Resolution no. 20839

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 Art. 18 of the Consolidated Law on Finance performed via the https://www.deltafxmarkets.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://www.deltafxmarkets.com website, it emerged that:

i. the https://www.deltafxmarkets.com website, registered anonymously, is also available in Italian;

ii. through the said website, users - after opening an account and depositing money into it - are offered the opportunity to trade - through the dedicated Meta Trader 5 platform - in the foreign exchange market (Forex), indexes and CFDs that have as their underlying assets metals, commodities and cryptocurrencies;

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

iv. the 'Contact' section of the said website includes a form for requesting information and displays the 'support@deltafxmarkets.com' email address and a non-Italian telephone number;

v. the 'Terms & Conditions' sections displays the 'info@deltafxmarkets.com' email address and states that 'This Agreement shall be governed by the laws of the Vanuatu'.

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 via the https://www.deltafxmarkets.com website are directed towards Italian investors, insofar as the website is also available in Italian;

HAVING CONSIDERED that 'DeltaFxMarkets' 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 REGARD to the fact that the provision of investment services and activities is reserved for the qualified subjects referred to in 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 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 to do so 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:

To order the discontinuation of the infringement of Art .18 of Legislative Decree no. 58/1998 performed via the https://www.deltafxmarkets.com website, consisting of the offering and 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.

March 6, 2019

THE DEPUTY CHAIRMAN
Anna Genovese