Makai ag sa - Union Forex spa

By resolution 17539 of 25 October 2010, Consob applied a 90-day suspension as a precautionary measure, pursuant to art. 99, subsection 1, paragraph b) of the Consolidated Law on Finance, on the public offering of stockbroker mandates for the "forex" market by Makai ag sa and Union Forex spa due to alleged infringement of art. 94 of said law.

Consob investigations obtained evidence that Makai, with registered office in Zurich, through and with the cooperation of Union Forex spa, with registered office in Bassano del Grappa, is performing activities that essentially propose that Italian investors invest their cash in three types of standardised stockbroker mandate agreements. Such activities further fuel grounds to suspect that a public offering of financial products is being implemented in infringement of art. 94 of the Consolidated Law on Finance, without prior publication of a prospectus. Hence the urgency of the measures adopted pursuant to art. 99 of the Consolidated Law on Finance.

(In Consob Informa n. 43/10 - 2 November 2010)