Weekly newsletter - year XXIX - No. 2 - 23 January 2023

News of the week:
26 January 2023 - First day of the cycle dedicated to "The financial choices of Italian families. Evidence from the 8th Consob Report
7 February 2023 - Second day dedicated to "Sustainable investments. Knowledge, attitudes and choices of Italian investors"
16 February 2023 - Third day dedicated to "Financial planning. Knowledge, attitudes and choices of Italian investors"
23 February 2023 - Fourth day dedicated to "Digitalization. Knowledge, attitudes and choices of Italian investors"
27-28 February 2023 - Workshop on Cyber Security, Market Disclosure & Industry
"Tokenized equity and tokenized stocks"”: new legal research paper published
Nova Srl takeover bid on DeA Capital Spa shares: Consob approves the bid document
Applicability of the exemption from the mandatory takeover bid in relation to the increase in voting rights: answer to question
Unidroit: public consultation on private law and digital resource
Investor protection warnings from other regulatory authorities

Other Commission decisions

- NEWS OF THE WEEK -

Consob presents a series of four seminars entitled "The investment choices of Italian households – Financial culture, innovation and sustainability" based on the data collected by the Observatory "The approach of Italian households to finance and investment". Attendance is free of charge, though attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

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The first seminar, "The financial choices of Italian households. Evidence from the 8th Consob Report", will be held on Thursday 26 January 2023, from 10:00 to 11:30. Paolo Savona, Consob Chairman, Riccardo De Lisa (University of Cagliari), Nadia Linciano and Monica Gentile (Consob Studies Division) will take part. The detailed programme of the event will be available shortly.

The Report provides evidence regarding the financial knowledge, attitudes and investment choices of Italian financial decision-makers. The eighth edition, which will be available on the Consob website at the end of the seminar, is dedicated to investors and explores knowledge of investment products and services, demand for financial advice, interest in sustainable investments and digitised services, and gender differences. The event is also streamed at the following link: https://youtu.be/Edlqh9QsGbg.

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Consob presents the seminar entitled "Sustainable investments. Knowledge, attitudes and choices of Italian to be held on Tuesday, 7 February 2023 from 15:00 to 17:00 at the Consob Auditorium, Via C. Monteverdi 35, Rome.

Chiara Mosca (Consob Commissioner), Lucia Alessi (European Commission), Julien Mazzacurati (ESMA), Giovanni Petrella (Università Cattolica del Sacro Cuore, Milan), Nadia Linciano, Daniela Costa and Monica Gentile (Consob Research Division) will speak. The detailed programme of the event will be available shortly. The event is also streamed at the following link: https://youtu.be/M4cUm0gy7Iw.

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Consob presents the seminar entitled "Financial planning. Knowledge, attitudes and choices of Italian investors", which will be held on Thursday, 16 February 2023 from 15:00 to 17:00 at the Consob Auditorium, Via C. Monteverdi 35, Rome.

Carlo Comporti (Consob Commissioner), Chiara Monticone (OECD), Marianna Brunetti and Rocco Ciciretti (Tor Vergata University of Rome), Nadia Linciano and Paola Soccorso (Consob Research Division) will speak. The detailed programme of the event will be available shortly. The event is also streamed at the following link: https://youtu.be/vKf9kRPEv1w.

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Consob presents the seminar entitled "Digitalization. Knowledge, attitudes and choices of Italian investors", which will be held on Thursday, 23 February 2023 from 15:00 to 17:00 at the Consob Auditorium, Via C. Monteverdi 35, Rome.

Paolo Ciocca (Consob Commissioner), Tania De Renzis (ESMA), Daniela Marconi (Bank of Italy), Nadia Linciano and Paola Soccorso (Consob Research Division) will speak. The detailed programme of the event will be available shortly. The event is also streamed at the following link: https://youtu.be/pergz0NoAY4.

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The Catholic University of the Sacred Heart and Consob have organised a Workshop on Cyber Security, Market Disclosure & Industry that will take place in Milan on 27 February 2023 from 15:00 to 18:00 and on 28 February 2023 from 10:00 to 13:00.

The event will take place over two sessions (days) and the aim is to discuss whether increasing the market disclosure and cyber risk resilience of listed companies and/or companies of significant importance would effectively strengthen investor protection and market awareness.

