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Weekly newsletter - year XXIX - No. 9 - 20 March 2023

News of the week:
Watch for scams! Financial fraud: Consob blacks out 5 more abusive websites
Securitisation Regulation: Consultation Paper 
20-26 March 2023: Global Money Week 2023 "Manage your money, sow your future"
Changes at the top of Consob's structure
Francesca Medda named in the Standout 45 list of Fintech innovators
Consob: 2023 contribution scheme
Save the date - 30 March 2023 Presentation of the Annual Report of the Alternative Financial Dispute Resolution Scheme – ACF
Save the date - 9 June 2023 Consob’s annual meeting with the financial market at Borsa Italiana
Investor protection warnings from other regulatory authorities

Commission decisions taken during the week

N.B. measures adopted by Consob are published in the electronic Bulletin and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.

- NEWS OF THE WEEK-

Consob has ordered the black-out of 5 new websites offering 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 authorization.

Below are the sites Consob has ordered to be blacked out:

  • ToroProfit (https://toroprofit.io website and https://client.toroprofit.io page);
  • Plan B Ltd (website https://allinvestfx.io and page https://trade.allinvestfx.io);
  • EuropeanFX™ Markets Limited (https://europeanfx.vip website and https://client.europeanfx.vip and https://trade.europeanfx.vip pages);
  • Catena Farm Capital (website https://catenafarmscapital.net);
  • Eaglestones Finance (https://fin-eaglestone.net website and https://account.fin-eaglestone.net and https://web-tbb.com pages).

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 855.

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 prohibited, pursuant to Article 99, paragraph 1, letter c), of the Consolidated Law on Finance, the offer to the public of "investment plans" including via the www.nextgencrypto.org website (resolution no. 22631 of 16 March 2023).

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Consob has launched a public consultation on the implementation in Italy of the EU Securitisation Regulation, which introduces a uniform framework in the European Union for securitisation and a specific framework for standardised transparent, simple securitisation (STS securitisation). Together with the provisions, the data model containing the information for which transmission is requested is submitted for consultation.

The document submitted for consultation, with comments to be sent online to Consob by 16 May 2023 through the Sipe (Integrated System for External Users), lays down provisions applicable to the entities supervised by Consob that participate in securitisation transactions.

It also identifies the methods for notifying Consob of securitisation transactions for which Consob supervises compliance with the obligations established by the Securitisation Regulation.

In addition, the document details the organisational requirements of the parties involved in the transaction under the supervision of Consob to ensure that they assess and address the risks arising from securitisation transactions.

The Securitisation Regulation establishes specific rules for the sale of securitisation to retail customers, introducing strengthened investor protection measures. Specific due diligence obligations are also laid down for institutional investors investing in securitisation.

All securitisation – whether traditional or synthetic, public (i.e. prospectus-assisted) or private (for which a prospectus has not been drawn up in accordance with European legislation) – shall be subject to the rules laid down in Articles 6, 7, 8 and 9 of the Securitisation Regulation on the maintenance of risk, transparency, prohibition of re-securitisation and credit granting criteria. Finally, the Securitisation Regulation lays down additional requirements that must be met in order to qualify a securitisation as an STS securitisation.

The Securitisation Regulation confers national market surveillance powers on Consob, the Bank of Italy, Ivass and Covip. The provisions of Legislative Decree no. 131 of 3 August 2022, which introduced Article 4-septies.2 of Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance), adapt the Italian legal system to the Securitisation Regulation (EU Regulation 2402 of 2017, subsequently amended by EU Regulation 557 of 2021).

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From 20 to 26 March 2023 Global Money Week (GMW) takes place, the annual event promoted by the OECD with the aim of raising awareness among young people from pre-school age of the importance of acquiring the knowledge, skills and behaviours necessary to make financial decisions consistent with their needs and possibilities.

"Plan your money, plant your future" is a message emphasising the strong link between planning one's finances and one's future with a view to sustainable development, with attention to the environment and to society.

All the initiatives, organised by public and private bodies, are free and non-profit; the calendar of events can be consulted at the following link: https://www.quellocheconta.gov.it/it/news-eventi/global_money_week/intro_2023.html.

