Weekly newsletter - year XXIX - No. 23 - June 26, 2023 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Watch for scams! Financial fraud: Consob blacks out 3 more abusive websites
An operational guide on algorithmic trading
Interactive fact sheet on inflation
Consob - Bank of Italy Memorandum of Understanding on Crowdfunding
Hearing of President Savona and Secretary/Director General Scopelliti
ESAs consultation
ESMA Call for Evidence
Approval of the amendments to the Regulations of Borsa Italiana Spa
Seventh edition of the World Investor Week (2-8 October 2023)
Takeover bid by Fine Mito srl on Cover 50 shares
Ferretti Spa: Consob approves the prospectus
Cy4gate spa IPO: Consob approves prospectus
Tessellis Spa: Consob approves the prospectus
Notice of selection for the Technical Secretariat Office of the Alternative Financial Dispute Resolution Scheme (ACF)
Investor protection warnings from other regulatory authorities
- NEWS OF THE WEEK -
Consob has ordered the black-out of 3 new websites that offer financial services illegally.
The commission availed itself of the new 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 service providers to block access from Italy to websites offering financial services without the proper authorisation.
Below are the sites Consob has ordered to be blacked out:
- Fisher Forex (website https://fisherforex.com);
- Shadlake Ltd (website https://crystalscapitals.info and its page https://platform.crystalscapitals.org);
- Itc Fx (website https://itc-fx.com and page https://client.itc-fx.com e https://webtraderapp.online).
The number of sites blacked out since July 2019, when Consob was given the power to order the black-out of websites of unauthorised financial intermediaries, has thus risen to 914.
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 one’s savings: these include, for websites that offer financial services, checking in advance that the operator with whom you 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 www.consob.it entitled "Watch for scams!", providing useful information to warn investors against financially abusive initiatives.
Consob has published an Operational Guide which is aimed at investment firms that perform algorithmic trading ('algo-trading') or use high-frequency algorithmic trading ('HFT') techniques. The Guide offers an organic systematisation of the obligations provided for by European regulations, by the indications of the European Securities and Markets Authority (ESMA), by the interaction between the obligations provided for by European regulations and those provided for by national regulations, that is, the communications that must be transmitted to Consob by Italian investment firms, Italian banks that carry out algorithmic trading and other entities regulated by the Consolidated Law on Finance (TUF).
In order to assist the supervised entities in fulfilling their disclosure obligations, document templates have been prepared for the submission of supervisory information and data to Consob (Annexes 1, 2, 3 of the Operational Guide).
The Operational Guide may be useful to Italian investment firms; to Italian banks; to members or participants of regulated markets and multilateral trading facilities that are not required to be authorised (pursuant to Article 4-terdecies, paragraph 1, letters a), e), g), i) and l) of the Consolidated Law on Finance) or that are managers of UCIs, SICAVs and SICAFs; to third-country firms authorised to provide trading services or activities on their own account or to execute orders on behalf of customers (pursuant to Articles 28 and 29-ter of the Consolidated Law on Finance), as well as to non-EU operators accessing the trading venue that has obtained the authorisation or clearance pursuant to Articles 26, paragraph 6, Article 29, paragraph 3 or Article 70, Paragraph 2.
Consob, together with the Bank of Italy and IVASS, joins the financial education campaign carried out by the European Supervisory Authorities (ESMA, EBA, EIOPA) to help consumers understand how increases in inflation and interest rates may affect their finances. The three Authorities have published an interactive fact sheet on their websites explaining how inflation and rising interest rates can affect our choices regarding loans, savings, financial investments, pension funds and insurance products.
The fact sheet has been translated into all EU languages and the Italian version has been published on the Consob website (https://www.consob.it/web/investor-education/conoscenze-finanziarie-di-base).
The general part explains what inflation is and why in times of high inflation, such as the in current moment, there is also a rise in interest rates, clarifying in layman's terms and through interactive windows the economic concepts needed to understand the phenomenon. After explaining the main effects of inflation and rising interest rates, five strategies are proposed for managing your finances under these circumstances.
- Know how much you are spending and on what;
- Identify the expenses that have priority and plan your own budget;
- Pay attention to the different charges and fees;
- Seek advice from a professional to adapt your financial plan;
- Be aware that the central bank's decisions on interest rates have an impact on your finances.
The fact sheet also provides answers to frequently asked questions and suggestions for how consumers can deal with the impact of inflation and rising interest rates on products and services related to banking, financial investment, insurance and pensions.
Consob and the Bank of Italy signed a Memorandum of Understanding on 19 June, which defines the areas of cooperation between the two authorities with regard to crowdfunding. The Memorandum takes into account the EU Regulation that introduced harmonised rules at European level for crowdfunding service providers for business (Regulation EU 2020/1503) and Legislative Decree no. 30 of 2023, which at national level completed the primary regulatory framework on the matter, attributing to the Bank of Italy and Consob the regulatory, informational, inspection and sanctioning powers divided according to the supervisory criteria by purpose, provided for in Article 5 of the Consolidated Law of Finance (TUF).
