Weekly newsletter - year XXIV - No. 39 - 22 October 2018
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 -
Pursuant to art. 7- octies, letter b) of Italian Legislative Decree no. 58/1998 (Consolidated Law on Finance - TUF), the National Commission for Companies and the Stock Exchange has ordered the following companies to cease the infringement of art. 18 of the same Decree consisting of the provision of unauthorised investment services and activities to the Italian public:
- by Investment 4 Futures Limited and Tradesfx Limited, through the website www.tradesfx.com (Resolution n. 20626 of October 16, 2018);
Through the Facebook pages "Trader Pier Day trading" (Https://www.facebook.com/piertraderzurigo) and "Day Trading pmam" (https://www.facebook.com/Day- trading-pmam-236665980384490) (Resolution n. 20625 of October 16, 2018).
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Ireland (Central Bank of Ireland) and Austria (Financial Market Authority - FMA) report the companies and websites offering investment, financial and insurance services without the required authorisations.
Reported by the FCA:
- Franklin Law Office (www.franklinlawoffice.com), with declared offices in Boston; Fast Loan Credit of UK LLC, with declared offices in London, clone of the authorised company AvantCredit of UK, LLC (www.avantcredit.co.uk), with offices in London (reference n.: 727347);
- Deutsche Capital Management Ltd (www.dbdcm.org), with declared offices in Dublin, clone of the authorised company Deutsche Capital Management Limited, with offices in Dublin (reference n.: 800392);
Reported by the Central Bank of Ireland:
- Bridge Road Capital Management (Ireland) (www.brcmanagement.com).
Reported by the FMA:
- GetcoPro, with declared offices in London.
After World Investor Week (WIW), the initiatives organised by CONSOB as part of Financial Education Month continue, including in collaboration with the Financial Education Planning and Coordination Committee and with various municipal authorities and universities.
The initiatives are free and are intended for students, researchers and the general public.
Find below the upcoming events in October:
- Rome, October 22, 10:30, CONSOB auditorium, Presentation of the CONSOB Report on investment decisions;
- Monza, October 22 17:30, Financial education lecture held by Global Thinking Foundation in collaboration with Banca d'Italia, CONSOB and IVASS - with the sponsorship of the Municipality of Monza;
- Caserta, October 24 10:00, University of Campania 'Luigi Vanvitelli', Financial knowledge, attitudes and behaviour. Evidence from the CONSOB Report;
- Milan, October 24, 11:00, Investment decisions and financial education of Italians: methods and tools in the context of trading online expo held by Borsa Italiana, in collaboration with the Committee for the planning and coordination of financial education activities, CONSOB and Banca d'Italia;
- Messina, October 25 10:00, University of Messina, Financial knowledge, attitudes and behaviour; evidence from the CONSOB Report;
- Cagliari, October 29 10:00, University of Cagliari, Financial knowledge, attitudes and behaviour; evidences from the CONSOB Report;
- Rome, October 29 5pm, CONSOB Auditorium, seminar Gender gap in financial knowledge and skills: economic research, training and dissemination;
- Lecce, October 30 14.30, University of Lecce, seminar Financial knowledge, attitudes and behaviour in the CONSOB Report; finance: learn more to make better decisions;
- Lecce, October 30 20.30, organisation of the event "Edutainment": "Too good to be true, word of Ponzi!".
For any further information please consult the programme of events at the following link: http://www.consob.it/web/investor-education/mese-educazione-finanziaria.
As part of the initiatives promoted for Financial Education Month 2018, today in Rome CONSOB has organised a seminar for the presentation of the 2018 Report on the Investment Choices of Italian Households . The report provides evidence on the level of financial knowledge, investment habits and the demand for financial advice among Italian families.
The presentation, including a speech by the Deputy Chairman of CONSOB Anna Genovese, will be held today from 10:30 am to 1:30 pm, at the CONSOB Auditorium (Via C. Monteverdi, 35 - Rome).
Deadline Monday October 29, 2018
We remind you that a "Notice of recruitment a 2nd level official with journalist qualifications under a fixed-term employment contract", to be assigned to the Rome press office, has been published on the CONSOB website. The notice is available at the following link: http://www.consob.it/web/area-pubblica/lavorare-in-consob.
CONSOB has approved the prospectus concerning the admission to trading of ordinary Equita Group Spa shares on the Mercato Telematico Azionario (MTA), organised and managed by Borsa Italiana Spa. There will be no concurrent offer for subscription or sale of the shares subject to admission.
The issuer's shares are, in fact, already listed on the Multilateral Trading Facility, AIM Italia - Mercato Alternativo del Capitale (Alternative Capital Market), organised and managed by Borsa Italiana, since November 23, 2017.
Borsa Italiana ordered the admission to listing of Equita Group shares on the MTA and the simultaneous exclusion of these shares from trading on the AIM with a measure dated October 15.
The issuer - the head of a group that offers a wide range of investment products, services and activities - is an independent Italian institution with a consolidated presence on the capital markets through the business lines "Sales & Trading", "Proprietary Trading" and "Investment Banking" and in asset management with the area of activity "Alternative Asset Management".
The capital is currently held by: Fabio Deotto 3.3%; Matteo Ghilotti 4.1%; Stefano Lustig 3.1%; Francesco Perilli 11.4%; Andrea Vismara 6.3%; other shareholders 26.1%; treasury shares 9.5% float 36.6%.
The document date, no subject controls the issuer within the meaning of Article 93 of the TUF.
