Resolution no. 20517

Order pursuant to Article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 (‘Consolidated Law on Finance’) to cease the infringement performed including via the www.rbinary.com website

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 June 7, 1974, and subsequent amendments and additions;

HAVING REGARD TO Legislative Decree no. 58 of February 24, 1998 (‘Consolidated Law on Finance’) and subsequent amendments and additions;

HAVING ESTABLISHED that, from checks on www.rbinary.com website, it emerged that:

i. the said website has been registered by a user whose identity is hidden;

ii. the potential investor, after the registration on the said website via a specific online form and opening of an account on which to deposit money, has the opportunity to trade in binary options through the dedicated platform, with expected return up to 240% on each investment;

iii. the said website includes an ‘Academy’ section which displays information and instructions on how to trade through the said website;

iv. the ‘Contact us’ section and the ‘Terms and Conditions’ page both refer to the Rbinary Limited company, with declared offices in the Marshall Islands.

HAVING ESTABLISHED that the activity carried out via the said website can be classed as the provision of investment services as referred to in Art. 1, para. 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;

HAVING CONSIDERED that the above described operations, also carried out on the www.rbinary.com website, are directed to the public of Italian investors, as the company telephones Italian clients and the said website is free of blocking mechanisms that prevent Italian users from registering;

HAVING CONSIDERED that Rbinary Limited is not authorised to provide investment services to the Italian public, insofar as it is not registered on the register held by CONSOB pursuant to Art. 20 of the Consolidated Law on Finance;

HAVING CONSIDERED that the provision of investment services and activities is reserved for authorised entities as referred to under Art. 18, para. 1, of the Consolidated Law on Finance, pursuant to which “The professional provision of investment services and activities for the public is reserved for investment firms and banks”;

HAVING ESTABLISHED, therefore, that the operation in question can be classed as the professional provision of investment services involving financial instruments to the Italian public in infringement of Art. 18, Par. 1, of the Consolidated Law on Finance;

HAVING CONSIDERED that, according to Art. 7-octies 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 therefor pursuant to this decree: a) make public, even by way of a precaution, the circumstance that the party is not authorised to carry out the activity indicated by article 1, paragraph 5; b) order that the infringement cease’;

HEREBY RESOLVES:

The order is issued to cease the infringement of Art. 18 of Legislative Decree no. 58/98 perpetrated in part via the by the www.rbinary.com website, consisting of the provision of investment services and activities to the Italian public.

This Resolution shall be notified to those concerned and published in CONSOB’s Bulletin.

This measure may be appealed with the Regional Administrative Court of Lazio within 60 days from the date of notification.

July 5, 2018

THE CHAIRMAN
Mario Nava