Resolution no. 21281

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 carried out through the websites www.aj-asset.com and https://platform.aj-asset.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 supplements;

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

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

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

ii. subject to registration, the website offers the possibility of operating through 'a trusted platform for trading cryptocurrencies, forex and commodities';

iii. in order to perform trading transactions, a cash investment is required, to be paid into an account opened online.

iv. at the bottom of the homepage and the other pages of the site, and in its 'Contacts' section, the ''AJ Asset” brand is cited, specifying that the "company" it relates to is purportedly based in the United Kingdom; an e-mail address and a telephone number with an Italian prefix (+39 051 0217782) are also provided, to be contacted for more information.

v. reference is also made to the “AJ Asset Management Limited” company in the “terms and conditions” to be found on the site;

HAVING ESTABLISHED that, from checks on the website https://platform.aj-asset.com, it emerged that this site redirects to the registration page of the website www.aj-asset.com:

HAVING REGARD TO Resolution no. 21155 of 20 November 2019, which ordered the company “AJ Asset Management Ltd” (an entity not to be confused with "A J Asset Management Limited”, a company authorised by the UK's Financial Conduct Authority that appears on the register maintained by Consob pursuant to Article 20 of the Consolidated Law on Finance), to cease the infringement of Article 18 of the Consolidated Law on Finance carried out through the different website www.ajassetmanagement.com;

WHEREAS the website www.aj-asset.com has the same graphic design, and its content is substantially identical to that of the different website www.ajassetmanagement.com;

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 aforementioned operations, performed through the www.ajassetmanagement.com website, are still ongoing and are aimed at Italian investors, insofar as the website is also available in Italian;

WHEREAS the subjects mentioned on the website are not authorised to provide investment services to the Italian public, insofar as none of them appear on the dedicated register kept by Consob pursuant to Article 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 through the Internet without being qualified pursuant to this decree:[…] b) order that the infringement cease';

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

RESOLVES:

To order the cessation of the infringement of Article 18 of Legislative Decree no. 58/98 carried out through the websites www.aj-asset.com and https://platform.aj-asset.com, consisting in the offering and 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.

February 26, 2020

THE CHAIRMAN
Paolo Savona