News of the week:
Abusive financial services: Consob blacks out 10 abusive sites
SAVE THE DATE October 2021 – March 2022: the new frontiers of tokenization
Trends and risks of the Italian financial system in a comparative perspective
Operations on turbo certificates and minifuture certificates
Marketing in Italy of UCITS and AIF
Takeover bid Crédit Agricole Italia Spa on Crédit Agricole Friuladria Spa: Consob approves the bid document
Carraro Spa: Consob determines the consideration for the fulfilment of the purchase obligation and the exercise of the purchase right
Banca di Cividale Spa: the capital increase prospectus has been authorised
Unicoop Tirreno società cooperativa: the supplement to the bond prospectus has been authorised
Investor protection warnings from other supervisory authorities

- COMMISSION DECISIONS - taken or made public during the week (the documents are available in Italian version

- NEWS OF THE WEEK -

Consob has ordered the black-out of 10 new websites that offer 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:

• Evergo Ltd (website www.4x-trade.com and its page https://client.tradefiled.com);
• Trade Action Ltd (website https://trades-action.com and its page https://accounts.trades-action.com);
• Nab Europe Limited (website www.nabinv.com);
• Fx24 Investment Ltd (website www.fx24.live and its page https://my.fx24.live);
• Prim Global Reach Ltd - PrimeATrade Limited - Fx Publications Inc. (website https://primaatrade.com and its page https://client.primaatrade.com);
• Fantex (website https://www1.fantex.co, URL https://fantex.co and its page https://webtrader.fantex.co);
• "Cfxdtrade Limited" and "Handelfx" (website https://cfxdtrade.com);
• Aca-Asset Limited (website https://2amltd.com and its page https://accounts.2amltd.com);
• Mellifluous Group Ltd (website https://neoomatic.co and its pages https://webtrader.neoomatic.co and https://client.neoomatic.cc);
• Wirexinvest Invest Ltd (websitewww.wirexinvest.com).

The number of sites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 495.

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 on the website www.consob.it there is a section on the homepage “Be aware of fraud!”, providing useful information to warn investors against financially abusive initiatives.

***

Consob also prohibited, pursuant to article 99, paragraph 1, letter c) of Legislative Decree no. 58/1998 (Consolidated Law on Finance):

- the offer to the public of financial products promoted by Bolton Holding Limited and Bolton First Credit Limited, also through the website www.bfclcoin.com, in violation of article 94-bis of the Consolidated Law on Finance (resolution no. 21972 of 28 July 2021). The offer had already been suspended by resolution No. 21854 of 19 May 2021;

-the offer to the public of financial products promoted by Niwix Limited, also through the website www.niwix.org, in violation of article 94-bis of the Consolidated Law on Finance (resolution no. 21973 of 28 July 2021). The activity had already been suspended with Resolution No. 21853 of 19 May 2021.

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Consob and the Blockchain & Distributed Ledger Observatory of the Politecnico of Milan organise a series of seminars to explore the main challenges posed by these new technologies, analysing both the regulatory and the more technical and business points of view.

The world of finance is experiencing a phase of profound transformation driven by the evolution of legislation, technology and growing competition. On the one hand, with the Digital Finance Package, adopted by the European Commission on 24 September 2020, the EU is about to establish a regulatory framework capable of promoting the development of the different types of crypto-assets. On the other hand, the Blockchain and Distributed Ledger technologies are already impacting the financial markets all over the world, leading to the birth of new players, new business models and new assets, which go hand in hand and often compete with the traditional ones. It is necessary to be ready for this change.

The appointments:

• 8 October 2021, at 11.00 – 13.00 "Financial instruments in DLT: challenges and opportunities"
• 5 November 2021, at 11.00 – 13.00 "MiCAr: primary and secondary market"
• 10 December 2021, at 11.00 – 13.00 "Pilot MiFid: experimentation on market infrastructures"
• 14 January 2022, at 11.00 – 13.00 "MiCAr: new business models"
• 4 February 2022, at 11.00 – 13.00 "Anti-money laundering and tax profiles"
• 4 March 2022, at 11.00 – 13.00 "Additional company profiles"

More information on how to register and the details of the events will follow.

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The Report analyses the dynamics of financial markets in the first half of 2021, highlighting the main vulnerabilities in the context of the crisis triggered by the pandemic, and it explores some of the issues related to the development of sustainable finance and crypto assets. The Report is divided into eight sections. Section 1 shows the impact of the crisis on economic activity. Section 2 analyses the monetary and fiscal policy measures adopted by national and European authorities to tackle the negative effects of the crisis. Sections 3 and 4 examine equity and bond market trends, respectively. The next three sections analyse the impact of the crisis on non-financial corporations, banks and households. Section 8 examines the main trends of the mutual fund industry.

