Newsletter


Weekly newsletter - year XXVI - No. 2 - 20 January 2020

News of the week:
- > Investor protection warnings
- > Cyber security: joint Consob and Bank of Italy strategy on cyber security for the financial sector
- > Consob: changes in the organisational structure of the Commission

Commission decisions:

N.B. measures adopted by Consob are published in the electronic Bulletin and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.

- NEWS OF THE WEEK -

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The Supervisory Authorities of the United Kingdom (Financial Conduct Authority - FCA), France (Authorité des Marchés Financiers - AMF), Austria (Financial Market Authority - FMA), Poland (Polish Financial Supervision Authority - KNF), Switzerland (Swiss Financial Market Supervisory Authority - FINMA),Malta (Malta Financial Services Authority - MFSA), Spain (Comisión Nacional del Mercado de Valores - CNMV), Hong Kong (Securities and Futures Commission - SFC) and Norway (The Financial Supervisory Authority of Norway - Finanstilsynet)report companies and websites that are offering investment, financial and insurance services without the required authorisations.

Reported by the FCA:

  • Guaranteed Fixed Bonds (www.guaranteedfixedbonds.com);
  • The Bond People (www.thebondpeople.com);
  • The Sovereign Bond Fund (www.sovereignbondfund.com), with stated address in London (UK) and Monaco (Principality of Monaco), a clone of the authorised company of the same name;
  • Trade Ltd (www.tradeltd.com), a subject previously reported by the FMA - New Zealand (see 'Consob Informa' no 36/19 of 21 October 2019);
  • Inovestments (www.inovestments.com), with stated addresses in Kingstown (St. Vincent and the Grenadines) and London (UK);
  • York GC (www.yorkcg.com), with stated address in Kingstown (St. Vincent and the Grenadines);
  • Lincoln FX (www.lincolnfx.capital), clone of the authorised company Lincoln Finance Ltd (www.lincolnfinance.co.uk) based in Sheffield (UK);
  • Fixed Return Investments (www.fixed-return-investments.co.uk);
  • Redhedge Investments (www.redhedgeinvestments.com), with stated address in London (UK), clone of the authorised company Redhedge Asset Management LLP (www.redhedge.uk) based in London (UK);
  • Fxbaeby (www.fazfx.co.uk; www.instagram.com/fx.baeby/?hl=en; https://en-gb.facebook.com/pg/fx.baeby);
  • Natixis Investment Managers / Natixis Investment Bank (e-mail: info@natixisuk.com), clone of the authorised company Natixis Investment Managers Uk Limited (www.im.natixis.com) based in London (UK);
  • Direct Lenders List (e-mail: discoveryfinance@rocketmail.com);
  • Novum Bank (www.novumbankgroup.org.uk, www.novumbankgroup.co.uk), with stated address in London (UK), clone of the authorised company Novum Bank Ltd (www.novumbankgroup.com) based in Ta'Xbiex (Malta);
  • Shinhan Bank London (www.shinhan-online.com), clone of the authorised company Shinhan Bank (www.shinhan.com), based in London (UK);
  • Secure UK assets (www.secureukassets.com);
  • Company Cubic Services Ltd and trading platform Global Markets (www.glob-markets.net), with stated address in Mahe (Seychelles).

Reported by the AMF:

The French supervisory authority (Authorité des Marchés Financiers - AMF) reports certain companies that offer forex market investment services without authorisation through their websites, and websites through which investments in cryptocurrency are also offered:

  • Capital Pilots (www.capitalpilots.com);
  • Part-Sgps (www.part-sgps.com);
  • Prince de Heidendorf Asset Management SIA (www.princedeheidendorf.com);
  • www.moneyo.io;
  • www.stsroyal.com/fr;
  • www.arlington-invest.com;
  • www.arteko-finance.com;
  • www.fiducia-cpl.com;
  • www.gold-heritage.com;
  • www.jhf-consultant.com;
  • www.mon-cepage.com;
  • www.pf-gestion.com;
  • www.vinovest.fr;
  • www.whisky-prestige.com;
  • www.winecfm.com;
  • www.wine-of-excellence.com.

