Contents - CONSOB AND ITS ACTIVITIES
PRESS RELEASE
Watch for Scams! Abusive financial services: Consob blacks out 5 abusive websites
Consob has ordered the black-out of 5 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:
- Ether Arena Ltd (website www.orionusdeal.com and related page https://clientzone.orionusdeal.com);
- “ImpresaMarkets” (website www.impresamarkets.com);
- “Fx-vita” (website https://fx-vita.com and related pages https://panel.fx-vita.com and https://trading.fx-vita.com);
- “Keysreim” (website https://keysreim.io and related pages https://client.keysreim.io and https://webtrader.keysreim.io);
- “Bitbinx.ltd” (website https://bitbinx.ltd and related page https://trade.bitbinx.ltd).
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 935.
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.
Rome, 21 September 2023
PRESS RELEASE
Consob has appointed Commissioner Federico Cornelli as its representative in CEAOB, the European committee for coordination among national authorities responsible for audit oversight.
Cornelli takes over from Commissioner Paolo Ciocca, who left office on 31 March.
[All documents are only available in Italian]
Following the consultation with the market held from 15 June to 5 July 5 last year, the Commission adopted amendments to the Markets Regulation aimed at bringing the secondary legislation in line with the changes introduced by Directive (EU) 2019/2177 and Regulation (EU) 2019/2175 with regard to the regulation of data communication services and Directive (EU) 2021/338 with regard to the regulation of commodity derivatives markets (Resolution No. 22804 of 6 September 2023).
The amendments to the Markets Regulation are aimed at completing the adaptation of the national system to the European regulatory framework, in particular:
- to the changed scope of Consob's powers over entities providing data reporting services under Regulation (EU) 2019/2175, which amended MiFIR (Markets in Financial Instruments Regulation);
- to the reform of the rules on position limits in commodity derivatives markets and related exemptions under Directive (EU) 2021/338 as part of the so-called Capital Markets Recovery Package, which amended MiFID II (Markets in Financial Instruments Directive) and the delegated acts issued by the European Commission under it.
As for the first area, the interventions became necessary following the centralization under Esma, the European Markets Authority, of the supervision of data communications service providers. Specifically, the Markets Regulation is updated to consider the residual competence reserved to Consob over the Approved Reporting Mechanism ("ARM") and Approved Publication Arrangement ("APA") only, which benefit from the exemption provided by MiFIR, due to their limited relevance to the internal market.
As for the position limits regime, the amendments to the Markets Regulation follow Legislative Decree No. 31 of 10 March 2023, which transposed Directive (EU) 2021/338 aimed at supporting recovery from the Covid-19 crisis. The legislative initiative was adopted by the European institutions in implementation of the Capital Market Recovery Package with the aim of supporting the growth and liquidity of the less developed commodity markets, especially energy markets, which are considered essential for the economic recovery thrown into crisis by the pandemic and, at the same time, simplifying the aforementioned regime for derivatives on agricultural commodities for human consumption.
Resolution No. 22804 of 6 September 2023 amending the Markets Regulation together with the Explanatory Report to the Regulation placed for consultation are published on Consob's website at the following link: https://www.consob.it/web/area-pubblica/consultazioni?viewId=consultazioni_concluse.
Consob discloses, as a result of its supervisory activity, the evolution of shareholding structure of Visibilia Editore and the internal dealing operations carried out by Dr. Luca Giuseppe Reale Ruffino, Chairman and CEO of Visibilia Editore itself and of SIF Italia, companies traded on Euronext Growth Milan (EGM), until his death last 5 August.
Consob's activity is aimed at ensuring that the market is properly informed about the evolution of Dr. Luca Giuseppe Reale Ruffino's and SIF Italia's shareholdings in Visibilia Editore and about the recent transactions involving the purchase and sale of Visibilia Editore shares by Dr. Luca Giuseppe Reale Ruffino. In the absence of the party required to make the necessary disclosures, Consob has decided to make available some of the information acquired in the course of its supervisory action.
The data are attached to Consob Resolution No. 22799 of 29 August 2023, which can be accessed through www.consob.it .
