Newsletter - CONSOB AND ITS ACTIVITIES
Weekly newsletter - year XXIX - No. 8 - 13 March 2023
News of the week:
Watch for scams! Financial fraud: Consob blacks out 5 more abusive websites
Bioera Spa: Consob approves the supplement to the prospectus for the offering and listing
Approval of the amendments to the Regulations of Borsa Italiana Spa
Consob regulation on crowdfunding services. Adaptation to the rules set out in Regulation (EU) 2020/1503. Consultation deadline, 17 March 2023
Save the date - 30 March 2023 Presentation of the Annual Report of the Alternative Financial Dispute Resolution Scheme – ACF
Save the date - 9 June 2023 Consob’s annual meeting with the financial market at Borsa Italiana
Investor protection warnings from other regulatory authorities
Commission decisions taken during the week
Consob has ordered the black-out of 5 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 authorisation.
Below are the sites Consob has ordered to be blacked out:
- Flack Consulting Llc (website https://arkcoin.live and its page https://webtrader.aktrade.cc);
- Shlack Consulting Llc (website https://tradegenics.co);
- Florishing Group Llc (website https://bstrade.world and its page https://webtrader.bstrade.top);
- Broker Capitals Ltd (website https://brokercapcfd24.com and its page https://platform2.brokercapcfd24.com);
- VirtuFinance (www.virtufinance.come and its page https://webtrader.virtufinance.com).
The number of sites blacked out since July 2019, when Consob got the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 850.
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 there is a section on the homepage of its website www.consob.it entitled "Watch for scams!", providing useful information to warn investors against financially abusive initiatives.
Consob has approved the supplement to the prospectus for the rights offering and admission to trading on Euronext Milan, organised and operated by Borsa Italiana Spa, of ordinary shares issued by Bioera Spa.
Following the publication of the prospectus, approved by Consob on 13 February (see "Consob Informa" no. 6/2023) Ki Group Holding Spa, which on 23 December 2019 signed a settlement agreement with Bioera,Ki Group Holding Spa, Biofood Italia Srl and Idea Team Srl aimed at terminating the judgements in force at the time, issued a press release with which it announced that the Board of Directors had found that the company was unable to meet its obligations as well as the commitments deriving from the debt restructuring plans negotiated by the Board of Directors.
The supplement is aimed at updating the prospectus in the light of the release of the aforementioned press release, and highlights the risk to which the issuer is exposed if Ki Group Holding should fail to fulfil the commitments assumed under the settlement agreement.
The supplement shall also update the information regarding the estimate of the overall net financial needs of the group for the twelve months following the date of the prospectus and regarding the arrangements for covering those financial needs.
Furthermore, the supplement indicates 10 March 2023 as the closing date of the rights offering, which in the prospectus was originally scheduled for 7 March 2023.
Finally, with regard to the right to withdraw subscriptions to the offer, the supplement contains the information for the investors who have already subscribed to the rights offering before the date of publication of the supplement who will have the right to withdraw their subscription pursuant to Article 23, paragraph 2 of Regulation (EU) 2017/1129, by the second business day following the date of publication of the supplement, by means of a written request to be delivered to their bank or their intermediary.
Consob has approved the amendments to the Regulations for the markets organised and operated by Borsa Italiana Spa, approved by the company's Board of Directors on 8 February 2023 (resolution no. 22625 of 8 March 2023).
The amendments to the Regulations concern the alignment of the rules governing the admission of Siiq (listed real estate investment companies) with those currently in force in the Euronext Milan market (from 3 October 2022) and are aimed at simplifying the process and the requirements for admission to listing.
Please note that Consob has launched a market consultationfor the adoption of a Regulation implementing the provisions of Regulation (EU) 2020/1503, which introduced a single regulatory regime for European providers of crowdfunding services for companies. The authorisation issued under the European Regulation will allow European crowdfunding service providers to operate under a passport scheme in all Member States of the European Union.
The provisions put to consultation, for a period of 15 days, are aimed at fine-tuning the details of the European framework on the provision of crowdfunding services with a view to the imminent completion of the process of adapting national legislation to Regulation (EU) 2020/1503.
