Weekly newsletter - year XXX - No. 31 - September 23, 2024 - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Watch for scams! Financial fraud: Consob blacks out 4 new unauthorised websites
Save The Date: 16 October 2024 - “Corporate governance in Italy: analysis and best practices”
Save The Date: 24 October 2024 - “Fifty years of Consob - Reflections in Sapienza”
Consob approves the amendments to the Regulation for the markets organised and managed by Borsa Italiana
COMMISSION DECISIONS
MANAGEMENT DECISIONS
- NEWS OF THE WEEK -
Consob has ordered the black-out of 4 new websites that offer financial services illegally.
The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 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 websites Consob has ordered to be blacked out:
- FCapital24 (website https://fcapital24.org);
- Multibank Group (website https://multibankfx.com and related page https://my.multibankfx.com);
- Stocket (website www.stocket.me);
- TGFInvest (website www.tgfinvest.com and related page https://my.fxmt.tech/platforms).
The number of websites 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 1134.
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 behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, 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, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Consob, the Italian Committee for Corporate Governance and the Italian association for joint-stock companies, Assonime, will present a conference on “Corporate governance, analysis and best practices” on 16 April from 3 p.m. at the Consob Auditorium, Via C. Monteverdi 35, Rome.
At the conference, the following will be presented:
- the Consob Report on the corporate governance of Italian listed companies, which provides evidence on ownership structures, corporate bodies, meetings and related party transactions, based on data derived from statistical market surveillance reports and public information;
- the Report of the Italian Corporate Governance Committee, which assesses the state of implementation of the Corporate Governance Code and makes some recommendations to companies so as to be applied more effectively;
- the Report on Assonime-Emittenti Titoli, which provides an in-depth analysis on the corporate governance of Italian listed companies in the light of the guidelines set out in the Corporate Governance Code.
A detailed programme of the event will be published shortly. Register to participate in person free of charge, subject to seating availability: https://www.consob.it/web/consob-and-its-activities/enrollments.
The event will also be streamed using the following link: https://youtube.com/live/gA_UCCpwMBk.
Consob will hold a study day to celebrate the fiftieth anniversary of its establishment on 24 October 2024, from 10 a.m. to 6 p.m., at the Aula Magna of Sapienza University of Rome, in Piazzale Aldo Moro 5, Rome.
The study day will be divided into five sessions, each dedicated to a decade, and will see the participation of authoritative representatives of the world of academia.
The event, which will open with institutional greetings from Antonella Polimeni, Rector of Sapienza University, and Paolo Savona, President of Consob, will end with presentations by Antonella Sciarrone Alibrandi and Pierluigi Ciocca.
The event will be followed by a Jazz Concert by the Sapienza Music Orchestra (MUSA). The complete programme of the event will be available shortly.
Participation is free subject to seating availability in the Aula Magna. For organisational reasons, prior online registration is required: https://www.consob.it/web/consob-and-its-activities/enrollments.
Consob has approved the amendments to the Regulation of the markets organised and managed by Borsa Italiana Spa (resolution no. 23249 of 18 September 2024), approved by the Board of Directors of Borsa Italiana Spa on 23 July 2024, and has issued consent to the Instructions with reference to the Euronext Derivatives Milan market, relating to (i) the operators admitted to trading (IA.3.1.1), (ii) the options on American-style shares with physical delivery (IA.8.1.8), (iii) the options on European-style shares with differential settlement (IA.8.1.8) and (iv) the options on European-style shares with physical delivery (IA.8.1.10).
- The supplement to the registration document of Banco Bpm Spa, approved on 30 May 2024, drawn up pursuant to Articles 10(1), and 23 of Regulation (EU) 2017/1129 (the “Prospectus Regulation”), has been approved (decision of 18 September 2024).
- The amendments to the Regulation of markets organised and managed by Borsa Italiana Spa, approved by the company’s Board of Directors on 23 July 2024, have been approved and the agreement to the Instructions given (resolution no. 23249 of 18 September 2024).
- The Monte Titoli Spa Service Regulations containing the amendments received on 25 July 2024 regarding the fail penalty mechanism (resolution no. 23241 of 18 September 2024) have been approved.
- Urban Deal Srl, with registered office in Milan, is authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in art. 2, paragraph 1, letter a, sub i), of Regulation (EU) 2020/1503 consisting in the intermediation in the granting of loans (resolution no. 23247 of 18 January 2024).
- Escaluscapital Srl SB, with registered office in Milan, is authorised pursuant to article 4-sexies.1 of Legislative Decree no. 58/1998 and article 12 of Regulation (EU) 2020/1503, as a crowdfunding service provider to provide the crowdfunding service referred to in art. 2, paragraph 1, letter a, sub i), of Regulation (EU) 2020/1503 consisting in the intermediation in the granting of loans (resolution no. 23248 of 18 January 2024).
- 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 said Consolidated Law on Finance, put in place by:
- FCapital24 through the website https://fcapital24.org (resolution no. 23252 of 18 September 2024);
- Multibank Group through the website https://multibankfx.com and its page https://my.multibankfx.com (resolution no. 23253 of 18 September 2024);
- Stocket through the website www.stocket.me (resolution no. 23251 of 18 September 2024);
- TGFInvest through the website www.tgfinvest.com and its page https://my.fxmt.tech/platforms (resolution no. 23250 of 18 September 2024);
- The Head of the Intermediaries Division of Consob, on the basis of the provisions of resolution no. 22888 of 15 November 2023 with which the Commission granted the Head of the Intermediaries Division, among others, jurisdiction over the decision - under the conditions set out in paragraph 2.3 of the annex to the same resolution - relating to the forfeiture, at the request of a party, of the authorisation to perform investment services and activities of third-country companies other than banks, has accepted the request for the forfeiture by express waiver by Mirabaud Asset Management Limited of the authorisation to perform the investment and portfolio management service pursuant to Article 1, paragraph 5, letter e) of Legislative Decree no. 58/1998, with the consequent deletion from the register of third-country companies other than banks pursuant to Article 20, paragraph 1, of the same decree. The full text of Decision no. 113 of 16 September 2024 is available on the websitewww.consob.it.