First session: 27 February, 15:00-18:00

Following a welcome address by the Dean of the Faculty of Banking, Financial and Insurance Sciences (Milan), the first part of the session will be dedicated to Consob, ESMA (European Financial Instruments and Markets Authority) and the SEC Securities and Exchange Commission), which will offer an overview of the latest regulatory developments in Europe and America on cybersecurity. The second part will involve a round table discussion among the CFOs of relevant companies listed on the Italian stock exchange.

Second session: 28 February, 10:00-13:00

Following opening remarks by the Dean of the Faculty of Economics and Law (Piacenza), the European Banking Federation will introduce the topic of cyber resilience and the potential impact of the new DORA legislation. The second part will take the form of a round table discussion during which the authorities, significant entities and specialised companies will share their experiences.

The event can be attended in person in room PIO XI of the Catholic University of the Sacred Heart (Milan), or remotely. Details on how to register for the workshop will follow.

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Legal research paper n. 25 entitled "Tokenized equity and tokenized stocks" has been published. The paper was edited by Paolo Carrière (Bocconi University), Nicola de Luca (University of Campania Luigi Vanvitelli), Michele de Mari (University of Verona), Giorgio Gasparri (Consob), Tommaso Nicola Poli (Consob) and presented by Alberto Stagno d 'Alcontres (University of Palermo).

The work analyses the use of tokens and native tokens to represent shares.

After a brief illustration of the circulation of wealth by means of distributed ledger technology (DLT), the study examines the notion of crypto-assets and their taxonomy, as set out in the proposal for a Markets in Crypto-Assets Regulation (MiCA), highlighting the critical aspects of establishing a framework. Attention is also drawn to the likely repercussions of the approval of Regulation (EU) 2022/858 on a pilot scheme.

It goes on to examine crypto-assets from a corporate perspective by assessing the extent to which security tokens can be assimilated into traditional financial instruments, distinguishing between security tokens and utility tokens and between utility tokens and NFTs (non-fungible tokens).

Moving from a reconstruction of the methods of legitimisation and circulation of shareholdings provided for by the Civil Code, the text outlines the possibility of representing, de jure condito, shares, holdings or other corporate instruments in DLT and assesses whether this is compatible with the existing legal framework.

In conclusion, the paper makes some de iure condendo recommendations for the application of DLT technology in market infrastructures.

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Consob approved the document relating to the voluntary takeover bid launched, in accordance with Articles 102 et seq. of Legislative Decree no. 58 of 1998 (the Consolidated Law on Finance (TUF)), by Nova Srl for a maximum of 85,731,052 ordinary shares issued by DeA Capital Spa (resolution no. 22566 of 18 January 2023).

The issuer, DeA Capital, together with the companies that are part of the group, is an independent platform of alternative asset management leaders in Italy, with combined assets under management of about 26,500 million euro and a wide range of products and services for institutional investors. On the basis of the communications made pursuant to Article 120 of the TUF, B&D Holding Spa indirectly holds, through De Agostini Spa, 178,795,798 shares, representing 67.062% of the issuer's share capital and 66.676% of the voting rights exercisable at the issuer's shareholders' meetings. There are no other major shareholders.

The bidder's share capital is entirely held by De Agostini; the latter is controlled by B&D Holding Spa as the holder of 25,415,415 shares, representing 59.80% of De Agostini's share capital and 65.26% of the voting rights exercisable at its shareholders' meetings. The bid covers a maximum of 85,731,052 ordinary shares issued by DeA Capital, listed on Euronext Star Milan, a market organised and managed by Borsa Italiana Spa, representing 32.156% of the issuer's share capital, corresponding to all the ordinary DeA Capital shares deducted: (i) the total 178,795,798 DeA Capital shares, representing 67.062% of the issuer's share capital, held by De Agostini; and (ii) the 2,085,250 treasury shares held by DeA Capital, representing 0.782% of the issuer's share capital.

The bidder will pay each participant a cash consideration equal to 1.50 euro for each share subscribed. The consideration is understood to be "cum dividend", i.e. inclusive of coupons relating to any dividends distributed by the issuer. The bid document specifies that to cover the financial costs associated with the bid, whose maximum disbursement amounts to 128,596,578 euro, Nova will make use of its own funds, making use of the proceeds from the capital contributions and shareholder loans made available by De Agostini.

