News of the week:
Abusive financial services: Consob blacks out 5 new websites
Investor protection warnings from other supervisory authorities
New Market Practice No. 1 on market liquidity support activity published in the Official Gazette
Covid-19 and access to credit: informal hearing of the Chairman of Consob on bill no. 2461, converting Decree Law no. 23 of 2020
- NEWS OF THE WEEK -
Consob has ordered the black-out of 5 new websites that offer financial services illegally.
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:
- Finance Activity Group (websitewww.capo-invest.com);
- FXTrading Corp (websitehttps://fxtradingcorp.trade);
- Tradefxzone Ltd and SolutionsCM Ltd (website https://tradefxzone.com);
- ForTradersFx Ltd (websitewww.fortraders-fx.com);
- OGAM Ltd (website www.ogamfx.com).
The number of sites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 189.
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.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Poland (Polish Financial Supervision Authority - KNF), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Malta (Malta Financial Services Authority - MFSA), Hong Kong (Securities and Futures Commission - SFC), BritishColumbia(British Columbia Securities Commission – BCSC), New Zealand (Financial Markets Authority – New Zealand – FMA) and Taiwan (Financial Supervisory Commission, Chinese Taipei - TWSA) report the companies and websites offering investment, financial and insurance services without the required authorisations.
Reported by the FCA:
- FrankfurtFx - Diamond Club (https://frankfurtfx.de), with stated address in Frankfurt, clone of the authorised company Leucadia Investment Management Limited (www.jefferies.com) based in London;
- Fortune Trade Fx (www.fortunetradefx.com), clone of the authorised company Tradeslide Trading Tech Limited based in London;
- GeminiCpl (www.gemini-cpl.com), with stated address in London, clone of the authorised company Gemini Capital LLP (www.geminicapital.london) based in London;
- Numis Portal (www.numisportal.com), clone of the authorised company Numis Securities Limited (www.numiscorp.com) based in London;
- Best Rate ISAs (http://Best-Rate_ISAs.com);
- Smith, Barnes & Wood (www.smithbarnesandwood.com), with stated address in New York;
- Claims Assistance Uk (e-mail: email@example.com);
- Harpersfield Capital Partners (www.harpersfieldcapitalpartners.com), with stated address in New York;
- Lv Grow Market (https://lvgrowmarkets.com), with stated address inn Vanuatu;
- Global Capital Holdings (https://globalcapitalholdings.com);
- Finix Capital (www.finixcapital.com), with stated address in Tallinn, Estonia;
- Cryptomarket (www.cryptopmarket.com), with stated addresses in Moscow and Troitsk;
- Brokers Community - Market Effect (email:firstname.lastname@example.org; email@example.com; firstname.lastname@example.org; email@example.com; firstname.lastname@example.org; email@example.com);
- Bonds Finder (https://bonds-finder.com);
- Ash Trades (Instagram@ash.trades);
- Nationalbondcompare.com (www.nationalbondcompare.com);
- Premium Systems / Trendingraphs (www.trendingraphs.com), with stated address in Majuro (Marshall Islands);
- Coin2Fx (www.coin2fx.com),with stated address in London;
- Spark Global Ltd (www.sglfd.com), with stated address in Sheung Wan (Hong Kong), previously reported by the SFC (see “Consob Informa” no. 14/2020 of 14 April 2020);
- My Safe Market / Mysafemarket (mysafemarket.com), with stated address in Majuro, Marshall Islands, previously reported by FMSA (see “Consob Informa” no. 7/2020 of 24 February 2020);
- Theisaexpert.co.uk / The ISA Expert;
- Mcm Fx (www.mcmfx.co.uk), (Twitter: mcmfx_ltd ), (Skype: gatshenizb);
- Tesco Plc Trade (www.tescoplctrade.com), with stated address in London;
- UK Electronic (Instagram Account: @Ukelectronic);
- Littermanfx / Litterman Fx (https://littermanfx.com), with stated address in Borehamwood (UK);
- MarketCapital (www.marketcapital.co), with stated address in Kingstown, St. Vincent and the Grenadines, previously reported by the FSMA (see “Consob Informa” no. 38/2019 of 4 November 2019);
- British Bonds (www.british-bonds.co.uk), with stated address in London.
