Resolution no. 20799

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 www.fxnobel.com and www.fxnobels.io websites

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.fxnobel.com website, it emerged that:

i. The www.fxnobel.com website, registered by the Glencoe Partners Ltd. Company, in the person of Peter Magradze, is also available in Italian and has no blocking mechanisms in place to prevent the registration of Italian users;

ii. After registration, opening of an online account and deposit of funds in it, the potential investor is given the opportunity to trade in 'a wide variety of assets' (Forex, stocks, CFDs, cryptocurrencies) using a 'wide variety of currencies' through the 'Metatrader 4 - MT4' and 'Status' platforms;

iii. In order to perform the trading transactions, an investment of money is required, to be paid into an account opened online; in particular, various types of account available that are named according to the minimum deposit to be made and the promised benefits, i.e., 'basic' (divided into the three subtypes 'bronze', 'silver' and 'gold') and 'premium';

iv. In the 'Signals' and 'Traders Live' sections, investors are promised additional benefits and services;

v. At the bottom of every page of the said website, the website is attributed to 'FXNobel', an entity with declared offices at the Marshall Islands, as well as to the following companies: Glencoe Partners Ltd, with declared offices at the Marshall Islands, and Cohen Group EOOD, which declares to have its offices in Bulgaria and to be fully owned by Glencoe Parteners LTD;

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

i. the www.fxnobesl.io website, with graphics and content substantially identical to those of the www.fxnobel.com website and registered by an anonymous user of Georgian nationality, is also available in Italian and has no blocking mechanisms in place to prevent the registration of Italian users;

ii. the potential investor after registration, opening an account and deposit of funds into it, is given the opportunity to trade in 'financial instruments including forex, stocks, CFDs and other” via the 'Metatrader 4' and 'Status' platforms on;

iii. in order to perform the trading transactions, an investment of money is required, to be paid into an account opened online; in particular, various types of account available that are named according to the minimum deposit to be made and the promised benefits, i.e., 'basic' (divided into the three subtypes 'bronze', 'silver' and 'gold') and 'premium';

iv. In the 'Signals' and 'Traders Live' sections, investors are promised additional benefits and services;

v. at the bottom of every page of the said website, 'FXGNobels', with declared office in Malta, is mentioned as the entity responsible for the website;

vi. once gained access to the trading platform, it is found to have been licensed to

Glencoe Partners LTD, with declared office at the Marshall Islands;

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 aforementioned operations, performed through the www.fxnobel.com and www.fxnobels.io websites are directed towards Italian investors, insofar as the websites are also available in Italian and have no mechanism in place to prevent the registration of Italian users;

HAVING ESTABLISHED that the entities mentioned as the ones responsible for the said websites are not authorised to provide investment services to the Italian public, insofar as they 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 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 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. 58/1998 performed through the www.fxnobel.com and www.fxnobels.io websites, 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 31^st, 2019

THE DEPUTY CHAIRMAN
Anna Genovese