News of the week:
Watch for scams! Financial fraud: Consob blacks out 4 more abusive websites
Gabriella Alemanno and Federico Cornelli have taken up their roles as Consob Commissioners
Save the date - 19 June 2023 - Seminar “The mapping of financial products from the perspective of investor protection: presentation of Consob Legal Research Paper no. 28”
New Memorandum of Understanding between Consob and Milan Public Prosecutor's Office on market abuse
Finlogic Spa takeover bid: subscription period extended
Consob controls on listed companies: the parameters provided for by Article 89-quater of the Issuers' Regulation determined for the year 2023
New guidelines from Esma on MiFID 2 remuneration requirements
Greenwashing: European Supervisory Authorities (ESAs) towards common recommendations and risk warnings
Investor protection warnings from other regulatory authorities

Commission decisions taken during the week

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 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:

  • Top Markets Ltd (website and related page;

  • Gadvm Limited (website and related page;

  • “PrimeCapital” (website;

  • “ToroProfit” (website and related page

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 907.

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 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 there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.

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Gabriella Alemanno and Federico Cornelli took up their roles as Consob Commissioners on 8 June. The swearing-in ceremony took place during a meeting of the Commission in Milan.

Alemanno and Cornelli take over respectively from Commissioner Paolo Ciocca, who left Consob on 31 March, and Commissioner Giuseppe Maria Berruti, whose mandate expired on 4 February.

Thus, the Board has been reformed in its full complement of five members. Its members are the Chairman, Paolo Savona, Chiara Mosca, Carlo Comporti, Federico Cornelli and Gabriella Alemanno

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Consob and Bocconi University of Milan are holding a seminar on 19 June from 10:00 a.m. to 1:00 p.m. to present the Consob Legal Research Paper no. 28 entitled "The mapping of financial products from the perspective of investor protection" at Bocconi University, Classroom N04, Piazza Sraffa 13, Milan.

The proceedings will be opened by Marco Ventoruzzo (Bocconi University) and Chiara Mosca (Consob Commissioner).

Paola Lucantoni (University of Rome "Tor Vergata"), Andrea Perrone (Catholic University of the Sacred Heart, Milan) and Emanuele Rimini (University of Milan) will take part in the discussion. Michele Siri will moderate (University of Genoa). Antonella Sciarrone Alibrandi (Catholic University of the Sacred Heart, Milan) will wrap up the proceedings.

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On 9 June, following Consob's annual meeting with the financial market, Consob and the Milan Public Prosecutor's Office renewed the Memorandum of Understanding signed in December 2012, which regulates their cooperation on disclosures on market abuse, in order to further strengthen the Authorities' investigative activities in assessing offences within their respective remits.

The Memorandum defines the procedures whereby the two Authorities will be able to reciprocally request and exchange data, news and documents with specific reference to investigations on market abuse, the regulation of which has been supplemented and updated to adapt the Memorandum's text to the trend in the sector's regulatory framework.

The agreement extends the cooperation between Consob and Milan Public Prosecutor's Office including the coordination of investigations into alleged financial fraud and obstruction of supervision, cases where Milan Public Prosecutor's Office frequently assumes the role of competent judiciary regarding possible aspects of criminal relevance.

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The subscription period for the voluntary takeover bid promoted, pursuant to Articles 102 et seq. of Legislative Decree No. 58 of 1998, by Argo Spa on ordinary shares issued by Finlogic Spa was extended by eight market trading days.

The subscription period will therefore end on 21 June 2023 (instead of 9 June), subject to the circumstance that the bidder, together with the Persons Acting in Concert, has not come to hold, by the aforementioned original deadline of 9 June, a total shareholding of at least 95 per cent of the issuer's share capital.

The possible reopening of the terms of the offer will take place in the trading sessions of 29 and 30 June 2023 as well as 3, 4 and 5 July 2023.

Should the 95 per cent percentage be reached, the accession period will end on 9 June 2023, as originally planned.

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Consob has determined the parameters provided for in Article 89-quater of the Issuers' Regulation, representative of the risk for the correctness and completeness of the financial information disseminated to the market, for the purpose of identifying all the listed issuers whose documents are subject to control (resolution no. 22728 of 8 June 2023).