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The Commission has formulated a Reminder on financial disclosures made available to the market by issuers of widely distributed securities pursuant to article

On 30 June 2021, the AFM (the Dutch Financial Markets Authority) adopted, pursuant to Article 42 of Regulation (EU) No. 600/2014 (Markets in Financial Instruments Regulation - MIFIR), specific product intervention measures aimed at limiting the distribution of so-called turbo-like products to retail clients at national level with effect from 1 October 2021 (https://www.afm.nl/en/professionals/nieuws/2021/juni/besluit-beperkingen-turbos).

For some time now, Consob has been carrying out specific monitoring on the connotations of the Italian market about the certificates characterized by a high risk/complexity profile, including the so-called turbo-like products, in order to assess possible interventions for the protection of investors.

In this area, specific attention is given to verifying the compliance by intermediaries with the safeguards that they are required to adopt pursuant to the MiFid II derivation regulations.

In the perspective of proportionality that permeates the legislation on investment services, these safeguards are in fact particularly important for the products in question in view of the relative risk and complexity profiles.

From this point of view, the measures for product governance must be able to calibrate the methods of access to these tools in order to direct them to the most suitable client target.

As a result of the intrinsic characteristics of riskiness and complexity, the products in question are not subject to the execution only regime; therefore, the operation of investors on the products in question must be assisted at least by the verification of appropriateness by the intermediary.

The intermediary must ensure that the client is adequately informed, both before making the investment and in the phase of holding the acquired position, having regard, among other things, to what is specifically envisaged about the positions with contingent liabilities.

If the intermediaries perceive any form of profit from third parties (for example market makers and/or producers) for the distribution/trading of the securities in question, they must comply with the rules on inducements, conflict of interest and best execution.

On this basis, considering the characteristics - also dimensional ones - of the operation on so-called turbo-like products at the domestic level, at present, there are no conditions for the adoption of intervention measures on a national basis similar to those provided for by the AFM.

In order to verify any changes that may require possible interventions for the protection of the investors, Consob will continue to monitor the market of the products in question, as well as in general that of the other products that are characterised by a high risk/complexity profile, also by comparison in the relevant European offices.

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Consob, in accordance with the provisions of Articles 5 and 10 of Regulation (EU) 2019/1156 on the cross-border distribution of collective investment undertakings for savings - UCITS, has published (https://www.consob.it/web/area-operativa-interattiva/sgr-sicav#sgr1) the information relating to the applicable provisions on the requirements for the marketing of UCITS and AIFs in Italy, as well as the information relating to supervisory contributions in relation to the operations of EU and EU Geographical managers in Italy.

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The bid document relating to the voluntary takeover bid (resolution no. 21969 of 28 July 2021) promoted, pursuant to Article 102 of Legislative Decree no. 58/1998 (Consolidated Law on Finance) by Crédit Agricole Italia Spa (CAI) on the totality of the ordinary shares of Crédit Agricole Friuladria Spa (Friuladria) has been approved.

CAI is a joint-stock company under Italian law, based in Parma, established in February 2007 and named in this way after the month of February 2019 – formerly Cariparma. CAI is controlled – with a shareholding of 75.601% of its share capital – by Crédit Agricole Sa, the parent company of the homonymous banking-insurance group, which also exercises the management and coordination over the bidder. In recent years, CAI has expanded by purchasing Friuladria, Cassa di Risparmio of La Spezia and Cassa di Risparmio of Rimini, Cesena and of San Miniato, and Creval.

Crédit Agricole Friuladria Spa is a company under Italian law based in Pordenone. At the date of the document, Friuladria is legally controlled by CAI with a shareholding of 82.3% of its capital. Friuladria holds 112,359 treasury shares, representing 0.465% of the share capital.

The issuer's shares are admitted to trading on the multilateral trading system called HI-MTF organised by Hi-Mtf Sim Spa, the order driven segment, and are disseminated to the public to a significant extent pursuant to Article 116 of the Consolidated Law on Finance and Article 2-bis of Consob Regulation no. 11971/1999 (the Issuers' Regulation).

The bid relates to a maximum of 4,159,603 shares of the issuer, representing 17.233% of its share capital, i.e. all the shares issued by Friuladria, less the CAI shareholding and  treasury shares.

