News of the week:
Abusive financial services: Consob blacks out 6 abusive sites
Consob adheres to the PagoPA system
Public warning to protect investors against market abuse
Ipo Abitare In Spa: Consob approves the prospectus for admission to listing of the shares on MTA
Investor protection warnings from other regulatory authorities
- NEWS OF THE WEEK -
Consob has ordered the blackout of 6 new websites that abusively offer financial services/financial products: 5 abusive financial intermediation sites and 1 site through which financial products are offered without a prospectus.
The Authority availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) regarding the blackout of the sites of abusive financial intermediaries, as well as the power introduced by Law no. 8 of 28 February 2020 (article 4, paragraph 3-bis), regarding the blackout of the site through which the abusive offer is made.
Below are the sites Consob has
- Nab Europe Limited (website www.nabconsulting.eu);
- Swiss Management Corporation Ltd (website https://fx24.one);
-"Expertsystemsfx" (website client.expertsystemsfx.com);
-"FXOptexGroups" and "FxOptexGroup" (website https://fxoptexgroups.com and its page https://client.fxoptexgroups.com);
-"Italiano Invest" (website www.italianoinvest.com);
-QubitTech Corporation (website www.qubittech.dev).
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 391.
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 their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorised, and, for offers of financial products, that a prospectus has been published.
To this end, CONSOB would remind 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 also suspended, for a period of 90 days, pursuant to article 99, paragraph 1, letter b) of Legislative Decree no. 58/1998 (Consolidated Law on Finance), the offering to the public resident in Italy involving investments of a financial nature promoted by QubitTech Corporation through the website www.qubittech.dev (resolution no. 21737 of 25 February 2021).
All public administrations and other entities indicated in Article 2 of the Digital Administration Code (CAD) referred to in Legislative Decree no. 82/2005 are obliged to adhere to the PagoPA system.
Article 24, paragraph 2, of Decree-Law no. 76 of 16 July 2020 indicated on 28 February 2021 the date from which payments to public administrations (as well as to independent administrative guarantee, supervisory and regulatory authorities) must be made exclusively through PagoPA.
This obligation implies that, from that date, it will no longer be possible to collect the income of the Institute (contribution income, amounts paid to the Institute from decisions of the Judicial Authority, deferral contributions deriving from decisions of the Financial Dispute Arbitrator - ACF, other income of the Institute) with the means of collection currently in use (bank transfers and Mav), but exclusively through the PagoPA form. Payments to be made using models F23 and F24 are excluded.
The introduction of the payment method through PagoPA will allow to pay amounts in favour of Consob through multiple online and physical channels of banks and other Payment Service Providers (PSPs), such as, for example, banking agencies, home banking, ATMs, Sisal and Lottomatica stores.
Public warning pursuant to the combined provisions of Article 30, paragraph 2, letter c) of Regulation (EU) no. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and Article 187-ter.1, paragraph 8 of Legislative Decree no. 58 of 24 February 1998 (resolution no. 21652 of 18 December 2020).
The Commission has announced that Mr. Guido Cicognani, in his capacity as Chairman and CEO of Bio On Spa - whose securities at the time of the events were dealt with in the AIM segment of the Italian Stock Exchange - in violation of Article 19 of Regulation (EU) 596/2014 (Market Abuse Regulation - "MAR") of the European Parliament and of the Council of 16 April 2014 on market abuse, has failed to notify Consob and Bio On Spa of the sale transactions of 5,000 Bio On shares (at a weighted average price of 10.42 euros) for a total value of 52,100 euros, put in place on 22 October 2019.
Consob has approved the prospectus for admission to listing on the Mercato Telematico Azionario (MTA), organised and managed by Borsa Italiana, of the ordinary shares of Abitare In Spa, already admitted to trading on the AIM Italia multilateral trading system.
