Newsletter


Weekly newsletter - year XXVI - No. 14 - 14 April 2020

News of the week:
- > Consob communications to protect savers: Consob warns against fraudulent initiatives that take advantage of the coronavirus pandemic- Abusive financial services: Consob blacks out 4 new websites
- >Hoch Capital ltd: Consob orders to blackout the internet website www.tradeatf.com
- > Consob introduces new enhanced transparency requirements on changes in major holdings and declaration of intentions. Thresholds reduced for 104 companies with a broad shareholder base. “Businesses Decree" powers exercised
- > Covid-19 emergency: Consob issues operational instructions to the market on how shareholders' meetings, financial reporting, prospectuses and auditing of accounts are to be undertaken
- > MAR - Accepted Market Practice No. 1 concerning liquidity support activity
- > Audit firms' annual  financial report checklist updated
- > Amendments to the Issuers' Regulations on corporate transparency
- > Be aware of fraud! financial education in the theatre - Consob brings the “Ponzi scheme” to the stage, with a streamed premier of the show on the “mother of all frauds” at the University of Genoa
- > Investor protection warnings from other regulatory authorities

Commission decisions:

N.B. measures adopted by Consob are published in the electronic Bulletin 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 -

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CONSOB (the National Commission for Companies and the Stock Exchange) points out that the dramatic news about virus outbreaks can be an opportunity for malicious people to spread false or misleading information to take unfair advantage of pandemic fears and try to manipulate financial markets and investors. In particular, savers are warned against out-and-out attempts at fraud, mainly through the Internet, offering fictitious products that are somehow apparently linked to the coronavirus (Covid-19). These scams take many forms and could involve, among other things, the offer - through promotional material and fake news - of non-existent stocks or bonds of phantom companies that are supposedly taking initiatives to contain or cure the coronavirus, or the offer of various high-yield investment opportunities, including investments in presumed virtual currencies linked to the spread of viral contagion (such as "Coronacoin").

ABUSIVE FINANCIAL SERVICES: CONSOB BLACKS OUT 4 NEW WEBSITES

Consob ordered the blackout of 4 new websites who are illegally offering financial services.

The commission availed itself of the powers resulting from the ‘Decreto Crescita’ (‘Growth Decree’; Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorisation.

The companies and websites are listed below:

  • Premium Solutions Ltd (website https://the-premium-brokers.com);
  • Level Up Capital Ltd (website www.trade100fm.com);
  • DevTech Holding (website www.fincogb.com);
  • Direct Coin Limited (website https://capitalcoinx.com).

The number of sites blacked out since July last, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 184.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.

Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.

To this end, Consob would remind you that there is a section on the homepage of its website entitled "Be aware of fraud!" which provides useful information to warn investors against financially abusive initiatives.

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Consob has ordered, pursuant to Article No. 36, paragraph 2-terdecies, of the Law-Decree No. 34/2019, (converted by Law No. 58/2019), to the providers of Internet connectivity services, the blackout of the website www.tradeatf.com , through which Hoch Capital Ltd, an investment company of Cypriot law, is violating the ban imposed on it by Consob on 5 December 2019 (delibera n. 21171 del 5 dicembre 2019), pursuant to Article No. 7-quater, paragraph 4, of the Legislative Decree No. 58/1998, to continue to provide investment services, to solicit and to acquire new customers in Italy as well (see newsletter "Consob Informa" No. 44/2019).
 
 The aforementioned order of blackout was adopted pursuant to the new power recently attributed to Consob by the National Legislator pursuant to Article No. 4, paragraph 3-bis, of the Law-Decree No. 162 of 30 December 2019 (introduced by the Conversion Law No. 8 of 28 February 2020).
 
 For technical reasons, it can take a few days for making effective the blackout of the website by the providers of Internet connectivity services.

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Consob has adopted two measures (Resolution no. 21326 of 9 April 2020 and Resolution no. 21327 of 9 April 2020) which, under the new powers conferred on the authority by the "Businesses Decree", provide for an enhanced transparency regime as regards both the obligation to disclose significant shareholdings in certain Italian listed companies and the "declaration of intentions" in the event of the acquisition of shareholdings in listed companies, as provided for by the so-called "anti-raid rule".

Consob has thus made use of the powers introduced by article 17 of the "Businesses Decree" (Legislative Decree no. 23 of 8 April 2020).

