News of the week:
Watch for scams! Financial fraud: Consob blacks out 4 more abusive websites
9 June 2023 - Consob's annual meeting with the financial market at Borsa Italiana
Iosco: standards for global regulation of crypto-assets defined
Esma warns about the risks of offering crypto-assets and unregulated assets
Mifid questionnaire, new Esma Guidelines with sustainability requirement to go live from October
Pratola Award for the Economy to Consob Manager Serenella Pizzoferrato
Consob approves the amendments to Monte Titoli Spa's Service Regulations
Investor protection warnings from other regulatory authorities

Commission decisions taken during the week
Management decision

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.


Consob has ordered the blackout of 4 new websites that abusively offer financial services/financial products: 3 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 website through which the abusive offer is made.

Below are the sites Consob has ordered to be blacked out:

  • Prime Markets (website and page;
  • Fintech Market (website and its page;
  • Nadex CFD Limited (website and its pages and;
  • Luxem Capital, Inc. (website

The number of sites blacked out since July 2019, when Consob was given the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 898.

The measures adopted by Consob can be consulted on the website 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 entitled “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 the Italian Consolidated Law on Finance, the offer to the public resident in Italy concerning "investment plans" called "Starter", "Professional", "Business" and "Enterprise" promoted by Luxem Capital, Inc. through the website (Resolution No. 22713 of 24 May 2023);

prohibited, pursuant to Article 99, paragraph 1, letter b) of the TUF, the public offering of 'investment plans' also via the website (resolution no. 22706 of 24 May 2023); the offer had already been suspended, for 90 days, by resolution no. 22617 of 1 March 2023.

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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 event will be streamed from the Commission's website and broadcast live on RAI2.

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IOSCO, the organisation that brings together the financial market supervisory authorities of the various Countries with the task of defining global standards, has launched a consultation to provide new rules for the regulation of crypto-assets.

An effort which is complementary to and consistent with the work conducted on the subject by the Financial Stability Board and the International Monetary Fund.

The document, which contains detailed recommendations directed at the various national authorities, aims to improve global regulatory standards, mainly by encouraging the creation of safeguards for investor protection and the definition of global standards on crypto-asset trading.

The standards under consultation cover, inter alia, conflict of interest management, market manipulation, cross-border cooperation, custody, operational risks and distribution to retail.

The 18 recommendations aim to promote already established safeguards in traditional markets to address conflicts of interest between the different parties of cryptocurrency transactions.

As emphasised by IOSCO President Jean-Paul Servais, the recommendations will be a turning point for both the defence of savers and the integrity of the markets.

Their implementation may also put an end to an extended period of regulatory uncertainty by limiting regulatory arbitrage. Moreover, an enhanced cooperation between IOSCO members may result in greater protection for retail.

Comments on the consultation paper should reach the e-mail by 31 July 2023. The Final Report is expected by the end of 2023.

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Esma, the European financial markets regulator and supervisor, warns investment firms about the risks of offering unregulated financial products or services, from crypto-assets to real estate investments, gold, commodities and non-transferable securities.

In a public statement of 25 May 2023, Esma notes in particular that crypto-assets, until the European MiCA (Markets in Crypto-Asset Regulation) is adopted, will continue to be unregulated in most European jurisdictions, not falling under the Mifid 2 directive. This entails the risk that savers and investors are misled about the level of protection of their investment, are not fully aware of the risks, or are offered unsuitable investment products.

In fact, the Authority notes that in investment decisions, clients often rely on the reputation of an investment firm, without fully assessing the potential risks of products and/or services offered to them, especially if they are not regulated (so-called “halo effect”).

Esma is of the opinion that, by virtue of their status as regulated entities to which Mifid 2 applies, investment firms are nevertheless obliged to act in the best interests of the client when offering unregulated financial products, even when the expected regulatory protections associated with such investments may not be applicable.

