Resolution no. 22048

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ("Consolidated Law on Finance") to cease the infringement of article 18 of the Consolidated Law on Finance carried out through the website https://swiss24.io and the relevant page https://my.swiss24.io

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA
[THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD TO Law no. 216 of 7 June 1974 and subsequent amendments and supplements;

HAVING REGARD TO Legislative Decree no. 58 of 24 February 1998 ("Consolidated Law on Finance") and subsequent amendments and supplements;

HAVING ESTABLISHED that, from checks on the website, it emerged that:

i. potential investors are offered the opportunity, through the website https://swiss24.io, which is active and available, after opening an account via the registration process, to trade financial instruments such as derivatives contracts (CFDs) on currencies, indices, commodities and metals through the platform Metatrader;

ii. after registration, customers may log into the reserved area of the website at https://my.swiss24.io, where it is possible to deposit and withdraw funds on the trading account;

iii. as to the traceability of the websitehttps://swiss24.io, according to what is stated at the bottom of the pages of such website it is "a trade name of "Axis Solutions LTD", established in 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica";

WHEREAS the activity carried out through the https://swiss24.io website can be classed as the provision of investment services as referred to in article 1, paragraph 5, of the Consolidated Law on Finance, insofar as clients are offered the opportunity of opening a trading account against which purchase and/or sale orders for financial instruments can be issued;

WHEREAS the above operation, carried out through the website https://swiss24.io, and the relevant page https://my.swiss24.io is ongoing, and is addressed to Italian investors given that these Internet domains are available in the Italian language;

WHEREAS the company Axis Solutions Ltd, with registered office in the Commonwealth of Dominica, mentioned on the website https://swiss24.io is not authorised to provide investment services to the Italian public, given that it is not listed in the register held by Consob pursuant to article 20 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that the provision of investment services and activities is reserved to licensed parties as referred to under article 18, paragraph 1, of the Consolidated Law on Finance, pursuant to which, "The professional provision of investment services and activities to the public is reserved to Italian Investment firms, EU investment firms, Italian banks, EU banks and non-EU firms";

HAVING ESTABLISHED, therefore, that the operations in question qualify as the professional provision of investment services to the Italian public, in infringement of art. 18, paragraph 1, of the Consolidated Law on Finance;

HAVING REGARD TO the provisions of art. 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract abuse" - pursuant to which Consob "may, with regard to anyone who offers or carries out investment services or activities through the Internet without being qualified pursuant to this decree: […] b) order that the infringement cease";

CONSIDERING it therefore necessary, in the light of the foregoing, to adopt this Resolution immediately for reasons of urgency;

RESOLVES:

To order the cessation of the infringement of article 18 of the Consolidated Law on Finance carried out through the website https://swiss24.io and the relevant page https://my.swiss24.io, which constitute the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of the concerned parties and published in the Consob Bulletin.

This measure may be appealed before the Regional Administrative Court of Lazio within 60 days of the date of service.

20 October 2021

THE CHAIRMAN
Paolo Savona