Newsletter - CONSOB AND ITS ACTIVITIES
Newsletter
Weekly newsletter - year XXIX - No. 7 - 6 March 2023
News of the week:
Watch for scams! Financial fraud: Consob blacks out 6 more abusive websites
Domenico Conti joins Consob's press office team
9 June 2023 - Consob's annual meeting with the financial market at Borsa Italiana
10 March 2023 - Conference on "The new frontiers of digital finance"
Consob regulation on crowdfunding services: consultation launched
Investor protection warnings from other regulatory authorities
Commission decisions taken during the week
Consob has ordered the blackout of 6 new websites that abusively offer financial services/financial products: 5 abusive financial intermediation sites and 1 site through which financial products are offered without a prospectus.
The Authority availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) regarding the blackout of the sites of abusive financial intermediaries, as well as the power introduced by Law no. 8 of 28 February 2020, article 4, paragraph 3-bis, regarding the blackout of the website through which the abusive offer is made.
Below are the sites Consob has ordered to be blacked out:
- Prime Invest e Primeinv.co (website https://primeinv.co and its page https://webtrader.pinvest.cc);
- FXBoxed (website www.fxboxed.com and its page https://account.fxboxed.com);
- New Finance Llc and NewFx Limited (website www.newfx.us);
- Axi24 (website www.axi24.com and its page https://platform2.axi24.com);
- Evolve Consulting Lcc (website https://capitalbiz.ltd and page https://webtrader.c-base.co);
- Trustfund-Minning Global Pty Ltd (website www.trustfund-minning.com).
The number of sites blacked out since July 2019, when Consob got the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 845.
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 also suspended, for a period of 90 days, pursuant to Article 99, paragraph 1(b) of the Consolidated Law on Finance, the sale to the Italian public of "investment plans" by Trustfund-Minning Global Pty Ltd, including via the website www.trustfund-minning.com (Resolution no. 22617 of 1 March 2023).
***
Consob also reports that, through telephone contacts and the websites www.lawfinancial.info and www.lawfinancial.com, unduly using the logo and name of Consob, Esma, the FCA and a British company, as yet unspecified persons are claiming to have been commissioned by Consob itself in order to recover money previously lost by savers as a result of investments made through trading websites.
Savers are advised that these messages are in no way related to, and have not been authorised by, Consob.
Repeating its call for extreme caution, Consob recommends reading the section of its official website entitled "Watch for scams!" and, in particular, its previous investor protection warnings regarding the phenomena of "credit recovery companies" and "clone companies" and unauthorised use of the Consob logo.
Domenico Conti, journalist and ANSA correspondent with extensive experience in economic and financial journalism, took up his duties as Consob press officer on 1 March. Conti has followed events in monetary and fiscal policy in recent years. He will report to the Press Office Manager, Manlio Pisu.
Consob's customary annual meeting with the financial market will be held on Friday 9 June at 11:00 in Milan, in Palazzo Mezzanotte, the historic headquarters of Borsa Italiana.
Consob is organising a conference entitled "The New Frontiers of Digital Finance", to be held on 10 March 2023, from 10:00 to 13:00, at the Auditorium in Via C. Monteverdi 35, Rome.
The proceedings will be opened by Paolo Savona, Chair of Consob. This will be followed by a keynote speech by Verena Ross, Chair of ESMA, and speeches by distinguished representatives of European institutions and authorities, national supervisory authorities and market participants. Other speakers will include: John Berrigan, Director General DG FISMA of the European Commission; Carmine Di Noia, Director DAF-OECD; Elisabeth McCaul, Member of the Supervisory Board of the European Central Bank; Paolo Angelini, Deputy Director General of the Bank of Italy; Roni Michael, Global Head of Innovation at KPMG; and Eduard Muller, Executive Director of the Austrian supervisory authority, FMA. Carlo Comporti, Consob Commissioner, will act as moderator. Paolo Ciocca, Consob Commissioner, will also speak. Giuseppe F. Italiano, Professor of Computer Science at the Luiss University of Rome, will make the concluding remarks.
The event programme is available on Consob's website at the following link: https://www.consob.it/documents/1912911/2058255/20230310_programme_Digital_Finance.pdf/89580f18-c30a-a867-be2a-8088d80d9cae.
Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari.
Consob has launched a market consultation for the adoption of a Regulation implementing the provisions of Regulation (EU) 2020/1503, which introduced a single regulatory regime for European providers of crowdfunding services for companies. The authorisation issued under the European Regulation will allow European crowdfunding service providers to operate under a passport scheme in all Member States of the European Union.