The regulatory provision defines, by way of non-exhaustive example, the parameters representing the risk on the basis of which to identify listed issuers to be subjected to supervision. In particular paragraph 3 of Article 89-quater of the Issuers’ Regulation envisages that each year Consob shall establish the parameters representative of the risks, taking into account inter alia:

a) the economic and financial data of the companies concerned;

b) the reports received from the issuer’s control body and statutory auditor;

c) the activity on securities;

d) significant information received from other administrations or stakeholders.

The regulation envisages, moreover, random selection models for the identification, up to a fifth of the issuers selected, of listed companies to be included in the control, even in the absence of significant risks (paragraph 4, Article 89-quater).

For the year 2023, having regard to the impact of the effects related to the current macroeconomic environment, the Russian-Ukrainian conflict and climate change issues on the financial reporting of listed issuers for the year 2022, as highlighted by the public statement by Esma on 28 October 2022 (Esma32-63-1320) and Consob's published warnings on the subject (Consob's warning no. 3/22 of 19 May 2022), Consob determined that the parameters on financial information disseminated to the public by listed issuers and by listed issuers that have Italy as their home Member State shall be:

1. for the economic-equity and financial data of the companies concerned, the following items:

(i) an indicator of the operating profitability of assets;

(ii) an indicator of financial leverage (the ratio of net debt to equity);

(iii) an indicator measuring the repayment capacity of short-term debt;

2. as to the reports received from the issuer’s control body and statutory auditor, the following indicators:

  • the communications sent to Consob by the supervisory body on the irregularities found in the supervisory activity pursuant to Article 149, paragraph 3, of the Consolidated Law on Finance;
  • the reports of reprehensible facts pursuant to article 155, paragraph 2 of the Consolidated Law on Finance;
  • the qualified and adverse opinions, and the statements of impossibility of the auditor to express an opinion, contained in the reports of the auditing firm drawn up pursuant to Articles 14 of Legislative Decree no. 39 of 2010 and 10 of Regulation (EU) no. 537 of 16 April 2014;
  • the reports relating to the operation of the internal audit system;

3. as to the activities on securities, the following elements: the trend of the share price, market capitalisation, the volatility of share prices;

4. as to significant information received from other administrations or stakeholders, the following indicators:

i) the information received from public administrations as defined by Article 1, paragraph 2, of Italian Legislative Decree n. 165 of 2001, from Banca d’Italia, from national and foreign administrative authorities and from the judiciary;

ii) the significant information supplied by stakeholders;

5. as to the additional parameters not expressly identified by Article 89-quater, the following indicators:

i) Consob’s inspection or investigation activities that have led to the activation of powers to appeal or reports to the Judiciary for issues subject to prosecution or for which Consob has reported or detected critical issues with regard to the completeness or accuracy of the information;

(ii) the presence of significant extraordinary transactions;

(iii) a credit risk indicator, obtainable from external sources, constructed on the basis of systematic analysis of trends in financial and market data as well as issuers' market disclosures;

(iv) an indicator, specifically for financial issuers, aimed at identifying companies in the financials sector with significant amounts of securities classified at amortised cost in their financial statements;

(v) exposure of the issuer's economic sector to the risk of climate change and energy transition, together with useful elements, obtainable from external sources, that summarise the company's degree of sustainability, in the three environmental, social and governance ("ESG") dimensions, as well as indicative elements of possible greenwashing behaviour, based on the issuance of financial instruments linked to ESG objectives when raising capital;

(vi) risk indicators useful in identifying issuers with higher risks related to the procedure and results of the impairment test to be applied pursuant to IAS 36 to determine the recoverable amount of non-financial assets;

(vii) the seniority history of each company in the previous selections pursuant to Article 89-quater of the Issuers' Regulation.

Consob has also determined that the criteria for random selection is the extraction of a number of companies not exceeding one fifth of the total number of issuers to audit, net of the companies that will be identified on the basis of these criteria. In addition, in order to promote a rotation of issuers, companies that have not already been selected over the past 10 years, provided they were listed on 1 January 2013, and that they are not subject to periodic reporting obligations pursuant to Article 114, paragraph 5 of the Consolidated Law on Finance, are considered for random selection.