For each share brought into adherence to the bid, the bidder will pay a cash consideration of up to 40 euros, consisting of:

(a) a fixed component equal to EUR 35; as well as

(b) a deferred component, equal to 5 euro, to be paid, if necessary, in the third quarter of 2024, on a date to be communicated by the bidder, provided that the subscriber complies with the following requirements between the date of communication (i.e. 16 June 2021) and 16 June 2024, without interruption: (i) having maintained all the contractual relationships in place at the date of communication with the Crédit Agricole group in Italy; (ii) having maintained the status of "active client"; (iii) not having been in default with respect to obligations, reimbursement or otherwise, towards Italian companies of the Crédit Agricole group.

The maximum disbursement relating to the bid, including the maximum immediate consideration (equal to 145,586,105 euros) and the maximum deferred consideration (equal to 20,798,015 euros), both calculated assuming that all the shares covered by the bid are brought into adherence to the bid and that all the subscribers comply with the requirements for the deferred consideration, is equal to 166,384,120 euros.

The bid subscription period will start on 9 August 2021 and end on 10 September 2021, with payment date of the immediate consideration on the following 15 September 2021; any reopening of the terms, pursuant to Article 40-bis of the Issuers' Regulation, would be held on 16, 17, 20, 21 and 22 September 2021, with subsequent payment date of the immediate consideration on 28 September 2021.

Since the shares are not listed on an Italian regulated market, once the bid is concluded, the following will not apply: the obligation to purchase the remaining shares, by whomsoever requests it, as provided for in Article 108, paragraph 2, of the Consolidated Law on Finance, in the event that the bidder comes to hold – as a result of the subscriptions to the bid and/or any purchases made outside the bid in accordance with the applicable legislation – a total shareholding of more than 90%, but less than 95%, of the issuer's share capital; the right to purchase the remaining shares of the issuer provided for in Article 111 of the Consolidated Law on Finance, nor the obligation to purchase the remaining shares, by whomsoever requests it, referred to in Article 108, paragraph 1, of the Consolidated Law on Finance.

The bid was launched in relation to the implementation of the merger which is part of the broader context of the "Single Bank Project" envisaged by the bidder's business plan called "Medium Term Plan 2019-2022" and in which as reported, among other things, in the bid document the acquisition of Creval and the future merger by incorporation of the latter into the bidder is also included.

The bidder affirms that he intends to ensure that the issuer requests the revocation of the shares from the trading on the HI-MTF, once the bid is finished.

The issuer's press release, approved by the relevant Board of Directors, pursuant to Article 103, paragraph 3, of the Consolidated Law on Finance and Article 39 of the Issuers' Regulation, containing any data useful for the appreciation of the bid, will be attached to the bid document, accompanied by the opinion of the independent directors pursuant to Article 39-bis of the Issuers' Regulation.

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Pursuant to the combined provisions of articles 108, paragraph 4, of Legislative Decree no. 58 of 1998 (Consolidated Law on Finance) and 50, paragraph 5, of Consob Regulation no. 11971/1999 (the "Issuers' Regulation"), the consideration for the fulfilment of the purchase obligation and for the simultaneous exercise of the purchase right referred to in articles 108, paragraph 1, and 111, paragraph 1, of the Consolidated Law on Finance, relating to the residual shares issued by Carraro Spa, to the same extent as the "new consideration", equal to 2.55 euro for each Carraro share has been determined (resolution no. 21974 of 28 July 2021).

On 28 March 2021, Fly Srl promoted a voluntary global takeover bid, pursuant to Articles 102 et seq. of the Consolidated Law on Finance, on a maximum of 21,331,916 ordinary shares issued by Carraro, representing 26.76% and corresponding to the totality of the issuer's ordinary shares less 55,757,526 Carraro shares (equal to about 69.94% of the issuer's share capital), owned by the bidder's shareholders (and in particular by Enrico and Tomaso Carraro, Finaid Spa and Julia Dora Koranyi Arduini) and 2,626,988 treasury shares (about 3.30% of the issuer's share capital), for a consideration of 2.55 euro (as increased per bid's press release on 31 May 2021).

The document relating to the bid and the subsequent supplement were approved by Consob resolutions no. 21848 of 13 May 2021 and no. 21899 of 16 June 2021, respectively.

During the subscription period (17 May-21 June 2021) and the reopening of the terms (29 June - 5 July 2021), a total of 11,063,843 shares were brought into adherence to the bid, equal to about 13.88% of the issuer's share capital and to about 51.87% of the shares subject to the bid. Moreover, the bidder, indirectly through Equita Sim Spa made, at the unit price of 2.55 euro (equal, therefore, to the new consideration), outside the bid, a total of 6,386,160 shares, equal to 8.01% of the issuer's share capital and 29.94% of the shares subject to the bid, as well as further 121,433 shares, equal to 0.15% of the issuer's share capital and 0.57% of the shares subject to the bid.