The Authority therefore recommends investment firms, pending the forthcoming adoption of the MiCA regulation, to clearly disclose the nature of any unregulated financial products on offer; to provide clear and non-misleading information, including in relation to the risk that investor protection may not be applicable to identify and manage potential conflicts of interest in the offer of financial products; and, finally, to carefully assess the impact that the large-scale offer of unregulated financial assets, such as crypto-assets, may have on the investment firm's own risk profile, procedures and risk management systems.

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Beginning on 3 October 2023, the intermediaries subject to the supervision of Consob will have to comply with the new guidelines on certain aspects of the suitability requirements of MiFID 2' issued by Esma, the European financial markets regulator and supervisor, in the field of investment advice and portfolio management.

Consob has in fact notified Esma of its decision to comply with the Guidelines, referred to as the “Guidelines on certain aspects of the Mifid 2 suitability requirements”, adopted by Esma on 23 September 2022 under the Esma Regulation (see Consob Notice of 25 May 2023).

The new Guidelines replace the previous ones, issued in July 2018, and provide guidance to operators in the light of regulatory developments concerning the suitability assessment, i.e. the collection of information about the client to assess whether he or she is suitable to subscribe to a particular investment product. In the suitability assessment, particular attention is paid to the need to meet environmental, social and governance sustainability profiles.

The Guidelines update and define, in particular, the company's procedures and policies for sufficiently knowing the client profile and the riskiness of the financial product, collecting reliable and consistent information on the client, and knowing the material characteristics of the financial products offered in order to recommend suitable investments.

The Guidelines are also available on Consob's official website in the Italian version along with the full text of the "Final Report in English (containing the summary of the responses to the consultation and Esma's subsequent comments), useful to allow a correct application of the Guidelines. The Final Report also contains, as an annex, a “List of good and poor practices observed from the supervision of the MiFID 2 requirements on suitability”, which, although not an integral part of the Guidelines, is intended to promote the harmonisation of business practices at European level.

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Serenella Pizzoferrato, head of the Technical Secretariat Office of the Alternative Financial Dispute Resolution Scheme, is among the recipients of the Pratola National Prize, an award conferred by the cultural association “Futile Utile” of Pratola Peligna, in Abruzzo, to personalities from the fields of culture, art, journalism, economics and sport, now in its 14th edition.

Among the awardees of the 2023 edition are the journalists Aldo Cazzullo and Francesco Giorgino, while the section dedicated to civil commitment will feature General Paolo Figliuolo.

The award to Serenella, originally from Pratola Peligna, is in the “economy and work” section and Consob congratulates her.

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Consob has approved the amendments to the Rules of Services of Monte Titoli Spa resolved by the company's board of directors on 12 December 2022. The changes mainly concern the corporate events support services, the identification of holders of financial instruments, the management of communications and reports, the management of proxy solicitation and the notary service (Consob Resolution No. 22709 of 24 May 2023).

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The supervisory authorities of the United Kingdom (Financial Conduct Authority - Fca), Ireland (Central Bank of Ireland - Cbi), Spain (Comisión Nacional del Mercado de Valores - Cnmv), Hong Kong (Securities and Futures Commission - Sfc), Switzerland (Swiss Financial Market Supervisory Authority - Finma), New Zealand (Financial Markets Authority - Fma New Zealand), Poland (Polish Financial Supervision Authority - Knf), Argentina (Comisión Nacional de Valores Argentina - Cnva), Luxembourg (Commission de Surveillance du Secteur Financier - Cssf), British Virgin Islands (British Virgin Islands Financial Services Commission - Bvifsc), British Columbia (British Columbia Securities Commission - Bcsc), Malta (Malta Financial Services Authority - Mfsa) and Greece (Hellenic Capital Market Commission - Hcmc), report companies and websites that are offering investment services, as well as financial, banking and insurance services, without the required authorisations.