The subscription period for the bid begins on 23 January 2023 and ends on 17 February 2023 (inclusive). This term may be reopened on 27 and 28 February and 1, 2, 3 March 2023.

The bid, aimed at delisting the issuer, is subject to the following conditions of effectiveness:

(i) a threshold of subscribers is reached that enables the bidder to obtain a shareholding of more than 90% of the issuer's share capital (the "Threshold Condition"); and

(ii) no events or situations are known at the date of the communication of the bid which involve significant changes in the political, financial, economic, currency or market situation, at national or international level, that have substantially negative effects on the bid and/or events that have substantially negative effects on the financial and/or economic conditions and/or assets of the issuer (the "MAC Condition").

As previously mentioned, the bid is aimed at the acquisition of all DeA Capital's shares and the subsequent delisting of the issuer; if the prerequisites for delisting are not met as a result of the bid, the bidder reserves the right to have the DeA Capital shares withdrawn from listing by way of a merger by incorporation of the issuer into the bidder.

The issuer's statement, drawn up in accordance with Article 103(3) of the Consolidated Law on Finance and Article 39 of the Issuers' Regulation, is attached to the bid document.

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In response to a question (Communication No 0003619 of 12 January 2023) submitted to it, the Commission confirmed the applicability of the exemption provided for in the combined provisions of Articles 106(5)(c) of the Consolidated Law on Finance and 49(1)(d)bis of Regulation no. 11971 of 1999 (the "Issuers' Regulation") in relation to changes in the shareholding as a result of the accrual of the increased voting right.

In the case under review, having taken note of the changes already made in the shareholding of an issuer as a result of the accrual of the increased voting rights pursuant to Article 127-quinquies of Legislative Decree no. 58 of 1998 (the Consolidated Law on Finance) for some of its shareholders, Consob confirmed the applicability of the exemption provided for in Article 49(1)(d)-bis of Regulation no. 11971 of 1999 (the "Issuers' Regulation") for any transfer of shares by shareholder X, due to contractual commitments previously entered into by it with its financing banks, which could result in the current relative majority shareholder Y – who previously held a percentage equal to 22.24% of the issuer's capital - exceeding the threshold of 30% of the voting rights relevant for the purposes of the mandatory takeover bid.

Shareholder X and shareholder Y both participate in a joint venture whereby the majority of the issuer's shareholders jointly manage the company.

The regulatory rule referred to in Article 49(1)(d)bis of the Issuers' Regulation aims to prevent the obligation to take over a specific shareholder in the event that the threshold has been exceeded as a result of the conduct of others not attributable to the person who has found himself to acquire the relevant shareholding.

In order for the exemption to be applicable in the present case, the following must be verified:

i) that the threshold has not been exceeded as a result of purchases made by the shareholder who "suffers" the effect of the initiatives of others;

ii) that the threshold was exceeded unintentionally, verifying that there was no "elusive intent" underlying the operations carried out at a given time by the "other shareholders", who have in some way agreed such actions with the shareholder in respect of whom the takeover obligation would arise, thus eliminating the possibility that the relevant threshold was exceeded in a "merely passive" manner.

In the present case, the sale of the shares held by shareholder X, which results in the reduction of the voting rights exercisable as a result of the loss of the increase and the consequent percentage increase in the shareholding held by the other shareholder Y above the 30% voting rights threshold, in the absence of significant purchases made by the same shareholder Y, was not carried out with elusive intent and does not imply an agreement between the two shareholders as:

(i) the provision for the sale by shareholder X pursuant to the agreement that shareholder had previously signed with the banks has been included in the shareholders' agreement since its first drafting – prior to the introduction of the increased voting rights – as an exception to the limits set out therein for share transfers;

ii) the possible sale of the shareholding held by shareholder X responds to the specific need to repay the debt contracted by them and the moment that this circumstance takes effect, which will lead shareholder Y to exceed the 30% threshold, depends on the stock price of the issuer's shares and/or any desire expressed by the banks to obtain an early repayment of the loan granted by them on the basis of the contractual provisions signed by them.

Therefore, there is no apparent link between the possible sale and the will of the shareholder, unrelated to the decisions that the banks could take, to increase the percentage of their shareholding.