The regulatory framework submitted for market consultation aims to cover:
1) Procedure for granting and withdrawing authorisation;
2) Definition of disclosure obligations for crowdfunding service providers;
3) Definition of the domestic legislation applicable to marketing communications;
4) Definition of further obligations deriving from the civil regime.
Comments on the consultation document must be received online by Consob no later than 17 March 2023, via the Integrated System for External Users (SIPE).
On Thursday 30 March at 11:00 am at the Consob Auditorium, the President of the Alternative Financial Dispute Resolution Scheme (ACF) will present the "Annual Report of the Alternative Financial Dispute Resolution Scheme 2022".
It will be an opportunity to describe the overall activity carried out from 2017 to the present and outline the developmental outlook of the Body.
Consob's customary annual meeting with the financial market will be held on Friday 9 June at 11:00 in Milan, in Palazzo Mezzanotte, the historic headquarters of Borsa Italiana.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Portugal (Comissão do Mercado de Valores Mobiliários – CMVM), France (Authorité des Marchés Financiers - AMF), Mauritius (Financial Services Commission - Mauritius – FSC), Spain (Comisión Nacional del Mercado de Valores - CNMV), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Hong Kong (Securities and Futures Commission - SFC), Alberta (Alberta Securities Commission - ASC), Ontario (Ontario Securities Commission - OSC), New Zealand (Financial Markets Authority - FMA New Zealand) and Poland (Polish Financial Supervision Authority - KNF), report the companies and websites offering investment, financial, banking and insurance services without the required authorisations.
Reported by the Financial Conduct Authority (FCA) - United Kingdom:
- Star Mines (https://star-minesltd.com);
- Axi Trading (https://axitrading.biz);
- Mulainvests.com (www.mulainvests.com);
- Macro-Trademiners.com (https://macro-trademiners.com);
- Crypto Capital Investment (https://cryptocapital-ltd.com);
- Bitasset (https://bitassetz.com);
- Bit-Investcapital (https://bit-investcapital.com);
- Crystal Coiners (https://www.crystalcoiners.com);
- Pandorainvest Ltd (www.pandora-investltd.com, www.pandorainvestltds.com);
- Claims Expertise Bureau (www.claimsexpertisebureau.co.uk);
- Btig H10, clone of a licensed company;
- Lcg Limited (G-C Trade), clone of a licensed company;
- Consumer Consultancy UK (www.consumerconsultancyuk.co.uk);
- Suprem Outsmart (www.supremoutsmart.ltd);
- Bitbalasite (www.bitbalasite.com);
- Was My Car Missold (www.wasmycarmissold.co.uk);
- T4Trade (https://uk.trustpilot.com/review/t4trade.com);
- Live Secure Trade / Lst-Ic (https://lst-ic.com);
- Paragon Advisors Llc (www,paragonadvllc.com);
- Forex New Limit (www.forexnewlimit.com);
- Axumay Global Bank (www.axumayglobalbank.com, www.axumayunitedbank.com);
- Bit-Miners (www.bit-miners.co);
- Crypto Chain (www.crypto-chain.ltd);
- Simpletoman (https://simpletoman.com);
- Ameritforextrade (www.ameritforextrade.com);
- National Debt Assistance / Nationaldebtassistance.org.uk (www.nationaldebtassistance.org.uk);
- Indyatirim (www.indyatirim.com), clone of a licensed company;
- Debt Advice / Debtsadvice.co.uk (www.debtsadvice.co.uk);
- Prosus-Pro (https://www.prosus-pro.com);
- Experttopoption (www.experttopoption.com);
- Microassetsfx (www.microassetsfx.com);
- Forexpms (www.forexpms.com);
- Birexmarket Ltd (www.birexmarket.com);
- Evalmoon Ltd (www.evalmoon.com);
- Labcredits (www.labcredits.com);
- Investdayfx / Daw Fin (https://investdayfx.com, https://fixxfx.com);
- Invesco Gbp (www.invescogbp.company);
- British Shore Trust Bank (https://bstbplc.com);
- Markets Bank (www.marketsbank.com, marketsba.com, www.markets-b.com, www.marketsba1.com);
- Bluewave Forex (www.bwfx-capitaltrades.online);
- Astroforex (www.astroforex.io);
- Autostock Trading (www.autostockstrading.online);
- Traders Recovery (https://recoveryfunds.help/, https://www.recoverxonline.top/index.htm), clone of a licensed company;
- Venusfx / Venusfx.co (www.venusfx.co);
- Caanholdings (www.caanholdings.com);
- Swisscoininvest (www.swisscoininvest.com);
- Futureplaninvest.com (www.futureplaninvest.com);
- Rangebits (www.rangebits.com).