The bidder, together with the persons acting in concert and taking into account the treasury shares held by the issuer, came to hold a total of 75,955,950 ordinary shares of Carraro, equal to 95.28% of its share capital.

The conditions for the fulfilment of the purchase obligation referred to in Article 108, paragraph 1, of the Consolidated Law on Finance and for the exercise of the right to purchase referred to in Article 111, paragraph 1, of the Consolidated Law on Finance have therefore arisen for the bidder and the persons acting in concert, of which the bidder has declared in the bid document his intention to avail himself – in relation to the remaining 3,760,480 Carraro shares, equal to about 4.72% of the issuer's share capital.

The execution of the obligation and the right to purchase, as stated in the bid document and in the supplement, will take place within a single procedure, pursuant to Article 50-quinquies, paragraph 1, of the Issuers' Regulation.

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Consob has authorised the prospectus aimed at the option offer to the shareholders of the new shares of Banca di Cividale Spa.

Banca di Cividale (issuer or CiviBank), is a commercial bank founded in 1886 that operates in 64 branches located in eight provinces of the Friuli Venezia Giulia and Veneto regions. The capital increase is part of a larger project of the bank that includes the transformation of the same into a "joint-stock company" that took effect from 11 May 2021.

At the date of the prospectus CiviBank is not controlled, pursuant to and for the purposes of Article 2359 of the Italian Civil Code, by any person, natural person or legal entity; only one person (the Cassa di risparmio of Bolzano - Sparkasse) owns a shareholding above the 5% threshold of the share capital of CiviBank (at the date of the prospectus Sparkasse owns, in particular, 9.177% of the share capital of Cividale).

The prospectus relates to the option offer to the shareholders of CiviBank of the ordinary shares resulting from the increase of the share capital, to be paid, on a divisible basis, for a maximum total amount of 49,976,595.75, euro of which a maximum of 28,449,675 euro to be allocated as capital and a maximum of 21,526,920.75 euros to be allocated as a share premium, approved on 16 July 2021, by the Board of Directors of CiviBank with application of the proxy granted by the extraordinary shareholders' meeting of 13 April 2019 in order to increase the share capital on a divisible basis, in one or more times, for a maximum amount (including any share premium) of 65 million euros, by issuing ordinary shares to be offered as an option to the shareholders, pursuant to Article 2441, paragraph 1, of the Italian Civil Code. The shares are combined with non-transferable registered warrants free of charge which will be exercisable starting from 2024.

The issuer's shares are admitted to trading on the order driven segment of the HI-MTF, from 26 June 2017. On 16 April 2021, Hi-Mtf Sim Spa (Citibank's financial advisor) suspended CiviBank's shares from trading on the order driven segment of HI-MTF pursuant to Article 92 of its Regulations. CiviBank's shares (including the new shares) will again be traded on the order driven segment of HI-MTF once the capital increase is completed.

On 16 July 2021, the Board of Directors of CiviBank approved the terms and conditions of the capital increase and, in particular, resolved to: (i) determine the unit subscription price at 5.27 euro for each new share, to be allocated to the share capital for 3euro and to a share premium for 2.27 euro; (ii) issue 9,483,225 new shares, to be offered as an option to the shareholders; and (iii) determine the allocation ratio in 3 new shares for every 5 shares held.

The option offer period starts on 2 August and ends on 14 September 2021. The results of the offer will be communicated within five working days from the end of the option offer period. Option rights not exercised by the end of the option period will be offered on the HI-MTF, by the directors, on behalf of the bank, within the month following the end of the bid period, for at least two consecutive weekly auctions, unless the option rights have already been sold in full pursuant to Article 2441, paragraph 3, of the Italian Civil Code. The start and end dates of the bid period on the HI-MTF will be communicated to the public by means of a specific notice.

The capital increase, together with the subordinated bond loan that the bank plans to offer for subscription, by the end of the 2021 financial year, through private placement methods and, therefore, exempt from the obligations to publish an offer prospectus, is included among the initiatives undertaken by the same bank in the updated business plan, to support the project's dimensional, territorial and income growth path and the related business recovery.

In the "risk factors" chapter, the prospectus outlines the risks with regard to the issuer and in particular the risks related to uncertainties relating to the spread of the Covid-19 pandemic, the risks related to the operating activity and the banking sector, the risks related to the legal and regulatory framework, as well as the risks related to the financial instruments covered by the bid.