Both measures apply for three months (unless revoked early) from 11 April to 11 July to 104 companies listed in Italy (the companies are named in the lists annexed to the resolutions).

Listed companies controlled by law, i.e. those companies in which one of the shareholders is an entity that holds 50% of the share capital plus one share, remain outside the scope of application.

In particular, with regard to changes in significant shareholdings, for the 104 companies in question, Consob has lowered the thresholds that trigger the obligation for investors to notify Consob of changes, raising them from 3% to 1% for "non-SMEs" and from 5% to 3% for SMEs, as identified in section A and section B of the list.

At the same time, the earlier resolution of 17 March last (Resolution no. 21304 of 17 March 2020), which introduced a similar obligation for 48 listed companies, identified according to the twofold criterion set out in the Consolidated Law on Finance (article 120, paragraph 2-bis) before the "businesses decree", namely: a) "high market value" and b) "broad-based share ownership".

As a result of the "businesses decree" - which instead recognises "broad-based share ownership" as the only criterion, allowing the "high market value" criterion to lapse - the scope of application of the new obligation is, therefore, extended.

On the other hand, with regard to enhanced transparency in the area of "declarations of intent", i.e. the obligation for investors to disclose their investment objectives for the following six months when a certain threshold is exceeded, Consob has made use of the option provided for in the "Businesses Decree" to lower the threshold from 10% to 5%. This measure too applies to the 104 companies in question. The further thresholds of 10%, 20% and 25% remain unchanged.

Consob has also issued (Resolution 21320 of 7 April 2020) amendments to its Issuers' Regulations (art. 122-ter) on the exemption from the obligation to communicate the "declaration of intentions".

The exemption clauses provided in the amendments to the regulations, which derive from legal provisions introduced in the Consolidated Law on Finance in 2017 (the "anti-raid rules"), remain valid also for the new lower threshold of 5%.

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Consob has today provided the market - through two measures, a Communication (Communication No 3/2020 of 10 March 2020) and a warning notice (Warning notice No 6/20 of 9 April 2020) - operational indications regarding the procedures for the next ordinary and extraordinary shareholders' meetings, financial information to be included in the periodic reporting documents and prospectuses, and for the auditing of accounts.

The Communication on Shareholders' Meetings was necessary in light of the ongoing health emergency caused by the coronavirus epidemic (Covid-19) and with reference to the provisions of the "Cura Italia" decree-law of 17 March last, which, among other things, introduced temporary provisions intended to reconcile the priority aim of countering the spread of the epidemic with the needs of the business dynamics of listed companies.

In particular, with regard to ordinary and extraordinary shareholders' meetings, the Consob Communication calls on listed companies to ensure that all shareholders are ensured the conditions for participation and remote voting, using at least one of the various tools specified in article 106 of the "Cura Italia" decree, including electronic or postal voting, remote intervention via computer link, and recourse to the designated representative. The Communication highlights the applicable provisions, for the purposes of reconciling the special rules dictated by the "Cura Italia" decree with the general rules governing shareholders' rights at general meetings.

While with regard to the financial information to be included in financial statements and prospectuses, the Warning Notice urges companies to highlight with the greatest possible transparency - as required by international accounting standards - the effects that the coronavirus health emergency may have on the company’s activities, with reference to both the financial statements at 31 December 2019, about to be approved, and subsequent reports.

A similar call is addressed to external auditors, in particular with regard to the assessment of the information provided in the financial statements on the effects of the epidemic.

Finally, the Communication also addresses the control bodies of listed companies, also in their role as audit committees, on the need, during this period, to strengthen their interactions with management bodies and the exchange of information with the external auditors.  

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With Resolution no. 21318 of 7 April 2020 Consob has admitted the new Market Practice No. 1 (MP1) on market liquidity support activity.

The new MP 1 will come into force thirty days after its publication in the Official Gazette of the Italian Republic, after which the previous MP 1, admitted with Consob Resolution no. 16839 of 19 March 2009, will cease to apply. 

The admission of the new MP1 follows the public consultation launched on 21 September 2018 on the proposals for adaptation to the new European context set out in Regulation (EU) no. 596/2014 ("MAR") of the three market practices admitted by Consob in the previous EU regime.