Reported by the Comissão do Mercado de Valores Mobiliários (CMVM) - Portugal:
- Invdaily / Advanced Software Solutions Lda (https://www.invdaily.com).
Reported by the Autorité des Marchés Financiers (AMF) – France:
The French Supervisory Authority, the Autorité des Marchés Financiers (AMF), is calling on investors to be extremely vigilant regarding automated Forex trading offers from entities that are not authorised to provide investment services in France. These offers also rely on affiliate programmes and target French overseas departments and territories in particular.
In recent months, the AMF has received several complaints from retail investors and institutions based in French overseas departments and territories about fraudulent offers to invest in the Forex market, the foreign exchange market for the trading of currencies, through an automated software and an alleged partner trading platform that does not have the required authorisation. These proposals are disseminated through videos on social media and presented during in-person promotional conferences, in meeting rooms rented for the event or via closed messaging groups.
Several offers with very similar sales proposals promise unrealistic rates of return ("5% to 15% per month", "up to 400% per year") obtained through an "automatic trading robot" that requires a monthly or annual subscription of up to several hundred or thousands of euros. Interested investors are invited to open an account with a broker designated as an exclusive partner. The broker is not authorised to offer this type of service to the French public. Deposits and withdrawals are only made in cryptocurrencies.
Rather than withdrawing their potential earnings, which would incur fees, retail investors are encouraged to generate affiliate income by recruiting new subscribers.
They are promised bonuses or commissions through multi-level marketing (MLM) companies via pyramid schemes, whose aggressive practices in the sale of training packages on trading were reported by the AMF in June 2020. Both schemes use key words, such as "financial freedom" and "passive income."
The AMF stresses that only companies authorised as investment service providers in Europe are allowed to offer brokerage services such as automated or non-automated Forext trading.
Reported by the Financial Services Commission - Mauritius (FSC) – Mauritius:
- Everestcm1 & Everestcm.com;
- Saqs Investment.
Reported by the Comisión Nacional del Mercado de Valores (CNMV) – Spain:
- Sayan Ltd (https://trading-club.com);
- Tomex Options (https://tomexoptions.com);
- Aca Invest Corporation (https://acainvestcorp.com);
- 247 Igenius Innovation Trades (https://247-igeniustrade.online);
- United Advisers Marine (https://unitedadvisersmarine.com);
- Akbuke Capital Llc (https://akcapitalone.com);
- Cmc Markets De Inversion (Telegram Channel), clone of a licensed company;
- Cmf Group Ltd (https://www.cryptomarketsfx.com);
- Effervescent Group Ltd (https://gpfinance.pro).
Reported by the Swiss Financial Market Supervisory Authority (FINMA) - Switzerland:
- https://heliosequitylimited.com, clone of a licensed company;
- Afs Global Group (www.afsglobalgroup.co);
- Cfd Planet (www.cfdplanet.com);
- Blix24 (www.blix24.com).
Reported by the Securities and Futures Commission (SFC) – Hong Kong:
- Fairfield Birch (www.fabigroup.com), clone of a licensed company;
- www.zjcapital-hk.com, clone of a licensed company.
Reported by the Comisión Nacional de Valores Argentina (CNVA) – Argentina:
- Finanzas Con Shanti (https://www.tiktok.com/finanzas.con.shanti, https://www.instagram.com/finanzas.con.shanti).