However, in order to ensure that it is always possible for a company to be selected, at least one company will be extracted by excluding only the companies referred to in the above criteria.

Issuers will be randomly selected by taking into account the capitalisation of the issuer and/or the counter-value placed, in order to increase the probability of being extracted for those of larger dimensions. A replicable random number generation procedure will be applied.

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As of 3 October 2023, intermediaries subject to supervision by Consob will have to comply with the new Guidelines of Esma, the European Financial Markets Supervisory Authority, on certain aspects of the Mifid2 directive's remuneration requirements, replacing the previous ones issued under the Mifid1 regulatory framework.

Consob has in fact notified Esma of its decision to comply with the Guidelines, referred to as “Guidelines on certain aspects of the MiFID II remuneration requirements”, adopted by Esma on 31 March 2023 under the Esma Regulation (see Consob Notice of 5 June 2023).

The Guidelines provide
guidelines for defining intermediaries' remuneration policies and practices in the framework of the rules of conduct and obligations regarding conflict of interest under Mifid 2, drawing particular attention to the need to direct them according to criteria that ensure the pursuit of clients' best interests.

For intermediaries who are also recipients of the prudential provisions on remuneration and incentives issued by the Bank of Italy, compliance with the Esma Guidelines is carried out within the framework of the indications of those provisions, which are supervised by the competent prudential Authorities.

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), which are all helpful to allow their correct application.

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The three "ESAs", the European supervisory authorities (Esma, Eba, Eiopa), represented their respective positions on greenwashing in the financial sector in three separate documents on 1 June.

In the three published reports, Esma, Eba and Eiopa now propose to proceed with a common greenwashing framework to be applied to banking, insurance/pension and financial market operators with the aim of publishing their respective final reports with recommendations on possible changes to the EU regulatory framework in May 2024.

The practice of greenwashing is generally understood to reflect statements, declarations, actions or communications that overstate the environmental sustainability of an entity, financial product or financial services, thereby misleading market participants. Many misleading sustainability claims may concern entities or products covered by the EU regulatory framework.

It is therefore the task of the competent national Authorities and the European supervisory Authorities - with a view to an integrated approach to greenwashing - to make operators' expectations congruent with the aims of consumer and investor protection, uphold market integrity and maintain a suitable environment for sustainable finance.

Esma's Progress Report - in particular - in aiming to limit the potential future risks of greenwashing, helps to better understand the phenomenon and provides a common reference point for tackling it. The Report assesses which areas of sustainable investment are most exposed to the risk of greenwashing.

It emerges that misleading communications can affect all key aspects of a product's sustainability profile, from governance to strategy, to objectives right up to sustainability metrics or impact assessments. In addition, there are specific assessments split into key areas of Esma competence, such as: issuers, investment managers, benchmark administrators and investment service providers.

While, on the one hand, the risk of greenwashing makes it necessary to create safeguards needed to support high quality reporting on sustainability and on the efforts involved in the transition, it is also true that market participants often find it difficult to produce a framework of both relevant and high quality sustainability data, as the rapid and continually changing nature of the subject matter can make implementation complex for market participants and national authorities.

Hence the need to build a sustainable framework. Market participants in the so-called "Sustainable Investment Value Chain" (Sivc) must, therefore, take responsibility for well-founded statements and balanced communications on sustainability, including through the establishment of a reliable labelling system for financial products.

On the other hand, there is a need for a more mature regulatory framework, clear key concepts and an appropriate integration of sustainability impact/commitment.

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The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Greece (Hellenic Capital Market Commission - HCMC), Ireland (Central Bank of Ireland - CBI), Belgium (Financial Services and Markets Authority - FSMA), Luxembourg (Commission de Surveillance du Secteur Financier - CSSF), Spain (Comisión Nacional del Mercado de Valores - CNMV), Slovenia (Securities Market Agency of Slovenia - SMA), Poland (Polish Financial Supervision Authority - KNF), British Columbia (British Columbia Securities Commission - BCSC), Ontario (Ontario Securities Commission - OSC), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Japan (Financial Services Agency - Japan - FSA), Hong Kong (Securities and Futures Commission - SFC), Jersey (Jersey Financial Services Commission - JFSC), Alberta (Alberta Securities Commission - ASC) and the Dominican Republic (Superintendencia del Mercado de Valores, Dominican Republic - SIMV), report companies and websites that are offering investment, financial, banking and insurance services without the required authorisations.