In conclusion, Consob considers that it can confirm the applicability of the exemption case referred to in the combined provisions of Article 106(5)(c) of the Consolidated Law on Finance and Article 49(1)(d)bis of the Issuers' Regulation to the potential overshoot by shareholder Y of the 30% threshold of the voting rights exercisable at the issuer's meeting as a result of the transfer by shareholder X, in compliance with the agreements it has entered into with the banks, of its shareholding in the issuer.

With regard to the different circumstances that could also result in the shareholder exceeding the relevant threshold for the mandatory takeover bid – (transfer of the syndicated or non-union shares by other non-consumers and/or waiver by them of the increase), in order to assess the effective applicability of the exemption case, these circumstances must be assessed on the basis of the concrete elements of each specific case.

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Unidroit (International Institute for the Unification of Private Law) has launched a public consultation with a deadline of 20 February 2023 on a draft of Principles and related Commentary on Digital Assets and Private Law, prepared by an ad hoc working group in the period 2020-2022.

The purpose of the consultation is to:
(a) raise awareness of the instrument being consulted; (b) ensure that the instrument is suitable for application in different contexts, such as civil law and common law systems, developing economies, emerging markets and developed economies; (c) receive feedback from parties engaged in the digital goods sector, to ensure that the instrument adequately addresses private law issues arising in transactions related to digital goods and to subjects offering services related to digital goods.

All comments must be provided in English, using an online form, divided into several sections in line with the text of the Principles. Comments must be entered in the specific section of the form.

The responses may include both selective comments, relating to some sections, and overall comments on the entire document, divided into seven sections: scope and definitions; private international law; control; custody; secured transactions; procedural law, including enforcement; insolvency.

The working group will examine the comments received at the session of 8 - 10 March 2023. Requests for information can be sent to h.hameed@unidroit.org.

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The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), France (Autorité des Marchés Financiers - Amf), Greece (Hellenic Capital Market Commission - HCMC), Malta (Malta Financial Services Authority - MFSA), Argentina (Comisiòn Nacional de Valores Argentina (CNVA), Switzerland (Swiss Financial Market Supervisory Authority – Finma), Jersey (Jersey Financial Services Commission - JFSC), Poland (Polish Financial Supervision Authority - KNF), British Virgin Islands (British Virgin Islands Financial Services Commission – Bvifsc), Ireland (Central Bank of Ireland - CBI), Spain (Comisión Nacional del Mercado de Valores - CNMV) and Portugal (Comissão do Mercado de Valores Mobiliários – CMVM) report companies and websites that are offering investment, financial, banking and insurance services without the required authorisation.

Reported by the Financial Conduct Authority (FCA) - United Kingdom:

• Elite -firm (https://elite-firm.com);
• Agility-coins.online (www.agility-coins.online);
• Fxgross Trading (www.fxgross.com);
• C-Market Trade (www.c-markettrade.com);
• Nftventures-capital (https://nftventures-capital.com);
• Pro Fx Trading (https://profx-trade.com);
• Equity Global Bank (www.equityinvestmentfinance.com);
• Bherma Trust Bank (www.bhermatrustedbks.com);
• Trusthub Miningfx (https://marketsxpert.com);
• Pro Max Loans (www.promaxloans.co.uk);
• City Premier Bank (www.citypremierbank.com);
• Procoin Markets / Advanced Markets (www.procoinmarkets.com);
• Icapital Investment (www.icapitalinvestment.com);
• Us Ideals (www.usideals.com);
• Ecb Crypto (www.ecbcrypto.com);
• Posco Capital (www.poscocapitalpartners.com, www.posco.capital), clone of a licensed company;
• Pheno Fx (www.phenofx.com, portal.phenofx.com);
• Iq Os Money (www.iqosmoney.com);
• Eureka Forex Trade (www.eurekaforextrades.com);
• Freedom Finance/Freedom to Finance (www.freedomtofinance.uk), clone of a licensed company;
• Global Trade Express Ltd / Globaltradeexpresslimited.com (www.globaltradeexpresslimited.com);
• Fintech Market / Fintechmarket.pro (www.fintechmarket.pro);
• Ifa Football Online Investment Management Company (https://www.ifa-football.com/web/yy.html#about);
• Keller Finance (www.kellerfin.com), clone of a licensed company;
• Win Protocol (www.protocol.vin), clone of a licensed company;
• Capital Wealth (https://capital-wealth.io);
• Walk Crypto / https://walkcrypto.com (www.walkcrypto.com);
• Uk Trading Options / Uktradingoptions.com (www.uktradingoptions.com);
• Progressive Trade Ltd (www.progresivetrade.com);
• Isi Investment Advisory Ltd (www.isi7.com);
• Invest Kingdom (www.investkingdom.net, www.investkingdom.co), clone of a licensed company;
• Gfss Ltd (www.gfssltd.org);
• Morganfinance (www.morganfinance.trade), clone of a licensed company.
• Earnsmartlyforex (www.earnsmartlyforex.com);
• Ca-cib Corporate (www.ca-cibcorporate.com), clone of a licensed company;
• Binary-fx. Trade (www.binary-fx.trade);
• Bigblue Fx (www.bigbluefx.com);
• Metroincometrade (www.metroincometrade.com);
• Retro Fx Profit (www.retrofxprofits.com);
• Crypto-rate.ltd (www.crypto-rate.ltd);
• Primal Capital Bank (www.primalcapitalbank.com);
• Maxgrowth Fx (www.maxgrowth-fx.com);
• Global Expert Investment Pro / Globalexpertinvestmentpro.com (www.globalexpertinvestmentpro.com);
• Trinity Sports and Prestige of Sevenoaks / Trinitysportsandprestige.co.uk (www.trinitysportsandprestige.co.uk);
• Cryptoneyx (cryptoneyx.net);
• Swiss Holding Bank (www.swissholdingbank.com);
• Fxglobe China (www.fxglobechina.com);
• Knc Miners Ltd / Kncminers.com (www.kncminers.com);
• Ix Forex Ltd (www.ixforex.com);
• Spring Capital Bank (www.springcapitalbank.com);
• Ironclad Investments / Ironclad Markets (www.ironcladmarkets.com, www.ironcladmarkets.co.uk);
• Ssloyal (www.ssloyal.io);
• Atlantisglobaltrade / Binaryeasytrade (www.atlantisglobaltrade.com, www.binaryeasytrade.com), clone of a licensed company;
• Egow Investments / Egow.io (https://egow.io);
• Metro Fx (https://metrofx.ltd);
• Super Stock Market (www.superstockmarket.com);
• Sort Global Market (www.sortglobalmarket.live);
• Crypto-smartchains (www.crypto-smartchains.com);
• Cisco Global Markets (https://ciscoglobalmarkets.com);
• Apexmarketltd (www.apexmarketltd.com);
• Extreme Crypto Hub (www.extremecryptohub.com);
• Experttrades247 (www.experttrades247.com);
• Bluehub Prime (www.bluehubprime.com);
• Global Trade Mkt (www.globaltrademkts.com);
• Accessfx247 Tradepro (www.accessfx-247tradepro.com);
• Goldcoin Investment (www.goldcoininvestment.co);
• Fxcfstraders (www.fxcfstraders.co.uk);
• Elite Capital Invest (www.elitecapitalinvest.info);
• Centrahoma Stone Bank (www.centrahomastonebank.com);
• Activeprotrades / Activeprotrades Brokers (https://activeprotrades.com);
• Exclusive Trade Fx (https://exclusivetradefx.com);
• Crypto Venture Moni (www.crptoventuremoni.org);
• Amarinvest Ltd (www.amarinvestltd.com);
• Binakfx (https://binakfx.com);
• Fixed Income Finder (https://fixedincomefinder.com);
• European Investment (www.european-investment.pro);
• Exchange X Markets (www.exchangexmarkets.com);
• Smart Ependy Si (www.smartependysi.com);
• Crypto Fx Index (www.raelot.com);
• Profit Index Traders (www.profitindextraders.com);
• Profit Index Market (www.profitindexmarket.com);
• Crypto Geniuse (www.cryptogniuses.com);
• Swift Capital Fx24 (www.swiftcapitalsfx24.com).

Reported by the Autorité des Marchés Financiers (AMF) – France:

The AMF warns savers that there is an active campaign involving fraudulent calls by people claiming to work for the AMF and offering to help victims of scam investments to recover their funds. The AMF wishes to emphasise that it is not the Authority's business to recover or return funds lost by investors and that it never asks consumers for money.