Reported by the Financial Conduct Authority (FCA) - United Kingdom:

  • Ternary Group FX (;
  • Bitwest (;
  • Polar Capital Technology (, clone of a licensed company.
  • Cryptolecs (;
  • Robertson Rx (;
  • Mortal Finance / (;
  • Jpy500 (;
  • Reclaim Right (;
  • Setupsfxtrading (;
  • Devon Finance Fx (;
  • Tyrexfx (;
  • Fx Automated Bot Trading (;
  • Ternary Group Fx (;
  • Supra Algo Fx (;
  • Crypto-Masters / Crypto Masters Limited (;
  • Claimlostfund (;
  • Tradesalgo Pro (;
  • Uk Buy Sel l (;
  • Mint Capital Fx (;
  • Dan Legg / (
  • Teamtrustfx (;
  • Bowerstone Capital;
  • Goodfellow Global Management Llc (;
  • Trading Expo (;
  • Great Point Invest (, clone of a licensed company;
  • Forexprudent (;
  • Digitalcryptotrades Ltd (;
  • Vott Bank (;
  • Orcfx (;
  • Cloudfxcoin (;
  • 24 Top Live Mining Fx (;
  • (;
  • Intelligent Claims Management Limited / Megel Andre Intelligent Claims Management (;
  • Top Live Options Fx / Topliveoptionsfx.Online (;
  • Cryptoceltic (;
  • Mitradex-Growth (;
  • Ocean Markets (;
  • Top Market / (;
  • PU prime / Pacific Union (Seychelles) Limited (;
  • Wayven FX Limited (, clone of a licensed company;
  • Paypoint invest (;
  • Global Kintex Ltd (;
  • Tradepip (;
  • Coinassets Finance / Coinassetsfinance (;
  • Binary Crypto Trading Ltd (;
  • Bullcapitalfx Ltd (;
  • Ultimate Market Trading (;
  • 247Antminingtrade (;
  • Money Farm (www., clone of a licensed company;
  • DeluxeprimeInvestment Inc / Deluxeprime Investments Ltd (;
  • Imbrexstream / (;
  • Secure Finance Limited (;
  • Universal Acorn (;
  • Bloomvest (;
  • Bdvest Site (;
  • 247protrading (;
  • (;
  • Pacific Alps AG / (;
  • Allen & Associates Llc (;
  • Fundstradefx (;
  • Ultimosfx / Ultimos Fx (;
  • Growfundsfx (;
  • Xip Capital Groups (,

Reported by the Central Bank of Ireland (CBI) - Ireland:

  • Intesa Sanpaolo Bank S.p.A., clone of a licensed company;
  • Afex Eu (, clone of a licensed company.
  • Irish Lends;
  • Walsh Money;
  • Cantor Fitzgerald Ireland Limited (email:, clone of a licensed company;
  • Dojo Loan;
  • Bantry Loan Service;
  • Arch Invest Icav, clone of a licensed company;

Reported by the Comisión Nacional del Mercado de Valores (CNMV) - Spain:

  • Adrswap (;
  • Ark Coin / Flack Consulting Llc (,;
  • Bibox Technology Oü (;
  • Ct Matador / Wind Holdings Ltd (;
  • Import Capital (;
  • Lenz Capital (;
  • Madeira Invest Club / Proelucyon, Llc (;
  • Polarbtc (;
  • Señales Forex (https://señ,;
  • Valo Holdings Group (;
  • Upstream (
  • Bibox Technology Oü (;
  • Lenz capital (

Reported by the Securities and Futures Commission (SFC) - Hong Kong:

  •, clone of a licensed company;
  • 宏達資訊期貨直播室, Chinese name only;
  •, clone of a licensed company;
  • Hudson International Group Limited, clone of a licensed company.

Reported by the Swiss Financial Market Supervisory Authority (FINMA) - Switzerland:

  •, clone of a licensed company;
  • Swiss International Asset Management AG (;
  • Ariol Investment Group (;
  • Tradeuros (;
  • Robo Invest Plc (;
  •, clone of a licensed company;
  •, clone of a licensed company;
  •, clone of a licensed company.