The Commissione Nazionale per le Società e la Borsa (CONSOB), the Bank of Italy and the Swiss Financial Market Supervisory Authority (FINMA) signed a Memorandum of Understanding to facilitate the performance of their respective functions on supervised entities.
This agreement, though not legally binding, provides for a framework of effective cooperation and information exchange between the three authorities for supervisory purposes.
1 PhD scholarship at the University of Trento promoted by the National Commission for Companies and the Stock Exchange (CONSOB), on the theme "ESG Modelling: Challenges and Opportunities".
Information on the thematic scholarship is available at: https://www.unitn.it/drss/ecofin/1127/project-specific-scholarships-39th-cycle
Start of the academic year: 1 November 2023
Dedaline for the application : 6 September 2023
Published the ESMA Working paper N°1, 2023 on the measurement of contagion on financial markets entitled "Connectedness among EU investment funds: Insights from time-varying and frequency decomposition spillover indices", as the result of the collaboration between the ESMA Risk Analysis and Economics Department and the CONSOB Studies Division (https://www.esma.europa.eu/document/esma-working-paper-connectedness-among-eu-investment-funds).
The study investigates the financial connectedness in the EU fund industry by using the measures of interdependence of volatilities introduced by Diebold and Yilmaz (2009, 2012 and 2014) and frequency decomposition proposed by Barunik and Krehlik (2018). Building on existing literature, this paper analyses how volatility shocks are propagated across different types of EU funds. The study assesses how shocks to some funds spill over to other funds, using data covering a period spanning from 2008 to 2020. Empirical results show that funds investing in less liquid assets (such as high yield bond funds) or using complex strategies tend to transmit shocks more than funds investing in more liquid assets (such as government bonds funds). In addition, the paper shows that bilateral connectedness between fund categories can change over time and, for some types of funds, tend to increase during stress periods.
PRESS RELEASE
The second stage of experimentation of techno-finance (FinTech) activitiesin Italy will start off from 3 November to 5 December 2023. In this period operators in the sector will be able to apply for admission to the regulatory sandbox, a protected space for testing digital projects in the banking, financial and insurance sectors.
The experimentation – in accordance with the Decree No. 100 of 30 April 2021 of the Ministry of Economy and Finance - in fact allows supervised intermediaries and operators in the FinTech sector to test innovative products and services, being able to benefit from a simplified transitional regime and in constant dialogue with the Supervisory Authorities: Consob, Bank of Italy and IVASS.
In this second stage, there are no limitations in terms of maximum number and subject area of projects which are eligible for experimentation. Operators interested in submitting a request for admission are therefore invited, within the indicated deadlines, to start informal discussions with the Authorities as soon as possible.
For further information, please consult the dedicated pages available on the institutional websites of Consob, Bank of Italy and IVASS, as well as the website of the Department of the Treasury, where the technical Secretariat of the FinTech Committee is based and where it is also possible to consult the Official Register of FinTech operators currently already admitted to the trial.
PRESS RELEASE
Consob has ordered the black-out of 3 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:
- “JFD Market” (websites https://jfdtrade.net and related page https://account.jfdtrade.net);
- Orionda Financials Ltd and TradeCare365 Markets Ltd (website www.tradecare365.com and related pages https://clientzone.tradecare365.com and https://webtrader.tradecare365.com);
- “VirtuFinance” (website www.virtufinancialireland.com and related page ttps://webtrader.virtufinancialireland.com).
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 930.
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.
PRESS RELEASE
The green light has been given to the new guidelines on prospectuses (available only in Italian) by the COMI (Committee of Market Operators and Investors), set up by Consob as a forum for discussion with market operators and investors.
The new guidelines promote a simpler and clearer representation of certain specific information that, according to European legislation, must be included in prospectuses for offers to the public and admission to trading on regulated markets, in order to standardize their content, bringing it into line with the practices of other EU Member States, and to facilitate comprehension, including during scrutiny by Consob.
The document - drawn up by a special COMI Workshop also with the participation of Consob structures - collects a series of best practices in the drafting of prospectuses. Consob, therefore, supports its adoption by the widest possible number of operators, on the assumption that these guidelines can simplify the exchange between operators and the Authority in the phase of scrutiny of prospectuses, helping to speed up approval times.
