Order, pursuant to Article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ('Consolidated Law on Finance') to discontinue the infringement of Art. 18 of the Consolidated Law on Finance performed via the https://goldmancfd.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://goldmancfd.com website, it emerged that:

i. the https://goldmancfd.com website is also available in Italian;

ii. after registering on the said website and opening an account using a specific form available on-line, the potential investor is given the opportunity to trade in the currency market (Forex), and in CFDs having commodities, indices and equities as the underlying assets;

iii. in order to carry out trading transactions, an investment of money is required, to be paid into an account opened online;

iv. the website mentions the 'Goldmancfd Ltd' company, with registered offices in Bulgaria and 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 ESTABLISHED that the above-described operations, carried out through the https://goldmancfd.com website, are aimed at an audience of Italian investors, as the said website is available in Italian;

HAVING ESTABLISHED that the company mentioned within the said website is not authorised to provide investment services to the Italian public as it is not registered in 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 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 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 performs investment services or activities through the Internet without due authorisation pursuant to this decree: a) make public, even by way of a precaution, the fact 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:

To order the discontinuation of the infringement of Art .18 of Legislative Decree no. 58/1998 performed via the https://goldmancfd.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 before the Regional Administrative Court of Lazio within 60 days of the date of service.

February 14, 2019

THE ACTING CHAIRMAN
Giuseppe Maria Berruti