The text of the new MP1 differs somewhat from the text published on 8 April 2019 following the consultation, to take account of the opinion provided by the ESMA on 22 January 2020 pursuant to article 13(4) of the MAR" (http://www.consob.it/web/consob/dettaglio-news/-/asset_publisher/hZ774IBO5XPe/content/avviso-3-febbraio-2020/10194). Principally, the intermediary appointed pursuant to Market Practice no. 1 will have to undertake the liquidity support activity on behalf of the issuer independently of any specialist activity carried out on the same financial instruments in the same trading venue.

Issuers and appointed intermediaries can finda model for the quarterly reporting of operations on the Consob website (http://www.consob.it/web/area-operativa-interattiva/regolamento-abusi-di-mercato).

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Consob requires audit firms to send a checklist, summarising the main data and information acquired during the course of their external audit, consisting of two documents: a general section and a summary overview (communication no. 95002349 of 22 March 1995 and subsequent amendments and additions).

As required by the most recent communication published on the subject on 15 March 2012, the signatory of the audit report must send the above form to Consob by the 20th day following the date of issue of the report on the statutory and consolidated financial statements (communication of 15 March 2012).

The checklist relating to the audit of the financial statements for the financial years closed as from 31 December 2019 has been adapted for the introduction of article 123-ter, paragraph 8-bis, of Legislative Decree no. 58/1998 (the Consolidated Law on Finance) which requires the audit firms to check that the directors of listed companies have prepared the second section of the Report on remuneration policy and compensation paid pursuant to the aforementioned article.

Therefore, a specific reference to these checks has been included in the "Other information" section of the overview. The new version is available on Consob's website, in the "Services for Operators/Interactive Service/Audit Firms" section, from 6 April 2020.

Auditors who have already transmitted the checklist on annual financial statements as from 31 December 2019 will be able to update the form transmitted through the "Form Correction" function, following the instructions in the user manual available on the Consob website at the above address, and by completing the whole "Other information" section again.

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AMENDMENTS TO THE ISSUERS' REGULATIONS ON CORPORATE TRANSPARENCY

Taking into account the results of the public consultation that ended on 17 July 2019, Consob has made (Resolution no. 21320 of 7 April 2020) some changes to Issuers’ Regulations (IR), to implement the power contained in article 120, paragraph 4-bis, of the Consolidated Law on Finance, concerning the obligation to make a declaration of intentions for those who acquire a significant interest in the capital of a listed issuer (the "anti-raids" rule).

Decree-law no. 148 of 16 October 2017, converted with amendments by the law no. 172 of 4 December 2017 (the ‘Tax Decree’), introduced the new paragraph 4-bis into article 120 of Legislative Decree no. 58 of 24 February 1998, which required additional information to be added to the disclosure currently made regarding ownership structures, aimed at making any attempted takeovers involving Italian listed issuers transparent.

In summary, the new article 120, paragraph 4-bis, of the Consolidated Law on Finance provides that on the occasion of the acquisition of a shareholding in a listed issuer that is equal to or greater than the thresholds of 10%, 20% and 25% of the share capital, the entity that performs the disclosure referred to above should (also) declare the objectives that it intends to pursue over the course of the next six months (the "declaration of intentions").

The legislator has also assigned CONSOB the power to identify, with its own regulation, "the cases in which the aforesaid declaration is not due by taking into account, if appropriate, of the characteristics of the subject making the declaration or the company whose shares were purchased".

CONSOB has identified the following cases of exemption from the obligation to make the declaration pursuant to article 120, paragraph 4-bis, of the Consolidated Law on Finance:

a) in the cases referred to in article 49(1)(a) and (b) a) limited to the case in which a shareholder alone holds the majority of the voting rights exercisable at the ordinary shareholders' meeting of the listed issuer, c), d) and h);

b) when the acquisition of the shareholding is also capable of determining the obligation to make an offer pursuant to article 106, paragraphs 1 or 1-encore of the Consolidated Law on Finance, and one of the exemptions provided for in article 49(1)(a) of said law applicable b) or g);

c) in the cases referred to in article 119-bis, paragraphs 3, letters a), b) and c-ter), 5 and 6;

d) without prejudice to the last part of article 49 paragraph 1, letter d-bis), if the attainment or exceeding of the thresholds is determined by changes in the share capital and/or in the number of voting rights, on the basis of the information published by the issuer pursuant to article 85-bis;