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Consob approved the supplement to the prospectus consisting of separate documents (registration document, information note and summary note) aimed at offering bonds to the retail public represented by shareholders/lenders holding a social loan of Unicoop Tirreno Società cooperativa.

The supplement contains the following information updates that occurred after the approval of the prospectus issued by Consob on 24 March 2021 (see "Consob Informa" no. 12/2021):

- information on the performance and results of the group's activities for the year ended 31 December 2020, taken from the consolidated financial statements of the cooperative as of 31 December 2020, approved on 31 May 2021, and the report of the Auditing firm on the consolidated financial statements of the cooperative as of 31 December 2020. The 2020 Consolidated Financial Statements are incorporated by reference to the supplement;

- the forward-looking financial information for the period 2021 - 2023 contained in the 2021 - 2023 business plan approved by the cooperative on 31 May 2021;

- the issuer's decision to no longer place the 2021 equity instruments (SFP2021), reserved only for qualified investors;

-the merger of the issuer with Coop. Consumo Cgn Soc. coop;

- the renewal of the board of directors on 9 July 2021;

- the modification of the places designated for the collection of the bonds subscriptions, consisting of the closure of two subscription places and the simultaneous opening of two new places for the subscription of the bonds.

The offer is divided into:

- a first offer period ending on 29 June, and

- a second offer period currently in progress (from 5 July to 5 October 2021).

The supplement provides evidence on the application of the right of revocation for those who have already agreed to subscribe to the bonds before publication of the supplement, which may be exercised within two working days of the date of its publication.

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The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Spain (Comisión Nacional del Mercado de Valores - CNMV), Quebec (Authorité des Marchés Financiers - AMF - Quebec), Malta (Malta Financial Services Authority - MFSA), Switzerland (Swiss Financial Market Supervisory Authority - FINMA) and Czech Republic (Czech National Bank - Czech Republic - CNZ), Gibraltar (Gibraltar Financial Services Commission - GFSC) and Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), report the companies and websites offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

• Standard Chartered / Standredcb (www.standredcb.com), clone of an authorised company;
• Bestcompare-ukinvestments.com (https://bestcompare-ukinvestments.com, https://uk-best-isa.com);
• Bmi Markets Service Limited / Bmi Markets (https://bmimarkets.com);
• Quantom Capital (www.quantomcapital.com, www.quantom-capitals.com)
• https://scalacp.com (https://scalacp.com), clone of a licensed company;
• Everestbtc (https://www.everestbtc.com), already reported by the AMF (see "Consob Informa" no. 26/2021 of 5 July 2021);
• TorexFX/42 Marketing Limited (https://torexfx.com, https://trade.torexfx.com/tradehttps://ftmt4mql.gloryft.com/, https://fxen.gloryft.com), clone of a licensed company;
• Intetrader / Intetrader.com (www.intetrader.com), clone of an authorised company;
• Compare-isa-online.com (https://compare-ISA-online.com);
• Compare Best Isa (https://comparebest-ISA.com);
• Best-ISA-Finder.com;
• Wainright Capital Partners Ltd (www.wainrightcapitalpartnersltd.com);
• McCarter Capital Partners (www.mccarter-capitalpartners.com);
• Platinumhitech (www.platinumhitech.com);
• Logic IQ (https://logiciq.co);
• Alpha One Capital Management (www.alphaonecm.com);
• Bond-compare-uk.com;
• Explore Fixed Rates (https://explorefixedrates.com);
• Bondratechecker.com (https://bondratechecker.com);
• Ethicalbondrates.com (http://ethicalbondrates.com);
• Checkupmyrates.com (https://checkupmyrates.com);
• Comparisonisa.com (https://comparisonisa.com);
• Findmybond.com (https://findmybond.com);
• Investnowuk.co.uk (https://investnowuk.co.uk);
• Topisadeals.com (https://topisadeals.com);
• Bestcompare-ukinvestments.com (https://bestcompare-ukinvestments.com);
• uk-best-isa.com (https://uk-best-isa.com);
• Contractor Finance (www.contractorfinance.net);
• Best-isa-comparison.com (www.best-isa-comparison.com);
• Top-isa-comparison.com (www.top-isa-comparison.com).