Reported by the Financial Markets Authority - Fma New Zealand, (New Zealand):

  • Hatch Holdings (

New Zealand's Financial Markets Authority - (Fma) also warns savers that investments in term deposits are being offered in the name of Citi N.A. The scammers contact New Zealand residents pretending to be from Citibank, NA a company that has confirmed it is not connected to these offers. Some of the prospectuses and other documentation provided may contain the Fma logo or make statements qualifying the investment as complying with the “Fma terms”. However, these statements are not true. FMA recommends that investors take great care when receiving unrequired investment offers.

Reported by the Polish Financial Supervision Authority (KNF) - Poland:

  • Klg S.A.;
  • Gold Team Fx Sp. z o.o.;
  • Szarmach Investments Sp. z o.o.;
  • Seven Financial Group ( and

Reported by the Comisión Nacional de Valores Argentina (CNVA) - Argentina:

  • Grupo Floxo (,

Reported by the Commission de Surveillance du Secteur Financier (CSSF) - Luxembourg:

  • Sb Finance (;
  • Im Mastery Academy (;
  • Coin Option / Coin Option Bank Europe S.A. (

Reported by the British Virgin Islands Financial Services Commission (BVIFSC) - British Virgin Islands:

  • Binaryoption57 (

Reported by the Alberta Securities Commission (ASC) - Alberta:

  • WorldForex (;
  • Worldvex (;
  • Spectre AI (;
  • Onspotbnk (;
  • Iqcent (;
  • Instaforex (;
  • Grand Capital Option & Gc Option (;
  • Gemince Trade;
  • Closeoption (;
  • Ca Trade Capital (;
  • Binarycent;
  • Profitrop Investments (;
  • Pm Group 365 (;
  • Simplii Crypto (;
  • Goldberryco (;
  • Nexon Groups (;
  • Eftrades (;
  • Trade Benifa (;
  • Shackle Coin (;
  • Bit Kop (;
  • Pro Authentic Mininc (;
  • Jetbitz (;
  • Shake Coins (;
  • Coinrally (;
  • Octantx (;
  • Lsk Investments (;
  • Crypto Chain Group (;
  • Jp Crypto Service (;
  • Kucoin (www.kucoin);
  • Cryptos-Wallet (
  • Xpress Trade (;
  • Express Trade (;
  • Global One Markets (;
  • Global Markets (;
  • Vip Trade (;
  • Aurora Coins (;
  • Crypto Spair (;
  • Fortune 500 Group (;
  • Golden Pro Invest (

The Alberta Securities Commission (Asc) also warns investors that a list of entities that are not registered with the Asc and appear to be engaged in activities that require registration under applicable laws or that could be investment scams is available on its website. Investors are advised to consult this list before investing, and especially if they are contacted with unrequired investment proposals. Although this list is updated frequently, it is not exhaustive. When we are aware of entities that meet the criteria to be added to this list, they will be updated. Investors are invited to consult it on a regular basis.

Reported by the British Columbia Securities Commission - (BCSC) - British Columbia:

