Resolution no. 20899

Order, pursuant to Aarticle 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.agm-invest.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 7 June 1974 and subsequent amendments and additions;

HAVING REGARD TO Legislative Decree no. 58 of 24 February 1998 ('Consolidated Law on Finance') and subsequent amendments and additions;

HAVING ESTABLISHED that, from checks on the www.agm-invest.com website, it emerged that:

i. the www.agm-invest.com website, registered anonymously, is also available in Italian and has no mechanism in place to prevent the registration of Italian users;

ii. potential investors, subject to prior registration and the opening of an account, are offered the opportunity of trading online via a platform called 'Metatrader4' in 'Forex and CFDs involving equity indexes, shares, commodities, shares and metals';

iii. in order to perform the trading transactions, a investment of money is required, to be paid into an account opened online; in particular, there are various types of account available, with different names, according to the minimum deposit to be made and the promised benefits, ('micro', 'standard', 'premium' and 'VIP');

iv. at the bottom of every page of the website www.agm-invest.com, it is stated that 'AGM Group is an FX broker' with declared registered address in Belize; the 'Privacy Policy' refers to an entity called 'AGM Limited', with no indication of any registered address;

HAVING CONSIDERED that the activity - still carried out thorough the aforementioned 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, still available on the www.agm-invest.com website, are directed towards Italian investors, insofar as the website is also available in Italian and insofar as there have been reports and confirmation of; cold calling by operators working for the website in question;

HAVING CONSIDERED that the entity mentioned on the website is not authorised to provide investment services to the Italian public, insofar as this company is not registered on the dedicated register held by CONSOB pursuant to art. 20 of the Consolidated Law on Finance and therefore must not be confused with the company AGM Market LTD, which is instead authorised by the Cyprus Securities and Exchange Commission and is registered on the list held by CONSOB;

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 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';

CONSIDERING it therefore necessary, in the light of the foregoing, to adopt this resolution immediately for reasons of urgency;

HEREBY RESOLVES:

The order is issued to cease the infringement of art .18 of Legislative Decree no. 58/1998 performed via the www.agm-invest.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.

April 18^th, 2019

THE CHAIRMAN
Paolo Savona