Borsa Italiana issued the order for admission to listing on the MTA on 22 February last. The date of commencement of trading will be ordered by Borsa Italiana through the publication of a notice that will also provide for the withdrawal of the shares from trading on the AIM. With the same notice, after verifying that the issuer meets the capitalisation and free float requirements laid down in the Stock Exchange Regulations and related instructions, the status of STAR will be attributed to the issuer.
There will be no bid for the subscription or sale of the shares subject to admission and listing. The prospectus is only for the admission to trading on the regulated MTA market. Therefore, no new financial resources deriving from the listing operation are expected for the issuer.
Abitare In, which qualifies as an "SME", was established in 2015 and specialises in the implementation of urban rebuilding projects involving the purchase of disused or abandoned properties in the territory of the Municipality of Milan (semi-central areas), their demolition and the construction of new residential complexes (fully outsourced through the signing of tender contracts) and the marketing of the related housing units through direct sale to private end users. The customers of the issuer are mainly households who intend to buy a house to live in.
At the date of the prospectus, the share capital of the issuer is held by: Luigi Francesco Gozzini (23.21%); Marco Claudi Grillo (18.19%); Kairos Partners Sgr Spa(5.82%); Gaudenzio Roveda (8.82%); Market (43.96%).
The issuer is not controlled by any party, pursuant to article 93 of the Consolidated Law on Finance.
In the "risk factors" chapter, the prospectus outlines the risks with regard to the financial situation of the issuer and the group it controls, and in particular to the risks connected to the Covid-19 pandemic, to the operating activity and the sector in which they operate, the financial situation, the legal and regulatory framework, the governance and the financial instruments that will be admitted to listing.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Hong Kong (Securities and Futures Commission - SFC), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), New Zealand (Financial Markets Authority - FMA New Zealand), Poland (Polish Financial Supervision Authority - KNF), Sweden (Finansinspektionen - FI), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Portugal (Comissão do Mercado de Valores Mobiliários - CMVM), Romania (Financial Supervisory Authority, Romania - ASF), Austria (Financial Market Authority - FMA), Spain (Comisión Nacional del Mercado de Valores - CNMV), Cyprus (Securities and Exchange Commission - CYSEC) report the companies and websites offering investment, financial and insurance services without the required authorisations.
Reported by the FCA:
- House Claim Expert (https://houseclaimexpert.co.uk);
- Quality Bonds (www.quality-bonds.com);
- Live Markets (www.live-markets.co.uk);
- IB24 (http://investbond24.com);
- Compare Best Bond Rates (http://comparebestbondrates.com);
- Compare Fixed Bonds (www.comparefixedbonds.com);
- City Bond (www.citybonds.co);
- Invest Property Bonds (https://investpropertybonds.com);
- Uk Premier Bonds (https://ukpremierbonds.com);
- Uk Bond Comparisons (www.ukbondcomparisons.com);
- Market Info (https://market-info.co.uk);
- Eu Markets (https://eu-markets.co);
- Intesa Sanpaolo Spa / Intesa Sanpaolo Private Bank (https://intesasanpaoloprivatebank.com), clone of a licensed company;
- Fair Finances (www.fairfinances.co.uk), clone of a licensed company.
- Fixed Income Bonds (www.fixedincome-bonds.com);
- Adam & Company (email@example.com), clone of a licensed company;
- Sparx Funds (www.sparxfunds.co.uk), clone of a licensed company;
- Best2Invest (www.best2invest.co.uk);
- Eis Investments (www.eis-investments.co.uk);
- Secure UK Bonds (http://secureukbonds.com);
- Letscomparebonds.co.uk (letscomparebonds.co.uk);
- Find a Fixed Rate (http://findafixedrate.com).
Reported by the SFC:
- Hong Fu International Futures Brokerage Company Limited (www.hfjr.hk.com), clone of a licensed company;
- Far Trust International Finance (https://bts006-btsopt-com.webnode.tw).
Reported by the CSSF:
- Luxembourg Financial Group (www.luxfingroup.com).