The Memorandum also aims to minimise the burden on the providers of the relevant services:
- it regulates the manner in which the two authorities exercise their regulatory powers;
- it defines the exchange of information acquired in the course of inspections within their respective competences, as well as the terms of cooperation in inspections with other European Authorities;
- it lays down provisions for the coordination of procedures for the issuance of authorisation and revocation measures for which opinions are to be issued between the two authorities;
- it contains provisions to ensure coordination in the event of the assessment of irregularities and the adoption of measures in connection with the exercise of supervision powers.
The document can be viewed at www.consob.it and www.bancaditalia.it.
On 20 June, at the 6th Finance and Treasury Committee of the Senate, the hearing of the President of Consob, Paolo Savona, and the Secretary/Director General, Maria Antonietta Scopelliti, was held as part of the examination of the Bill no. 674 - "Interventions to support the competitiveness of capital markets".
The text of the hearing has been published on Consob's website at the following link: https://www.consob.it/web/consob/dettaglio-news/-/asset_publisher/hZ774IBO5XPe/content/audizione-presidente-e-scopelliti-20-giugno-2023/10194.
On 19 June, the three European Supervisory Authorities (ESMA, EBA and EIOPA) launched a public consultation on the first set of proposals for Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) as part of the Digital Operational Resilience Act (DORA), Europe's response to cyber security challenges in force since 16 January 2023 and shall apply as of 17 January 2025. The reference documents are:
- RTS on the ICT risk management framework (Article 15) and simplified framework (Article 16);
- RTS on criteria for the classification of ICT-related incidents (Article 18.3);
- ITS to define standard models in relation to the register of information (Article 28.9);
Comments can be sent to the European Supervisory Authorities via the available links. The deadline for their submission is 11 September 2023. All contributions will be published at the end of the consultation, unless otherwise requested.
On 13 July 2023, from 09:00 to 18:00, a public hearing will be held in the form of a webinar, that you can register for by 16:00 on 10 July 2023. Details on how to join the webinar will be communicated to registered participants at a later date.
On 16 June, the European Securities and Markets Authority (ESMA) launched a Call for Evidence (CfE), that is, the collection of information from operators, experts and stakeholders, on how to integrate sustainability preferences in the suitability assessment and in the governance arrangements for financial products. Adopted on the basis of the Markets in Financial Instruments Directive (MiFID II), collecting information, opinions and data on trends in the provision of sustainable investment products and services to retail customers, the aim of the CfE is to understand market developments and provide answers on how firms across the European Union are applying the new MiFID rules on sustainability and the difficulties firms face in implementing these rules. The aim is also to enhance investors' experience and reactions to the inclusion of sustainability factors in investment advice and portfolio management services.
The ESMA, which has already updated its guidelines on suitability and product governance requirements through the inclusion of sustainability requirements for investment firms in the MiFID II, will assess together with the national competent authorities (NCAs) the responses to the CfE, and will continue to monitor firms' implementation of the MiFID II suitability and product governance requirements in light of the guidelines provided.
Consob approved the amendments to the Regulation of markets organised and managed by Borsa Italiana, approved by the Board of Directors of Borsa Italiana Spa on 23 May 2023 (resolution no. 22747 of 21 June 2023).
The amendments are related to Phase 2 (relating to fixed income markets) of the migration by Borsa Italiana to the Euronext group's Optiq trading platform, they specifically concern the changes required for the migration to the Electronic Bond Market (MOT); Best of Book and Internal Matching System services in the Euronext Milan, Euronext MIV Milan, ETFplus and MOT markets; the revision of ESG provisions; and the novation of guaranteed contracts.
The International Organization of Securities Commissions (IOSCO) today launched the new edition of World Investor Week (WIW), scheduled for 2 to 8 October 2023 (Press release).
WIW is a week-long worldwide campaign [https://www.worldinvestorweek.org] to raise awareness of the importance of investor education and protection and to highlight the various initiatives carried out by regulators in these two areas of reference.
From the WIW Report 2022 published today, it is evident that the participation of different countries continues to grow and indicates the need for ever-higher levels of financial education to improve investor protection worldwide.
The key messages of the 2023 campaign are based on three underlying themes: (1) investor resilience, (2) cryptoassets and (3) sustainable finance, which the IOSCO Board has identified as worthy of particular attention in view of current and expected global market conditions. These messages are in addition to those on fraud and scam prevention, investment fundamentals and on technology and digital finance.
Consob, as in the previous editions, will also participate - as an IOSCO member - in the organisation and development of the campaign in Italy, in coordination with the Month of Financial Education, the initiative promoted by the Italian Financial Education Committee (Edufin) in October.
