Banca di Credito Cooperativo Euracea

According to Art 99, Clause 1, letter a) of Legislative Decree 58/1998, Consob suspended for precautionary reasons for 90 days the investment incentive whose subject matter is the bank being formed Banca di Credito Cooperativo Euracea, set up by the promoting committee for its creation (resolution No. 15494 of 6 July 2006).

The measure was taken following supervision controls whence it emerged that the promoting committee through the web site: http://www.bcceuracea.it/ was proposing investors of the public "to become members" of the Banca di Credito Cooperativo Euracea which was being formed. In particular, the shares offer by the bank was promoted within the "constitution for public subscription", regulated by articles 2333 and subsequent of the civil code, which is characterized by the fact that drawing up the Articles of Association only occurs after full subscription of the share capital. As already stated, by the Commission by communication Dem/1043874 of 1^st June 2001, setting up a company by public subscription takes on the typical features of an investment incentive.

The series of gathered elements leads to a grounded suspicion that the offer of shares via internet by the bank being set up carried out by the promoting committee is an offer to the public aimed at subscribing financial products, defined by Art. 1, Clause 1, letter t), Legislative Decree 58/1998 as an investment incentive. There are reasons to think that the provisions of the law and regulations, which regulate investment incentives have been violated, since there appears neither to have been prior notice given to Consob about this incentive, nor any information prospectus for publication, as envisaged by Art. 94, Clause 1 of Legislative Decree 58/1998.

(In Consob Informa n. 28/2006 - 10 July 2006)