Zavori Financial Group (Asia) Limited;
  • Avere Trust Group Limited.

Reported by the AMF:

  • Arthur Maury;
  • Design your Home;
  • Gentlemen’s Equity;
  • Orclass;
  • Sumo Resources Plc.


CONSOB's annual meeting with the financial market will be held today. The CONSOB Day event will take place at Palazzo Mezzanotte in Piazza degli Affari.

The President's speech, by Mr Mario Nava, will begin at 10:45.

This will be followed, from 12:00, by talks from CONSOB Commissioners on the following topics:

- Regulation of investment services: market innovations and initial evidence (Anna Genovese);

- The sanction system in CONSOB's supervisory functions (Giuseppe Maria Berruti);

- Finance and rules for company growth (Carmine Di Noia);

- The time is now – Fintech: market, regulation, future (Paolo Ciocca).

After the talks there will be a press conference with the President for journalists at around midday.

It will be possible to follow the event live on Rai 2, through other broadcasters and via the streaming service on the website

President Mario Nava's speech and the speech on 2017 will be available on the Commission's website.


The attorney Giulia Bertezzolo has been appointed as general secretary of CONSOB (resolution n. 20466 of June 1, 2018).

The new general secretary is an administrative attorney, specialised in financial regulation and administrative management.

With high level education, which includes post-doctoral studies at the School of Law of New York University and a wealth of professional experience both nationally and internationally, she will support the Commission and the President in the activity performed by CONSOB.

The term of five years, entrusted by the entire Board, will begin from September 2018.


Investing isn't a game. But you can learn by playing! Investing entails opportunity and risk: this is an essential principle, accompanied by other basic principles (which can be discovered at However, just knowing about the principles isn't enough: human activity is also driven by instinct and emotions, which can sometimes play cruel jokes. Even when you know what you should do. What is the best way to discover the errors in our instinct if not by playing?

The game online on CONSOB's website from today lets you step into the shoes of an investor, to think about what to do to manage risks: if something doesn't live up to your expectations you can reflect on the errors made and start the game again!

This game will offer some people the opportunity to challenge themselves at an activity that they already know: investing. For others it will allow them simulate something they've never had the courage to do: navigate yields, markdowns, risks and earning potential. Because by making mistakes we can learn to approach financial investments in a serious and informed way.

The game is accompanied by the "name the game" competition; in fact, the game doesn't yet have a name and the Commission is asking "players/investors" to decide the name together. Players are therefore asked to suggest a name when they finish playing.

The winner will be announced in the first week of October, when CONSOB will promote the second edition of World Investor Week.

The game was created through the collaboration of CONSOB and the University of Trento.


On June 8, the National Commission for Companies and the Stock Exchange (CONSOB) and Banca d'Italia signed a Framework-Agreement for collaboration and coordination in the exercise of their supervision and resolution functions.

The Agreement reinforces the coordination between the two authorities in order to ensure the best pursuit of their respective institutional goals; this consolidates the pathway of sharing cooperation principles and constitutes the result of the dialogue that has been developing with growing intensity over recent years.

In particular, the Agreement:

- reaffirms the commitment of each authority towards providing the other with the most extensive and effective collaboration, including in order to contain the charges borne by operators and prevent duplications in the exercise of their activities;

- standardises the framework of principles to which to subject the memoranda of understanding currently in place and those that may be stipulated in the future;

- extends the competences of the contact committees (strategic and technical) – which have been in operation since 2007 – to all subjects and scopes of common interest;

- establishes general rules on the confidentiality regime for information exchanged and on relations with other authorities/institutions/entities.

The document is available on the websites and


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

  • The company 1001Pact Italy Srl, with offices in Turin, has been registered to the register of managers envisaged by art. 50-quinquies, paragraph 2 of Italian Legislative Decree n.58 of February 24, 1998 (resolution n. 20462 of May 31, 2018).
  • Precautionary suspension, for sixty days, of Francesco Nobile from carrying out the activity of financial advisor authorised to carry out door-to-door selling (resolution n. 20422 of May 8, 2018).

Management decisions
adopted or made public during the week
(Documents linked or underlined in the printed version are immediately available in the respective sections of the website; other measures will be available in the coming days)

Minimum shareholding for election of the administrative and control bodies of Unieuro Spa, Damiani Spa and Piquadro Spa. Based on the provisions of article 147-ter of Italian Legislative Decree n.58 of February 24, 1998 (Consolidated Law on Finance – "TUF") and articles 144-ter and following of the Issuers' Regulation, the head of CONSOB's Corporate Governance Division has determined the minimum shareholding for submission of the list of candidates for election of the administrative and control bodies of the listed companies Unieuro Spa, Damiani Spa and Piquadro Spa.

Without prejudice to any lower shareholdings envisaged by the Bylaws of the three companies, the threshold was set at 4.5% for Unieuro Spa and at 2.5% for Damiani Spa and Piquadro Spa.

The full text of the management decision (n. 1 of June 7, 2018) is available on the website, alongside the table indicating the criteria used to determine the minimum shareholding.

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.