Resolution no. 21146

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.omegafx.io

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 website www.omegafx.io, it emerged that:

i. the www.omegafx.io website is active and also available in Italian;

ii. subject to registration, the website www.omegafx.io offers the possibility of performing trading transactions, through a dedicated digital platform, on Forex and CFDs with indices, raw materials, cryptocurrencies and shares as underlying assets;

iii. in order to be able to trade, a cash investment is required to be paid into an account opened online;

iv. a footnote to the pages of this website states: “OmegaFX 2018 – all right reserved”. The same “OmegaFX” brand may also be found in the “Who we are” section; in the Terms and conditions” section, the Energy Capital Group EOOD company, with stated address in Bulgaria, is indicated as the contractual counterparty of the potential investor.

WHEREAS the activity carried out through this website can be classed as the provision of investment services as referred to in art. 1, paragraph 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 through the website www.omegafx.io, are still ongoing and are aimed at Italian investors, insofar as the website is also available in Italian;

HAVING CONSIDERED that the company Energy Capital Group EOOD indicated on the website is not authorised to provide investment services to the Italian public, since it does not appear on the dedicated register kept 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, paragraph 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 to the Italian public, in infringement of art. 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of art. 7-octies, letter b) 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 over the Internet without being qualified pursuant to this decree: […] b) order the cessation of the infringement';

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

RESOLVES:

To cease the infringement of art. 18 of Legislative Decree no. 58/98 performed through the website www.omegafx.io, consisting in 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.

November 13^th, 2019

THE CHAIRMAN
Paolo Savona