Reported by the CNMV:

• United Kingdom Investments (https://www.ukinvest.trade);
• Whitebird Ltd / Cas Capitals Ltd (https://invest-sigma.biz);
• Vanki Trading (https://vankitrd.com);
• Beradora Ltd (https://timarkets.com/index.php?lang=es). Already the subject of Consob resolution no. 21857 of 19 May 2021. Subsequently, the authority using its powers deriving from the "Decreto Crescita" (Growth decree) (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), ordered Internet connectivity service providers to inhibit access from Italy to the website https://timarkets.com and its pagehttps://accounts.timarkets.com);
• Profited Trade Signals (https://profitedtradesignals.com);
• www.prime-option.net;
• Donnybrook Consulting Ltd (https://ofxb.io);
• Investorexpro (https://investorexpro.com, https://trade.investorexpro.com);
• Ing Capital Group Inc (https://ing.capital/es);
• Lacari Group Ltd / Fx-Capitalize Limited (https://fxcapitalize.com/es/). Already the subject of resolution no. 21908 of 17 June 2021. Subsequently, the authority using its powers deriving from the "Decreto Crescita" (Growth decree) (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), ordered Internet connectivity service providers to inhibit access from Italy to the website https://fxcapitalize.com;
• Fx Expert Trade (www.fxexpertrade.com);
• First Notch Trading (https://firstnotchtrading.com);
• Emprendedores Vip / Evip (https://emprendedoresvip.com);
• https://empirecryptfx.com;
• Bull Street Fx (www.bullstreetfx.com);
• Brooks Invest Ltd (https://brooksinvest.ltd);
• Bromfield Investments (www.bromfieldinvestments.com), clone of an authorised company;
• Cash Flex Loans U.K Ltd (email: clientloanuk042493@googlegroups.com), clone of an authorised company;
• Dixon Collins Financial Trust Solutions (https://dixoncollins.com);
• Bestbondscompare.com (https://bestbondscompare.com);
• Search-best-bond.com (http://search-best-bond.com);
• Search-best-isa-market.com (https://search-best-isa-market.com);
• https://ixinversors.net.

Reported by AMF - Quebec:

• Global Investment Trading (www.liyeplimal.net);
• Odin Service Group Limited/Rockfort International Limited (www.odinforex.com, www.rfmrx.com);
• RBCmarkets (www.rbcmarkets.com), clone of an authorised company;
• Impero Solutions Limited (www.impero.solutions).

Québec's supervisory authority, the Autorité des marchés financiers (AMF), warns Québec consumers about a phishing campaign conducted by hackers. Hackers claim to be members of the AMF staff and demand that the money be transferred to them in connection with a stock exchange trade or the sale of cryptocurrencies. The name of the e-mail domain used is "@lautorite-support.finance". This domain name is in no way linked to the AMF, which recently asked the provider to black it out.

AMF urges Quebec consumers to be very cautious when receiving unsolicited emails. Do not click any hyperlinks or open any attachments.

Reported by the MFSA:

• New Golden Trade Ltd (https://specialcfd.com);
• WhyLose.com (https://whylose.com/);
• Arb Signals Ltd (https://arbitly.io/);
• Bell Wood WS Ltd / Bell Wood Ltd / Bell Wood (https://bellwoodws.com/, https://bellwood-mt.com/);
• Ivaja Ltd;
• Cryptofrix (https://cryptofrix.com/);
• Dennis Muscat;
• Edjowa Ltd (https://www.intercrone.com/);
• SpringFx Pro (https://springfxpro.com/index.html);
• MilanoMfx (https://www.milanomfx.com/);
• AHB Consulting (http://www2.ahbconsultancy.com/);
• Bitcoin & Autotrader (https://bitcoinautotrader.co/);
• Hillwood Limited (https://www.hwlimited.com/), clone of a licensed company;
• Hillwood Limited Insurance (https://www.hillwoodlimited.com);
• Legit Crypto Option or Citizen Crypto Mining Fx (https://007cryptooption.com/index.html);
• Konano Wealth Ltd (https://www.konano.com);
• Rizzo Investment (https://rizzoinvestment.com/, https://www.rizzoinvestmentltd.com/), clone of an authorised company;
• Pinegroup Limited (https://pinegroupltd.com/);
• West City Bank (https://westcityb.com/en/);
• Venotrade Investment (Europe) Ltd (https://venotrade.com/);
• PrizeFX Investments (https://www.Prizefxonline.com);
• Freewallet (https://freewallet.org/);
• Fast Fx Trading (https://www.fastfxtradings.com/);
• Forte Trade Limited (https://www.fortetradelimited.com);
• Crypto World Trade / Cwt Ltd (https://www.cryptowordtrade.com/);
• Puth Holdings Co Ltd, Puth Global Ltd / Digital Fintech One (https://www.puth777.com/h5/);
• TrustFX Tradings (https://www.trustfxtradings.com/);
• Expertztrade (https://www.expertztrade.com);
• Expertzoption (https://expertzoption.com/index);
• Cryptoextrade (https://cryptoextrade.com/);
• Maxellant Investment (Europe) Ltd (https://maxellant.com/);
• Brava500 (https://brava500.com/);
• Procryptradings (https://www.procryptotradings.com/);
• Betal Trade Fx (www.betaltrade.com);
• Cardinal Holdings Limited (https://cardinalholdingsltd.com/);
• FxTrade Gains (https://www.fxtradegains.com/);
• Advent Trading Limited (https://adventtradingltd.com/);
• iMarketx Bank (https://www.imarketx.com/index.php#faq);
• JustCoin Trade Limited (https://justcointrade.com/);
• Global Express Trading / GxTrading Ltd (https://globalxpresstrading.com);
• Fxfinancepro (https://fxfinancepro.com/). Already the subject of Consob resolution no. 21681 of 14 January 2021. Subsequently, the authority using its powers deriving from the "Decreto Crescita" (Growth decree) (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), ordered internet connectivity service providers to inhibit access from Italy to the website https://fxfinancepro.com);
• Bepf-Investment (http://www.bepf-investment.com);
• Mistral Trading (https://mistraltradingltd.com);
• Paramount Fx Trade / Pfxt Ltd (https://paramountfxtrade.com/);
• Maxxoin Investment (Europe) Ltd (https://www.maxxoin.com/);
• Livia Options / LvO Ltd (https://liviaoptions.com);
• Concept4x (https://concept4x.com/);
• Bitboosting (https://bitboosting.com/).