Through the listing of the shares on the MTA the issuer intends to pursue the following main objectives:
- benefit from increased liquidity of the security and a greater interest from the market and institutional investors;
- improve its competitive position and strengthen relationships with its strategic partners;
- involve additional institutional investors, as well as have the chance to benefit from a higher visibility on national and international reference markets.
Among the "investor warnings" and in the "risk factors" chapter, the prospectus outlines the risks with regard to the issuer and the group, to the market in which they operate and to the financial instruments subject to admission to trading.
In particular, in a specific risk factor and in the warning, it is reported that since the admission to trading on the MTA does not provide for a simultaneous offer of financial instruments for subscription, at the end of the same, no new financial resources for the group deriving from the operation itself are envisaged.
The conference entitled "Gender gap in financial knowledge and skills: economic research, training and dissemination", organised by ADC -Associazione Donne di CONSOB (CONSOB Women's Association) ADBI-Associazione Donne di Banca d'Italia (Banca d'Italia Women's Association) will be held in Rome at the CONSOB auditorium, with entrance in Via Claudio Monteverdi, 35, on Monday October 29, from 16:45 The event is part of the 2018 financial education month.
The conference programme includes the participation of Anna Genovese (CONSOB Deputy Chairman), Valeria Sannucci (Deputy Director General of Banca d'Italia), Giulia Bertezzolo (CONSOB Secretary General), Annamaria Lusardi (Director of the Committee for the planning and coordination of financial education activities), Nadia Linciano (Associazione Donne CONSOB), Myriam De Filippi (Mondadori), Debora Rosciani (Radio 24) and the women of the ADC and the ADBI.
Participation is open to anyone. In order to best organise works please register online using the SIPE form on the CONSOB website www.consob.it. For more information please write to the e-mail address email@example.com.
On Wednesday, October 24, from 11.30 am, there will be a new seminar, part of the series of meetings on banking and finance for the academic year 2018-19, organized by CONSOB and the Università Cattolica del Sacro Cuore, Department of Economics and Business Management. Lecture Hall 100 of the Università Cattolica, with entrance in via Necchi 9, Milan.
The seminar, curated by Gonul Colak, (Hanken School of Economics) will focus on the topic "Easy clean-ups or forbearing improvements: the effect of CEO tenure on the performance of successors".
Participation in the event is open to anyone and free of charge. For information: www.unicatt.it/segesta, firstname.lastname@example.org, telephone: 02.72342467.
On Thursday, October 25 at 3 pm, there will be a conference entitled "Sustainable Finance and Corporate Social Responsibility", organised by CONSOB, the Symbola Foundation and the Adriano Olivetti Foundation in Rome, at the CONSOB Auditorium, with entry in via Claudio Monteverdi, 35.
The programme of the conference, moderated by Guido Gentili (Il Sole 24 Ore), includes speeches by the following figures: Anna Genovese (CONSOB Deputy Chairman), Ermete Realacci (Symbola Foundation), Beniamino De 'Liguori Carino (Adriano Olivetti Foundation), Ernesto Ciorra (Enel), Veronica Tonini (Ferragamo), Mirta Barbareschi (Biblioteca Bilancio Sociale) and Father Enzo Fortunato (Sacro Convento di Assisi).
The closing speech will be given by Alberto Bonisoli, Minister of Cultural Heritage and Activities and Tourism.
To participate in the seminars, you must register online using the SIPE form (http://www.CONSOB.it/web/area-pubblica/iscrizione-seminari).
Through the Baffi-Carefin Research Centre, CONSOB, ESMA and Bocconi University have published a call for papers for the conference, “Securities markets: trends, risks and policies”, to be held March 7, 2019 in Milan at the Bocconi University.
Work on the following topics will be taken into consideration: financial innovation and systemic risk; microstructure of markets, post-trading and market efficiency; market-based finance; corporate governance; financial services, investor protection and financial education.
Contributions are to be submitted by October 31, 2018 via email to “email@example.com” . Each proposal will be subject to a referral process - supervised by a scientific committee coordinated by Massimo Guidolin (Bocconi University), Claudia Guagliano (ESMA) and Luca Giordano (CONSOB) - with approval by a steering committee, composed of Bocconi University ( Donato Masciandaro, Director of the Baffi-Carefin Centre), ESMA and CONSOB (Carmine Di Noia, Commissioner). The results of the selection will be announced by December 10, 2018.
Work that employs data relating to the European context with policy implications shall be particularly welcome. We also encourage contributions from European supervisory authorities and other competent national authorities in order to strengthen the debate on issues of financial supervision.
CONSOB Chairman, Mario Nava will make the keynote speech introducing the conference and Andrea Sironi (Bocconi University and President of Borsa Italiana) will present the final considerations. The final conference programme will be published on the CONSOB, ESMA and Bocconi University websites by the end of first week of January 2019.
The full call for papers is available at the following links:
taken or made public during the week
(the documents are available in the Italian version of "Consob Informa")
The prospectus concerning the admission to trading of ordinary Equita Group Spa shares on the Mercato Telematico Azionario (MTA), organised and managed by Borsa Italiana Spa has been approved (decision dated October 18, 2018).
Registers and lists
Precautionary suspension, for sixty days, of Gianluca Iob from carrying out the activity of financial advisor (Resolution n. 20624 of October 16, 2018).
Sanctioning suspension, for four months, of Leonardo Sala from the single register of financial advisors (resolution n. 20571 of September 6, 2018).
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.