Consob approved the document relating to the full takeover bid promoted by Fine Mito srl on 940,972 ordinary shares issued by Cover 50 Spa, at the price of EUR 13.50 per share. The offer commences on 27 June 2023 and ends on 21 July 2023, with payment date of 28 July. The possible reopening of the terms of the subscription period will take place from 31 July to 4 August 2023, with the relative payment date on 11 August.
The offer, aimed at the delisting of Cover 50 and promoted pursuant to Articles 102 et seq. of the Consolidated Law on Finance (TUF), is mandatory under the by-laws of Cover 50 Spa, is not subject to conditions of effectiveness and its promotion is not subject to obtaining any authorisation. The approval of the bid document was adopted by resolution no. 22743 of 21 June 2023.
The issuer - Cover 50 Spa - is a company under Italian law, with registered office in Turin and shares traded on Euronext Growth Milan since May 2015. The Cover 50 group is active internationally in the sectors of production and marketing, under the 'PT Torino' brand, of clothing and accessories. The largest shareholder of Cover 50 is the bidder, which currently holds the overall shareholding, equal to 78.61% of the related capital.
The bidder - Fine Mito Srl - is a special purpose vehicle under Italian law, with registered office in Milan, established on 31 March 2023, for the purpose of promoting the offer - framed as part of a project for the investment by the bidder (and, indirectly, of the SICAV Made in Italy Fund based in Luxembourg) in Cover 50, aimed at enhancing the value of the issuer and of the Fine Sun Group. Fine Mito is directly 100%-owned by Fine NewCo, which is 80%-owned by Fine Sun and 20%-owned by FHold Spa (former majority shareholder of the issuer), following the reinvestment by the latter. Fine Sun is controlled by Made in Fashion Sàrl, which is wholly owned by Made in Italy Fund, a fund managed by Quadrivio & Pambianco GP Sàrl.
The offer follows the purchase by Fine Mito of the controlling interest in Cover 50 already held by FHold. In particular, on 15 March 2023 Fine Sun Srl and FHold signed:
- a purchase agreement for the purchase by Fine Sun - which then appointed Fine Mito as purchaser - of the majority shareholding at a unit price of EUR 13.50 and thus for a total of EUR 44,170,650. Pursuant to the same purchase agreement, the bidder has undertaken, inter alia, to ensure that within 12 months following the date of the closing, the issuer will proceed with the purchase (i) upon the occurrence of certain conditions, of the shareholding held by FHold, equal to 98% of the share capital of Conf Group Sarl (a company incorporated under Tunisian law); and (ii) of the shareholding held by Edoardo Alberto Fassino, equal to 30% of the share capital in GT Company Srl (a company incorporated under Romanian law), for an amount of EUR 500.000 and EUR 800,000, respectively;
- an investment agreement to regulate the reinvestment by FHold (on equal terms with Fine Sun) of part of the proceeds received as part of the sale of the majority shareholding (the 'invested capital') in the capital of the vehicle company (Fine NewCo) which directly controls the bidder.
In execution of that provided for in the investment agreement, Fine Sun and FHold have undertaken to make the relevant investment in Fine NewCo, on the same terms, through the subscription of a capital increase (the 'Fine NewCo capital increase'). As a result of the aforementioned capital increase, Fine Sun controls Fine NewCo with 80% of the relevant capital, while FHold (which re-invested an amount of EUR 5,675,000, or 12.85% of the consideration received in execution of the purchase agreement) holds the remaining 20%.
On 12 April 2023, the shareholders' meeting of Cover 50 shareholders adopted the new by-laws of the issuer with the amendments to the by-laws introducing the sell-out and squeeze-out provisions referred to in Articles 108 and 111 of the Consolidated Law on Finance (pursuant to the new by-laws, the right to buy following a takeover bid is triggered when the threshold of 90% of the issuer's share capital is exceeded). Therefore, the right to withdrawal arose for those shareholders who did not participate in the resolution - which was then exercised for a number of shares equal to approximately 3.33% of Cover 50's capital. Also on 12 April, the bidder was appointed by Fine Sun as the buyer of the majority shareholding.
On 20 April 2023, the closing date, the purchase agreement was executed and Fine Mito became the owner of the majority shareholding. Cover 50's new by-laws came into force; Fine Sun and FHold signed a shareholders' agreement (the 'Shareholders' Agreement') that regulates, inter alia, the governance of Fine NewCo, Fine Mito and the issuer, and the regime for the circulation of the parties' shares in Fine NewCo.
The purchase obligations referred to in Article 108 of the Consolidated Law on Finance and the right to buy pursuant to Article 111 of the Consolidated Law on Finance (which the bidder declares in the document that it wishes to avail itself of) are applicable, by reference made to Article 8 of the issuer's by-laws, to the offer, which is mandatory by statutory reference.
