Resolution no. 20882

Order, pursuant to Article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ('Consolidated Law on Finance' - TUF) to cease the infringement of Article 18 of the TUF performed through the website https://wandafx.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’ - TUF) and subsequent amendments and additions;

HAVING ESTABLISHED that, from checks on the https://wandafx.com website, it emerged that:

i. thewww.wandafx.com website is also available in Italian;

ii. the potential investor, after registration to the said website and opening an account via a specific online form, has the opportunity to trade in CFDs and cryptocurrencies;

iii. upon registration to the website it is possible to access the reserved area available at the web address https://client.wandafx.com;

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

v. on the website https://wandafx.com it is specified that "This website is owned and operated by Eper Holdings Ltd and Bonvita Partners OU" with offices in Saint Vincent and the Grenadines and Estonia, respectively.

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 operations performed via the website https://wandafx.com are directed towards Italian investors, insofar as: a) the website in question is also available in Italian and b) cold calling in respect of potential investors resident in Italy has been reported;

HAVING CONSIDERED that the entities mentioned in the website are not authorised to provide investment services to the Italian public, insofar as they are not registered in 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 TUF;

HAVING CONSIDERED that, pursuant 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 therefor 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 to cease the infringement of Art .18 of Legislative Decree no. 58/1998 also performed via the websitehttps://wandafx.com, consisting of 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 notification.

April 3^th, 2019

THE CHAIRMAN
Paolo Savona