The provisions put to consultation, for a period of 15 days, are aimed at finetuning the details of the European framework on the provision of crowdfunding services with a view to the imminent completion of the process of adapting national legislation to Regulation (EU) 2020/1503.
The regulatory framework submitted for market consultation aims to cover:
- Procedure for granting and withdrawing authorisation
- Definition of disclosure obligations for crowdfunding service providers
- Definition of the domestic legislation applicable to marketing communications
- Definition of further obligations deriving from the civil regime
Comments on the consultation document must be received online by Consob no later than 17 March 2023, via the Integrated System for External Users (SIPE).
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Hong Kong (Securities and Futures Commission - SFC), Alberta (Alberta Securities Commission - ASC), Argentina (Comisión Nacional de Valores Argentina - CNVA), Taipei (Financial Supervisory Commission, Chinese Taipei - FSC), New Zealand (Financial Markets Authority - FMA New Zealand), Spain (Comisión Nacional del Mercado de Valores - CNMV), Dominican Republic (Superintendencia del Mercado de Valores, Dominican Republic – SIMV), Belgium (Financial Services and Markets Authority – FSMA), Liechtenstein (Financial Market Authority - FMA), Switzerland (Swiss Financial Market Supervisory Authority – Finma), Malta (Malta Financial Services Authority - MFSA), Poland (Polish Financial Supervision Authority - KNF), Ontario (Ontario Securities Commission - OSC), Greece (Hellenic Capital Market Commission - HCMC) and Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), report the companies and websites offering investment, financial and insurance services without the required authorisation.
Reported by the Financial Conduct Authority (FCA) - United Kingdom:
- Inva Finance Corporation (https://www.invafinance.com);
- Hike Miners Limited (https://hikeminerslimited.com);
- Hfx Multifx Trades (www.hfx-multifxtrades.com);
- Spring Well Bank (www.springwellbank.uk, www.springwellbank.com);
- Crypto Meta5 (www.crypto-meta5.com);
- Hfx Multifx Trades (www.hfx-multifxtrades.com);
- Spring Well Bank (www.springwellbank.uk, www.springwellbank.com);
- Olympia-Trade (https://olympia-trade.ltd);
- Quest Access (https://questaccessltd.com);
- Capitalsventure / Capitalsventure.com (https://capitalsventure.com);
- Valeria Capital / valeriacapital.com (https://valeriacapital.com);
- Alpha Studio & Consult (https://alphastudioandconsult.com);
- Deluxe Deals (https://deluxdeals.com);
- Fulcrum Escrow (https://fulcrumescrow.com), clone of a licensed company;
- www.debthelplines.co.uk, clone of a licensed company;
- Bernat Group / bernat-group.com (www.bernat-group.com);
- Fivoro (https://iwelfare.org);
- Max Investment Income (www.maxinvestment-income.com);
- Deluxtradex.com / Deluxetradex / Deluxe Tradex / Deluxe Trade X (https://deluxtradex.com);
- www.aliextrade.com;
- Binarycryptometric Ltd (www.binarycryptometric.com);
- Blossom Capital Banking (www.blossomcapitalbanking.com);
- Goldbrick-Invest / Goldbrickinvestments (https://goldbrick-invest.com);
- Forex Bull Trade (www.forexbulltrade.com);
- Ecospacefxtrade (www.ecospacefxtrade.com);
- Swift Prime Investments (www.swiftprimeinvestments.com)
- Con Trading Fx (www.contradingfx.com);
- Fx Signal (www.fxnsignal.com);
- Cryptox Arena Ltd (www.cryptox-arena.com);
- Crypto-Bulltrade (www.crypto-bulltrade.com);
- Digitalvalux.Com (https://digitalvalux.com);
- Equitytrade (https://equitytrades.cc);
- Premiumbasefx (www.premiumbasefx.com);
- Pipstrademarkets Group (www.pipstrademarkets.com);
- Live Crypto Options Capital Group (www.livecryptooptions.com);
- Perfect Elite Trade (https://perfectelitetrade.com);
- Dojo Finance UK Limited / Dojo Loans (https://dojofinance.uk), clone of a licensed company;
- Winton Investment / Wintoninvestment.com (www.wintoninvestment.com), clone of a licensed company;
- Peaktrade53fx (https://peaktrade53fx.com);
- Hantec Funds Investment (https://hantecfundsinvestment.com);
- Invest-Prime.ltd / Investprime (https://invest-primeltd.com);
- Bque Trading / Bquetrading.net (www.bquetrading.net);
- Nasl Claims / Naslsportline (www.law-society-uk@outlook.com) clone of a licensed company.