The offer relates to a maximum of 940,972 shares issued by Cover 50 (traded on Euronext Growth Milan), equal to approximately 21.39% of the share capital of the issuer, that is, all the shares issued by the issuer minus the 3,459,028 shares held by the bidder, equal to 78.61% of the share capital of Cover 50 .
In addition, 146,600 shares - delivered as part of the withdrawal granted following the amendments to the By-Laws - were the subject of an option offer that ended on 10 June and the stock option together with the associated pre-emption right were validly exercised for all 146,600 shares of the withdrawal.
The bidder will pay each subscriber a consideration of EUR 13.50 for each share tendered in acceptance of the bid for a maximum overall disbursement of EUR 12,703,122.
The consideration for the offer was set in accordance with the provisions of Article 106, paragraph 2, of the Consolidated Law on Finance (TUF), as referred to in Article 8 of the By-Laws, and is equal to the price per share paid by the bidder for the purchase of the majority shareholding.
If the delisting is not achieved upon conclusion of the offer, the bidder reserves the right to achieve this by asking the Board of Directors of the issuer to convene a shareholders' meeting to resolve on the delisting, pursuant to Article 41 of the Euronext Growth Milan (EGM) Issuers' Regulation and Article 11.2 of the By-Laws; or through a merger by direct incorporation of the issuer into the bidder.
The press release by the Board of Directors of the issuer, pursuant to the combined provisions of Article 103, paragraph 3, of the Consolidated Law on Finance and Article 39 of the Issuers' Regulation, containing all data required for assessing the bid, shall be annexed to the offer documentation together with the opinion of the independent directors, and accompanied by the opinion of the independent expert that the independent directors avail themselves of.
Consob has approved the prospectus (written in English) for the admission to trading of the ordinary shares of Ferretti Spa on Euronext Milan, organised and operated by Borsa Italiana Spa.
With the measure of 20 June 2023, Borsa Italiana ordered that the Ferretti Spa ordinary shares be admitted to listing on Euronext Milan. Ferretti shares have been listed on the Main Board of the Hong Kong Stock Exchange since 31 March 2022.
The admission to Euronext Milan is aimed at allowing the company to list its shares on a European regulated market, in addition to its existing listing on the Hong Kong Stock Exchange, in order to increase its investor base. The operation constitutes the first case of dual listing between Italy and Hong Kong.
The group designs, manufactures and sells luxury composite, custom-made and super yachts. In addition to the sale of new luxury yachts, the group has a comprehensive offering that includes: (a) yacht brokerage, chartering and management services; (b) after-sales and refitting services; (c) brand extension activities, such as brand exhibitions, lifestyle merchandise and yacht restoration services; (d) manufacturing and installation of marine components, such as wooden furniture and kinetic systems and components; (e) trading in used yachts, offering trade-in opportunities to its customers, as leverage to facilitate new yacht sales; and (f) the sale of coastal patrol boats by Ferretti Security Division (FSD).
As at the date of the prospectus, the main shareholders of the issuer are: FIH 63.74%, Kheope Sa 4.56%, Sino-Leader Power Limited 3.22%, and Market 28.46%.
The State-owned Assets Supervision & Administration Commission of Shandong Province (Shandong SASAC) has indirect legal control over Ferretti, through a long investment chain that includes the following companies: Ferretti International Holding (FIH), Weichai Holding Group, Weichai Group, SHIG and, at the top, Shandong SASAC. As at the date of the prospectus, Shandong SASAC indirectly exercises legal control over the issuer pursuant to Article 93 of the Consolidated Law on Finance.
The prospectus is aimed at the initial admission of the company's shares to trading on Euronext Milan. A concurrent offer for the sale of shares to qualified investors is planned. No bid to the retail public is envisaged.
The selling shareholder offers up to 88,454,818 shares and up to 8,845,482 additional shares (the ‘over-allotment shares') for sale through a private placement to institutional investors. If all of the shares offered are sold and the over-allotment option is not exercised, the shares offered will represent approximately 26.136% of the company's share capital. If all the shares on offer are sold and the over-allotment option is exercised in full, the shares offered will represent approximately 28.746% of the company's share capital. Therefore, in the latter case, the selling shareholder's stake in the company would decrease from 63.746% to 35.00%.
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 that will be admitted to listing.
Consob approved the prospectus for the admission to trading on the Euronext Milan market (Star segment), organised and operated by Borsa Italiana Spa, of the CY4Gate Spa shares, already traded on the multilateral trading system Euronext Growth Milan.
By order of 19 June 2023, Borsa Italiana ordered the admission to listing on Euronext Milan and the simultaneous exclusion from trading on the Euronext Growth Milan market of the company's ordinary shares.