e) for management companies that acquire holdings, including in aggregate form, in listed issuers as part of the management activities referred to in article 116-terdecies paragraph 1, letter e), exercised in in accordance with the conditions laid down in Directive 2009/65/EU, or for non-EU entities carrying on an activity for which, if they had their registered office or central administration in an EU Member State, authorisation under Directive 2009/65/EU would be required, as well as for Italian AIFs not reserved for professional investors and for EU AIFs whose applicable national law provides for investment limits and conditions equivalent to those laid down in Italian law with regard to AIFs not reserved for professional investors;

f) if the acquisition of the holding determines an obligation or is carried out as part of a public takeover offer or exchange communicated to the market.

The operation of the exemption in the above cases, with the exception of letterc), shall be subject to a declaration by the entity concerned as to the existence of a cause for exemption. This declaration will be reported in the form provided for the fulfilment of the disclosure obligations pursuant to article 120 of the Consolidated Law on Finance (Annex 4 of the IR).

Still on the subject of ownership structure, Consob has amended article 117 of the IR. In particular, the new paragraph 2-bis of this article is designed to promote the emergence of holdings comprised between the thresholds of 3% and 5% of the capital if it does not qualify as an SME due to exceeding the criteria set out in article 1, paragraph 1, letter
w-quater.1), of the Consolidated Law on Finance. The amendment introduces an obligation of notification of the infra-threshold shareholding held, following the change of applicable regime (from SMEs to ordinary listed companies), with reference to the initial threshold (from 5% to 3%) provided for the notification of holdings in shares.

Specifically, the regulatory proposal prescribes that any entity that, at the time an investee company loses SME status, holds an interest in said company of more than 3% and less than 5%, it shall notify Consob and the investee company, within fifteen trading days from the date of the notification.

Further changes made to the IR also concern:

(i) the adaptation of the regulatory references in some articles to the changes made by the Consolidated Law on Finance following the transposition of MiFID 2;

(ii) certain clarifications for the fulfilment of the obligations imposing transparency with regard to shareholders' agreements. 

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In collaboration with FEDUF-Fondazione per l'Educazione Finanziaria e al Risparmio and with the Faculty of Economics of the University of Genoa and with the participation of Starting Finance.

The "Ponzi scheme" - the most widespread model of financial fraud, devised a century ago by Charles Ponzi, the Italian adventurer who emigrated to the United States - will be staged next Thursday, 16 April, for students of the Faculty of Economics at the University of Genoa, at 1.00 pm on PC, smartphone and tablet, strictly in streaming, in order to take account of the national provisions currently in force to combat the coronavirus health emergency.

Through a piece of theatre, conceived by Nadia Linciano, head of Consob's Economic Studies Office, and actor Massimo Giordano, students will have the opportunity to make the acquaintance of Ponzi, whose name is inextricably associated with the "mother of all financial fraud".

A century later, "Ponzi schemes" are still very much an issue. Most financial scams, whether on the web or over the phone, are based on the same model. The news these days once again is full of similar scams that run on the internet, leveraging anxiety about the coronavirus, offering amazing investment opportunities that are nothing more than a rehashed "Ponzi scheme". The risk has recently been highlighted by Consob with a special Warning for savers.

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MEMO: Reminder that with Resolution no 21305 of 18 March 2020, Consob has suspended payment of contributions for the categories of Italian and foreign supervised entities specified therein until 15 May 2020. For more information see http://www.consob.it/web/area-operativa-interattiva/contributi-di-vigilanza.

The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Belgium (Financial Services and Markets Authority - FSMA), Spain (Comisión Nacional del Mercado de Valores - CNMV), Portugal (Comissão do Mercado de Valores Mobiliários – CMVM), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), New Zealand (Financial Markets Authority – New Zealand - FMA), Sweden (Finansinspektionen), Liechtenstein (Financial Market Authority-Liechtenstein- FMA-Liechtenstein) and France (Authorité des Marchés Financiers – AMF) report the companies and websites offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