- Coinmainvest (www.coinmainvest.com);
- Step for Debt Free / Stepfordebtfree.co.uk (https://stepfordebtfree.co.uk);
- Creative Coin (www.creativecoin.uk);
- Norden Finance Limited (www.nordenfinance.online);
- Sharon Fx / Trading Marketspro (www.tradingmarketspro.com);
- Union Royal Bank (www.unionroyalbank.com);
- Rivendellfin.co.uk (www.rivendellfin.co.uk), clone of a licensed company;
- Stam Capital Invest (https://stamcapitalinvest.ltd);
- Bgc4invest (ttps://bgc4invest.com), clone of a licensed company;
- https://fxstockoption360.com, clone of a licensed company;
- Tradenationltd / Tradesnation / Tradenation.ltd (www.tradenationltd.com, www.tradesnation.co.uk, https://tradenation.ltd), clone of a licensed company;
- Petrona Group (petronagroup.com, cfd.petronagroup.com);
- Fundzo (https://www.fundzotrading.com);
- Stop Property Repossessions Limited / Stop House Repossessions (www.stop-houserepossessions.co.uk);
- Apexwealthltd.com (https://apexwealthltd.com);
- Profxtrustcrypto (www.profxtrustcrypto.com);
- Capital Deal Market (www.capitaidealmarket.com);
- Chester-Arcdale Capital Partners (www.chester-arcdale.com);
- Iwelfare (https://iwelfare.org);
- Stand Finance (https://standfinance.net);
- Cb-investment.net (https://cb-investment.net);
- Zealglobalcoin / Zeal Global Coin / Zealglobalcoin.com (https://zealglobalcoin.com);
- Quest Access (https://questaccessltd.com);
- Gambitex (https://gambitexcapitalfirm.com);
- Olympia-Trade (https://olympia-trade.ltd);
- Paragon Advisors Llc (www,paragonadvllc.com);
- Bitbalasite (www.bitbalasite.com);
- Suprem Outsmart (www.supremoutsmart.ltd).
Reported by the Securities and Futures Commission (SFC) - Hong Kong:
- Webull Investment Advisors (H.K.) Ltd (www.us-webull.top);
- Unifxgold (H.K.) Asset Management Ltd (www.unifxgold.com).
Reported by the Alberta Securities Commission (ASC) – Alberta:
- Standpoint Financial (www.standpointfinance.com);
- Safe Crypto World (www.safecryptoworld.com);
- Royal Trading Center (www.royaltradingcenter.com);
- Golden Eagle Investments Inc. (www.goldeneagleinvestments.com);
- Fiatvisions (www.fiatvisions.com). Previously reported by the Financial Conduct Authority (FCA) - United Kingdom (see " Consob Informa" no. 10/2022 of 21 March 2022);
- Allpaysoft (www.allpaysoft.io);
- Biwc Group (www.biwcgroup.info);
- Bitchain (www.bitchain.info);
- Apenft (www.apenft.ai).
Reported by the Comisión Nacional de Valores Argentina (CNVA) – Argentina:
- Goarbit (Instagram@goarbitbuenosairesTelegram Goarbit Oficial).
Reported by the Financial Supervisory Commission, Chinese Taipei (FSC) - Taiwan:
- 瑞興全球財富管理有限公司, Chinese name only;
- 瑞興全球財富管理有限公司, Chinese name only;
- 第一證券(香港)有限公司, Chinese name only;
- 第一證券(香港)有限公司, Chinese name only;
- 新美銀行, Chinese name only.
Reported by the Financial Markets Authority – (FMA New Zealand) – New Zealand:
- Validus.
Reported by the Comisión Nacional del Mercado de Valores (CNMV) – Spain:
- Sgg Invest / Save Invest (https://sgginvest.com);
- Bridgewater Associates (Uk) Ltd (www.rcebanque.com);
- Apricus Group Llc (https://nyxtrade.co);
- Fiesta Llc (https://www.milleniumone.com);
- Kiexo Llc (https://es.kiexo.com);
- https://invest-ehub.com/es/;
- Elysian Group Llc (http://forepay.co);
- Cspartners-Gestion (e-mail: pascal.bouthelot@cspartners-gestion.com), clone of a licensed company;
- Cmx Markets Ltd (https://cmxmarkets.com/);
- Evolve Consulting Llc (https://capitalbiz.io/);
- My Bit Chain (https://www.btxgroup.io);
- Bingx (https://bingx.com);
- Financial Management Ltd (https://active4trades.com);
- Sayan Ltd (https://trading-club.com);
- Aca Invest Corporation (https://acainvestcorp.com);
- Tomex Options (https://tomexoptions.com).