The prospectus is aimed exclusively at admission of the company's ordinary shares to trading on Euronext Milan so no offer to the general public in Italy and/or any other country is expected.
The Issuer operates in the design, development and production of technologies, products, systems and services to meet the "cyber intelligence and cyber security" needs of companies, Public Institutions, Italian and foreign Armed Forces and Police Forces, which, in the use of communication networks and related data flows, must ensure high standards of security and resilience against cyber attacks, as well as cope with the need to correlate significant amounts of data (so-called Big Data) to enable decision-makers to adopt initiatives and take actions within their competence in a timely manner (so-called decision intelligence).
On 29 March 2022, the issuer, as part of its development plan in the forensic intelligence & data analysis sector, completed the acquisition of the company Aurora Spa and the RCS Group referring to it. Aurora Spa, at the end of November 2022, was merged into the subsidiary RCS through a reverse merger.
As at the date of the prospectus, the share capital of the issuer is held by the following entities: Elettronica Spa 38.38%, TEC Cyber Spa 16.16% and the Market holds 45.46%.
At the date of the prospectus, the issuer is controlled by Elettronica, as it has sufficient votes to exercise a dominant influence in the ordinary shareholders' meeting of CY4Gate Spa. The issuer is not subject to the management and coordination by Elettronica pursuant to Articles 2497 et seq. of the Civil Code.
The issuer decided to proceed with the project of listing (so-called translisting) of the company's shares on Euronext Milan, mainly because the listing of the company's shares on a regulated market is essential for better valorisation as well as visibility of the company on the reference markets, both domestic and international, with consequent advantages in terms of competitive positioning. In addition, the company would benefit from increased liquidity of the stock and, as a result, increased interest from the market and institutional investors.
The prospectus sets out the elements of risk relating to the issuer and the group, the business sector in which they operate, environmental, social and governance factors, and the financial instrument subject to admission to listing.
Consob has approved the prospectus, in tripartite format (registration document, securities note and summary), concerning the offer of Tessellis Spa (formerly Tiscali Spa) shares, arising from a capital increase through a rights offering and the admission to trading on Euronext Milan of the shares resulting from the above-mentioned capital increase and from a capital increase serving the conversion of a convertible bond.
The issuer is a telecommunications company that utilises the access infrastructure made available by wholesale fibre optic operators, fixed wireless and mobile telephony; it caters to e-business consumers along the lines of: broadband access and VoIP services, mobile telephony services, business services and wholesale and media, including advertising services and offers to users.
At the date of the registration document, the share capital of the issuer amounted to EUR 189,513,965.37 and is represented by 185,370,295 ordinary shares with no face value designation. The only entity with a shareholding in Tessellis of more than 5% is Opnet Spa, the issuer's controlling shareholder with a shareholding of 56.12%.
On 1 August 2022, the merger by incorporation into Tessellis of Linkem Retail Srl took effect - a company established in 2021 and in favour of which the parent company Opnet Spa (both a fixed and mobile telephony company and which launched the FTTH service in 2021) conferred the business unit relating to the retail business.
As can be seen from the registration document, the Tessellis Group's earnings performance in the financial year 2022 is characterised by negative profit margins. The Tessellis group needs to find financial resources both to cover its overall net financial requirements and to finance the actions of the new business plan. The resources deriving from the new POC and the proceeds deriving from the capital increase contribute to the financing of the aforementioned needs.
With regard to the new POC, on 5 April 2022, Tessellis and Nice & Green Sa ("N&G") entered into an investment agreement concerning a financing programme for Tessellis through the issuance of a bond loan consisting of convertible and mandatory convertible bonds, of a nominal amount of EUR 100,000 each, for an overall maximum amount of EUR 90,000,000 reserved for N&G, through the subscription of up to 18 tranches, of a maximum amount of EUR 5 million each.
On 11 May 2023, in partial execution of the proxy granted to it by the extraordinary shareholders' meeting of 10 January 2023, the company's board of directors resolved on a capital increase for a maximum amount of EUR 25 million, to be offered to shareholders and holders of convertible bonds, pursuant to Article 2441, paragraph 1, of the Civil Code. In addition, on 16 May 2022, the extraordinary shareholders' meeting of the company approved the issuance of the new POC, as well as the paid-up capital increase, and in divisible form, with the exclusion of the stock option reserved for N&G, serving the conversion of the new POC.
The rights offering set forth in the prospectus approved by Consob relates to a maximum of 61,790,090 shares, with no face value designation, with the same characteristics as the outstanding shares, regular dividend entitlement, to be offered to all shareholders, at an offer price per share of EUR 0.40, to be charged entirely to capital.
The offer period commences on 26 June 2023 and ends on 10 July 2023. Stock options trading will be possible in the period between 26 June and 4 July 2023. The option rights not exercised by the end of the offer period will be offered on Borsa Italiana, pursuant to Article 2441, paragraph 3, of the Italian Civil Code, within one month of the end of the offer period, for at least two opening trade days.