Reported by the FMA (New Zealand):
- 500 Investments/ Cabsy Holdings Ltd (https://www.500investments.com);
- FourtryFinancial (https://www.fourtryfinancialsg.com/Pages/En.html);
- CompareForexBrokers (www.compareforexbrokers.com);
- www.platinumpartnerslimited.com (email: firstname.lastname@example.org);
- Steiner Greves (email: email@example.com);
- www.winngroups.com (email: firstname.lastname@example.org);
- Wendav Limited / Wendav (https://www.wendavlimited.com/);
- Innovative Hedging Strategies (www.ihsecure.com);
- Ding Sheng International Co. Ltd / Ding Sheng (www.heydayint.com);
- www.elezenocap.com (email: email@example.com), clone of a licensed company.
Reported by the KNF:
- Melgreg Services OU / CM Cryptomarket / Cryptopmarket (www.cryptop-market.com).
Reported by the FI:
- Topindex (https://topindex.co);
- Tradingcentralen / Stockholms tradingcentral / Klarabergsviadukten (email: firstname.lastname@example.org).
Reported by FINMA:
- Source Capital Bank (http://www.sourcecapitalbank.com);
- BTCUSDT Bank (www.btcusdtbank.com), already reported by FMA - New Zealand (see "Consob Informa" no. 47/2020 of 28 December 2020);
- Loewenherz24 Group (www.loewenherz24.de);
- EuroBankPartner (https://www.eurobankpartner.com);
- Sutev Ag (https://viru-shield.net/investment);
- Compare Your Way (www.compareyourway.co.uk, compare-your-way.com);
- Provenreturns.co.uk (www.provenreturns.co.uk);
- HSB Patrimoine (https://hsb-patrimoine.com).
Reported by the CMVM:
- Unistocks / Demure Consulting Ltd (https://unitestocks.com);
- Wave Makers Ltd / Iqcent (https://www.iqcent.com), previously reported by the CNMV (see "Consob Informa" no. 7/2021 of 22 February 2021);
- Makerun Corp / Raceoption (https://raceoption.com), previously reported by the CNMV (see "Consob Informa" no. 7/2021 of 22 February 2021) and by the AMF (v. "Consob Informa" no. 26/2018 of 2 July 2018);
Reported by the ASF:
- UMO World Corporation LTD / Binvesting (https://binvesting.com).
Reported by the FMA (Austria):
- Traderking (www.traderking.cc, www.traderking.io);
- Cryptofundfx Ltd (www.cryptofundfx.com);
- Wexness Banc / Gozala Enterprise Ltd (www.wexness.cc, www.wexness.io);
- FXOptexGroups Global Ltd (www.fxoptexgroups.com);
- MM Capital Group Ltd (www.itradefx.capital);
- Fantex / Felicity Group Ltd (www.fantex.co; www.webtrader.fantex.co; www.my.fantex.co);
- FX Global Suisse / MC Experts Ltd (www.fxglobal-suisse.com);
- Appletrade Ltd (https://www.appletrade.de/de);
- Trading Monsters co. Ltd / Trading Monsters SL / TDAmeritradeEU / Tdameritrade corp / TDAmeritradeAT (https://t.me/TDAmeritradeAT);
- Tradergy / Interactive Solutions Limited (www.tradergy.io);
- Advanced Software Solutions Ltd (https://www.interactive-trading.com);
- BTC-Markets / Sunstar Holdings Ltd (www.btc-markets.com);
- FX-Leader Ltd (www.fx-leader.com);
- KapitalFX (http://www.kapitalfx.de, http://www.kapitalfx.ch);
- www.horizoninvest.cc (email: email@example.com);
- Karello D Buro Llc (https://tritoncapitalmarkets.com);
- Expertise Trader Ltd (https://expertisetrader4.net).