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

  • Zade Investment Limited / Zade Invest (;
  • Aiinovativetrade (;
  • Rive Finance (;
  • Finansys Fx / Ltd (,;
  • (;
  • Multifxincome (;
  • Cryptoxphere (;
  • Trustyswap (;
  • (;
  • Vertex Digital (;
  • Gulfshore Trading (;
  • Fchain-Network (;
  • Swiffbit (;
  • Max Fx Global (;
  • Thegoldencoinmining / Phonix Fxtrade (;
  • Ej Profit (;
  • Proton Live Trading (;
  • Algoforex (;
  • Zenith Experts (;
  • Infinit Trades (;
  • (;
  • Vipotor Wealth Ltd (;
  • Prive Finance (;
  • Premier Equity Management Llc (;
  • Tradeprofits (;
  • Cgexxploitcapital (;
  • Investcenter (;
  • Gridingrows Fx Signal (;
  • Sollari (;
  • Apple Creek Acquisition Corp / (;
  • Bforexpro (;
  • Traders Minds (;
  • Tresorfx (;
  • Caplita ( Previously reported by the British Columbia Securities Commission (BCSC), (see “Consob Informa” no. 19/2023 of 29 May 2023);
  • Robo-investor (, clone of a licensed company;
  • (,, clone of a licensed company;
  • PixPal Pro / ( Previously reported by the Financial Supervisory Authority, Romania (Fsa), (see "Consob Informa" no. 13/2023 of 17 April 2023);
  • Prime Markets / ( Already the subject of Consob resolution no. 22712 of 24 May 2023. Subsequently, using its powers deriving from the “Decreto Crescita” (Growth decree) (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), the authority ordered Internet connectivity service providers to inhibit access from Italy to the website and the page;
  • Global Access Fx (;
  • Ct Matador (;
  • Gtsenergymarkets Fx (;
  • Bankersgate;
  • Limited Private Group (;
  • Fx Gblobal Td (;
  • Unity Global Bank / Unity Global Banking Group (Ugb) (,,;
  • Acefinancesystem Ltd (;
  • Ssc Investment (;
  • Bitbinx (

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


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

  • Glencar Icav, clone of a licensed company;
  • Magna Finance Holdings;
  • Jpab Finance;
  • Verge Capital Limited / Finclude Verge, clone of a licensed company;
  • Bad Credit Loans Ireland;
  • Arch Investment Icav (;
  • West Empire Private Equity Inc (

Reported by the Financial Services and Markets Authority (FSMA) - Belgium:

  • Assets-Access (;;
  • A-trade International (;
  • Bingx (;;
  • Bitelitgroup (;;
  • Bitradercode (;
  • Common Investments (;
  • Comovest (;
  • Dbsinvesting (;
  • Ecb Crypto (;
  • Enduring Markets (;
  • Erzinex (;
  • Finextrader (;
  • Fivoro (;
  • Globalx (;
  • Intelligence Prime Capital (;
  • Invest Dominate Group (;
  • Invest Ehub (;
  • (;
  • Keller Finance (;
  • Librapros (;
  • Linitybase (;;
  • Mit-Ic (;;
  • Nextonbid (;
  • Pocket Option (;;;
  • Polar Btc (;
  • Primeolympicpro (;
  • Priority-Trading (;
  • Sallix Capital (;
  • Seastock-24 (;
  • Solidusx (;
  • Spotinvest (;
  • Stockswide (;
  • Swissfxbank (;;
  • T4trade (;
  • Topologyfis (;
  • Torocoin (;;
  • Torrocapital (;
  • Winvestock (;

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

  • Luxem Capital (website:

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

  • Belana Group Llc (;
  • Aci-Vpfx (;
  • Binetrix (;
  • Bwgamonline.Com / Bwinternet (;
  • Finance Traders Ltd (;
  • Gadvm Limited (;
  • Supreme Markets / International Market Connect Llc (

Reported by the Securities Market Agency of Slovenia (SMA) - Slovenia:

  • Royal Investment Consortium / Ric.

