Resolution no. 21187

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ("Tuf" - Consolidated Law on Finance) to cease any further infringement of article 18 of the Consolidated Law on Finance through the website www.global-x.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;

GIVEN Resolutions no. 21053 of 19 September 2019 and no. 21137 of 6 November 2019 with which Consob ordered, pursuant to art. 7-octies, letter b) of the TUF, Globalix Ltd, with registered office in the Marshall Islands, to cease forthwith any further infringement of article 18 of the Tuf through the websites www.globalix.com e www.globalix.co, respectively;

HAVING ESTABLISHED that, from checks on the website www.global-x.io:

i. after opening an account via the registration process which is also available to Italian users, potential investors are offered the opportunity, through the website www.global-x.io , of CFD trading on currency, indices, commodities and shares;

ii. in order to perform trading transactions, a cash investment is required, that is paid into an account opened online; in particular, there are four types of account available called "Classic", "Gold", "Platinum" and "VIP", depending on the minimum deposit required and the benefits offered;

iii. at the bottom of the website pages it is stated that the website is "owned and operated by Globalix Ltd" with registered office in the Marshall Islands;

WHEREAS the services carried out through this website qualify as the provision of investment services, within the meaning of article 1, paragraph 5 of the Tuf, given that clients are offered the opportunity of opening a trading account on which purchase and/or sale orders for financial instruments may be issued;

WHEREAS the above activity, performed through the website www.global-x.io, is still ongoing and is addressed to Italian investors, given that there have been reports of cold calling the public in Italy;

WHEREAS Globalix Ltd, with registered office in the Marshall Islands, mentioned on the website, is not authorized to provide investment services to the Italian public, given that it does not appear to be registered on the register 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 infringement 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.global-x.io consisting in 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.

THE CHAIRMAN
Paolo Savona