The prospectus shows the elements of risk associated with the issuer's and the group's economic and financial situation and the uncertainties associated with the company's ability to continue as a going concern, as well as with the financial instruments subject to admission to trading.
Consob has called for a selection for 20 extracurricular orientation traineeships, with a legal profile, to be carried out in person, remotely or in mixed mode, at the offices in Rome or Milan within the Technical Secretariat Office of the Alternative Financial Dispute Resolution Scheme (resolution no. 22744 of 21 June 2023 with attached Notice of Selection).
The initiative is aimed at integrating the course of university studies developed with a training experience to be carried out in direct contact with the world of work in the Technical Secretariat of the Alternative Financial Dispute Resolution Scheme.
The trainees will be involved in the activities carried out by the aforementioned Office, such as the preliminary verification of the regularity of appeals and the investigation of disputes; the analysis of the legislation, case law and doctrine on the subject; the analysis of the characteristics of the financial products and investment services; the preparation of summary documents; the computer cataloguing of appeals and decisions.
There are 20 traineeships that have been proposed, with a second-level master's degree or single-cycle master's degree, obtained after 1 January 2023 with a mark of not less than 105/110, in case law or another degree equal or equivalent to it, at the Universities with which Consob has signed a "framework agreement" of collaboration, who are under 27 years of age.
Applications by graduates interested in taking part in the selection must be submitted to their respective universities, which will carry out a specific pre-selection and transmit the results to Consob by 31 July 2023.
The traineeships will have a maximum duration of 6 months, at the end of which the relationship is terminated and does not qualify for subsequent employment.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Greece (Hellenic Capital Market Commission - HCMC), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Netherlands (Netherlands Authority for the Financial Markets (AFM), Spain (Comisión Nacional del Mercado de Valores - CNMV), Ireland (Central Bank of Ireland - CBI), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Poland (Polish Financial Supervision Authority - KNF), Austria (Financial market Authority - FMA), Romania (Financial Supervisory Authority), British Columbia (British Columbia Securities Commission - BCSC), British Virgin Islands (British Virgin Islands Financial Services Commission - BVIFSC), Ontario (Ontario Securities Commission - OSC), Hong Kong (Securities and Futures Commission - SFC), New Zealand (Financial Markets Authority), Alberta (Alberta Securities Commission - ASC), report companies and websites that are offering investment services, as well as financial, banking and insurance services, without the required authorisations.
Reported by the Financial Conduct Authority (FCA) - United Kingdom:
- Clickfxm (www.clickfxm.com);
- Starlightcapital.Io (www.starlightcapital.io);
- Diversified Wealth & Fund Management Llc / Diversify Wealth & Fund Management Llc (www.diversifiedwealthfund.com);
- Premier Equity Management Llc (www.premierequitymanagementllc.com);
- Apple Creek Acquisition Corp / Appcreekacqcorp.Com (www.appcreekacqcorp.com);
- Goodfellow Global Management Llc (www.goodfellowglobalmanagementllc.com);
- Top Live Option Fx / Topliveoptionfx.Online (www.topliveoptionfx.online);
- Investingciti (www.investingciti.com, www.trade.investingciti.org);
- Clickfxm (www.clickfxm.com);
- cit-investments.com (www.cit-investments.com);
- Fortexs (www.fortexs.com);
- Vanguard and Associates /vanguardassocllc.com (www.vanguardassocllc.com);
- Starlightcapital.Io (www.starlightcapital.io);
- Crypto Network Expert (www.crypto-networkexpert.com);
- Crypto24-Alpha (https://crypto-247alpha.online);
- Cardiff Savings Plc (www.cardiffsavings.com);
- Capital Finance And Investment Management Limited (www.capitalfinanceinvestmgtlimited.com);
- Diversified Wealth & Fund Management Llc / Diversify Wealth & Fund Management Llc (www.diversifiedwealthfund.com);
- British Technology Bank (Https://Btb.Org.Uk/Home-En);
- Smart Motor Sales Ltd / Smartmotorsales.Co.Uk (www.Smartmotorsales.Co.Uk);
- Premier Group Financial Services (www.Pgfsltd.Com), Clone of a licensed company;
- Perfect Coin X / https://perfect-coinx.com (www.perfect-coinx.com);