  • Compare ISAs (compa-isas.co.uk);
  • www.compare-fixed-isa-rates-today.co.uk;
  • Luxstar Group (www.luxstargroup.com), clone of the authorised company Luxstar SA, previously reported by the CSSF (see "Consob Informa" no. 8/2020);
  • Luxstar Asset Management (www.luxstaram.com, www.luxstaram-clients.com), with stated addresses in Luxembourg and London, clone of the authorised company Luxstar SA based in Luxembourg, previously reported by the CSSF (see "Consob Informa" no. 5/2020);
  • Lp Wealth Management / Leonia Private Wealth Management (www.lpwmanagement.com), with stated address in London, clone of the authorised company Leonia Corporate Bank Plc, based in Finland;
  • Flairfinance Asset Management (www.flairfinance.com, www.financeforte.com) with stated address in Leicester (UK), a clone of the authorised company Flair Finance Limited (www.flairfinance.co.uk);
  • Ignis Markets (www.ignis-markets.co.uk, www.ignismarkets.org), a clone of the authorised company Ignis Investment Services Limited (www.aberdeenstandard.com);
  • Rsif International (www.rsif-int.com), a clone of the authorised company RSIF International, based in Dublin;
  • Reiner Jahn (www.reinerjahn.de), with stated address in London, a clone of the authorised company Reiner Jahn, based in Kerken (Germany);
  • Go Compare Investments (www.gocompareinvestments.co.uk) with stated address in London, a clone of the authorised company Gocompare.com Limited (www.gocompare.com);
  • Cig Fund Management (www.cigfm.com), with stated address in London, a clone of the authorised company CIG Fund Management Company Limited based in Dublin;
  • Financial Loan Service (www.financial-loan-service.com), with stated address in Manchester;
  • Paddington Wealth (www.paddingtonwealth.com), with stated address in Zurich;
  • China Beijing Global Trading (www.cbgtrading.cn.com), with stated address in Beijing 100140, China;
  • Cream Ppi (e-mail: cream.ppi@yandex.com), clone of the authorised company Cream PPI Limited;
  • Funds Recovery (Overseas Recovery Room)(www.funds-recovery.com);
  • Oralad Management (www.oralad-management.com), with stated address in London, a clone of the authorised company Oralad Management AB based in Stockholm;
  • CTindexforex (https://ctindexforex.com), with stated address in Suffolk (UK), a clone of the authorised company Gain Capital UK Limited (www.cityindex.com, www.forex.com/uk) based in London;
  • Gladstone Capital Management (www.gladstonecapital-mgmt.com), a clone of the London-based authorised Gladstone Capital Management LLP company;
  • Sandberg Financials Llc (www.sandbergfinancial.com) ,with stated address in Singapore;
  • Secured Investment (www.secured-investment.co.uk), with stated address in London;
  • National Investor Guide (www.nationalinvestorguide.com);
  • Best Fixed Rates / BestFixedRates (www.best-fixed-rates.com);
  • Carter-Banks (www.carter-banks.co.uk);
  • Smith & Williamson Holdings (info@smithandwilliamsonltd.co.uk), clone of the authorised company Smith&Williamson Holdings Limited (www.smithandwilliamson.com) based in London.

Reported by the CSSF:

  • Fourpoints Invest S.A. (www.fourpoints-invest.com);
  • Ak Wealth Spf (www.akwealth-spf.com);
  • www.eps-gestion.com;
  • www.bourse-electricite.com;
  • www.qfprivate.com.

Reported by the FSMA:

  • BTC-trading24 (www.btc-trading24.com);
  • Elite Trading (www.elitetrading.co);
  • Fx Prime (www.fxprime.io);
  • Grand Capital (www.grandcapital.net);
  • Kingston Trading (www.kingstontrading.com);
  • Titan Pro 500 (www.titanpro500.com);
  • Universal Markets (www.umarkets.com, www.umarketspro.com);
  • www.financial-liquidity.com, clone of the authorised firm Liquidity Finance LLP;
  • Bitcoin-Evolution / Bitcoin-Revolution companies that are related to the following non-authorised entities in relation to which the FSMA has already issued notices to savers:
  • Cfreserve;
  • Global-Markets;
  • MasonFor;
  • FlixGm;
  • CryptoSfs;
  • MgcLogic;
  • Vipwayzone;
  • Key-Markets;
  • Hope-Area;
  • Investingcapital;
  • Wij zijn de oplossing (www.wij-zijn-de-oplossing.com);
  • We zijn verenigd (www.wezijnverenigd.com);
  • Trust Online Credit Bvba (www.trustonlinecreditbvba.com), clone of the authorised company Swift Money Limited;
  • Salem Lening (www.salem-lening.com);
  • Rossen Financiën (www.rossen-financien.com), with stated address in Frankfurt;
  • Fast Loan International (www.fastloaninternational.com) with stated address in Belgium;
  • Bci Financial (www.bcifinancial.com) with stated address in Cheshire (UK);
  • Access Central Bank (www.access-centrale.com) with stated address in Paris.