In recent weeks, retail investors who had been victims of an investment scam have reported to the AMF that they received phone calls from individuals claiming to be "AMF investigators" or "AMF anti-fraud officers" who could help them recover lost money. The phone number displayed appeared to be that of the AMF switchboard. Several reports of victims of crypto-asset investment scams said they were then called by an "engineer" who was supposed to provide technical assistance in recovering their crypto-assets "directly on the Blockchain."

The AMF calls for the utmost attention to be paid to such calls. It is technically easy to falsify the caller ID information displayed during a call. This technique is known as "phone spoofing" and is also often used by scammers posing as bank advisors. The goal is always to extort money from the victims.

This fraudulent practice is similar to "recovery room fraud", which involves impersonating authorities, supervisors or government bodies, and is one of the "follow-up scam" techniques observed in many countries (Belgium, Cyprus, United Kingdom, United States, etc.).

Identity theft from public institutions or authorities has been on the rise for the past three years. These imitations can take various forms: fake emails or websites where the domain name has a single modified letter, fake mail with fake logos or stamps, impersonation of real employees, phone calls from numbers that look authentic, etc.

The AMF reminds investors that it never contacts investors on its own initiative to recover funds lost in a fraudulent investment or to offer them compensation. It doesn't have the legal authority to do that. In the event of fraud, only the courts have the power to intervene. Cases involving fraud cannot benefit from AMF mediation, which is a completely free service for resolving disputes between retail investors and their financial intermediaries. Such cases are referred to the public prosecutor.

The AMF will continue to act to stop and sanction these fraudulent activities.

The AMF urges anyone who receives these fraudulent calls to report them using the form on its website in the "Amf Epargne Info Service" section.

In general, the AMF urges retail investors to follow the security guidelines detailed on its website.

Reported by the Hellenic Capital Market Commission – (HCMC) – Greece:

• www.acronisfx.com;
• Ailurophile Group Llc (https://progresivetrade.com);

The Hellenic Capital Market Commission informs investors that the online trading platform "Tradeuros" (https://tradeuros.com) and the alleged operator "Tradeuros Limited", which appears to have a registered office in the United Kingdom, are not authorised to provide investment services in financial instruments, listed in section C of Annex I of Greek Law 4514/2018, and/or hold investor/client funds.

It should be noted that the entity referred to in the aforementioned website "SFINS" (MFA) (https://sfins.ch) is not a regulatory authority.

Please note that, pursuant to Greek Law 4514/2018, the provision of investment services and the performance of investment activities without the authorisation of Hellenic Capital Market Commission or the competent authority of another Member State of the European Union is a criminal offence subject to serious criminal and administrative sanctions.

The Hellenic Capital Market Commission urges investors to check the authorisation and supervisory status of companies on the HCMC website or the relevant competent authorities of other EU Member States before making any transaction.

The Hellenic Capital Market Commission does not supervise cryptocurrency markets and does not supervise the provision of services related to cryptocurrency investments.

Reported by Malta Financial Services Authority (MFSA) – Malta:

• Bitmax Crypto Limited (http://www.bitmaxcryptocoin.com);
• Biteths Trading (https://www.biteths.com);
• Bitxneo (https://bitxneo.com).

Reported by the Comisión Nacional de Valores Argentina (CNVA) – Argentina:

• Asociación Mutual Net (https://www.mutualnet.com).

Reported by the Swiss Financial Market Supervisory Authority (FINMA):

• Markets Expert (https://marketsxpert.com).

Reported by the Jersey Financial Services Commission – (JFSC) Jersey:

• Evrensel Capital Partners Public Limited Company (https://evrenselcapitalpartners.com).

Reported by the Polish Financial Supervision Authority (KNF):

• Safe Investment Group Llc (www.rcebanque.com,www.rcebanque.tech, www.capital-group.ltd nowwww.capital-group.tech);
• Platform Msp Limited (www.msp-lmtd.net).