- Changing Debts/ changingdebts.co.uk (www.changingdebts.co.uk);
- Elite Share Broker (https://elitesharebroker.com);
- Optionfinmax/https://optionfinmax.cc (www.optionfinmax.cc);
- Wisdom Finance (http://www.wisdomfinance.co.uk/);
- Arrow Solution / http://arrowsolution.co.uk;
- Levy & Langford (levyandlangford.com.);
- Lcg/ www.lcgcoin.co, clone of a licensed company;
- Iva Informer / ivainformer.co.uk;
- Assets-Investments (www.assets-investments.com);
- Trex247option (www.trex247option.com);
- SprintFxExperts (www.sprintfxexperts.net);
- UltraMaxProfit (www.ultramaxprofit.com);
- GlobalFxTradings (www.globalfxtradings.com);
- BlockTradeFx (www.blocktradefx.live);
- finexnet.com (www.finexnet.com);
- TrojanTraders (www.trojantraders.com);
- SilverFx Investment (www.silverfxinvestment.com);
- howardequityholdings.com (www.howardequityholdings.com);
- Fxcycletrader Financial (www.fxcycletrades.ltd);
- Blockchain Minners Ltd (https://blockchainminnersltd.com);
- Accet Mining (https://accetmining.com);
- Vtz Capitals (https://vtzcapitals.com);
- Crystaearn (https://crystaearn.com);
- DenoxFundz (www.denoxfundz.com);
- Wealth Gecko (www.wealth-gecko.ltd);
- at-agora.com (www.at-agora.com);
- Coinsflux Ltd (www.coinsfluxlimited.net);
- Trademarketspro (https://www.trademarketspro.com);
- M5 Cars (www.m5carsltd.co.uk);
- Bitbinx(www.bitbinx.com);
- Unicorn Fx (www.unicornfxlive.com);
- Nexon Groups (nexongroups.io, nexongroups.com);
- Ssc Investment (www.sscinvestment.com);
- Evo Cryptos(www.evocryptos.com);
- Ap Management Group (apmanagementgroup.co.uk).
Reported by the Hellenic Capital Market Commission (HCMC) – Greece:
- Network Finance Limited / Networkfsi;
- https://my.euoctafx.com, clone of a licensed company;
- Network Finance Limited;
- https://fx-trading.co;
- https://fx24trade.io;
- www.capfm.io.
Reported by the Commission de Surveillance du Secteur Financier (CSSF) - Luxembourg:
- https://www.europerakbk.com, clone of a licensed company;
- Rakuten Europe Bank Sa (https://www.europerakbk.com);
- Ifp Investment Management Sa;
- Paper Bids (www.paperbids.com);
- Saanut Corporate Finance (https://saanutfinance.com).
Reported by the Netherlands Authority for the Financial Markets (AFM) - Netherlands:
- Masterfx-Options (www.masterfx-options.com).
Reported by the Comisión Nacional del Mercado de Valores (CNMV) – Spain:
- smartcapital (https://smartcapital.pro);
- Itech Saanutfinance Inc (https://saanutfinance.com);
- Qc Finances (https://qcfinances.com);
- https://www.onyx-traders.net;
- Inverforx (https://inverforx.com.mx);
- Gcm Finance Advice (https://gcmadvice.com);
- Fostercaps, Foster Capital Llc (https://fostercaps.com);
- Coinexsimplex Investment (https://coinexsimplexinvestment.com);
- Capital Assets Management Company Llc (https://capitalassetsmgts.com);
- Alpha Capital , Alpha Cg, S.a.p.i. de c.v. (https://www.alphacapg.com);
- https://alfatrade.cc/;
- Ako Markets,Hamilton Group Llc (https://www.akomarkets.com);
- Global News Trade - Pristine Group Llc(https://globalnewstrade.top).
Reported by the Central Bank of Ireland – Ireland:
- Capital Equity and Funds Management Ltd (www.capitalequityfundmanagement.com).
Reported by the Swiss Financial Market Supervisory Authority (FINMA) - Switzerland
- Morris Capitals (Switzerland) Ag;
- Dukasbance;
- Sup Kredit.
Reported by the Polish Financial Supervision Authority (KNF) - Poland:
- Direct Financial Services Poland Sp. z o.o., Sp. k.;
- Amethyst UE Sp. z o.o..
Reported by the Financial Supervisory Authority - Romania
- Bit West Group (Bit West Group(https://www.bitwest-group.pro);
- Guardian Invest (https://guardianinvest.co/, https://g-in.cc/, https://openaiprotect.com/)
- Erema Invest (https://eremainvest.cc/ro).
Reported by the British Columbia Securities Commission – (BCSC) - British Columbia
- Shaketraders;
- Gis Capital;
- Paperbids;
- Mercatox, Inc., Mercatox Ex, Maslacoin, Inc.
Reported by the British Virgin Islands Financial Services Commission (BVIFSC) – British Virgin Islands
- Gbt International Limited (https://gbt-int.com);
- Cex Overseas Ltd
- A.F.S.C Aruba Financial Services Commission ( https://arubafsc.org);
- Royal Investment Consortium or Royal Trading Consortium;
Reported by the Ontario Securities Commission (OSC) – Ontario
- Btc-Nation (www.btc-nation.com);
- Fiatvisions (www.fiatvisions.com);
- CoinField (www.coinfieldcom);
- JP Crypto (www.jpcrypto.io);
- Weex (www.weex.com);
- Ca Trade Capital (www.catradecapital.com);
- Trade Benifa (www.benifa.co);
- Profit Station (www.profitstation.pro e www.profitstation.org,).