Below is a summary of some of the notices to savers published by Malta Financial.

Malta Financial Services Authority (MFSA):

the Malta Financial Services Authority (MFSA) wishes to bring to the attention of consumers that the Malta Gaming Authority ("MGA") has recently issued a statement regarding a cryptocurrency token called the "Malta Gaming Authority". Consumers are informed that this token has no affiliation with the MGA and that this declared affiliation is false and misleading;

the Authority reminds savers that on 21 February 2020 it issued a public statement noting that Binance is not authorised by the MFSA to operate in the virtual asset sector in Malta. Following the issuance of several recent warnings by the competent authorities of other jurisdictions, including Consob (https://www.consob.it/web/consob/dettaglio-news/-/asset_publisher/hZ774IBO5XPe/content/avviso-a-tutela-dei-risparmiatori-sul-gruppo-binance-15-luglio-2021-/10194), there has been an increase in complaints relating to dealing with unlicensed entities, including Binance, the authority wishes to reiterate that Binance is neither authorised nor has been authorised by the MFSA to conduct any activity related to or from Malta and therefore it falls outside the regulatory supervision of the MFSA;

MFSA reports to have learned that a number of people received unsolicited calls via mobile social media applications. These calls seem to come from the MFSA. It seems that scammers ask consumers to provide their bank details otherwise their bank account will be blocked. The MFSA wishes to inform the public, in Malta and abroad, that these calls do not come from the authority and probably refer to a scheme of dubious nature with a very high risk of money loss. MFSA hereby warns the general public never to provide sensitive and confidential information via social media, e-mail or other means to unknown persons. The authority specifies that communications with the public only take place through official channels. Likewise, banks or other government institutions contact consumers through such means;

the Maltese Authority would like to remind consumers of financial services, in particular retail investors, to pay attention when trading in highly volatile stocks. When consumers invest in certain financial instruments, the price of which is highly volatile, they should bear in mind the risks associated with this type of investment and bear in mind that they may lose some or all of the money invested. It is very important that consumers understand the characteristics of the financial instruments in which they would like to invest, in particular the risks associated with this investment and the implications that these risks can have. Consumers should only invest in a financial instrument if that product meets their needs and the decision to invest or not should not be based on media hype. Retail investors should always get the information they need from reliable sources. Consumers should always carry out transactions with authorised entities and should always check the fees they will have to bear. In particular, retail investors should consider consulting an investment advisor before investing in these types of financial products and should always assess the risk associated with them.

Reported by FINMA:

• https://www.solutions-alt.com/de, clone of a licensed company;
• Cash Remittances Bank International (http://www.thecrbi.com).

Reported by the CNZ:

• Alps Markets (www.alpsmarkets.com);
• Margin Elite (ww.marginelite.com).

Reported by the GFSC:

• Gibraltar Financial / Gibraltar Fx (https://www.gibraltarfinancial.net).

Reported by the CSSF:

• Lunav-Invest (www.lunav-invest.com).