Reported by the CSSF:
- StockSons www.stocksons.com.
Reported by the KNF:
- Fraktal Trader sp. z o.o. sp.k;
- Fraktal Trader sp. z o.o. International sp. k.;
- Fraktal Trader S.C.;
- Fraktal Trader Llc;
- FT Szkolenia S.C..
Reported by FINMA:
- World Trade Consulting (www.wtc-zürich.com), with stated address in Zurich;
- Brokermasters (www.brokermasters.com), with stated address in Bern;
- Deutsche Crypton;
- Capital Grow Group (www.capitalgrowgroup.com), with stated address in Zurich;
- BlackLight SA, with stated address in Cointrin (Switzerland);
Reported by the MFSA:
- BinaryFx Pro (https://binaryfxpro.com, http://binaryfxtradepro.co), with stated address in Malta;
- IbanFx Limited (www.ibanfx.com);
- Crypto Foxtrades (www.cryptofoxtrades.com);
- Coinmalex (https://coinmalex.com);
- MarketsFx - Unlicensed Exchange (https://marketsfx.it, https://marketsfx.com);
- Eternity Finance (https://eternityfinance.io);
Reported by the SFC:
- American Vertex Trading Corporation Ltd (www.american-vertex.com);
- Capital Markets (www.capital-markets.com), with stated addresses in New York and Hong Kong;
- https://scksecurities.com, with stated address in Hong Kong, clone of the authorised company SCK Securities Limited;
- https://web.winnabao.com, clone of the authorised company Saxo Capital Markets HK Limited.
Reported by the BCSC:
- Astor Capital Fund Limited (www.astorcapitalfund.com);
- Halifax & Associates (www.halifaxandassociates.com), with stated address in Denmark;
- BCG Invest (www.bcginvest.com), with stated address in Vancouver;
- Fcoex (www.fcoex.co);
- Rofx (www.rofx.ne);
- MetaProTrader (www.metaprotrader.com);
- JT Trader Financial Services Ltd (www.jttrader.com), with stated addresses in New York and Toronto.
Reported by the FMA (New Zealand):
- MetalsWise (https://metalswise.com), with stated address in London;
- Horse Forex (www.aus.top, www.horsegroup.top), clone of the authorised company Horse Group Limited;
- Whitley Trading Group (https://www.whitleytrading.com).
Reported by the TWSA:
- Ward Henderson Management;
- Radford Taylor Partners.
Resolution no. 21318 of 7 April 2020, with which Consob admitted the new Market Practice No. 1 (MP1) on market liquidity support activities was published in the Official Gazette of the Italian Republic on 17 April 2020. The new Practice No. 1 will come into force thirty days after its publication. At the same time, the previous MP1, admitted with Consob Resolution no. 16839 of 19 March 2009, will cease to apply.
On 23 April last the Chairman of Consob, Prof. Paolo Savona, attended an informal hearing at the Joint Commissions VI (Finance) and X (Production Activities) of the Chamber of Deputies, in the context of the review, in these sessions of bill C. 2461, which converts Decree Law no. 23 of 2020, containing urgent measures on access to credit and tax obligations for enterprises, special powers in strategic sectors, and also interventions in the field of health and work, and the extension of administrative and procedural deadlines.
The text of the hearing is available on the Consob website at the following link http://www.consob.it/web/area-pubblica/audizioni.
Order, pursuant to art. 7-octies, letter b) of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) to cease infringement of art. 18 of the said Legislative Decree, put in place by:
- Finance Activity Group, through the website www.capo-invest.com (Resolution no. 21331 of 22 April 2020);
- FXTrading Corp, through the website https://fxtradingcorp.trade (Resolution no. 21332 of 22 April 2020);
- Tradefxzone Ltd and SolutionsCM Ltd, through the website https://tradefxzone.com (Resolution no. 21333 of 22 April 2020);
- ForTradersFx Ltd, through the website www.fortraders-fx.com (Resolution no. 21334 of 22 April 2020);
- Ogam Ltd, through the website www.ogamfx.com (Resolution no. 21335 of 22 April 2020).