Reported by the CNMV:
- Intertrades Fx Ltd (https://intertradesfx.com);
- Wam-Capital / Gabioni Ltd (www.wam-capital.co);
- The Forex Premium / Premium Finance Solutions Ltd (https://4xpremium.com);
- Aurea Capital Markets Llc (https://aureacapitalmarkets.com);
- Bitgenises (www.bitgenises.com);
- Bouvest (https://bouvest.com);
- Executiveprofx / Bali Limited / Elite Property Vision Ltd (https://www.executiveprofx.com);
- Lollygag Partners Ltd (https://finocapital.io/es);
- FXT Brokers (www.fxtbrokers.com), clone of a licensed company. Previously reported by the BCSC and by the FINMA (see "Consob Informa" no. 6/2021 of 15 February 2021) and by the Austrian FMA (see "Consob Informa" no. 4/2021 of 1 February 2021);
- Lamexchange Ou (https://imcoinproject.com/es).
Reported by the CYSEC:
The Cyprus Supervisory Authority, CYSEC, informs investors that it has updated the list of websites through which investment services are offered without the required authorisations. The complete list can be found at the link: https://www.cysec.gov.cy/en-GB/complaints/non-approved-domains.
- The prospectus for admission to trading on the Mercato Telematico Azionario (MTA), organised and managed by Borsa Italiana, of the ordinary shares of Abitare In Spa, already admitted to trading on the AIM Italia multilateral trading system has been approved (decision of 24 February 2021).
- The prospectus for the offer of units of the unreserved long-term closed-end mutual investment mutual fund "Eltifplus", pursuant to article 4-quinquies. 1 of Legislative Decree no. 58/1998, managed by Credem Private Equity Sgr Spa has been approved (decision of 24 February 2021).
CCBI Global Markets (UK) Limited has been authorised, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, to carry out the investment services and ancillary services indicated in the annex to the authorisation resolution (Resolution no. 21729 of 24 February 2021) under the freedom to provide services in Italy to qualified counterparties and/or professional customers as identified pursuant to Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a) of the same Consolidated Law on Finance. CCBI Global Markets (UK) Limited 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 will be subject to the supervisory regime provided therein for such operations.
Oppenheimer Europe Limited has been authorised, pursuant to Article 28, paragraph 6, of the Consolidated Law on Finance, to carry out the investment services and ancillary services indicated in the annex to the authorisation resolution (Resolution no. 21730 of 24 February 2021) under the freedom to provide services in Italy to qualified counterparties and/or professional customers as identified pursuant to Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a) of the same Consolidated Law on Finance. Oppenheimer Europe Limited 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 will be subject to the supervisory regime provided therein for such operations.
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 Consolidated Law on Finance, put in place by:
- Nab Europe Limited through the website www.nabconsulting.eu (resolution no. 21735 of 25 February 2021);
- Swiss Management Corporation Ltd through the website https://fx24.one (resolution no. 21733 of 25 February 2021);
- "Expertsystemsfx" through the website client.expertsystemsfx.com (resolution no. 21732 of 25 February 2021);
- "FXOptexGroups" and "FxOptexGroup" through the website https://fxoptexgroups.com and its page https://client.fxoptexgroups.com (resolution no. 21734 of 25 February 2021);
- "Italiano Invest" through the website www.italianoinvest.com (resolution no. 21736 of 25 February 2021);
- QubitTech Corporation through the website www.qubittech.dev (resolution no. 21737 of 25 February 2021).
Shareholdings for the election of management and control bodies
Based on the provisions of article 147-ter of Legislative Decree no. 58/1998 (Consolidated Law on Finance) and article 144-ter et seq. of the Issuers' Regulation, the Head of Consob's Corporate Governance Division has determined the minimum shareholdings for the submission of slates of candidates for the election of the administrative and supervisory bodies of the company Ovs Spa which closed the financial year on 31 January 2021. Unless the company's articles of association prescribe a lower shareholding, the threshold has been set at 4.5%. The full text of the management decision (no. 45 of 26 February 2021) is available on the website www.consob.it, together with a table setting out the criteria used to determine the qualifying shareholding.