Reported by the CNMV:

  • www.xsystemtrader.com/es;
  • Visoptiontrade (www.vistradingoption.com);
  • Topinvestus (www.topinvestus.co/es);
  • www.systres.site;
  • Marketrobo Ltd (www.market.net);
  • Daxioma / Clever Technologies Ltd (www.daxioma.com/es);
  • Bit Trade247 (www.cryptotrades247.com);
  • Fx24 Crypto Expert Options / Industry Rd (www.24cryptoexpertoptions.com);
  • United Btc Bank (www.unitedbtcbank.com/es);
  • Bs Finance Limited (www.bsfinance.biz);
  • Bin Trades Limited (www.binarytrade360.com);
  • Clever Technologies Ltd (www.daxbase.com/es);
  • Traderxp (www.traderexperience.com/es);
  • Richmondfx / Elit Property Vision Ltd (www.richmondfx.com);
  • Box Investing / Software And Media Ltd (www.boxinvesting.com);
  • Royaltd24 (www.royaltd24.net);
  • Tradesrun / Pro Star Griffith Corporate Centre (www.tradesrun.com/es);
  • Prime Markets / Pro Star Griffith Corporate Centre (www.prime-market.com/es);
  • Cfdiz / PRO Star Griffith Corporate Centre (www.cfdiz.com/es);
  • Bgold Capital /Pro Star Griffith Corporate Centre (www.bgoldcapital.com/es);
  • Im Mastery Academy (www.im.academy);
  • Meg Trans Ltd / Raxtrade (www.raxtrade.com/app/trade);
  • Green Millions (www.es.greenmillions.live);
  • Qcapitalforex (www.qcapitalforex.com);
  • Commercial Maximum – F.Z.E / Maximus Trade (www.mxmtrade.com);
  • Pro Phet Trade / Pro Btc Trade (www.es.probtctrade.com);
  • Capcorp Ltd / Fxcryptoclub (www.fxcryptoclub.cc);
  • Million Money (www.million.money/es);
  • www.yszzexpokch.duckdns.org / www.yszzexpokch.duckdns.org / gvc-gaesco-comerciante-en-lnnea-de-cfd89.php, clone sites of the authorised company Gvc Gaesco Valores S.V., S.A.;
  • Wdc Markets / Ftg Solutions Ltd (www.wdcmarkets.com);
  • Hermes Ventures Limited / Gorisemarkets / Grm (www.gorisemarkets.com);
  • Markets Fx (www.marketsfx.com);
  • Bitfreezy Financials Llc (www.bitfreezy.com);
  • 10crypto (www.10crypto.io/es/).

Reported by the CMVM:

  • Alliance Scpi & Park (https://alliancescpi.com) clone of the authorised intermediaries Banco Santander Totta, S.A and Banco Santander de Negócios Portugal, S.A.

Reported by FINMA:

  • Mcc Group, Mcc Capital Gmbh, Mc Capital Gmbh, Mcc Oil and Gas, Mcc Holding (www.mcc-capitalgroup.com; www.mccoilgas.com; www.mcc-holding.com), with stated address in Geneva;
  • Schönbächler (Sch) Investments Sàrl (www.seifert-investments.com), with stated address in Zurich.
  • Weiss Private Bank (www.weissprivate.com), with stated address in Basel;
  • Bank Swiss (www.bankswiss.ru), with stated address in Zurich;
  • Kaze Blockchain Solutions (www.kaze.solutions), with stated address in Zug (Switzerland);
  • Swiss General Credit Llc (www.swiss-general-credit.com), with stated address in Geneva;
  • Mining Glass(www.bicoremining.com).