Among Consob's proposals, readers are reminded of the Watch for scams! show, from the Finance on stage series, which will be streamed on 24 March at 10.00 am (more info and links to access the event on the flyer: https://www.consob.it/documents/1912911/1970803/20230324_streaming.pdf/334ac059-64e5-11a1-fdf7-7c230788dcc7?t=1678703960966).

The length of the event is about 1 hour and 30 minutes; participation is free, but for organisational reasons you are advised to register by emailing edufin@consob.it (indicating in the subject line: Watch for scams!).

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Consob announces that the Director General, Dr Enrico Ajello, has submitted his resignation. He will remain in office until 31 March next.

The Commission has decided that Dr Maria Antonietta Scopelliti, Secretary General, will assume the position of Director General for three months from 1 April to 30 June 2023, while maintaining her role as Secretary General.

On 23 December 2022, Dr Tiziana Togna had resigned as Deputy Director General with effect as from 1 April 2023.

The position of Deputy Director General was assigned to Dr Marina Cicchetti, currently head of the Internal Control Office, for a period of six months from 1 April to 30 September 2023.

The Commission thanks Dr Ajello and Dr Togna for their valuable service at the Institution.

The procedures whereby the Commission will appoint the next Director General as soon as possible are in an advanced stage of definition.

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Innovate Finance has included Francesca Medda, who coordinates Consob's digital strategy, in Standout 45, the shortlist of 45 women with the greatest influence in Fintech chosen from the 250 winners of the 2022 Powerlist.

The nomination in ‘Standout 45' is attributed by a panel of independent judges – explains Innovate Finance - to "a selection of those who are having a real and lasting impact in FinTech, over and above their daily role". A recognition that is added to the nomination in the Fintech Powerlist 2022, which Francesca won in the Industry and Knowledge Champions category.

The nomination of Francesca, who heads the Institute of Finance and Technology at University College London, is the only one attributed to a personality from the institutional and academic world on a list otherwise made up of managers from the financial services industry. "It's an award – says Francesca - that I share with all of Consob". "For the nomination in Standout 45," explains Francesca, "the work carried out with the Consob-Tech team on Liftech, the channel dedicated to dialogue to help companies and Fintech operators move more smoothly in the complex regulatory and market surveillance framework, and the digital projects developed with the Markets and Intermediaries Divisions, were decisive."

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The 2023 contribution scheme, approved by resolution no. 22554 of 22 December 2022 and made enforceable by the Prime Minister's Decree of 6 March 2023, was published in Official Gazette no. 61 of 13 March 2023. By resolution no. 22624 of 8 March 2023, the terms of payment of the contributions for the year 2023 indicated in the aforementioned resolution no. 22554/2022 were deferred.

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On Thursday 30 March at 11:00 am at the Consob Auditorium, the President of the Alternative Financial Dispute Resolution Scheme (ACF) will present the "Annual Report of the Alternative Financial Dispute Resolution Scheme 2022".

It will be an opportunity to describe the overall activity carried out from 2017 to the present and outline the developmental outlook of the Body.

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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.

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The supervisory authorities of United Kingdom (Financial Conduct Authority - FCA), Belgium (Financial Services and Markets Authority – FSMA), Switzerland (Swiss Financial Market Supervisory Authority – FINMA), Hong Kong (Securities and Futures Commission - SFC), Spain (Comisión Nacional del Mercado de Valores - CNMV), Greece (Hellenic Capital Market Commission - HCMC), and Ireland (Central Bank of Ireland – CBI), report the companies and websites offering investment, financial and insurance services without the required authorisations.