Reported by the British Virgin Islands Financial Services Commission (Bvifsc) – British Virgin Islands:

• Fxfinance Ltd;
• Bidesk (www.bidesk.com);
• B.O. Tradefinanicials Ltd / Digitaldailyreturn Company;
• Protonforex;
• North American Investment Corporation;
• Growth Line Option;
• B.O. Tradefinancials Ltd / Affiliatetrade247 Investment Team;
• International Marine Surveyors;
• Quantfund (Bvi) Ltd;
• Piptradex (Bvi) Ltd;
• Ameritrade Investment Limited;
• Cryptonextrader (Bvi) Ltd;
• Qfx Trade Limited;
• Miga Markets Limited;
• Sdt Limited;
• B.O. Tradefinancials Ltd / Tradesprofits;
• Vast Triumph Holding Limited;
• Derivlivetrading.Com;
• Audina Equalia Trust Services (B.V.I.) Limited;
• Amc Co Pty Ltd, clone of a licensed company;
• Central Forex Limited;
• Richfield Capital Limited;
• Unia Trade And Invest Limited;
• Daily Earning Ltd (https://daily-earning.ltd);
• Blockspace Option Llc.

The British Virgin Islands Supervisory Authority advises savers that on 14 March 2018, the company Eridge Capital Limited was transferred to the British Virgin Islands as a trading company, having previously been registered in Jersey as New World Oil & Gas Plc. (https://www.jerseyfsc.org/news-and-events/new-world-oil-gas-plc/). The entity has never been authorised or regulated by the FSC to carry out investment or financial services activities in the territory of the British Virgin Islands.

The Bvifsc also warns savers that a false commercial investment licence bearing the name National Bank Of The British Vergin Islands is being circulated by fraudulently using the name of National Bank of The Virgin Islands Limited, which is an authorised and regulated

bank. The entity posing as the authorised bank uses the URL of a fraudulent website (www.nabbvi.com) to advertise and solicit customers to activate banking, transaction, payment and investment services.

Reported by the Central Bank of Ireland (CBI) – Ireland:

• Vanguard Group (Ireland) Limited, clone of a licensed company.

Reported by the Comisión Nacional del Mercado de Valores (CNMV) – Spain:

• https://investdayfx.com;  
• https://growup.capital;
• https://markets-vip.com, clone of a licensed company;
• www.contact-tressis.com, clone of a licensed company;
• www.clients.connect-tre6.com, clone of a licensed company;
• Ftx Capital Group (https://www.ftx-fx.com);
• Eurocoin Group / Eurocoin Team International Sa (https://365tradecentercoin.com/f/int/eurocoin-es);
• Bauman Ltd / Ava Investments / Pacific Consulting Co Ltd (http://46.166.173.28/index.html);
• Bancfx / Ikraso Holdings Ltd / Ikraso Oü (https://46.166.173.124/index.php);
• Btcex (https://btcex.com);
• E-Bango / E-Bango Investment Management / E-Bango Im / E-Bango Assets Trust & Corporate Services / Uph&blue Group Ltd (https://web.e-bango.com, https://www.e-bango.net);
• Ecosales / Agros Group Ltd (https://ecosales.io);
• Fnb Group Ltd (https://fnb-group.net);
• Innotrade / Inno Trade / Lissome Group Llc (https://innotrade.io, https://innotrade.co).

Reported by the Comissão do Mercado de Valores Mobiliários (CMVM) - Portugal:

• Cash Forex Group / Cash Fx Group / Cfx (https://cashfxgroup.com/pt/, Facebook https://www.facebook.com/thecfxgroup, Instagram https://www.instagram.com/thecfxgroup Youtube https://www.youtube.com/@Thecfxgroup);
• Imobuy Real Estate Investors Group / Imobuy Group (www.imobuygroup.com, LinkedIn page https://pt.linkedin.com/company/imo-buy).

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• Question on the applicability of the exemption from the mandatory takeover bid in relation to the increase in voting rights (Communication No 0003619 of 12 January 2023). 

• Approval has been granted for the document on the voluntary takeover bid launched by Nova Srl, pursuant to articles 102 et seq. of Leg. Decree no. 58 of 1998 (Consolidated Law on Finance), for ordinary shares issued by DeA Capital Spa (resolution no 22566 of 18 January 2023).

• The information note relating to the programme for public offering of bonds issued by Cassa di Risparmio di Asti Spa has been approved (decision of 18 January 2023).