Reported by the SFC:

  • Eso Mm Llc (www.esomfx.com), with stated address in American Samoa;
  • Spark Global Limited (www.sglfd.com), with stated address in Hong Kong;
  • ofchk.com/index-en.htm;
  • Hongkong Rarlon futures Co., Limited (www.down.sxpdcy.com), with stated address in Hong Kong.

Reported by FMA New Zealand:

  • www.icoinlimited.co.nz, clone site of iCoin Limited, a company authorised by the FMA;
  • www.nex.cool, website through which it is improperly declared to have an authorisation to operate issued by the FMA;
  • Speed Solutions Ltd /Arotrade (www.arotrade.net), with registered office in Belize;
  • Tung Shun Securities Limited and AB Research Partners Inc. (www.ts-securities.com, www.abrp-inc.com), with stated addresses in Hong Kong and Toronto;
  • www.worldclear.cloudtree.co;
  • Profit Bitcoin (https://theprofitbtc.com/). The New Zealand supervisory authority warns savers that the above mentioned company spreads false news about government initiatives on social networking apps and illegally uses the image of the New Zealand Prime Minister.

Reported by Finansinspektionen:

  • Exm Solution (www.exmsolution.com), with stated addresses in London, in the Commonwealth of Dominica and in Limassol (Cyprus);
  • J.T Trader (www.jttrader.com), with stated addresses in New York and Toronto

Reported by the FMA-Liechtenstein:

  • www(dot)financialpartners-ltd(dot)com, clone of the authorised company Financial Partners Fp Ltd.

Reported by the AMF and the ACPR:

The French supervisory authorities, the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) have updated the list of websites offering investments in derivatives and cryptocurrency without authorisation.

  • www.boxinvesting.com;
  • www.infinitrade.com;
  • www.lotsfx.com;
  • www.northern-lion.com;
  • www.tcotrade.com/fr;
  • www.triton-online.net;
  • www.uniglobemarkets.com//?lang=fr;
  • www.uniontradecenter.com;
  • www.bforinvest.co;
  • www.btcoinpro.com;
  • www.libra-maximizer.com/fr;
  • www.man-investments.com;
  • www.securebitgains.com/bitcoinera.

- COMMISSION DECISIONS -
taken or made public during the week (the documents are available in Italian version
)

COVID 19 - Measures
  • Reductionof the initial percentage thresholds for notification pursuant to article 120(2-bis) of Legislative Decree No 58 of 1998 for shareholdings in the capital of listed companies, with Italy as the home Member State with a particularly broad-based share ownership structure (Resolution no. 21326 of 9 April 2020).
  • Reduction in the initial percentage threshold for notification pursuant to article 120, paragraph 4-bis, of Legislative Decree No. 58 of 1998 for declarations of objectives on the occasion of the acquisition of a stake in a listed issuer with Italy as home Member State and with a particularly broad-based share ownership structure (Resolution no. 21327 of 9 April 2020).
  • A warning notice for members of administrative and control bodies and the responsible managers of the need to observe the principles that govern the process of producing financial information (Warning Notice No 6/20 of 9 April 2020).
  • Communication on the conduct of shareholders' meetings of companies with listed shares (Communication no. 3/2020 of 10 April 2020).
Consob Regulations
  • Amendments to the Issuers' Regulation (IR), for the implementation of the power contained in article 120, paragraph 4-bis, of the Consolidated Law on Finance, concerning the obligation for those who purchase a significant holding in the capital of a listed issuer to make a declaration of intentions (Resolution no. 21320 of 7 April 2020).
Combating markets abuse (art. 7-octies of the Consolidated Law on Finance)
 Order, pursuant to art. 7-octies, letter b) of Italian Legislative Decree no. 58 of February 24, 1998  (Consolidated Law on Finance) to cease infringement of art. 18 of the TUF, put in place by:
  • Premium Solutions Ltd through the website https://the-premium-brokers.com (Resolution no. 21321 of 7 April 2020);
  • Level Up Capital Ltd through the website www.trade100fm.com (Resolution no. 21322 of 7 April 2020);
  • DevTech Holding through the website www.fincogb.com (Resolution no. 21323 of 7 April 2020);
  • Direct Coin Limited through the website https://capitalcoinx.com (Resolution no. 21324 of 7 April 2020).
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, Chiara Tomaiuoli, 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 INFORMS can also be consulted via the "newsletter" link.