Resolution no. 22050

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://globalinvestous.eu

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 https://globalinvestous.eu website, it emerged that:

- on the website https://globalinvestous.eu users have the opportunity of trading on the Forex market and trading on ETF, indices, shares, digital currencies and commodities;

- in order to carry out the above trading transactions, the user must register with the website and open one of the trading accounts advertised on the website;

- as regards the company that operates the website, the website https://globalinvestous.eu mentions Llajes Services Sp.Zo.o, with alleged registered office in Poland;

WHEREAS the activity carried out through the website https://globalinvestous.eu is deemed to constitute 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 and placing buy and/or sell orders on financial instruments;

WHEREAS the aforementioned activity carried out by Llajes Services Sp.Zo.O through the website https://globalinvestous.eu, is ongoing and is addressed to Italian investors, given that there have been reports of cold calling of investors in Italy;

WHEREAS that Llajes Services Sp.Zo.O, with alleged registered office in Poland, mentioned on the website https://globalinvestous.eu, is not authorised to provide investment services to the Italian public, since it not listed in the register held by Consob pursuant to art. 20 of the Consolidated Law on Finance;

HAVING REGARD TO the requirement to hold a relevant licence in order to provide investment services, as per 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 article 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of article 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract abuse" - 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 Legislative Decree no. 58/1998 carried out through the website https://globalinvestous.eu, which constitutes the offering and 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.

20 October 2021

THE CHAIRMAN
Paolo Savona