Asset Publisher

resolution



Resolution no. 20709

Order, pursuant to art. 7-octies, par. 1, letter b) of Legislative Decree no. 58/1998 ('Consolidated Law on Finance') to discontinue the infringement of article 18 of the Consolidated Law on Finance performed through the www.toptrade.fm 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 the www.toptrade.fm website, it emerged that:

i. the www.toptrade.fm website, registered by a user whose identity is not known, is also available in Italian;

ii. potential investors, subject to registration on the www.toptrade.fm website and the opening of an account via a specific form available online, have the opportunity to trade on the currency market (FOREX) and in CFDs, with underlying assets of indexes and raw materials, through the MT4 platform and special applications for mobile devices;

iii. in order to carry out the trading transactions, an investment of money is required, through the payment of sums into the account opened online. In particular, the website offers various types of account, namely 'Silver', 'Gold' and 'VIP', distinguished above all by the minimum deposit required and by the benefits;

iv. it is specified in the 'Terms and Conditions' section and at the bottom of every page of the website that the same website is owned by PayPeq Holdings OÜ, with alleged registered address in Tallinn (Estonia). The 'deposits' section also mentions Bonum Change OÜ, also with registered address in Tallinn.

HAVING CONSIDERED that the activity carried out via this 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 aforementioned operations performed via the www.toptrade.fm website are directed towards Italian investors, insofar as the website is also available in Italian and has no mechanism in place to prevent the registration of Italian users;

HAVING ALSO ESTABLISHED that, according to the information available, parties operating in the name of 'Toptrade' have contacted Italian investors by telephone in order to persuade them to open an account and trade on the said website;

HAVING CONSIDERED that PayPeq Holdings OÜ and Bonum Change OÜ are not authorised to provide investment services to the Italian public, insofar as these companies are not registered on the dedicated register held by CONSOB pursuant to art. 20 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that the provision of investment services and activities is reserved for authorised entities as referred to under article 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 operations in question can be classed as the professional provision of investment services involving financial instruments to the Italian public, in infringement of art. 18, para. 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact 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 therefore pursuant to this decree: make public, even by way of a precaution, the fact that the party is not authorised to perform the activity indicated under article 1, paragraph 5; b) order that the infringement be discontinued'.

HEREBY RESOLVES:

The order is issued to discontinue the infringement of art .18 of Legislative Decree no. 58/1998 also performed via the www.toptrade.fm website consisting of the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of those concerned and published in CONSOB's Bulletin.

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

November 21, 2018

THE DEPUTY CHAIRMAN
Anna Genovese