Resolution no. 20785

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 performed through the https://fxbreeze.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 the https://fxbreeze.com website, it emerged that:

i. the https://fxbreeze.com website, registered by a user anonymously, is also available in Italian;

ii. subject to prior registration to the website and opening an account through the registration procedure, which is also available to Italian users, potential investors are offered the opportunity to trade in the FOREX market and instruments such as 'CFDs and cryptocurrencies' via a trading platform.

iii. in order to perform the trading transactions, a investment of money is required, to be paid into an account opened online; in particular, there are various types of account available, named 'basic', 'gold' and 'premium' according to the minimum deposit to be made and the promised benefits;

iv. In the 'Contact' section of the website, the FX Breeze brand is indicated as the entity to which the website would be attributable.

HAVING CONSIDERED 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, carried out through the https://fxbreeze.com website, are directed to the public of Italian investors, since the website is also available in Italian and through it, the operators of 'FX Breeze' also use forms of direct contact and interaction with Italian clients, providing procedural and operational instructions on how to invest in financial instruments;

HAVING CONSIDERED that the 'FX Breeze' company is not authorised to provide investment services to the Italian public, insofar as no entity under such a name is found in the specific 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 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 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: a) 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 cease the infringement of Art .18 of Legislative Decree no. 58/1998 performed through the https://fxbreeze.com website, consisting of the offering and 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 service.

January 22^nd, 2019

THE DEPUTY CHAIRMAN
Anna Genovese