This is in line with the objectives of the Green Paper published by the Ministry of Economy and Finance and with the government's legislative initiatives to promote business access to the capital market.
In order to ensure the widest possible dissemination of the guidelines adopted by the COMI, one or more meetings open to the industry will be held from September onwards, aimed at illustrating the content of the initiative and stimulating debate on best practices for drafting prospectuses.
The Luxembourg supervisory authority Commission de Surveillance du Secteur Financier ("CSSF") has announced that the investment firm Fuchs & Associés Finance S.A. is no longer authorised to operate as such as it has been subject to judicial liquidation.
Updated information, also with regard to the compensation procedures available to the firm's clients, can be found at the following link: Failure of FUCHS & ASSOCIÉS FINANCE S.A. – Activation of the Luxembourg Investor Compensation Scheme (SIIL) – CSSF.
Consob has launched the procedure for the appointment of members of the Committee of Market Operators and Investors (Selection Notice available only in Italian).
In fact, on September 23, 2023, the term of office of the members of the Committee currently in office will expire. Pursuant to the Founding Charter (most recently amended by Resolution no. 22782 of 19 July 2023), the members of the Committee are appointed by the Commission, based on a public selection process addressed to individuals and trade associations, and, therefore, Consob will have to appoint the new Committee for the two-year period 2023-2025.
Market participants and experts from the academic world, as well as representatives of consumers and users of financial services, are invited to express express expressions of interest in being appointed as members of the Committee.
Representatives from universities and research centers must be independent of the interests of market participants. Trade Associations, including jointly, and Associations represented in the National Council of Consumers and Users (CNCU), are invited to submit a shortlist of candidates to Consob.
Expressions of interest, accompanied by the curricula vitae of the individual candidates and a cover letter outlining the reasons underlying the expression of interest, should be sent by 15 September 2023 to the email address: comi@pec.consob.it.
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:
- "Caledonia Advisory" - (websites https://eibank.io and https://kunderbank.io and related pages https://my.kunderbank.io and https://web.kunderbank.io);
- "Trade4winner" – (website https://trade4winner.com and related page https://crm.sheersmarkets.com);
- "OnspotBNK" – (website www.onspotcap.com and related pages https://clientzone.onspotcap.com and https://webtrader.onspotcap.com).
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 927.
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 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:
- "FP Europe" - (website https://fpeurope.com and related page https://client.fpeurope.com);
- "PrimusForex" – (website https://primusforex.net and related page https://panel.primusforex.net)
- "ProtechFx" - (website www.protechfx.com and related page https://account.protechfx.com);
- "Trezocapital" - (website www.trezocapital.net and related page https://webtrader.trezocapital.net).
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 923.
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.
From the UK supervisory authority Financial Conduct Authority - FCA come new rules that will apply to all companies that market cryptoassets to consumers in the United Kingdom.
The new rules are published at the following link: PS23/6: Financial promotion rules for cryptoassets | FCA.
As of 8 October 2023 cryptoassets will fall under the scope of the solicitation/financial promotion scheme. The definition of financial promotion is broad and applies to a wide variety of communications made by a business, including its website, mobile applications, social media posts and online advertising.
The regime has extraterritorial effect over a wide geographical scope. Financial promotions originated outside the UK but which may have an effect on UK consumers fall within the scope of the financial promotion scheme. This also applies if the promotion is not aimed exclusively at UK consumers.
When the regime comes into force, there will be four ways to communicate legally promoting cryptoassets to UK consumers:
- The promotion is carried out by an individual authorized by the FCA;
- The promotion is made by an unauthorized person but approved by a person authorized by the FCA;
- The Promotion is communicated by a person with a cryptoasset business relationship registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLRs");
- The promotion otherwise complies with the exemption conditions of the Financial Promotion Order.
Promotions which are not made using one of these routes will breach section 21 of the Financial Services and Markets Act 2000 (FSMA) and will be a criminal offense punishable by a prison sentence of up to two years, an unlimited fine or both.