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

  • Binary Trade Limited (www.binary-traders.org);
  • Leadpartenerinv (www.leadpartenerinv.com);
  • Mega-Capitals.com (www.mega-capitals.com);
  • Hexa Fx (www.hexafx.guru);
  • Crest Bank Plc (www.crestbank.co.uk);
  • Fxempire.site (www.fxempire.site);
  • Bluefin Investment (www.bluefinfx.agency);
  • Lenotec Fx (www.lenotecfx.com);
  • Elite Co-operative Saving (www.ecbsavings.com);
  • Max Trading (www.max-tradingfx.com);
  • Credtrade (www.credtrade.live);
  • Thomas Bertarelli Asset Management (www.thomasbertarelliam.com);
  • Glove-Invests / Gloves Invests (https://glovesinvest.com);
  • Goldmines / Goldminesinvest.Com (https://goldminesinvest.com);
  • Litefxanalysis (https://litefxanalysis.com);
  • Helium100boostfx (https://helium100boostfx.com);
  • Fxlink Trades (www.fxlink-trades.com);
  • Fx Lifestyle Trade (www.fxlifestyletrade.org).
  • Netcapitalearn.Ltd (www.netcapitalearn.ltd);
  • Century Trade / Centurytrade.Ltd (www.centurytrade.ltd);
  • Millennium-Profit (www.millennium-profit.ltd);
  • Delta Trading Company (https://dtc24.com);
  • Ezmarkets (www.ezmarkets.io);
  • Fulbright Securities Limited / Fulbrightsl.com (www.fulbrightsl.com);
  • Stb Markets (https://stbmarkets.com). Previously reported by the Financial Services and Markets Authority (FSMA) – Belgium (see "Consob Informa" no. 7/2023 of 6 March 2023);
  • Altrean Trade (www.altreantrade-fx.com);
  • 247topfxmining (www.247topfxmining.com);
  • Binary Forex Trading Stock (www.binaryforextradingstock.com);
  • Elitemortagefin.ltd (www.elitemortagefin.ltd);
  • Diamond Crypto Finance (www.diamondcryptofinance.com);
  • Globalcryptotradealliance (https://globalcryptotradealliance.com);
  • Main Crypto Trades (https://maincryptotrades.com);
  • Octafx-Earn (https://octafx-earns.com);
  • Bitfxd (www.bitfxd.com);
  • Wealth Fund Management International (www.wealthfundmanagement.com).

Report by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) – France: 

The French Supervisory Authority (ACPR) reports that it has identified a new scam against investors with identity theft of Poste Italiane via the https://itpostep.online/fr.html website and email address info.mapostepay@europe.com.

Reported by the Financial Services and Markets Authority (FSMA) – Belgium:

  • ab-investment-acces.net;
  • ab-investment.net.

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

  • Imb-Invest Ag (www.imb-invest.com), clone of a licensed company.

Reported by the Securities and Futures Commission (SFC) – Hong Kong:

  • www.kswez.com, clone of a licensed company;
  • Xg Investment Advisors Ltd (www.xg133.com).

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

  • https://www.tradersfinancieros.es;
  • Octa Markets Incorporated (https://es.octafx.com).

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

  • Market-Gold / Astrica Limited (https://market-gold.com).

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

  • Citi Bank Fixed Rate Deposits, clone of a licensed company;
  • Lion Bonds.

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Consob
Prospectuses
  • The registration document relating to the offering of securities other than equity securities to retail investors issued by Iccrea Banca Spa - Istituto Centrale del Credito Cooperativo has been approved (decision of 17 March 2023).
Registers and lists
  • Forfeiture due to express waiver by Pairstech Capital Management Llp of the authorisation to provide portfolio management investment services, receipt and transmission of orders and investment advice referred to in Article 1, paragraph 5, points d), e) and f) respectively and the ancillary services referred to in Annex 1, section B, nos. 4 and 7, of the Consolidated Law on Finance. Pairstech Capital Management Llp remains registered in the Register of third-country undertakings other than banks referred to in Article 20, paragraph 1, of the Consolidated Law on Finance and authorised, under the freedom to provide services, referred to in Article 28, paragraph 6 of the aforementioned Consolidated Law on Finance, to provide the following placement investment service without irrevocable commitment to the issuer (without holding, even temporarily, customers' cash and financial instruments) and the following ancillary services: advice to undertakings on capital structure, industrial strategy and related matters, as well as advice and services relating to mergers and the purchase of undertakings; investment research and financial analysis or other forms of general recommendation concerning transactions in financial instruments (resolution no. 22632 of 17 March 2023).
Combating market abuse (art. 7-octies of the Consolidated Law on Finance)
  • Order, pursuant to Article. 7-octies, letter b) of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) to cease infringement of Article 18 of Consolidated Law on Finance, put in place by:

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CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Antonella Nibaldi (coordinator), Claudia Amadio, Riccardo Carriero, Luca Cecchini, Domenico Conti, Laura Ferri, Chiara Tomaiuoli, Alfredo Gloria - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.