Resolution n. 21012

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 www.allglobalmarkets.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.allglobalmarkets.com website, it emerged that:

i. on the website www.allglobalmarkets.com , potential investors are offered the possibility to trade options after opening an account through the registration procedure, which is also available to Italian users;

ii 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 five types of account available, named, according to the minimum deposit to be made and the promised benefits, ‘Basic Account', ‘Progressive Account', ‘Institutional Account', ‘Managed Account' and ‘High Net Worth Account';

iii. the company UAB ELORONA, with its registered office in Lithuania, is indicated at the bottom of the web pages and the Terms and Conditions read as follows: "OWNERSHIP OF SITE: Allglobalmarkets is operated by UAB ROLNETA", based in Lithuania;

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 www.allglobalmarkets.com, , website are still ongoing and are directed towards Italian investors, insofar the website is available in Italian and contact with Italian customers by parties operating on behalf of the aforementioned website through telephone solicitations has been reported
(So-called cold calling);

HAVING CONSIDERED that the companies mentioned on the website are not authorised to provide investment services to the Italian public, insofar as these entities are not registered on the dedicated 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, therefore, 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 CONSIDERED that, according to Art. 7-Octies,octies, letter b 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: […] (b) order that the infringement be brought to an end;

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

HEREBY RESOLVES:

To order the cessation of the infringement of art. 18 of Legislative Decree no. 58/1998 also performed via the www.allglobalmarkets.com, website, consisting of the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of those whom it concerns and will be published in the CONSOB Bulletin.

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

23 July 2019

THE CHIARMAN
Paolo Savona