Reported by the FMA:

  • CryptoProfit ( https://t.me/CryptifyTradingBot?start=403109432, https://de.cryptoprofit.best);
  • Ictrades (www.ictrades.com), with stated address in Kingstown (St. Vincent and the Grenadines);
  • Exw Global AG (www.exw-wallet.com) with stated address in Vaduz (Liechtenstein);
  • Morgan Trust / GreenRiver OU, (www.morgantrust.eu).

Reported by the KNF:

  • Next Trade Ltd / Olympus Markets and Aspen Holding, with stated address in the Republic of Vanuatu, previously the subject of Consob resolution no. 21128 of 31 October 2019. Afterwards Consob ordered internet service providers to prevent access from Italy to websites through which financial services are offered without due authorisation (see "Consob Informa" no. 38/2019 of 4 November 2019);
  • NetwideIinvest SA, with stated address in Warsaw (Poland).

Reported by FINMA:

  • Cartwright & Brown Wealth Advisory (www.cartwrightandbrown.com), with stated address in Zurich (Switzerland);
  • Swiss Market Service (www.swissmarketservice.com), with stated address in Zurich (Switzerland);
  • Suisse Investment Group Llc And Banking Services (www.suisseigb.com), with stated address in Zurich (Switzerland).

Reported by the MFSA:

  • Jibi BANK Plc (www.jibi-groupe.com);
  • Mutual Real Estate Fund / 21 Solstice (https://mutualrealestatefunds.com, www.21solstice.cz/cs)with stated address in Malta;
  • IIG Banks (https://iigbanks.com), clone of the authorised company IIG Bank (Malta) LTD (www.iigbank-malta.com);
  • Bitcoin Future / Bitcoin Revolution (https://bit.ly/2IS0YeT, https://bit.ly/2IOE7ks);
  • GWM Group Holdings (https://gwmholdings.com), clone of the authorised company GWM Asset Management Limited (http://gwmholding.com).

Reported by the CNMV:

  • Sempi Gold España, S.A.U formerlySociedad Española De Metales Preciosos De Inversión SA (www.metalesdeinversion.com).

Reported by the SFC:

  • Rdjr (www.rdjrhk.com).

Reported by Finanstilsynet:

  • Inventa Finans (www.inventafinans.no), with stated address in Bergen (Norway).

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Consob and the Bank of Italy have agreed a common strategy to strengthen the cyber security of the Italian financial sector through specific measures targeting financial infrastructure: payment systems, central counterparties, central depositories and securities trading venues.

Recognising the value of a cooperative and synergistic approach, the strategy aims to counter cyber threats linked to the development of new technologies and the digital economy, to increase the security of financial operators and the digital services offered to citizens, businesses and the public sector, and to ensure the reliability of the financial system as a whole.

The joint action plan addresses several strands: regulation and oversight, public-private cooperation, training and raising awareness of cyber risks.

In particular, Consob and the Bank of Italy will use cyber-risk assessment tools, already adopted within the Eurosystem, such as the Cyber Resilience Oversight Expectations for Financial Market Infrastructures (CROE), a methodology for cyber risk oversight. Consob and the Bank of Italy will also develop TIBER-IT, a test model derived from the European Threat Intelligence-Based Ethical Red Teaming (TIBER-EU) framework, assessing the scope, arrangements and timing of its application to the different financial entities, adopting a step-by-step approach that takes account of the operators’ level of preparation.

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The Commission, with resolution No 21216 of 16 January 2020, assigned the following positions of responsibility, with effect from 20 January 2020:

- Vincenzo Cimino, previously head of the Technical Secretariat of the Securities and Financial Ombudsman - ACF, was appointed head of the Secretariat of the Commission;

- Serenella Maria Pizzoferrato, previously head of the Secretariat of the Commission, was appointed head of the Technical Secretariat of the Securities And Financial Ombudsman - ACF.

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Consob
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Antonella Nibaldi (coordinator), Claudia Amadio, Riccardo Carriero, Luca Cecchini, Laura Ferri, Chiara Tomaiuoli, Alfredo Gloria - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.