Resolution no. 20866

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 website www.cfdpremium.com

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 website www.cfdpremium.com, it emerged that:

i. the www.cfdpremium.com website is also available in Italian;

ii. potential investors, subject to prior registration on the website and opening an account using a specific online form, are able to trade in currencies, CFDs, indexes and precious metals through the MT5 platform;

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;

iv. in the ‘Terms and Conditions’ section, as well as at the bottom of each page of the www.cfdpremium.com website, it is indicated that the website ‘is owned by Silver Wolf Limited’ with registered address in the Marshall Islands;

v. the ‘Contact Form’ section of the website includes the email address support@cfdpremium.com.

HAVING CONSIDERED that the activity carried out via the said website qualifies 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.cfdpremium.com website are directed towards Italian investors, insofar as the website is also available in Italian and cold calling activity was identified, together with the existence of email communications written in Italian sent from the address cesarefacinifx@gmail.com;

HAVING CONSIDERED that the website cannot be attributed to any entity authorised to provide investment services to the Italian public, insofar as Silver Wolf Limited 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 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 qualify 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 in article 1, paragraph 5; b) order the party to cease the infringement’;

HEREBY RESOLVES:

The order is issued to cease the infringement of art .18 of Legislative Decree no. 58/1998 performed via the www.cfdpremium.com website, consisting of the offer 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 the CONSOB Bulletin.

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

March 27^th, 2019

THE CHAIRMAN
Paolo Savona