Reported by the Alberta Securities Commission (ASC) – Alberta:
- Gammaron (www.gammaron.com);
- Wiicrypto (www.wiicrypto.com);
- Tezos Capital (www.tezos.com);
- Prestige Coins (www.prestige-coins.com);
- Neo Mining Limited (www.neominingltd.com);
- Globitex (www.globitex.com);
- Cryptowealth Investments (www.cryptowealthinvestments.com);
- Coinfield (www.coinfield.com);
- Central Margins (www.centralmargins.com);
- Capital Crypto Reserve (www.capitalcryptoreserve.com);
- Bull And Bear Trading Group (www.bnbtgroup.com);
- Btc Coin (www.btc-coin.uk);
- Bit & Coins (www.bit-n-coins.com);
- Bbanc (www.bbanc.com).
Reported by the Ontario Securities Commission (OSC) – Ontario:
- Antcurrency (www.antcurrency.info);
- Wealth4you.one (www.wealth4you.one);
- Carpfield.com (www.carpfield.com);
- Crypto Elite Market (www.cryptoelitemarket.com);
- Churchill Enterprises (www.churchillenterprises.com);
- Optimal Stocks Pro (www.optimal-stockspro.com);
- Pinnacles Financial (www.pinnaclesfinancial.com);
- Lexington Plus (www.lexingtonplus.com, www.lexington-plus.com);
- Alfa-Crypx (www.alfacrypx.com, www.alfacrypx.net);
- Alfabtc (www.alfabtc.com);
- Ktb Coin / Ktbcoin (www.ktbcoin.com);
- Safecryptoworld (www.safecryptoworld.com);
- Supercrypto Capital (www.supercryptocapital.io);
- Bchainvip (www.bchainvip.com);
- Gatebits (www.gatebits.com);
- Global Coin / Global-Coin (www.global-coin.pro);
- Hubc.org (www.hubc.org);
- Youdivi.com (www.youdivi.com);
- Coin-Xe (www.coin-xe.com);
- EduTrend / Edu-Adu Kft (www.edutrend.net);
Reported by the Financial Markets Authority (FMA New Zealand) – New Zealand:
- Ez Markets (www. ezmarkets.io);
- Sw Investment (Sunny World Investment Limited) (www.sw-investment.com).
Reported by the Polish Financial Supervision Authority (KNF) - Poland:
- Pl capital-trade.eu / Pl vitacapitals.com (www.fenixsecurities.org, www.platform.vitacapitals.pro);
- Finance Tomasz Lisiecki;
- Dusi Grosz sp. z o.o..
- COMMISSION DECISIONS -
taken or made public during the week (the documents are available in Italian version)
- The supplement to the prospectus relating to the rights offering and admission to trading on Euronext Milan, organised and operated by Borsa Italiana Spa, of ordinary shares issued by Bioera Spa has been approved (decision of 8 March 2023).
- The sale in Italy of units of the Alternative Investment Fund (AIF) unreserved closed-end securities, referred to as "Azimut Private Escalator" and operated by Azimut Capital Management Sgr Spa has been authorised (pursuant to Article 44 of Legislative Decree 58/98) and the relevant prospectus approved (pursuant to Article 20 of Regulation (EU) 2017/2019) (decision of 8 March 2023).
The amendments to the Regulations for the markets organised and operated by Borsa Italiana Spa, approved by the company's Board of Directors on 8 February 2023, have been approved (resolution no. 22625 of 8 March 2023).
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 Consolidated Law on Finance, put in place by:
- Flack Consulting Llc via the website https://arkcoin.live and its page https://webtrader.aktrade.cc (resolution no. 22620 of 8 March 2023);
- Shlack Consulting Llc via the website https://tradegenics.co (resolution no. 22622 of 8 March 2023);
- Florishing Group Llc via the website https://bstrade.world and its page https://webtrader.bstrade.top (resolution no. 22619 of 8 March 2023);
- Broker Capitals Ltd via the website https://brokercapcfd24.com and its page https://platform2.brokercapcfd24.com (resolution no. 22618 of 8 March 2023);
- VirtuFinance via the website www.virtufinance.come and its page https://webtrader.virtufinance.com (resolution no. 22621 of 8 March 2023).