Reported by the Superintendencia del Mercado de Valores de la República Dominicana (SIMV) – Dominican Republic:
- Quantum, clone of a licensed company.
Reported by the Financial Services and Markets Authority (FSMA) – Belgium:
- Asia Coinin (www.asia-coinin.com);
- Binotrader (www.binotrader.com);
- Buxberg (www.buxberg.com);
- Cedar Financial (www.cedarfinancial.ltd);
- Central Margins (www.centralmargins.com);
- Coinclick (www.coinclickex.com);
- Coins Crossing (www.coinciros.com);
- Coins Trades (www.coinstrades.com);
- Gle Markets (www.glemarkets.com);
- Globale-Invest (www.globale-invest.com);
- Grow Deposits (trade.growdeposits.net);
- Itoro-Capital / Itorostocks (www.itoro-capital.com, www.itoro-capital.co, www.itoro-capital.net);
- Mega Markets (www.megamarkets.com);
- Rxk Capital (www.rxkcapital.com, www.rxkcapital.org);
- Stb Markets (www.stbmarkets.com);
- Stocks Views (www.stocks-views.com);
- Thinvest (www.thinvest.com);
- Ulian Pro (www.ulianpro.site);
- Webull Investing (www.webullinvesting.com);
- Wilton Option (www.wiltonoption.com);
- Xpoken (www.xpoken.com).
Reported by the Financial Markets Authority (FMA) - Liechtenstein:
- https://aquilafx.com/, clone of a licensed company.
Reported by the Swiss Financial Market Supervisory Authority (FINMA) - Switzerland:
- Tcs International Ag (www.tcsuisse.com);
- Bitcoin Gate (www.bggatepx.vip, www.bcgatig.vip, www.bggates.vip, www.bggaten.vip);
- Kopes Bank (https://kopesbank.com);
- Zendfinancials (https://www.zendfinancials.com);
- https://independentpetroleumresources.org, clone of a licensed company.
Reported by Malta Financial Services Authority (MFSA) - Malta:
- Skyfin International Financial Consultants (https://www.skyfinint.com).
Reported by the Polish Financial Supervision Authority (KNF) - Poland:
- Ultimate Financial Solution (www.ultimatefinancialsolution.com);
- Invest Kingdom (https://investkingdom.com, https://investkingdom.net).
Reported by the Ontario Securities Commission (OSC) - Ontario:
- Coinbosse (www.coinbosse.com);
- Blackcoinca (www.blackcoinca.com);
- Dcgcoins (www.dcgcoins.net);
- Swiss-cryptobank (www.swiss-cryptobank.io);
- 100btcus (www.100btucus.com).
Reported by the Hellenic Capital Market Commission – (HCMC) – Greece:
- Crowdtechtrade;
- Platinmarkets.
Reported by the Commission de Surveillance du Secteur Financier (CSSF) – Luxembourg:
- https://vkd-invest.com, clone of a licensed company.
- The supplement to the registration document of Banco BPM Spa, approved on 15 June 2022 and drawn up pursuant to Articles 10(1) and 23 of Regulation (EU) 2017/1129, has been approved (decision of 1 March 2023).
- The sale in Italy of units of the AIF (Alternative Investment Fund) unreserved closed-end securities named "Anthilia Must" operated by Anthilia Capital Partners Sgr Spa has been authorised (pursuant to article 44 of Legislative Decree 58/98) and the relevant prospectus approved (pursuant to article 20 of EU Regulation 2017/2019) (decision of 1 March 2023).
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The authorisation granted to Consultinvest Investimenti Sim Spa to provide portfolio management services and to receive and transmit orders, referred to in Article 1, paragraph 5, letters d) and f) of Legislative Decree no. 58 of 24 February 1998, has been extended. Authorisation to provide the aforementioned investment services is issued with the following operating methods: "through holding the cash and financial instruments of clients" (resolution no. 22610 of 1 March 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:
- Prime Invest and Primeinv.co via the website https://primeinv.co and its page https://webtrader.pinvest.cc (resolution no. 22614 of 1 March 2023);
- FXBoxed via the website www.fxboxed.com and its page https://account.fxboxed.com (resolution no. 22613 of 1 March 2023);
- New Finance Llc and NewFx Limited via the website www.newfx.us (resolution no. 22615 of 1 March 2023).
- Axi24 via the website www.axi24.com and its page https://platform2.axi24.com (resolution no. 22616 of 1 March 2023);
- Evolve Consulting Lcc via the website https://capitalbiz.ltd and its page https://webtrader.c-base.co (resolution no. 22612 of 1 March 2023);