  • Satoshi Mining Stream / Mine With Satoshi Global Ltd (;
  • Premier Finance Limited (;
  • Zylo Trade Limited (;
  • Milleniumone (;
  • Mtcapitals (;
  • Bitcore (;
  • Cryptokings (;
  • The Financial Investment Group (;
  • Forbes Capital Partners (;
  • Wasixcap (;
  • Cfd Trades (;
  • ExpertOptionxx (;
  • Itc Fx (,;
  • Wisecryptocapital (;
  • Brock 500 (,;
  • Viptrade (,;
  • Fibit Pro (;
  • Traders Room Fx (,;
  • Simpliicryptos (;
  • Seastock24 (;
  • Fortune500group (,,;
  • Primiselite (;
  • Crypto-Guider (;
  • Lskinvestments Llc (;
  • Jp Crypto (;
  • WiiCrypto (,;
  • Fivoro (,,;
  • Bitcoinera (,,,,,,,;
  • Crypto Lloyds Ltd (;
  • Caplita (;
  • Titantrader (;
  • Intrao (;
  • Cryptospair (;
  • Cryptos-Wallet (;
  • Prestigecoins (;
  • Nexon Groups Limited (;
  • Txt Coin (;
  • Nextonbid (;
  • Markets Expert (;
  • Global One Markets (;
  • Cryptop72 Ltd. dba Cryptop72 (;
  • Shackecoins (Simple Tech Inc.) (https://shackecoin.com;
  • Profitrop (;
  • Smart Markets (;
  • Bitop (,,,;
  • FirstCapital1 (;
  • Saxo Markets (;
  • Milanpavilion Capital Limited (,;
  • Gammaron (;
  • Cryptoprogram (;
  • Keyfxmarkets (;
  • (;
  • Fxcr (;
  • Diangel Group Limited (;
  • (;
  • Yorkbit (;
  • Comovest (;
  • (;
  • Everrisebrokers (;
  • Novobrokers (;
  • Main Bit (,;
  • CryptowealthInvestments (;
  • Atomic Trade (;
  • Global Invest Capital (;
  • Bitrenex Group (;
  • Gatebits (;
  • Coinplatform (;
  • Cryptoneyx (;
  • Alfabtc (;
  • Centralmargins / Centralmargins Trading Services Llc (;
  • Quantrix Capital (

Reported by Malta Financial Services Authority (MFSA) - Malta:

  • Siliconcorp (;
  • Alenol Worten Holding Limited / Alenol Inc. / Alenol Investment (;
  • Finbond Asset Limited (;
  • Crypto Novu Fx / P240 Ltd (

Reported by the Hellenic Capital Market Commission - (HCMC) - Greece:


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Consob Notices
  • Notice regarding the update of the Guidelines issued by Esma on certain aspects of the MiFID 2 suitability requirements (Consob Notice of 25 May 2023).
Registers and lists
  • Dws Investments UK Limited authorised in accordance with Article 28, paragraph 6, of the TUF (Consolidated Law on Finance), to carry out investment and ancillary services in Italy on a free basis, with respect to eligible counterparties and/or professional clients as identified in accordance with Article 6, paragraph 2-quinquies, letter a), and paragraph 2-sexies, letter a) of the TUF, without holding, even temporarily, clients' cash and financial instruments: reception and transmission of orders, referred to in Article 1, paragraph 5, letter e), of the TUF; investment research and financial analysis or other forms of general recommendation concerning transactions in financial instruments referred to in Annex 1, section B, number 5, of the TUF. Dws Investments UK Limited is registered in the section of third-country companies other than the banks of the register referred to in Article 20 of the Consolidated Law on Finance. The company 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 is subject to the supervisory regime laid down therein (Resolution No. 22707 of 24 May 2023).
  • Trade Capital Italia Spa, with registered office in Milan, has been registered on the register referred to in article 20, paragraph 1 of Legislative Decree no. 58 of 24 February 1998. The company is authorised to engage in the investment services/activities referred to in Article 1, paragraph 5 of Legislative Decree No. 58 of 24 February 1998, namely: a) trading on own account; b) execution of orders on behalf of clients; c-bis) placement without irrevocable commitment to the issuer; e) reception and transmission of orders; f) investment advice. Authorisation to provide the aforementioned investment services/activities is granted as follows: “with holding of clients' cash and financial instruments” (Resolution No. 22708 of 24 May 2023).
Combating market abuse (art. 7-octies of the Consolidated Law on Finance)
  • 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:
Participation share 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 investment for the submission of slates of candidates for the election of the board of directors and internal control bodies of the listed company Sesa Spa. Without prejudice to the possible lower share provided for by the company's articles of association, the threshold has been identified at 1%. The full text of the management decision no. 82 of 26 May 2023 is available on the, accompanied by the table with the criteria used to determine the shareholding.

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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, Domenico Conti, 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, where CONSOB INFORMA can also be consulted via the "newsletter" link.