Promotions communicated through channels 1, 2 or 3 must comply with FCA rules. The rules for financial promotions of cryptoassets are contained in document PS23/6 (PS23/6: Financial promotion rules for cryptoassets | FCA). For cryptoassets, the Authority has adopted an approach consistent with that adopted for other high-risk investments. This requires firms to use specific risk warnings (with a 24-hour cooling-off/withdrawal period) in their investment journeys, in addition to the general requirement that offers made are fair, clear and not misleading.
Regulation on the issue and circulation in digital form of financial instruments: document for consultation (available only in Italian)
PRESS RELEASE
Financial Education Month returns in October
"It's time for financial education!": it's time to take part in the sixth edition of Financial Education Month, the event promoted throughout Italy by the Committee for the Planning and Coordination of Financial Education Activities. Guidelines on how to join the event are available on the Committee's portal (www.quellocheconta.gov.it).
October is Financial Education Month and the Committee for the Planning and Coordination of Financial Education Activities (Edufin Committee), of which Consob is a member, invites everyone to propose initiatives aimed at promoting the development of financial, insurance and social security culture.
The sixth edition of the 'Month' has as its slogan 'It's time for financial education!”
Ring the bell! Financial education may soon be arriving at school desks. It is time not only for students, but also for all of us, to commit ourselves without delay to developing and strengthening, day after day, a basic financial culture that helps us to better manage our savings and to make conscious choices on how to invest, insure and save for retirement. An important invitation, also addressed to the most fragile and vulnerable people - such as women, low-income families and migrants - who can be helped by financial education to achieve greater financial well-being.
The initiatives will be held from 1 to 31 October 2023 (World Savings Day) and will take place both online and in-presence, through different modalities: conferences, webinars, cultural initiatives, seminars, shows, game days and training events aimed at adults, young people and children.
Confirmed again this year are three important events within the Month: World Investor Week, promoted by the International Organisation of Securities Commissions, to be held from 2 to 8 October, Pension Education Week, scheduled from 9 to 14 October, and Insurance Education Day, to be held on 19 October.
Last year, more than 800 events were organised throughout Italy during the Financial Education Month and were widely attended. The Committee invites associations, institutions, companies, universities and research centres, schools, foundations, public administrations and any other organisation that wants to get involved in the field of financial education to take part in the event.
As of 12 July, you may submit your initiative by filling in the online form available on the Committee's website (www.quellocheconta.gov.it).
All free and non-commercial initiatives that meet the requirements set out in the Guidelines published on the www.quellocheconta.gov.it portal will be accepted. Membership will allow them to use the official 'Month' logo, to be included in the 'Month Calendar' and to benefit from the promotional activities coordinated by the Committee.
"With the Month we call on everyone to contribute to financial education in our country," says Annamaria Lusardi, director of the Edufin Committee. "Financial knowledge has become even more important, it is a compass to orient us in an increasingly complex world. This is why it is essential at school and we invite everyone to make initiatives especially for young people, starting with the very young".
The Committee for the Planning and Coordination of Financial Education Activities has the task of planning and promoting initiatives to raise awareness and financial education in order to measurably improve skills in the areas of savings, investments, pensions and insurance.
The Committee, currently headed by Professor Annamaria Lusardi, is composed of the Ministry of Economy and Finance, the Ministry of Education and Merit, the Ministry of Business and Made in Italy, the Ministry of Labour and Social Policies, the Bank of Italy, Consob, Covip, Ivass, Ocf, and the National Council of Consumers and Users.
PRESS RELEASE
Consob has ordered the black-out of 5 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:
- “Binetrix” (website https://binetrix.com);
- “Bitbinx” (website https://bitbinx.com and related page https://trade.bitbinx.com);
- “E-trade” (website https://www.e-trade.cc and related page https://client.e-trade.cc);
- “The Active Trades Ltd” (website https://theactivetrades.com);
- “FX Modex” (website https://fxmodex.com and related pages https://client.fxmodex.com and https://webtrader.fxmodex.com).
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 919.
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.
Communications for investor protection
Latest update: September 20, 2023
Go to last issue of Consob Newsletter (no. 30 of September 18, 2023)