Resolution no. 21186

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ('Consolidated Law on Finance') to cease any further infringement of article 18 of the Tuf (Consolidated Law on Finance) performed through the website www.fin-fnr.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 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 the checks carried out, it emerged that:

i. through the website www.fin-fnr.com, which is also available in Italian, the potential investor is offered the opportunity of CFD trading on indices, currencies, commodities, cryptocurrencies and shares;

ii. in order to perform trading transactions, the potential investor is required to open an account and make a cash investment; there are three types of account called "Base", "Premium" and "Vip", according to the minimum deposit required and the benefits offered;

iii. in the "Terms and Conditions" of the website we read that "the contract with the client is entered into by and between GoldTech Media Services OŰ, with registered office in Roosikrantsi 2 - K255, 10119 Tallin, Estonia that is the owner of the brand Finaria-FX, and the person and/or company that requests the opening of a trading account on the Company's trading platform". The "Terms and conditions" also specify that, with the term "company", is intended as GoldTech Media Services OŰ;

iv. the website www.fin-fnr.com does not appear to belong to Finance in Motion GmbH;

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;

WHEREAS the above transactions, performed through the website www.fin-fnr.com, are still ongoing and are addressed to Italian investors, given that the website is available in Italian and there have been reports of cold calling the Italian public;

WHEREAS Goldtech Media Services Oü, with registered office in Estonia, mentioned on the website, is not authorized to provide investment services to the Italian public given that it is not registered with register held by Consob pursuant to article 20 of the Tuf and that, contrary to what is stated on the website www.fin-fnr.com, the latter does not belong to Finance in Motion GmbH which is authorized by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and also appears on the list of investment companies held by Consob pursuant to article 20 of the Tuf;

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 transactions in question qualify as the professional provision of investment services to the Italian public, in violation of article 18, paragraph 1 of the Tuf;

GIVEN that, according to the provisions of article 7-octies, letter b) of the Tuf - "Powers to counteract abuse" - Consob 'may, with regard to anyone who offers or carries out investment services or transactions through the Internet without being qualified pursuant to this decree:[…] b) order the cessation of the infringement'';

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 any further infringement of article 18 of Legislative Decree no. 58/98 performed through the website www.fin-fnr.com, consisting of offering and the provision of investment services and transactions 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.

December 11, 2019

THE CHAIRMAN
Paolo Savona