Reported by the Securities and Futures Commission (SFC) – Hong Kong
- Sw Investment / Sunny World Investment Limited (www.sw-investment.com);
- https://futu-pro.com ii) https://futubit.com;
- www.carasset.com.
Reported by the Financial Markets Authority - New Zealand:
- Market Radar (www.marketsradar.io);
- Rolvitrade (Rolvitrade.com);
- Ventures Equity (www.venturesequity.com),
- Compare fixed term deposits (comparefixedtermdeposits.net/);
- Bnp Paribas (www.Bnpp-nz.com ).
Reported by the Superintendencia del Mercado de Valores de la República Dominicana (SIMV) – Dominican Republic
- Let'S Start Trading, Srl;
- Forex Club Libertex;
- Smart Blessing Consulting, Srl;
- Holcomb Finance Li-Fec.Orig.
Reported by the Alberta Securities Commission (ASC) – Alberta
- Portrades (port-trades.com);
- Pernix Reim Limited (pernixreimlimited.com);
- MyProfitLive (myprofitlive.com);
- GSP Finance Company (Bangladesh) Limited (gspfinance.com);
- GensMarkets (gensmarkets.com);
- Fivoro (www.fivoro.pro);
- Coins Capital or Coins-Capital (coins-capital.com);
- CapitalHub (capital-hub.io);
- Blockchain Investigation Agency (Blockchain Investigation Agency);
- Axiance (axiancefx.net).
- COMMISSION DECISIONS - taken or made public during the week (all documents are available only in Italian
A selection procedure has been announced for 20 extracurricular orientation traineeships, with a legal profile, to be carried out within the Technical Secretariat Office of the Alternative Financial Dispute Resolution Scheme (ACF) (resolution no. 22744 of 21 June 2023).
The document relating to the full takeover bid pursuant to Articles 102 et seq. of Italian Legislative Decree no. 58 of 24 February 1998, which is mandatory pursuant to the By-Laws of Cover 50 Spa, promoted by Fine Mito Srl on ordinary shares issued by Cover 50 Spa has been approved (resolution no. 22743 of 21 June 2023).
- The prospectus (written in English) aimed at the admission to trading of the ordinary shares of Ferretti Spa on the regulated market Euronext Milan, organised and operated by Borsa Italiana Spa, has been approved (decision of 21 June 2023).
- The prospectus for admission to trading on the Euronext Milan market (Star segment), organised and operated by Borsa Italiana Spa, of Cy4Gate Spa shares, already traded on the multilateral trading system Euronext Growth Milan (decision of 21 June 2023), has been approved.
- The prospectus, in tripartite format, for the offering of the shares of Tessellis Spa (formerly Tiscali Spa), has been approved (decision of 21 June 2023);
- The supplement to the prospectus (published on 21 December 2022) concerning the admission to trading on Euronext Milan, organised and operated by Borsa Italiana Spa, of the shares of Fidia Spa, resulting from a capital increase serving the conversion of a convertible bond (decision of 21 June 2023), has been approved.
- The registration document relating to the offering of securities other than equity securities intended for retail investors issued by Banca Popolare dell'Alto Adige Spa has been approved (decision of 21 June 2023).
- The amendments to the Regulations of the markets organised and managed by Borsa Italiana Spa approved by the Board of Directors of Borsa Italiana Spa on 23 May 2023, have been approved (resolution no. 22747 of 21 June 2023).
- Forfeiture through express waiver by Classis Capital Sim Spa of the authorisation to carry out investment services and deletion from the register of Italian investment firms and trust firms, as referred to in Article 20, paragraph 1, of Legislative Decree no. 58/1998 (resolution no. 22745 of 21 June 2023).
- Forfeiture through express waiver by Ambrosetti Asset Management Sim Spa of the authorisation to carry out investment services and deletion from the register of Italian investment firms and trust firms, as referred to in Article 20, paragraph 1, of Legislative Decree no. 58/1998 (resolution no. 22746 of 21 June 2023).
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 Consolidated Law on Finance, put in place by:
- Fisher Forex via the website https://fisherforex.com (resolution no. 22749 of 21 June 2023);
- Shadlake Ltd via the website https://crystalscapitals.info and its page https://platform.crystalscapitals.org (resolution no. 22750 of 21 June 2023);
- Itc Fx via the website https://itc-fx.com and page https://client.itc-fx.com and https://webtraderapp.online (resolution no. 22748 of 21 June 2023).