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• The bid document relating to the voluntary public takeover bid promoted, pursuant to Articles 102 et seq. of Legislative Decree no. 58/1998 (Consolidated Law on Finance) by Crédit Agricole Italia Spa on the totality of the ordinary shares of Crédit Agricole FriulAdria Spa has been approved (resolution no. 21969 of 28 July 2021).
• Pursuant to Articles 108, paragraph 4 and 111, paragraph 2, of the Consolidated Law on Finance, the consideration for the fulfilment of the purchase obligation and the exercise of the purchase right, respectively pursuant to Articles 108, paragraph 1, and 111, paragraph 1, of the Consolidated Law on Finance, relating to the residual shares issued by Carraro Spa has been determined (resolution no. 21974 of 28 July 2021).

• The prospectus aimed at the option offer to the shareholders of new shares of Banca di Cividale Spa has been authorised (decision of 28 July 2021);
• The supplement to the prospectus consisting of separate documents (registration document, information note and summary note) aimed at offering bonds to the retail public represented by shareholders/lenders holding a social loan of Unicoop Tirreno Società cooperativa has been approved (decision of 28 July 2021).
• The prospectus relating to the marketing in Italy of the shares of the unreserved closed-end transferable Alternative Investment Fund (AIF), called "Arca Economia Reale Opportunità Italia", managed by Arca Fondi Sgr Spa has been approved (decision of 28 July 2021).
• Invest Sgr Spa was allowed to market units in Italy of the long-term European investment fund "HI Algebris Italia ELTIF", pursuant to article 4-quinquies.1 of Legislative Decree 58/98 (decision of 29 July 2020).

• Autorizzata la Pimco Europe Ltd, with registered office in the United Kingdom, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, under the freedom to provide services in Italy, in relation to professional clients as identified in accordance with Article 6, paragraph 2-d, letter a), and paragraph 2-sexies, letter a) of the Consolidated Law on Finance, without even temporary holding financial instruments and liquid assets pertaining to clients, has been authorised to carry out investment activities of: portfolio management, receipt and transmission of orders and investment advice, referred to in Article 1, paragraph 5, letters d), e) and f) of the Consolidated Law on Finance (resolution no. 21976 of 28 July 2021). Pimco Europe Ltd is registered in the section of third-country companies other than banks in the register referred to in Article 20 of the Consolidated Law on Finance. Pimco Europe Ltd is authorised to operate in Italy in accordance with the provisions applicable to third-country investment firms pursuant to the Consolidated Law on Finance and is subject to the supervisory regime provided for this operation.
• Pairstech Capital Management Llp, with registered office in the United Kingdom, has been authorised, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, to carry out the investment services and activities and ancillary services indicated in the annex to the authorisation resolution (resolution no. 21975 of 28 July 2021) under the freedom to provide services in Italy to qualified counterparties and professional clients as identified pursuant to Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a) of the same Consolidated Law on Finance. Pairstech Capital Management Llp, is registered in the section of third-country companies other than the banks of the register referred to in Article 20 of the Consolidated Law on Finance. Pairstech Capital Management Llp is authorised to operate in Italy in accordance with the provisions applicable to third-country investment firms under the Consolidated Law on Finance and is subject to the supervisory regime provided for therein.

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 the said Legislative Decree, put in place by:  

• Evergo Ltd through the website www.4x-trade.com and its page https://client.tradefiled.com (resolution no. 21981 of 29 July 2021);
• Trade Action Ltd through the website https://trades-action.com and its page https://accounts.trades-action.com (resolution no. 21977 of 29 July 2021);
• Nab Europe Limited through the website www.nabinv.com (resolution no. 21979 of 29 July 2021);
• Fx24 Investment Ltd through the website www.fx24.live and its page https://my.fx24.live (resolution no. 21980 of 29 July 2021);
• Prim Global Reach Ltd - PrimeATrade Limited - Fx Publications Inc. through the website https://primaatrade.com and its page https://client.primaatrade.com (resolution no. 21978 of 29 July 2021);
• "Fantex" through the website https://www1.fantex.co and its page https://webtrader.fantex.co (resolution no. 21986 of 29 April 2021);
• "Cfxdtrade Limited" and "Handelfx" through the website https://cfxdtrade.com (resolution no. 21983 of 29 July 2021);
• Aca-Asset Limited through the website https://2amltd.com and its page https://accounts.2amltd.com (resolution no. 21985 of 29 July 2021);
• Mellifluous Group Ltd through the website https://neoomatic.co and its pages https://webtrader.neoomatic.co and https://client.neoomatic.cc (resolution no. 21982 of 29 April 2021) ;
• Wirexinvest Invest Ltd through the website www.wirexinvest.com (resolution no. 21984 of 29 July 2021).

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