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

  • Prime Oakmont, (;
  • Tigersfm (;
  • Marketrip (,,
  • Lamelle Financial Consultants Limited (;
  • Autoken P.S.A.;
  • Cream Sp. z o.o (;
  • Canapharm P.S.A. (Arbitrage Dividend Fund).

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

  • Coins-Capital (;
  • Jukebox Capital Inc (;
  • Gspartners (,,,,
  • (;
  • Tesler / 7Tesler (,, https://ds-,,,,,;
  • Reformatix (;
  • Premium Finance Solutions Limited (;
  • Topcredit Digital Currency Bank, Inc. / Topcredit Technology Co., Ltd (,;
  • Coinone Trading Inc (,,,

Reported by the Ontario Securities Commission (OSC) - Ontario:

  • Admirria / Global Tech Industries Limited (;
  • Comovest (;
  • Tradingexpo (;
  • Bitmarket-Capital (;
  • Paperbids / Paper Bids (;
  • Wiicrypto (;
  • Capitalhub (;
  • Myblockx (;
  • (;
  • Diangel Group Limited (,;
  • Morgen & Charles Company (;
  • Sohocapitalgroup (;
  • Bot Pro Securities (;
  • Simpliicrypto / Simpliicryptos (;
  • Sqb (,;
  • Profitrop (;
  • Interacinvestor / Interac Investor (,;
  • Globalx / Global X (;
  • Signix Ltd / Portrades (,,

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

  •, clone of a licensed company;
  • Advancia (;
  • Banque Marchand (;
  • Profitrop (;
  • Hermes Capital Group (;
  •, clone of a licensed company;
  • Prestige-coins (;
  • Any Coin Capital (;
  • Goldman Lampe Private Bank (;
  • Trado Banco (;
  •, clone of a licensed company;
  • Spar-Anlagen (;
  • Dynamic Capital Group Ag (;
  • Equity-Invest (;
  • Bit-Lords (

Reported by the Financial Markets Authority - FMA New Zealand:

  • (;
  • (, clone of a licensed company;
  • (;
  •, clone of a licensed company;
  • Suncorp (email:;
  • Ptwealthmanagement (;, clone of a licensed company).

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

  • Interactive Financial Investment / P240 Ltd (

Reported by theFinancial Services Agency - Japan (FSA) - Japan:

  • VT Markets;
  • Nidex Limited;
  • Billion Fx Asia.

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

  •, clone of a licensed company;
  • Kowela Ltd (, clone of a licensed company;
  •, clone of a licensed company;
  • Advanz Capital (, clone of a licensed company;
  • Shaobank (, clone of a licensed company.

Reported by the Jersey Financial Services Commission - (JFSC) Jersey:

  • Royal Investment Consortium (www.royalinvestmentconsortium).

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

  • Thesavebit (;
  • Markets Expert (;
  • Bitnomics (;
  • Jaxx Liberty (;
  • Intel Academy (;
  • Gs Partners ( Also reported by the British Columbia Securities Commission (BCSC), (see above);
  • Coinswpro (;
  • Bmg Cryptogroup Limited / Bmg (;
  • Bitmarket-Capital ( Also reported by the Ontario Securities Commission - (OSC), (see above);
  • Cryptofx Group (;;
  • Alphaprotrades (

Reported by the Superintendencia del Mercado de Valores de la República Dominicana (SIMV) - Dominican Republic:

  • Hdls Digital Kingdom Investment Group, S.r.l.;
  • Digital Kingdom Academy.

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Takeover bids and exchange tender offers
  • The subscription period for the voluntary takeover bid promoted, pursuant to Articles 102 et seq. of Legislative Decree No. 58 of 1998, by Argo Spa on ordinary shares issued by Finlogic Spa was extended (decision of 8 June 2023).
  • The registration document relating to the bid of securities other than the equity securities for retail investors issued by Banco BPM Spa has been approved (decision of 8 June 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:

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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.